CIB Finance & Business Management
Capital Management & ICAAP – Associate
LOB: Corporate & Investment Bank
Department: Finance & Business Management – EMEA Capital Management & Policy
Location: London, UK
The EMEA Capital Management & Policy area sits within the regional controller organisation in Finance, and comprises two teams:
- Capital Policy – identification, analysis and influence of changes to the international, EU and UK capital regime; implementation of those changes; providing subject matter expertise on the application of the current framework; and advice on capital implications of business changes.
- Capital Management – capital planning, forecasting and stress-testing, Recovery Planning and other capital analysis; assessing capital impact of business and regulatory change. Ownership and coordination of UK entities’ Internal Capital Adequacy Assessment Process (ICAAP) documents and related PRA / FCA interaction.
The vacancy is for a role in the second of these teams. The EMEA Capital Management team produces critical and high-profile deliverables for local and firmwide management, as well as UK, US and other regulators. The team’s work splits broadly into two areas: capital forecasting and planning, and the ICAAP framework. In both cases, the team is responsible directly for the work on all JPM’s UK Corporate & Investment Bank entities, and also owns the framework and provides oversight for the rest of the region. As our continental European entities are expected to grow in size and importance following Brexit, the role of the team in supporting those non-UK entities is also expanding.
The capital planning side works to a monthly cycle, producing forecasts and other material for the relevant committees and senior management. There are also many ad hoc deliverables, e.g. to support planning for Brexit, and inputting to the firm’s Recovery and Resolution work.
The ICAAP operates primarily to a quarterly cycle, producing Pillar 2 capital numbers (including outputs of stress testing), plus a larger annual effort to produce the full ICAAP document. There is also significant project work and other ad hoc deliverables. This team’s work on ICAAP requires significant coordination of effort across the firm, including at senior management level.
Role Description and Responsibilities
The role will report to the Vice President responsible for the ICAAP work, and the primary focus of the role will be working on the ICAAP deliverables, coordinating the work which is required across the organisation to produce the required outputs. The individual will also be involved in driving forward some of our significant project work connected with ICAAP, such as our efforts to align the ICAAP framework across the region, and to improve the standard processes, templates, risk assessment methodologies and other aspects used in the EMEA entities’ ICAAPs. The person is also likely to be involved in the wider work of the team, and to assist with its capital planning side.
Responsibilities include (in respect of UK entities and, going forward, other key continental EU entities):
- Primary responsibility for the production of the ICAAP documents, including direct input to and editing of those documents
- Coordination and project management across the quarterly / annual ICAAPs, including coordination of responses to regulatory queries
- Ensuring that the governance around the ICAAPs operates effectively, establishing and facilitating forums for discussion of issues, progress and dependencies as and when needed
- Supporting project work, e.g. to align the ICAAP framework across the region, and to define the operating model for UK support to non-UK, EU entities
- Managing communication, including status updates to stakeholders and senior management
- Building and maintaining strong working relationships with stakeholders in the different functions involved (e.g., Risk, including Credit, Market and Operational Risk teams, Treasury and Finance)
- Partnering with stakeholders to provide guidance and analysis, help identify, manage and escalate issues / risks / dependencies and facilitate communication across teams
- Coordinating working group meetings, setting the agenda, preparing meeting materials, documenting minutes and ensuring clear ownership of action items
- Developing a high level understanding of Pillar 2 regulatory rules and guidance, and helping to provide guidance on these to others involved in the work; assisting in assessing the impact of changes to the framework
- Assisting the coordination of deliverables where the team is a major contributor to other pieces of works such as Solvent Wind Down and Resolution and Recovery Planning.
The candidate must be a self-starter who is able to work in a fast-paced, results-driven environment and deliver key projects to regulatory and internal timelines. Additional qualifications:
- Minimum of 3-4 years business financial services experience
- Excellent multitasking, prioritisation and time management skills
- Strong interpersonal and relationship-building skills
- Strong attention to detail, ability to articulate complex issues concisely and influence stakeholders at all levels
- Proven ability to communicate effectively with senior people, manage senior management expectations, lead appropriate decision-making and control/deliver on responsibilities
- Strong issue management and resolution skills
- Strong written and verbal communication skills
- Proactive and able to work independently
- Ability to execute tasks under aggressive targets and effectively manage to changes in plan
- Strong working knowledge of main Microsoft Office tools
- Knowledge of Investment Bank businesses and high-level transaction flow
- Process/project management experience
- Knowledge and/or experience of the Pillar 2 / ICAAP framework
- Awareness of accounting and legal entity control
- Awareness of the finance industry regulatory environment