Risk Management - Quant Model Risk Associate

JPMorgan Chase; New York (NY); On-site; USD 135,000 - 150,000; Full time

Benefits offered by this job

Comprehensive health care coverage

Retirement savings plan

Tuition reimbursement

Mental health support

Job summary

JPMorgan Chase is seeking a Quant Model Risk Associate in New York within the Model Risk Governance and Review team. You will assess and mitigate risks of complex models across wholesale and corporate risk domains, driving improvements in model governance and regulatory compliance while collaborating with model developers and risk teams.

You will contribute to stress testing, benchmark design, and performance monitoring, ensuring models remain fit for purpose and aligned with regulatory

Qualifications

• Advanced degree in a quantitative field.
• Strong grounding in statistics, econometrics, economics and finance.
• Experience applying quantitative concepts to financial modeling and risk assessment.
• Proficient in Python or similar for numerical algorithms and model prototyping.
• Experience in model development, review, validation or governance.

Responsibilities

• Review complex models used in Corporate and Investment Banking including PPNR, balance sheet and RWA forecasting models.
• Evaluate model behavior and stress testing applicability; identify limitations and improvements.
• Develop and implement benchmark models and robust performance metrics.
• Ensure ongoing model governance, compliance with internal/regulatory standards; advise on model usage and limitations.
• Act as main contact for business on new model implementations and changes; liaise with developers, Risk and Control Groups.

Skills

Advanced analytical skills

Problem solving

Excellent communication

Quantitative modeling understanding

Python programming

Model risk management knowledge

Education

MSc/PhD in mathematics, statistics, financial engineering or related 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

• 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 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 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, Capabilities and Skills

• Experience in stress testing exercises.

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.

Equal Opportunity Employer

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, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or 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.

Base Pay/Salary

New York,NY $135,000.00 - $150,000.00 / year