Risk Management - Quant Model Risk Associate

About the role

As part of Risk Management and Compliance at JPMorgan Chase, you will play a crucial role in maintaining the firm's strength and resilience by anticipating new and emerging risks and solving real-world challenges that impact our company, customers, and communities. In this role, you will assess and mitigate risks associated with complex models used for Corporate and Industrial Wholesale loan loss forecasting, Obligor Grading, Economic Capital, and related business-as-usual activities for wholesale credit risk. This position offers exposure to various business and functional areas and collaboration with model developers and users in a dynamic, innovative environment.

Responsibilities

• Perform thorough reviews of complex models used in Corporate and Investment Banking (ex-Trading), including PPNR, balance sheet, and RWA forecasting models, by analyzing conceptual soundness, model design, and appropriateness for specific products and structures.
• Evaluate model behavior and ensure the suitability of stress testing models for their intended applications, identifying potential limitations and areas for improvement.
• Develop and implement alternative model benchmarks. Design and maintain robust model performance metrics to compare and monitor outcomes of various models.
• Continuously evaluate model performance to ensure models remain fit for purpose and compliant with internal and regulatory standards. Recommend enhancements and oversee remediation where necessary.
• Serve as the primary point of contact for the business regarding new model implementations and changes to existing models. Provide expert guidance on model usage, limitations, and governance requirements.
• Liaise effectively with model developers, Risk, and Control Groups. Offer guidance and support on model risk management, validation standards, and regulatory expectations.

Requirements

• Advanced degree (MSc, PhD, or equivalent) in a quantitative discipline such as mathematics, statistics, financial engineering, or a related field.
• Advanced knowledge of statistics, econometrics, economics, and finance, with demonstrated ability to apply these concepts to financial modeling and risk assessment.
• Deep understanding of the drivers of the behavior of balances, fees, and losses of different products and businesses.
• Strong analytical and problem-solving skills, with an inquisitive mindset and the ability to formulate insightful questions, identify model limitations, and escalate issues appropriately.
• Excellent written and verbal communication skills, with the ability to clearly explain complex quantitative concepts to both technical and non-technical stakeholders.
• Proficient programming skills in languages such as Python or similar, with experience implementing numerical algorithms and developing model prototypes.
• Demonstrated curiosity and ownership, with a strong willingness to work collaboratively within a team-oriented environment.
• 1+ years' experience in model development or in model review, validation, and governance within financial services, with a strong understanding of stress testing models.

Preferred Qualifications

• Experience in stress testing exercises.

Benefits

• Comprehensive health care coverage.
• On-site health and wellness centers.
• Retirement savings plan.
• Backup childcare.
• Tuition reimbursement.
• Mental health support.
• Financial coaching.

Pay

Competitive total rewards package including base salary determined based on the role, experience, skill set, and location. 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.