Job Description
Financial Institutions routinely use models for a broad range of activities including analyzing business strategies, informing business decisions, identifying and measuring risks, valuing exposures or instruments, hedging derivative positions, conducting stress testing, assessing capital adequacy, managing clients assets, informing investment process, measuring compliance with internal limits, maintaining the formal control apparatus of the bank, meeting financial or regulatory reporting requirements and issuing public disclosures. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs and reports, leading to financial loss, poor business decision making, or reputational damage.
As a part of the firm's model risk management function, you are charged with performing model validation activities, providing guidance on a model's appropriate usage in the business context, evaluating ongoing model performance testing, ensuring that model users are aware of the model strengths and limitations, and developing model risk policy and control procedures.
Job Responsibilities - Engage in typical model validation activities, including evaluating the conceptual soundness of model specifications, the reasonableness of assumptions and reliability of inputs, the completeness of testing performed to support the correctness of the implementation, the robustness of numerical aspects, and the suitability and comprehensiveness of performance metrics and risk measures associated with the use of the models.
- Perform additional model review activities, including proposing enhancements to existing models, assessing extensions to the scope of existing models, and developing benchmarking models.
- Apply in-depth understanding of the drivers of balances and revenues for different investment banking and Markets products and businesses by using a combination of research and liaising with business lines.
- Liaise with Risk and Finance professionals to provide oversight and guidance on appropriate usage, controls around model restrictions and limitations, and findings for ongoing performance assessment and testing.
- Maintain model risk control apparatus of the bank for the coverage area and serve as the first point of contact.
- Stay updated on the latest developments in the coverage area in terms of products, markets, models, risk management practices, and industry standards.
Required qualifications, skills and capabilities - Masters Degree
- Strong quantitative and analytical skills: The role requires a strong quantitative background based on a Master or PhD Degree in a quantitative discipline such as Math, Statistics, Economics, Finance, Engineering, etc.
- Domain expertise in PPNR and balance sheet modeling, stress testing exercises (such as CCAR, ICAAP, etc.), financial forecasting, econometrics and statistics, and machine learning methods.
- Strong communication skills and technical writing ability.
- Risk and control mindset: ability to ask incisive questions, converge on critical matters, assess and escalate issues.
JPMorganChase, one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.
We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.
JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans
Base Pay/Salary Jersey City,NJ $115,000.00 - $130,000.00 / year
Job Tags
Permanent employment,