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AWM – Operational Risk Management & Governance – VP

Req #: 180012802
Location: London, ENG, UK
Job Category: Asset Management
Job Description:
JPMorgan Chase is one of the oldest financial institutions in the United States with a history dating back over 200 years. We are a leading global financial services firm with assets of $2.6 trillion operating in more than 60 countries. We have 240,000 employees serving millions of consumers, small businesses and many of the worlds most prominent corporate, institutional and government clients.  We are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.  We have fiduciary assets under supervision and assets under management/custody of over $4.8 trillion combined and are one of the largest asset and wealth managers in the world.
 
Risk Management:
 
 JPMorgan Chase’s firmwide Risk Management function operates independently of marketing and product groups within the lines of business  The Chief Risk Officer (CRO) of the firm reports directly to the CEO and is accountable to the Board of Directors, primarily through the Directors Risk Policy Committee.
JPMorgan Chase believes in a holistic approach to risk analysis by incorporating key risk disciplines including but not limited to Credit, Market, Principal, Liquidity, Model, Legal, Fiduciary, Reputation, and Operational Risk weighing these against returns.  
Our Risk Management team is committed to being a world-class leader in risk management, maintaining a system of strong controls, providing guidance and clear direction on key principles and proactively managing risks.  The Chief Risk Officer of Asset Wealth Management (AWM CRO) reports directly to the firmwide CRO and is a member of the Risk Operating Committee as well as the Asset & Wealth Management Operating Committee.  Operational Risk Officers have been appointed for each LOB. The Op Risk officers are members of the independent Risk organization and are responsible for providing oversight of the implementation of the Operational Risk Management Framework within each LOB. The AWM Op Risk Officer reports to the AWM CRO.
 
Role Summary:
 
J.P. Morgan Asset & Wealth Management is a leading asset manager for individuals, advisors and institutions. Our investment professionals are located around the world, providing strategies that span the full spectrum of asset classes. As one of the largest asset and wealth managers in the world, with assets under management of $2 trillion (as of December 31, 2017), we provide global market insights and a range of investment capabilities that few other firms can match.
Within AM, the Operational Risk Manager is responsible for oversight of the implementation of the Operational Risk Management Framework (ORMF) for AM.  He/she is responsible for ensuring that the business understands its operational risks and has robust standards, controls and practices in place to mitigate these risks which could impact its capital, earnings, reputation or business operations or opportunities.  In the Vice President role, the individual will report locally to the AM EMEA Risk CRO and provide oversight for op risk components of the AM business in EMEA. This role will align directly to the global AM Operational Risk Officer to help drive consistency in processes, governance and reporting across Asset Management and the firm. 
The successful candidate should be familiar with internal control systems (Risk & Control Self Assessment etc.) and the Operational Risk Management Framework so that they can independently challenge the 1st Line team as appropriate. Example projects may include deep-dive analysis of operational risk events, targeted reviews of RCSAs, Scenario Analysis, Data and Information Management and location and/or Legal Entity oversight. The role will work closely with other Risk Management colleagues and key control functions including Compliance, Audit and Oversight and Control.

 
Key responsibilities include:
 
Ensure the effective execution and convergence of the elements within the Operational Risk Management Framework (ORMF) including: operational loss data capture and reporting, scenario analysis and operational risk capital allocation and maintenance of strong governance and culture of transparency.
  • Working with AWM Operational Risk and Corporate Operational Risk (COR) to define policy updates and procedure input on Framework components: collaborate with ORO teams to share lessons learned and best practices
  • Proactively drive the identification, assessment, measurement, mitigation and monitoring of operational risk through consumption of information from the effective deployment of RCSAs, KRIs, scenario analysis, event management (monitoring of event recording, event trend analysis) and targeted risk assessments
  • Promote and instill a strong culture of Operational Risk Management (ORM) and operational excellence, partner with the business to continually improve OR processes and business operating models supporting safe business growth and informing risk-based decision making
  • Lead Operational Risk components of the Legal Entity operational risk capital adequacy requirements as part of the annual regulatory ICAAP and ORSA submissions; includes: scenario analysis sessions, preparation of updated Operational Risk Appetite statements, coordination with International Legal Entity Operational Risk team for developing updated ORMF or Risk overviews.
  • Independent challenge – challenge, validate and endorse business risk profiles and provide constructive challenge to the business where residual risk levels are deemed to exceed appetite
  • Review  and credible challenge business unit’s documented operational risk processes and procedures
  • Provide a broad, metric and data-driven monitoring of Operational Risk Appetite, key risk drivers, exposures, controls or potential risk events across processes; developing/leveraging metrics and Key Risk Indicator (KRI) data (e.g., potential fraud, client complaints) to identify risk trends and themes
  • Develop analytical capabilities to support and challenge the operational risk assessment (RCSA) processes for the businesses; work with the AM ORO team to drive robust assessments
  • Oversee risks associated with AM EMEA New Business Initiatives (NBI) and other programs within the business and challenge the control environment within these programs
  • Facilitate scenario analysis with businesses to stress the control environment under simulated conditions, drive accurate capital allocations and inputs
  • Lead, or participate in, other operational risk initiatives (deep dives, Root cause analysis, loss events/errors , Op Risk capital Review and Scenario Analysis) as necessary
  • Build consultative relationships with senior management across lines of business and functions to drive strategic decisions by preparing and delivering well designed presentations with concise recommendations
  • Create materials to be used for presentation at working group, senior management meetings, and Board of Directors providing sufficient information to enable sign off on a deliverables
Qualifications:
  • Experience associated with Asset Management business is preferred
  • Vice President with experience in financial services industry, with specific experience in Operational Risk, Finance, Business Management, Audit, Compliance or other controls related area is required
  • Bachelor’s (University) Degree in business administration, finance or related field
  • Working knowledge of banking operations, financial services laws and regulatory environment preferred
  • Excellent analytical and problem-solving skills; inquisitive nature and comfortable in challenging current practices
  • Confidence to take ideas forward and to challenge others, where appropriate
  • Ability and experience in managing, motivating and developing staff
  • Ability, and  experience in presenting summary information at control committee or senior management meetings
  • Proven ability to anticipate and identify risks and effective mitigants
  • Adept at developing relationships with senior business executives with a reputation for partnering across organization lines, geographies to mitigate risks
  • Excellent communication skills, both verbal and written 
JPMorgan Chase & Co. is a leading global financial services firm with assets of more than $2.6 trillion, over 240,000 employees and operations in over 60 countries. It operates across four business segments including Asset & Wealth Management, Corporate and Investment Banking, Commercial Banking and Consumer and Community Banking.
 
J.P. Morgan Asset & Wealth Management, is a global leader in investment and wealth management. Its clients include institutions, high-net-worth individuals and retail investors in every major market throughout the world. The division offers investment management across all major asset classes including equities, fixed income, alternatives, multi-asset and money market funds. For individual investors, the business also provides retirement products and services, brokerage and banking services including trusts and estates, loans, mortgages and deposits.
 
Asset Management is a leading investment manager of choice for institutions, financial intermediaries and individual investors, worldwide. With a heritage of more than two centuries, a broad range of core and alternative strategies, and investment professionals operating in every major world market, we offer investment experience and insight that few other firms can match.
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