What are the responsibilities and job description for the Risk Management - Model Risk Program Associate position at JPMorgan Chase?
Join JPMorgan Chase's Risk Management and Compliance team, where your expertise will help us anticipate and navigate emerging risks. As part of the Model Risk Governance and Review (MRGR) team, you'll conduct independent model validation and governance activities to mitigate Model Risk. This role offers exposure to a variety of modeling techniques and frequent interaction with top professionals in the firm. Your knowledge will be instrumental in shaping business strategy and safeguarding the firm. they could impact business decisions.
As a Risk Management - Model Risk Program Associate within the Risk Management and Compliance team, you will be at the center of keeping JPMorgan Chase strong and resilient. You will 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. Being part of the Model Risk Governance and Review (MRGR) team, you will be involved in independent model validation and governance activities, helping to identify, measure, and mitigate Model Risk in the firm. This role offers you the opportunity to expand your knowledge of different modeling techniques, their unique limitations, and use that knowledge to shape business strategy and protect the firm.
Job Responsibilities
- Set standards for robust qualitative model development practices and enhance them as needed to meet evolving industry standards
- Evaluate adherence to development standards including soundness of design, reasonableness of assumptions, reliability of inputs, completeness of testing, correctness of implementation, and suitability of performance metrics
- Identify weaknesses, limitations, and emerging risks through independent testing, building benchmarks, and ongoing monitoring activities
- Communicate risk assessments and findings to stakeholders, and document in high quality technical reports
- Assist the firm in maintaining (i) appropriateness of ongoing qualitative model usage, and (ii) the level of aggregate model risk within risk appetite
Required qualifications, capabilities and skills
- Master’s degree in business, finance, economics or accounting.
- 2 plus years of experience in a business modeling role. Candidates with significantly more experience may be considered for more senior roles
- Strong communication skills verbally and particularly in writing, with the ability to interface with other functional areas in the firm on model-related issues and write high quality technical reports
- Risk and control mindset: ability to ask incisive questions, assess materiality of model issues, and escalate issues appropriately
- Understanding of Python, R, or equivalent
- Understanding of statistics and machine learning techniques
