1+ months

VP - Model Risk Governance and Review Group (MRGR) - Qualitative Model Review

Jersey City, NJ 07302
  • Job Code
    210302687

Job summary:

  • Chase Consumer & Community Banking (CCB) serves consumers and small businesses with a broad range of financial services, including personal banking, small business banking and lending, mortgages, credit cards, payments, auto finance and investment advice. CCB routinely use models for a broad range of activities including credit underwriting, valuing financial instruments, measuring and managing risk, assessing the adequacy of reserves and capital resources, and many other applications.
  • 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 & Review (MRGR) group is responsible for conducting model and qualitative 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.
  • Sound usage of the models requires a deep understanding of the retail credit products, marketplace and of the forecast models' ability to predict consumer behavior and supply and demand of credit under different economic scenarios.
  • MRGR carries out model and qualitative model validation activities and works closely with Risk, Finance and LOB professionals to review findings, on-going model risk measurement and risk mitigating strategies.

Core Responsibilities:

The Qualitative Model Review team for CCB in MRGR is responsible for independently assessing and driving improvements in the following areas:

  1. Forecasting methodologies developed by CCB for the Firm's Capital Stress Testing and Budgeting process.
  2. Key assumptions and pro-forma financial results across material entities, primarily in the context of the Firm's Resolution and Recovery process.
  3. Key financial calculations, including those related to capital measurement, stress testing & reporting, and product valuations.

The team partners with the Corporate Capital Stress Testing, Recovery & Resolution, LOBs, Regulatory Policy, Financial Reporting, Quantitative Research and various other Finance and Risk teams on various firm-wide initiatives.

The primary role of the Qualitative Model Review team for CCB in MRGR is to (i) constructively challenge and improve existing forecasting methodologies used across CCB and (ii) review implementation accuracy and soundness of financial calculations. The Vice President will support the Review Lead on the above qualitative reviews. Ability to think critically, take ownership of the review process, and communicate effectively (both spoken and written) are essential to this role. Fluency in statistics and model development are a plus.

  • Work with the review lead to independently review and challenge key estimation methodologies and analytics for firm-wide capital stress testing, risk management, budgeting and related processes
  • Develop expertise in Consumer banking products & services, including an understanding of the drivers behind different products and businesses using a combination of research and liaising with business lines
  • Review qualitative model documentation and write assessment reports
  • Interact with teams across Finance and Risk functions, lines of business (front/middle/back office) and reporting groups
  • Stay abreast of regulatory and industry requirements in finance / risk / accounting to manage reviews and changes in processes

The role and responsibilities of the successful candidate will be determined based on qualifications, prior experience and demonstrated skills.

Qualifications:

  • Ability to think critically (question and argue logically; gather, assess and interpret relevant information in a diligent manner; challenge assumptions and explore alternatives), based on strong qualitative and quantitative analytical skills and independent research; ability to write reports detailing the review performed / assessment of the conceptual soundness of the forecasting methodology
  • 4+ years of experience in Financial Services, specifically Research, Risk, Regulatory Compliance, or Consulting
  • Graduate degree in a Finance, Economics, Business Management, Accounting, Engineering, Math/Statistics or related discipline
  • Strong communication (spoken and written) and organizational skills
  • Extreme attention to detail
  • Inquisitive and intellectually curious
  • Strong interpersonal leadership, partnership, influencing, and communication (spoken and written) skills
  • Self-starter who is able to perform effectively in a fast paced, results-driven environment
  • Proactive control and risk management mindset, addressing gaps in processes and knowing when to escalate complex issues to senior management
  • Background or experience with quantitative and qualitative-based estimations, including pricing, capital, and/or financial forecasting models
  • Knowledge of financial products, financial markets and regulatory requirements
  • Strong Excel skills required (VBA / SQL is a plus)
  • Experience in statistical modeling software a plus (SAS, EViews, R, Matlab etc.)


Keyword: consumer%20banking

Job summary:

  • Chase Consumer & Community Banking (CCB) serves consumers and small businesses with a broad range of financial services, including personal banking, small business banking and lending, mortgages, credit cards, payments, auto finance and investment advice. CCB routinely use models for a broad range of activities including credit underwriting, valuing financial instruments, measuring and managing risk, assessing the adequacy of reserves and capital resources, and many other applications.
  • 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 & Review (MRGR) group is responsible for conducting model and qualitative 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.
  • Sound usage of the models requires a deep understanding of the retail credit products, marketplace and of the forecast models' ability to predict consumer behavior and supply and demand of credit under different economic scenarios.
  • MRGR carries out model and qualitative model validation activities and works closely with Risk, Finance and LOB professionals to review findings, on-going model risk measurement and risk mitigating strategies.

