Risk Management - Quant Model Risk Associate

JPMorgan Chase & Co.; New York (NY); On-site; USD 120,000 - 190,000; Full time

Job summary

JPMorgan Chase & Co. in New York seeks a Quant Model Risk Associate to assess and mitigate risks of complex models used across wholesale loan loss forecasting, obligor grading and economic capital. You will collaborate with model developers and users to ensure governance requirements are met and models remain fit for purpose.

You will contribute to stress testing, validation, and ongoing model monitoring in a collaborative, risk-aware environment within Risk Management and Compliance.

Qualifications

• 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 the drivers of the behavior of balances/fees/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 where necessary.
• 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.

Responsibilities

• Perform thorough reviews of complex models used in Corporate and Investment Banking, including PPNR, balance sheet and RWA forecasting models.
• Evaluate model behavior and ensure the suitability of stress testing models for their intended applications, identifying potential limitations.
• Develop and implement alternative model benchmarks. Design and maintain robust model performance metrics to compare models.
• Continuously evaluate model performance, ensuring models remain fit for purpose and compliant with standards. Recommend enhancements and remediation.
• Serve as the primary point of contact for the business regarding new model implementations and changes to existing models.
• Liaise with model developers, Risk, and Control Groups to guide model risk management, validation standards, and regulatory expectations.

Skills

Statistics

Econometrics

Financial modeling

Python

Model risk governance

Communication skills

Problem solving

Collaboration

Model development/review

Education

Advanced degree in quantitative field

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, and 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'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.

Job Responsibilities

• Performthorough 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 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 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 modeling and risk assessment.
• Deep understanding of the drivers of the behavior of balances/fees/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 escal…
• 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, Capabilities and Skills

• Experience in stress testing exercises.