About J.P. Morgan
J.P. Morgan is a leader in financial services, working in collaboration across the globe to deliver the best solutions and advice to meet our clients’ needs, anywhere in the world. We operate in 150 countries, and hold leadership positions across our businesses. We have an exceptional team of employees who work hard to do the right thing for our clients and the firm, every day. This is why we are the most respected financial institution in the world – and why we can offer you an outstanding career.
CIB Agency Lending provides a complete range of lending products that provide clients with opportunities to gain incremental income on their assets. Agency Lending enables institutional investors to earn extra income on their investment and pension portfolios with minimal risk and involvement.
The opportunity is to join the Agent Lending Product Team
Control & Oversight Role Description:
The Legal Entity (LE) Agency Lending oversight function will be established in Luxembourg where the legal entity will provide Agency Lending services to its European clients through an outsourcing/ delegation arrangement with other JPM legal entities. The LE Agency Lending control & oversight function will adopt a governance and oversight framework to oversee the quality and consistency of the services provided to the LE and its clients by other JPM legal entities. In addition, the LE Agency Lending control & oversight function will act as the LE representative in business and product development initiatives, and provide input and direction to Agency Lending business and operations on the LE and local market specific requirements or considerations where necessary.
Key Responsibilities of the Agency Lending Lead:
• Develop, implement and maintain a robust oversight and governance model for the LE, in line with regulatory requirements, including;
1. Monitor performance against Key Performance and Key Risk Indicators, Legal entity and client expectations
2. Establishing the appropriate channels for escalation of service delivery issues, including but not limited to business control forums and committees, Location oversight Risk and control Committee & Legal Entity Boards.
3. The LE Agency Lending oversight function will be the escalation point for Agency Lending business and operations. They will also act as the escalation point for the LE management and boards on affiliate service delivery issues or concerns.
4. The LE Agency Lending oversight team will establish the outsourced footprint of services relevant to the LE, and establish a schedule of service review meetings and/or due diligence visits to assess performance and to deal with service delivery issues.
5. Scorecard to the LE and interested parties on the results of the oversight and governance framework, including service delivery of the affiliate.
• Represent the Legal Entity and local market requirements to the Agency Lending business and operations functions as required
• Represent the LE in event planning and crisis management e.g. market or sub-custodian issues
• Participate in the LE ICAAP process where required, assessing capital adequacy and stress testing scenarios related to Agency Lending
• Ensure full engagement of stakeholders with local and global operational responsibilities
• Represent CBI at regional business control and risk forums in partnership with the Risk & Control, GFCC and Compliance teams, directed by the Global Business Operations Executive
• Provide local oversight to Business Control Officer and first and second lines of defense to ensure compliance with and execution of the regulatory agenda impacting the EU Subsidiary’s business, locally and globally
Engage with industry/regulator on changes/proposed changes to legislation/regulation that impact the Agency Lending product. Assess impacts and ensure appropriate steps are taken to ensure compliance.
• Represent the LE in specific business projects and initiatives as driven by changes in market standards and regulations e.g.T2S, Network simplification, new sub-custodian relationships.
• Represent Agency Lending product at client meetings or new business sales meetings where appropriate.
• Provide input to client due diligence requests for information on the Agency Lending outsourced footprint and governance model. Present to clients on the footprint and oversight model as required for due diligence purposes.
• Represent the Agency Lending outsourced footprint and governance model to regulator and provide input to regulatory queries and visits as required.
Qualifications / Experience
Degree level qualification with previous relevant experience in product management or product development with proven problem solving experience is preferred.
Broad commercial banking product knowledge and/or experience would be an advantage. Knowledge of Agency Lending products a clear advantage.
Experience dealing with regulators
Ability to effectively manage multi-functional virtual teams and influence outcomes with senior stakeholders and functional partners. Must be able to build strong relationships.
Excellent verbal and written communication skills - comfortable negotiating at all levels within and outside the organisation.
Must be confident in regular senior management interactions, which can be proven through prior experience.
Excellent organizational, planning, problem solving, time management and analytical skills are required. Attention to detail is a prerequisite.
Strong risk and control mind-set. Results driven.
Strong technical skills - grasp new concepts quickly, even when no prior subject knowledge exists. Be able to use problem solving skills to drive through issues.
Self-starter with ability to multi-task, deliver against tight deadlines, handle conflicting priorities and work independently.
Must be a team player with an ability to build a strong network.
Fluent in English and another European language would be an advantage.
The ideal candidate will have substantial experience in the Agency Lending and familiarity with current and proposed rules and regulations, as well as a demonstrated track record of success in leading complex, multi-jurisdictional programmes of work.
About J.P. Morgan
Agent Lending is a product line within Trading Services, which is part of the Custody and Fund Services business within Investor Services, CIB. Agent Lending provides securities lending services to institutional investors such as pension funds, mutual funds, sovereign wealth funds, insurance companies and central banks. Agent Lending lends clients’ securities held in custody at JPMorgan and other custodian banks against a range of collateral in return for a fee. JPMorgan provides all operational services such as trading, settlement, daily mark to markets, portfolio servicing, investment of cash collateral and reporting. JPMorgan provides risk management to assist clients in the management and mitigation of risk associated with lending securities. This is a competitive, dynamic and evolving industry with clients demanding high levels of customization and service, including detailed reporting and performance analytics.
J.P. Morgan Investor Services (IS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. With $18.2 trillion in assets under Agency Lending and $7.3 trillion in assets under administration, Investor Services leverages the firm's global scale, leading technology and deep industry expertise to service investments around the world.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and 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 www.jpmorganchase.com.
JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer.