Risk Management - Model Risk Program Associate

JPMorgan Chase & Co. • New York, NY

1d

About The Position

As a Quant Model Risk Associate in the Model Risk Governance and Review team, you will be responsible for assessing and mitigating the risks associated with complex models used across a space that includes models used for Corporate and Industrial Wholesale loan loss forecasting, Obligor Grading, Economic Capital and related BAU activities for wholesale credit risk. You'll be at the forefront of innovation, driving continuous improvement in a dynamic and collaborative environment. This role also provides the opportunity to gain exposure to various business and functional areas, as well as collaborate closely with model developers and users.

Requirements

• Advanced degree (MSc, PhD, or equivalent) in a quantitative discipline such as mathematics, statistics, financial engineering, or 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 credit risk quantitative models for loss forecasting and obligor grading, including familiarity with wholesale credit.
• 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.
• One plus years’ experience in model development or in model review, validation, and governance within financial services, with a strong understanding of loan loss forecasting models.

Nice To Haves

• Experience in Corporate and Industrial Wholesale Credit risk.

Responsibilities

• Perform thorough reviews of complex models used in Corporate and Industrial Wholesale Credit Risk, including loss forecasting, obligor grading and economic capital models by analyzing the conceptual soundness, model design, and appropriateness of models for specific products and structures.
• Evaluate model behavior and ensure the suitability of loan loss forecasting and obligor grading 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 the outcomes of various models.
• Continuously evaluate model performance, ensuring 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.

Benefits

• 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.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees