1+ months

VP, Quant Modelling Lead; Model Risk Governance & Review (MRGR)

Jersey City, NJ 07302
  • Job Code
    210361967

Financial Institutions routinely use models for a broad range of activities including analyzing business strategies, identifying and measuring risks, valuing exposures or instruments, conducting stress testing, assessing capital adequacy, and meeting financial or regulatory reporting requirements. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs. These include financial loss, poor business decision-making, or reputational damage.

As part of the firm™s model risk management function, the Model Risk Governance & Review Group (MRGR) is an independent risk management function charged with developing model risk policies and procedures, performing model validation, providing guidance on a model™s appropriate usage, evaluating ongoing model performance monitoring, and ensuring that model users are aware of model strengths and limitations. Quant Modelling Lead roles within MRGR provide attractive career paths in a dynamic setting working closely with model developers, users, risk and finance professionals, where they act as key stakeholders on day-to-day model-related risk management decisions.

The successful candidate will be a member of the MRGR CCB-Consumer and Community Banking (CCB) Line of Business (LoB) and will focus on the following activities:

  • Engage in model validation activities - evaluate conceptual soundness, reasonableness of assumptions, reliability of inputs, completeness of testing, correctness of implementation, etc., associated with development and use of the model. Perform additional model review activities such as reviewing proposed enhancements to existing models, extensions to scope of usage for existing models or providing specific approvals. Perform independent testing of the models by replicating and/or building alternative models.
  • Liaise with various stakeholders including: Model Developers & Users (Digital Intelligence, Finance, Operations and Marketing), MRGR, Fair Lending, Technology, Control teams, Internal Audit and Bank regulators.
  • Maintain model risk controls for the CCB models & serve as first point of contact, help identify and escalate issues to ensure that their resolutions are sound and timely.
  • Manage accuracy of Model inventory, ongoing model performance monitoring, model change control, and participate in discussions with regulators on model risk.
  • Keep up with the latest developments in CCB/industry in terms of modeling techniques (advanced AI/ML methodologies) products, markets, models, risk management practices and industry standards.
  • Participate and actively contribute to various process enhancement initiatives for innovations/automation.

Essential skills, experience, and qualifications:

  • Strong quantitative & analytical skills: The role requires a strong quantitative background (PhD /Master Degree in Statistics, Mathematics, Operations Research, Physics, or a quantitative science, or a BE/BTech degree in Computer Science/Electronics/Electrical Engineering etc. from top tier universities).
  • Quant modelling skills: Prefer candidates with hands-on experience of Machine Learning modeling methodologies and hands-on experience of programming with Python or other computer languages
  • Product domain expertise in: CCB (Consumer & Business banking, Digital Intelligence, Marketing, Operations etc.); ability to understand the business / knowledge of regulation surrounding business)
  • Experience: Preferably 3+ years prior experience in Model Development or Model Validation in Financial institutions.
  • Strong communication skills Verbal and Written, ability to interface with stakeholders on model-related issues
  • Risk and control mindset: Ask incisive questions, assess materiality of issues and escalate as required
  • Sound project management /organizational skills: flexible, adaptable to shifting priorities to achieve the most effective result and able to work in a fast-paced, results driven environment
  • Proficient in Microsoft Office Suite (MS Word, Excel, PowerPoint and Access)

Keyword: consumer%20banking

Financial Institutions routinely use models for a broad range of activities including analyzing business strategies, identifying and measuring risks, valuing exposures or instruments, conducting stress testing, assessing capital adequacy, and meeting financial or regulatory reporting requirements. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs. These include financial loss, poor business decision-making, or reputational damage.

As part of the firm™s model risk management function, the Model Risk Governance & Review Group (MRGR) is an independent risk management function charged with developing model risk policies and procedures, performing model validation, providing guidance on a model™s appropriate usage, evaluating ongoing model performance monitoring, and ensuring that model users are aware of model strengths and limitations. Quant Modelling Lead roles within MRGR provide attractive career paths in a dynamic setting working closely with model developers, users, risk and finance professionals, where they act as key stakeholders on day-to-day model-related risk management decisions.

The successful candidate will be a member of the MRGR CCB-Consumer and Community Banking (CCB) Line of Business (LoB) and will focus on the following activities:

  • Engage in model validation activities - evaluate conceptual soundness, reasonableness of assumptions, reliability of inputs, completeness of testing, correctness of implementation, etc., associated with development and use of the model. Perform additional model review activities such as reviewing proposed enhancements to existing models, extensions to scope of usage for existing models or providing specific approvals. Perform independent testing of the models by replicating and/or building alternative models.
  • Liaise with various stakeholders including: Model Developers & Users (Digital Intelligence, Finance, Operations and Marketing), MRGR, Fair Lending, Technology, Control teams, Internal Audit and Bank regulators.
  • Maintain model risk controls for the CCB models & serve as first point of contact, help identify and escalate issues to ensure that their resolutions are sound and timely.
  • Manage accuracy of Model inventory, ongoing model performance monitoring, model change control, and participate in discussions with regulators on model risk.
  • Keep up with the latest developments in CCB/industry in terms of modeling techniques (advanced AI/ML methodologies) products, markets, models, risk management practices and industry standards.
  • Participate and actively contribute to various process enhancement initiatives for innovations/automation.

Essential skills, experience, and qualifications:

  • Strong quantitative & analytical skills: The role requires a strong quantitative background (PhD /Master Degree in Statistics, Mathematics, Operations Research, Physics, or a quantitative science, or a BE/BTech degree in Computer Science/Electronics/Electrical Engineering etc. from top tier universities).
  • Quant modelling skills: Prefer candidates with hands-on experience of Machine Learning modeling methodologies and hands-on experience of programming with Python or other computer languages
  • Product domain expertise in: CCB (Consumer & Business banking, Digital Intelligence, Marketing, Operations etc.); ability to understand the business / knowledge of regulation surrounding business)
  • Experience: Preferably 3+ years prior experience in Model Development or Model Validation in Financial institutions.
  • Strong communication skills Verbal and Written, ability to interface with stakeholders on model-related issues
  • Risk and control mindset: Ask incisive questions, assess materiality of issues and escalate as required
  • Sound project management /organizational skills: flexible, adaptable to shifting priorities to achieve the most effective result and able to work in a fast-paced, results driven environment
  • Proficient in Microsoft Office Suite (MS Word, Excel, PowerPoint and Access)

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.

Risk Management helps the firm understand, manage and anticipate risks in a constantly changing environment. The work covers areas such as evaluating country-specific risk, understanding regulatory changes and determining credit worthiness. Risk Management provides independent oversight and maintains an effective control environment.

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Posted: 2022-11-16 Expires: 2023-02-12

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, Quant Modelling Lead; Model Risk Governance & Review (MRGR)

JPMorgan Chase & Co.
Jersey City, NJ 07302

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