Bring your Expertise to JPMorgan Chase. As part of Risk Management and Compliance, you are at the center of keeping JPMorgan Chase strong and resilient. You help the firm grow its business in a responsible way by anticipating new and emerging risks, and using your expert judgement to solve real-world challenges that impact our company, customers and communities. Our culture in Risk Management and Compliance is all about thinking outside the box, challenging the status quo and striving to be best-in-class.
As a Risk Management - Quant Modelling Senior Associate within the MRGR CIO team, you will be responsible for overseeing model risk and conducting independent model reviews.. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs and reports, leading to financial loss, poor business decision making, or reputational damage.
The Model Risk Governance and Review Group (MRGR) oversees model risk at the firm, conducts independent model reviews, and provides guidance around a model’s appropriate usage. MRGR is responsible for conducting model validation to help identify, measure, and mitigate Model Risk. The objective is to ensure that models are used appropriately in the business context and that model users are aware of the models' strengths and limitations and how these can impact their decisions.
Job Responsibilities
Engage in typical model validation activities - evaluate conceptual soundness of model specification; reasonableness of assumptions and reliability of inputs; completeness of testing performed to support the correctness of the implementation; robustness of numerical aspects; suitability and comprehensiveness of performance metrics and risk measures associated with use of model.
Perform additional model review activities ranging from proposing enhancements to existing models, assessing extensions to scope of existing models, developing benchmarking models.
Liaise with Risk and Finance professionals to provide oversight of and guidance on appropriate usage, controls around model restrictions & limitations, and findings for ongoing performance assessment and testing
Maintain model risk control apparatus of the bank for the coverage area, and serve as first point of contact
Keep up with the latest developments in coverage area in terms of products, markets, models, risk management practices, and industry standards
Required qualifications, skills and capabilities
Strong quantitative & analytical skills: The role requires a strong quantitative background based on a PhD or MSc Degree (or equivalent) in a quantitative discipline such as Math, Science, Engineering, Quantitative/Math Finance, etc.
Strong technical skills in derivative pricing with deep understanding of stochastic calculus
Strong knowledge and/or experience with interest rate modelling (for fixed income vanilla product pricing)
Domain expertise in following areas: prepayment modeling across trading and traditional banking products, Interest Rate and Mortgage Backed Securities trading models.
1+ years of relevant working experience in areas such as Quantitative Model Development, Model Validation, Credit and/or Market Risk Management
Strong communication skills and ability to interface with other functional areas in the bank on model-related issues
Risk and control mindset: ability to ask incisive questions, converge on critical matters, assess materiality and escalate issues
We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.
JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans
Skills Required
- PhD or MSc in a quantitative discipline (Math, Science, Engineering, Quantitative/Math Finance) or equivalent
- Strong technical skills in derivative pricing and deep understanding of stochastic calculus
- Strong knowledge and/or experience with interest rate modelling for fixed income vanilla product pricing
- Domain expertise in prepayment modeling, Interest Rate and Mortgage Backed Securities trading models
- 1+ years relevant experience in Quantitative Model Development, Model Validation, Credit and/or Market Risk Management
- Strong communication skills and ability to interface with other functional areas on model-related issues
- Risk and control mindset: ability to assess materiality, ask incisive questions, converge on critical matters, and escalate issues
JPMorganChase Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about JPMorganChase and has not been reviewed or approved by JPMorganChase.
-
Healthcare Strength — Medical, dental, vision, and mental-health coverage are broad, with wellness incentives, on-site or virtual care, and an EAP offering coaching and counseling. Plan materials emphasize accessible options, including multiple medical choices and tools to manage costs.
-
Parental & Family Support — Paid parental leave extends up to 16 weeks for all parents, supplemented by paid Critical Caregiver Leave. Family resources include backup childcare via Bright Horizons, lactation support and milk-shipping, family-building assistance, and even a free five-month SNOO rental for newborns.
-
Retirement Support — Retirement programs include a 401(k) with an annual company match and automatic pay credits for most employees, with a legacy pension available to earlier hires. An Employee Stock Purchase Plan at a 5% discount further supports long-term savings.
JPMorganChase Insights
What We Do
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, 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. Technology fuels every aspect of our company and is at the heart of everything we do. With over 50,000 technologists globally and an annual tech spend of $12 billion, we are dedicated to improving the design, analytics, development, coding, testing and application programming that goes into creating high quality software and new products. Learn more about technology at our firm, explore resources from our Distinguished Engineers, AI & ML researchers, and other experts; access the latest episode of our TechTrends podcast, and more at www.jpmorgan.com/technology. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. ©2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase is an Equal Opportunity Employer, including Disability/Veterans.
Why Work With Us
Our technologists work on a diverse range of solutions that include strategic technology initiatives, big data, mobile, electronic payments, machine learning, cybersecurity, enterprise cloud development, and other state-of-the-art technologies.
Gallery
