Model Risk - Central Policy & Governance - Associate

JP Morgan

Location: Greater London

Job Type: Full time


Job summary:

  • Financial Institutions routinely use models for a broad range of activities including credit underwriting, valuing financial instruments, measuring and managing risk, assessing the adequacy of reserves and capital resources, and many other applications. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs and reports, leading to financial loss, poor business decision making, or reputational damage.
  • The Model Risk and Governance Group (MRGR) is responsible for conducting model validation to help identify, measure, and mitigate Model Risk. The objective is to ensure that models are used appropriately in the business context and that model users are aware of the models' strengths and limitations and how these can impact their decisions.
  • MRGR carries out model validation activities and works closely with Risk, Finance and LOB professionals to review findings, on-going model risk measurement and risk mitigating strategies.
  • As part of MRGR, the Central Policy and Governance team is in charge of maintaining the group’s governing policies and procedures, while working on consistency, best practices, and improvements to our model risk management processes.

Core responsibilities:

  • The successful candidate will be a member of the MRGR central Policy and Governance team and will work on cross-LOB governance activities and efforts relating to model risk management and process enhancements.
  • The role requires the successful candidate to :
    • Manage multiple governance projects and tasks simultaneously and be flexible to work outside of the defined position as needed.
    • Effectively communicate and manage project expectations to program managers, sponsors, team members and other stakeholders in a clear and concise fashion
    • Actively and creatively participate in process (re)engineering initiatives with the aim to achieve operational excellence
    • Update MRGR governing policy and procedure documents as needed
    • Respond to requests on audit/regulatory exams

Essential skills, experience, and qualifications:

  • Experience in model risk or model development in a highly regulated environment
  • Knowledge of financial modeling (e.g., probability theory, statistics, numerical analysis) or financial products (e.g. Derivatives, loans, payments, cards…)
  • Proven ability to influence decisions in a multi stakeholder context
  • Excellent analytical and problem-solving skills
  • Excellent organizational and project management skills
  • Degree in Math, Sciences, Engineering or Computer Science
  • Open to candidates with a quantitative background as well as professionals from audit, business management, consulting, risk and governance
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