Core Responsibilities:

The Qualitative Model Review team for CCB in MRGR is responsible for independently assessing and driving improvements in the following areas:

  1. Forecasting methodologies developed by CCB for the Firm's Capital Stress Testing and Budgeting process.
  2. Key assumptions and pro-forma financial results across material entities, primarily in the context of the Firm's Resolution and Recovery process.
  3. Key financial calculations, including those related to capital measurement, stress testing & reporting, and product valuations.

The team partners with the Corporate Capital Stress Testing, Recovery & Resolution, LOBs, Regulatory Policy, Financial Reporting, Quantitative Research and various other Finance and Risk teams on various firm-wide initiatives.

The primary role of the Qualitative Model Review team for CCB in MRGR is to (i) constructively challenge and improve existing forecasting methodologies used across CCB and (ii) review implementation accuracy and soundness of financial calculations. The Vice President will support the Review Lead on the above qualitative reviews. Ability to think critically, take ownership of the review process, and communicate effectively (both spoken and written) are essential to this role. Fluency in statistics and model development are a plus.

  • Work with the review lead to independently review and challenge key estimation methodologies and analytics for firm-wide capital stress testing, risk management, budgeting and related processes
  • Develop expertise in Consumer banking products & services, including an understanding of the drivers behind different products and businesses using a combination of research and liaising with business lines
  • Review qualitative model documentation and write assessment reports
  • Interact with teams across Finance and Risk functions, lines of business (front/middle/back office) and reporting groups
  • Stay abreast of regulatory and industry requirements in finance / risk / accounting to manage reviews and changes in processes

The role and responsibilities of the successful candidate will be determined based on qualifications, prior experience and demonstrated skills.

Qualifications:

  • Ability to think critically (question and argue logically; gather, assess and interpret relevant information in a diligent manner; challenge assumptions and explore alternatives), based on strong qualitative and quantitative analytical skills and independent research; ability to write reports detailing the review performed / assessment of the conceptual soundness of the forecasting methodology
  • 4+ years of experience in Financial Services, specifically Research, Risk, Regulatory Compliance, or Consulting
  • Graduate degree in a Finance, Economics, Business Management, Accounting, Engineering, Math/Statistics or related discipline
  • Strong communication (spoken and written) and organizational skills
  • Extreme attention to detail
  • Inquisitive and intellectually curious
  • Strong interpersonal leadership, partnership, influencing, and communication (spoken and written) skills
  • Self-starter who is able to perform effectively in a fast paced, results-driven environment
  • Proactive control and risk management mindset, addressing gaps in processes and knowing when to escalate complex issues to senior management
  • Background or experience with quantitative and qualitative-based estimations, including pricing, capital, and/or financial forecasting models
  • Knowledge of financial products, financial markets and regulatory requirements
  • Strong Excel skills required (VBA / SQL is a plus)
  • Experience in statistical modeling software a plus (SAS, EViews, R, Matlab etc.)


Keyword: consumer%20banking
JPMorgan Chase & Co., one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world™s most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.

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. In accordance with applicable law, we make reasonable accommodations for applicants™ and employees™ religious practices and beliefs, as well as any mental health or physical disability needs.

The health and safety of our colleagues, candidates, clients and communities has been a top priority in light of the COVID-19 pandemic. JPMorgan Chase was awarded the œWELL Health-Safety Rating for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

As a part of our commitment to health and safety, we have implemented various COVID-related health and safety requirements for our workforce. Employees are expected to follow the Firm™s current COVID-19 or other infectious disease health and safety requirements, including local requirements. Requirements include sharing information including your vaccine card in the firm™s vaccine record tool, and may include mask wearing. Requirements may change in the future with the evolving public health landscape. JPMorgan Chase will consider accommodation requests as required by applicable law.

We offer a competitive total rewards package including base salary determined based on the role, experience, skill set, and location. For those in eligible roles, discretionary incentive compensation which may be 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.

Equal Opportunity Employer/Disability/Veterans
Our professionals in our Corporate Functions cover a diverse range of areas from finance and risk to human resources and marketing. Our corporate teams are an essential part of our company, ensuring that we™re setting our businesses, clients, customers and employees up for success.

Categories

Posted: 2022-09-28 Expires: 2022-12-23

For over 200 years, JPMorgan Chase & Co has provided innovative financial solutions for consumers, small businesses, corporations, governments and institutions around the world.

Today, we're a leading global financial services firm with operations servicing clients in more than 100 countries.

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VP - Model Risk Governance and Review Group (MRGR) - Qualitative Model Review

JPMorgan Chase & Co.
Jersey City, NJ 07302

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