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Corporate - Regulatory Capital Management Office – Central Challenger - NMEM Review - Associate

Req #: 180027831
Location: Brooklyn, NY, US
Job Category: Corporate Staff
Job Description:

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. 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 (CCT) within RCMO has a firm-wide purview for independently assessing and driving improvements in the following areas:

  • Forecasting estimation methodologies developed within various lines of business (LOBs) for the Firm’s Capital Stress Testing process.

  • Key assumptions and pro-forma financial results across material entities.

  • Key financial calculations across the Firm, including those related to capital measurement, stress testing & reporting, product valuations, and other high priority processes.

CCT 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

Job Summary

The individual will be a part of the team that will perform independent reviews of NMEMs used for firm-wide capital stress testing and related processes.

Challenge of forecasting methodologies developed within various lines of business (LOBs) for the Firm’s Capital Stress Testing process. Includes independent review and challenge of:

  • Key financial calculations and processes deemed Non Model Estimation Method (NMEM) and Management Judgements across the Firm, including those related to capital measurement, stress testing & reporting, product valuation, and other high priority processes.

  • Inputs/assumptions/methodology/outputs used within the NMEM for determining LOB results and macro-economic variables distributed centrally for stress testing and other forecasting purposes.

  • Key assumptions and pro-forma financial results across material entities.

  • Firm’s high risk User Tools used for Stress testing / regulatory capital reporting / SOX / Valuation.

NMEM reviews cover the following LoBs and corporate functions:


  • 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

  • Corporate – CIO, other Corporate functions

  • Risk/Capital calculations and macroeconomic variable modeling for firm wide stress testing exercises.

 Core Responsibilities

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. Specific responsibilities include:

  • 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.

  • Ability to perform an independent review and validation of NMEMs that make business sense and satisfy statistical and business feasibility criteria

  • Manage steps of the non-model review process including documentation preparation, meetings with non-model review groups, non-model enhancements and remediating issues identified.

  • Manage non-model inventory consistent with firm wide policy.

  • Report and present plans, status and findings to various stakeholders (NMEM 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 NMEM review effectiveness and efficiency

The role and responsibilities of the successful candidate will be determined based on qualifications, prior experience and demonstrated skills.


  • 3+ years of experience in banking / financial services industry
  • Degree in a Finance / Accounting, Engineering, Economics, Math/Statistics or related analytical / quantitative discipline
  • Programming skills in SAS, R, Excel, 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 / non-models (including pricing, capital, and/or financial forecasting models) and the model development and maintenance life cycle.
  • Experience and knowledge in regulatory capital rules (Basel and CCAR)

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