Securitized Products Group - Market Risk - Associate

JP Morgan Chase; New York (NY); On-site; USD 120,000 - 180,000; Full time

Job summary

JPMorganChase is seeking an Associate in the Securitized Products Group - Market Risk to quantify risk, monitor exposures, and perform stress testing of CMBS and CRE portfolios. You will engage with trading teams to understand risk drivers and help manage risk limits.

The role requires strong analytical skills, 2+ years in market risk or related fields, and proficiency with Excel, VBA, and Bloomberg. You will contribute to risk reporting for senior management and assist in reviews of large,

Qualifications

• Bachelor's degree in a quantitative field or related area.
• 2+ years of experience in market risk, trading, structuring, research, or underwriting related to CMBS or CRE lending.
• Experience in risk management and fixed income or securitized products.
• Strong technical proficiency in Excel, VBA, and Bloomberg; ability to learn core risk systems.
• Knowledge of CMBS deal structures (SASB, Conduit, CRE CLO).
• Strong analytical and problem-solving skills with ability to explain drivers of risk and P&L.
• Strong written and verbal communication skills to engage traders and risk stakeholders.

Responsibilities

• Quantify risk of potential losses in assets and liabilities due to market variable changes.
• Monitor and control a unit's exposure to market risk via risk limits.
• Perform stress testing and qualitative risk assessments of trading portfolios.
• Facilitate risk-return decision making and regular dialogue with trading teams.
• Identify threats within CMBS risk profiles and advise on mitigations.
• Analyze pricing differences in Agency vs Non-Agency CMBS and CRE CLO structures.
• Conduct internal stress estimates on CRE loans (warehouse and non-warehouse).
• Assess prepayment penalties and extension assumptions and their impact on CMBS.
• Monitor drivers of P&L in trading portfolios and escalate breaches.
• Prepare risk reporting for senior management and large, complex transactions.

Skills

Quantitative analysis

Communication skills

Problem solving

Stakeholder engagement

Education

Bachelor's degree in Finance, Economics, Mathematics, Engineering, Real Estate, or related quantitative field

Tools

Excel

VBA

Bloomberg

Job description

As an Associate in the Securitized Products Group - Market Risk team, you bring your expertise to JPMorganChase. As part of Risk Management and Compliance, you are at the center of keeping JPMorganChase strong and resilient. 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.

Primary functions include:

• Quantification of the risk of a potential loss of value in assets and liabilities due to changes in market variables, e.g. interest rates, equity and commodity prices.
• Ongoing monitoring and control of a business unit's exposure to market risk through risk limits.
• Performance of stress testing and qualitative risk assessments of a business unit's trading portfolio.
• Facilitation of efficient risk-return decisions.
• Regular dialogue with the trading businesses with respect to risk appetite, risk limits and individual large and complex transactions.

Job Responsibilities

• Apply your knowledge of CMBS deal structures, including Single Asset Single Borrower (SASB), Conduit, and Commercial Real Estate Collateralized Loan Obligation (CRE CLO), to identify threats and weaknesses within the risk profile.
• Analyze how Agency and Non-Agency CMBS structures are priced, and how they differ from Residential Mortgage-Backed Securities, to proactively highlight risks to the trading business and the Market Risk management team.
• Conduct internal stress estimates on incoming warehouse and non-warehouse commercial real estate loans.
• Assess prepayment penalties and underlying extension assumptions, and evaluate their impact on CMBS structures and the broader commercial real estate loan portfolio.
• Monitor and explain the drivers of profit and loss within the trading portfolio.
• Support risk limit monitoring and elevate limit breaches and emerging risks in a timely manner.
• Follow global financial markets, focusing on price movements and events affecting the commercial real estate market, and highlight top risks to the trading business and the Market Risk management team.
• Prepare clear risk reporting and analysis for senior management and contribute to reviews of large and complex transactions.

Required qualifications, capabilities and skills

• Bachelor's degree in Finance, Economics, Mathematics, Engineering, Real Estate, or a related quantitative field
• 2+ years of experience in market risk, trading, structuring, research, or underwriting related to CMBS or commercial real estate lending
• Experience in risk management and fixed income or securitized products.
• Strong technical proficiency in Excel, VBA, and Bloomberg, with ability to learn and apply core business and risk systems
• Knowledge of CMBS deal structures, including SASB, Conduit, and CRE CLO
• Strong analytical and problem-solving skills, with the ability to explain what drives risk and profit and loss
• Strong written and verbal communication skills, with the confidence to engage trading and risk stakeholders