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Asset Wealth Management Risk - Fiduciary Risk Management - Vice President

Req #: 170101440
Location: New York, NY, US
Job Category: Asset Management
Job Description:

JP Morgan Chase:

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at http://www.jpmorganchase.com/.

 

Our Firmwide Risk Function:

Our Firmwide Risk function is focused on cultivating a stronger, unified culture that embraces a sense of personal accountability for developing the highest corporate standards in governance and controls across the firm. Business priorities are built around the need to strengthen and guard the firm from the many risks we face, financial rigor, risk discipline, fostering a transparent culture and doing the right thing in every situation. We are equally focused on nurturing talent, respecting the diverse experiences that our team of Risk professionals bring and embracing an inclusive environment.

 

The Private Banking business provides trustee, investment management, and related fiduciary services to wealthy individuals globally totaling $500bn in assets and must uphold our fiduciary obligations (“fiduciary risk”).  Fiduciary risk is the risk that results from the failure to exercise the applicable standard of care, failure to act in the best interests of the clients or treat clients fairly as required under applicable law or regulation, potentially resulting in regulatory risk, reputation risk, and financial liability.

 

Our Team:

The Fiduciary Risk Management team is responsible for proactive management of fiduciary activities for the Private Bank.  Fiduciary activities monitored include, the introduction of new products and investment strategies; review and approval of pricing strategy of discretionary products and services to ensure reasonable fees with full and appropriate disclosures; review the higher risk operational activities ensuring appropriate policies and procedures are reviewed and approved by senior management; ensure decisions made mitigate any potential conflicts of interests, review trustee activities to ensure JPMorgan is balancing the interests of income vs. remainder beneficiaries and managing co-trustee relationships effectively.

Duties include, but are not limited to:

·         Assist in the development of the fiduciary risk governance framework for Wealth Management

·         Ensure holistic and consistent approach (where appropriate) to fiduciary risk management across the Wealth Management Risk organization

·         Provide fiduciary-related advisory guidance for Wealth Management’s fiduciary activities

·         Consult on regulatory responses on fiduciary related matters with Business, Compliance and Legal

·         Partner with the Firmwide Fiduciary Team as the Wealth Management fiduciary risk representative

·         Participate in New Business Initiative process  (NBIA) for new products and exit of products

·         Review and analyze fiduciary risk and control metrics to identify trends or issues, including regulatory and audit developments

·         Drive projects relevant to fiduciary risk or oversight related to governance

·         Review complex, large and/or bespoke business activities;  providing guidance for mitigating risks for higher risk transactions

·         Interact with technology teams to improve risk monitoring tools, MIS, and enhance risk oversight capabilities to support new products

·         Work on other ad hoc risk related projects as needed

 

 

·         5-7 years work experience in Private Banking Risk Management or other Risk Management capacities, Consulting, Compliance, or Audit

·         Experience with investments, products and/or Reg. 9 preferred

·         Project management skills, a plus

·         In-depth knowledge of all legal, tax and regulatory requirements applicable to fiduciary relationships

·         Excellent communication and interpersonal skills and demonstrated ability to work collaboratively

 

 

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