EMEA Counterparty Risk Coverage - F&O/Clearing Business - Associate
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.
Counterparty Risk division consists of Counterparty Credit Risk (CCR), Central Counterparty (CCP) and Commodities groups within Wholesale Credit Risk, which cover Over-the-counter (OTC) Derivatives (cleared and non-cleared), Futures and Options, Securities Financing and Securities Prime Services, CCPs and Commodities. Overall group responsibilities include, but are not limited to, counterparty exposure measurement, monitoring and escalating where appropriate, ad-hoc risk investigations and analyses in collaboration with credit officers, sales and senior management, assessment of CSA terms adequacy, determination of initial margin requirements including corresponding eligible collateral and valuations where applicable, ownership and maintenance of all credit exposure metrics (continuous adequacy assessment), all related exposure calculation/reporting engines and their development agendas and priorities, and Credit Capital and regulatory (CCAR, ICAAP, EBA) related exposure and collateral stress testing.
As a member of CCR Coverage, the candidate will work closely with Credit Officers, Front Office, and Sales, to assess the client level exposures, determine the appropriate execution limits, while maintaining an oversight of the Cleared Portfolio exposure overall by monitoring and escalating relevant concentrated exposures, liquidity, and market risks. The candidate will operate across various locations to establish synergies and best practices, to assess system capabilities, availability and use of risk metrics, identify solutions to enhance transparency and timely escalation of the pertaining portfolio risk.
- Keeping abreast of industry initiatives around margin methodologies, providing insights on the impact on JPMorgan and enhancing transparency around emerging risks in the area
- Providing independent advice on counterparty credit exposure for new deals with complex structures or relatedness, including the explain and challenge of calculations by 1st line of defense
- Act as subject matter expert on counterparty credit exposure/risks, providing guidance to Credit Officers on material methodology releases or model limitations, and helping guide methodology and policy updates
- Work with QR, Technology, Credit Officers, and other stakeholders to continuously review and enhance exposure methodologies and tools
- Partnering with sales and trading on development and rollout of counterparty credit exposure framework for new products or structures where risk expertise is required
- Deliver on regulatory and audit matters as required
- Manage and contribute to firm-wide projects around key counterparty credit exposure metrics & technical enhancements.
Required qualifications, capabilities, and skills:
- Bachelor’s degree in a discipline such as Financial Engineering, Mathematics, Physics, Statistics, Engineering, Finance and/or Economics
- Few years of experience in a risk/trading/valuation control/quantitative research role, challenging and partnering with the Front-Office
- Proficient with MS Excel, familiar with Bloomberg
- Proficiency in coding (Python) and automation intelligent solutions, like Tableau and Alteryx, would be beneficial
- Good written and verbal communication skills: the candidate must be articulate and able to explain technical concepts to non-specialists; able to adjust communication style for a variety of situations and be able to hold their ground as required
- Strong sense of accountability and ownership: must be diligent, self-motivated and get the work done; have a risk mind-set, and be confident to make a risk judgment, articulate it, and challenge it.
Preferred qualifications, capabilities, and skills
- Prior experience of Market and/or counterparty Credit risk experience focusing on margin, collateral or exposure metrics would be preferable; strong candidates with other backgrounds would also be considered
- Good knowledge of traded products, spanning derivatives (across asset classes), securities and financing
- Working knowledge of JPM systems and infrastructure will be a strong advantage