What are the responsibilities and job description for the Risk Management - Quant Modeling Lead - Vice President position at JPMorgan Chase?
Job description
Bring your expertise to JPMorgan Chase. As part of Risk Management and Compliance, you are at the center of keeping JPMorgan Chase 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.
As a key player in Risk Management and Compliance at JPMorgan Chase, you'll be at the forefront of maintaining our strength and resilience. You'll anticipate emerging risks and use your expertise to tackle challenges affecting our company, customers, and communities. In our culture, we value innovative thinking and strive for excellence. As part of the Model Risk Governance and Review (MRGR) team, you'll conduct independent model validation and governance activities to manage model risk. Your role ensures models are fit for purpose, used correctly, and that users understand their limitations and business impact.
Job responsibilities
Model Review
- Evaluate conceptual soundness of modeling framework, reasonableness of assumptions, reliability of inputs, completeness of testing, correctness of implementation, and suitability / comprehensiveness of performance metrics and risk measures.
- Perform independent testing of models by replicating and/or building benchmark models.
- Design and implement tests to measure the potential impact of model limitations, parameter estimation errors, and deviations from model assumptions.
- Evaluate the risks posed by non-transparent model parameters and/or complex relationships and suggest ways to mitigate such risks.
- Cogently document the model review and validation findings.
Model Governance
- Serve as the first point of contact for model governance related inquiries for the coverage area, and help identify and escalate issues to ensure that their resolutions are sound and timely.
- Provide guidance on the appropriate usages of models to model developers, users, and other stakeholders in the firm.
- Stay abreast of the ongoing performance testing outcomes for models used in the coverage area and communicate those outcomes to stakeholders.
- Maintain and update the model inventory for the coverage area.
- Participate in model-related audits and regulatory examinations of the coverage area.
Required qualifications, skills and capabilities
- A Ph.D. or Master’s degree in Mathematics, Physics, Financial Engineering, Statistics, Economics (with a focus on Econometrics), or a related quantitative field of study is required.
- 3 years of relevant experience in quantitative or modeling in a model review or quantitative research function for securitized products, particularly mortgage loans.
- Proficient in using Python, R, or C for quantitative analysis and modeling.
- Excellence in probability theory, stochastic processes, statistics, regression, and data analysis.
- Excellent communication skills with the ability to interface with other functional areas in the firm and strong writing skills for producing technical documents for internal and external (regulatory) consumption.
- Risk and control mindset with the ability to ask incisive questions, assess materiality of model risk issues, and escalate issues appropriately.
- Strong project management and organization skills: flexible, adaptable to shifting priorities to achieve the most effective results, and able to work in a fast-paced and results-driven environment.
