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Asset and Wealth Management Audit - Fiduciary/ERISA SME (Investment Management) - Executive Director

Req #: 170118396_1
Location: Chicago, IL, US
Job Category: Accounting/Finance/Audit/Risk
Job Description:
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


JPMC’s Internal Audit Department (Audit), which is comprised of over 1,000 auditors globally, reports to the Audit Committee of the Board of Directors and is further accountable to the Chairman and CEO, senior management, and the regulators. Audit is an independent risk assessment function established within the organization to evaluate, test and report on the adequacy and effectiveness of management’s system of internal control.


Audit has implemented a Horizontal Audit Risk & Topic (HART) Program to identify and mitigate significant risks to the Firm through risk assessment and proactive audit coverage and issue analysis. The HART framework is comprised of two fundamental areas: Risk Categories (which include Subject Matter Experts) and Top Down Topics.. The Program objectives are to drive a consistent approach towards risk assessment and planning as well as execution of audit work and coverage of certain topics; facilitate discussion of issues and themes for escalation; facilitate changes in risk assessment and/or audit coverage as appropriate; and, provide an enterprise-wide view of risks related to the control environment.


The Fiduciary SME Team, reporting to the Fiduciary Risk Category Owner/ Lead Fiduciary SME, serves as the principal repository and source of expertise for all aspects of fiduciary risk and oversees the execution of fiduciary related audit activities, monitors coverage and represents Audit in firm wide forums related to the identification and management of fiduciary risk. Additionally, the Team provides updates to stakeholders, including the Audit Management Team (AMT), line of business (LOB) management and HART teams, on audit plan status, issues and emerging trends or concerns. In partnership with LOB auditors, the Team represents Audit in interactions with regulators in fiduciary matters, including coordination of Audit-related requests/responses to regulatory inspections.


Position Description:

To further strengthen the Fiduciary SME Team, Audit is looking to source experienced individuals at the Executive Director level with proven expertise in investment management services and related regulatory requirements, specifically 12 CFR 9 (including 12 CFR 9.18)  and/ or ERISA. The SME will provide detailed guidance, review and challenge during the scoping, execution and reporting of fiduciary audit activities to ensure fiduciary risk and related controls associated with the investment management of client assets are appropriately and consistently considered. The candidate should possess strong project management, analytical and communication skills and have an ability to work with minimal supervision.



·       Work with LOB auditors to ensure the appropriate execution of fiduciary  audit coverage of investment management services and regulatory requirements specifically 12 CFR 9 (including 12 CFR 9.18) and/ or ERISA

·       Provide detailed guidance, review and challenge during the scoping, execution and reporting of fiduciary audit activities and issue validations specifically relating to investment managements services

·       Help ensure the LOB audit team is appropriately qualified to effectively execute testing

·       Identify cross-business issues and trends, and share across audit teams to affect changes to planned coverage

·       Maintain investment management expertise by staying abreast of industry, regulatory and political developments.

·       Participate in peer and industry groups as appropriate

·       Provide relevant industry updates to Audit teams and business

·       Assist the Fiduciary SME Team in the determination of necessary staff training requirements and strategies and benchmarking approach/coverage against those of our peers

·       Establish, as appropriate and applicable, minimum standards and guidelines, including creating and maintaining standard investment management test programs (RAMs) appropriately incorporating 12 CFR9 and ERISA requirements

·       Proactively identify areas where risk exists and advise LOB audit teams on the appropriate assessment of fiduciary risk

·       Participate in the annual planning process for each applicable audit team to influence appropriate and consistent coverage within and across businesses

·       Promote a culture that encourages integrity, respect, inclusion, innovation and excellence.



·       Minimum of a Bachelor's degree in Accounting, Finance, or related discipline. Certified Financial Analyst (CFA) Certification expected.

·       Must have 10+ years of 12 CFR 9 and /or ERISA experience relating principally to investment management services

·       Broad and deep knowledge of first and second line investment processes, investment products and vehicles across all client segments

·       Ability to manage projects and participate in audit assignments in a team environment

·       Excellent communication and interpersonal skills required with ability to present complex and sensitive issues to senior management

·       Proficiency in risk assessment, issue/impact analysis and executive report preparation

·       Enthusiastic, self-motivated, effective under pressure and willing to take risk

·       Works well individually and in teams, shares information, supports colleagues and encourages participation



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