Req #: 180022373
Job Category: Accounting/Finance/Audit/Risk
Job Description:J.P. Morgan is a leading global financial services firm, established over 200 years ago:
o We are the leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
o We have assets of $2.5 trillion and operations worldwide
o We operate in more than 100 markets.
o We have more than 243,000 employees globally.
Our wholesale businesses include J.P. Morgan’s Asset Management, Commercial Banking and the Corporate & Investment Bank which provide products and services to corporations, governments, municipalities, non-profits, institutions, financial intermediaries and high-net worth individuals and families.
Our corporate functions support the entire organization and include the following functions: Accounting, Audit, Finance, Human Resources, Operations, and Technology.
The Regulatory Capital Management Office (RCMO) ensures the efficient and appropriate management of JPM’s capital. The function oversees the end-to-end measurement of risk-weighted asset (RWA), Firm capital and manages the firm-wide Capital Stress Testing process.
The Central Challenger team within RCMO has a firm-wide purview for independently assessing and driving improvements in the following areas:
Forecasting methodologies developed within various lines of business (LOBs) for the Firm’s Capital Stress Testing process. It also includes
Key financial calculations and processes deemed Non Model Estimation (NME) and Management Judgements across the Firm, including those related to capital measurement, stress testing & reporting, product valuation, and other high priority processes. Responsibilities include developing independent statistical models/analytical calculators to challenge LOB results and macro economic variables distributed centrally for stress testing.
Key assumptions and pro-forma financial results across material entities, primarily in the context of the Firm’s Resolution and Recovery process.
Review of the firm’s high risk User Tools used for regulatory capital reporting/SOX/Valuation.
The team partners with Corporate Capital Stress Testing, Recovery & Resolution, all LOBs, Regulatory Policy, Financial Reporting, Economic Scenarios, Quantitative Research, VCG and various other Finance and Risk teams on various firm-wide initiatives.
The individual will be a part of the team that will perform independent benchmarking of key portfolios for firm-wide capital stress testing and related processes.
Functional knowledge in modeling in one or more of the following areas will be required:
Wholesale banking products & services (Example: Sales & Trading and Investment Banking), Investor Services (Example: Custody & Fund Services, Clearing & Collateral Management, and Securities Financing)
Commercial Banking products (Auto, Cards, Commercial and Mortgage Loans)
Asset and Wealth management
Risk/Capital calculations and macroeconomic variable modeling for firm wide stress testing such as CCAR
The position involves interaction with many teams across finance and risk, lines of business (front/middle/back office) and reporting groups. The ability to work efficiently and communicate effectively across these boundaries will be one of the keys to success.
The role and responsibilities of the successful candidate will be determined based on qualifications, prior experience and demonstrated skills.
Ability to develop an understanding of the drivers of the behavior of balances/fees/losses of different products and businesses using a combination of research and liaising with business lines.
Develop models using mathematical approaches (including but not limited to time series analysis and regression approaches) that make business sense and satisfy statistical feasibility criteria
Manage steps of the model review process including documentation preparation, meetings with model review groups, model enhancements and remediating issues identified.
Manage model inventory consistent with firm wide policy.
Perform periodic model updates to include the latest historical data and model inputs; ensure conformance with ongoing performance assessment criteria.
Report and present plans, status and findings to various stakeholders (Model review and governance, business units, audit and regulators) and leadership.
Stay abreast of macro economic, regulatory and industry landscape and bring this to bear in benchmarking analysis and process changes.
Identify innovation opportunities to enhance model effectiveness and efficiency
Essential skills, experience, and qualifications:
- 5+ years of experience in banking / financial services industry
- Advanced degree in a Finance, Engineering, Economics, Math/Statistics or related quantitative discipline
- Strong programming skills in SAS, R, Excel required (VBA / SQL is a plus)
- Strong quantitative, analytical skills and flair for independent research & problem solving
- Knowledge of financial products/markets and regulatory requirements
- Excellent leadership and team management skills
- Strong organizational, communication (verbal and written) and negotiation skills
- Extreme attention to detail
- Self-starter who is able to perform effectively in a fast paced, results driven environment
- Risk Management and Control mindset (ability to identify control gaps and/or issues)
Additional qualifications/experience considerations:
- Background or experience with various models (including pricing, capital, and/or financial forecasting models) and the model development and maintenance life cycle.
- Experience in statistical modeling software (SAS, EViews, R, Matlab etc.)
- Software development/programing experience
- Experience and knowledge in regulatory capital rules (Basel and CCAR)
- CFA/FRM a plus