Risk Management - Quant Model Risk Associate

JPMorganChase; New York (NY); On-site; USD 140,000 - 190,000; Full time

Benefits offered by this job

Health care coverage

Retirement savings plan

Tuition reimbursement

On-site health and wellness centres

Job summary

JPMorgan Chase is seeking a Quant Model Risk Associate within the Model Risk Governance and Review team in New York. You will assess and mitigate risks in complex models used across Corporate and Investment Banking, including PPNR, balance sheet, and RWA forecasting, while collaborating with developers and risk/control groups to ensure robust governance.

This role emphasizes innovation, advanced quantitative skills, and cross-functional exposure to multiple business areas within risk management

Qualifications

• MSc/PhD in quantitative field required.
• Strong background in statistics, econometrics, economics, and finance.
• At least 1 year of experience in model development, review, or governance.
• Proficient in Python or similar programming language.
• Excellent written and verbal communication skills.

Responsibilities

• Review complex models used in Corporate & Investment Banking for soundness and applicability.
• Evaluate stress testing models and identify limitations.
• Develop benchmarks and dashboards for model performance and comparisons.
• Ensure models remain fit for purpose and compliant with internal/regulatory standards.
• Serve as primary business contact for new model implementations and changes.
• Collaborate with model developers, Risk, and Control Groups on governance.

Skills

Analytical thinking

Python programming

Model risk management

Communication skills

Statistical/econometric knowledge

Team collaboration

Education

Master's/PhD in quantitative discipline

Tools

Python

Job description

Bring your expertise to JPMorgan Chase. As part of Risk Management and Compliance, you play a crucial role in maintaining JPMorgan Chase’s strength and resilience. You help the firm grow its business in a responsible way by anticipating new and emerging risks, using your expert judgement to solve real‑world challenges that impact our company, customers, and communities. Our culture in Risk Management and Compliance is all about thinking outside the box, challenging the status quo, and striving to be best‑in‑class.

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 will 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 to collaborate closely with model developers and users.

Job 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 the conceptual soundness, model design, and appropriateness of models for specific products and structures.
• Evaluate model behaviour 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 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.

Required Qualifications, Capabilities and Skills

• 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 modelling and risk assessment.
• Deep understanding of the drivers of the behaviour of balances, fees or 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.
• At least 1 year of experience in model development or in model review, validation, and governance within financial services, with a strong understanding of stress testing models.

Preferred Qualifications, Capabilities and Skills

• Experience in stress testing exercises.

Benefits

We offer a competitive total rewards package, including base salary determined by role, experience, skill set and location. Eligible roles may receive commission‑based pay and/or discretionary incentive compensation, paid in cash or forfeitable equity. Benefits include comprehensive health care coverage, on‑site health and wellness centres, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Detailed compensation and benefits information will be provided during the hiring process.

Equal Employment Opportunity Statement

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, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy, disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants and employees’ religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.