Counterparty Risk – Associate – London

JP Morgan

Location: Greater London

Job Type: Full time


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.

The Counterparty Risk team is a joint venture between Counterparty Credit Risk (CCR) and Market Risk, and the group is responsible for the identification, measurement, monitoring and analysis of the CCR and contingent risk matters related to JPMorgan’s counterparty portfolio and markets. One of the areas covered by the Counterparty Portfolio Risk Management team within Counterparty Risk is the responsibility for models, methodologies and infrastructure supporting the calculation of CCR exposures for capital calculation purposes and associated internal risk and capital management use cases at the legal entity level.

This London based Associate role supports the team’s mandate across IMM, ICAAP, CCR capital stress testing and interactions with regulators. Primary stakeholders include the CRO and CFO teams in the main EMEA legal entities, Capital Policy, Credit Officers, Quantitative Research and Model Governance teams, Technology partners, as well as relevant regulators (Bank of England/PRA and ECB/BaFin/Bundesbank).

Job Responsibilities

  • Contribute to the team’s efforts around regulatory examinations and interactions: preparing analysis and responses to regulators and participating in projects to remediate regulatory and/or audit findings
  • Performing tasks related to the calculation of IMM EADs (variance and trend analysis, investigations)
  • Owning elements of quarterly IMM capital reporting to regulators
  • Supporting the team’s inputs into ICAAP processes which includes developing an understanding of, or owning elements of, CCR capital stress testing, stress scenario design, Normative vs Economic ICAAP views and Pillar 2 approaches
  • Coordinating with technology partners to implement new processes and release testing
  • Establishing a strong working relationship with stakeholders
  • Awareness of baseline CCR capital concentrations, trends, stress behavior, and impacts on limits/risk appetite

Required qualifications, capabilities, and skills

  • Bachelor’s degree in a discipline such as Financial Engineering, Mathematics, Physics, Statistics, Engineering, Finance and/or Economics
  • Good understanding of derivatives (bilateral and cleared), Futures and Options, Margin Lending and Securities Financing products
  • Experience in analyzing and evaluating regulatory rules and guidance, assessments of compliance and gap analysis, preferably in a cross-functional context
  • Understanding of quantitative concepts relating to CCR exposures, risk sensitivity and stress testing
  • Experience with concepts such as wrong-way risk and risk appetite
  • Ability to communicate results of analysis or underlying risk concepts clearly and succinctly. Good written and verbal communication skills, with the ability to articulate analysis to stakeholders
  • Experience in designing, documenting, and implementing control frameworks for BAU tasks (SOPs)

Preferred qualifications, capabilities, and skills

  • Knowledge of capital rules for CCR (IMM and SA-CCR) and experience in the fields of ICAAP and Capital Management strongly preferred
  • Programming skills (NumPy library in Python, debugging script, ability to code in Core Python Athena Visual Studio) and visualisation skills (Tableau) are of advantage to assist with analysis of large data sets
  • Experience in Credit Risk, Trading or Trading Middle Office functions
  • Master’s degree, CFA, CQF or FRM designations
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