Job Title: Market Risk/Valuation Auditor
Business division: Audit
Hiring Manager: Jose R Garcia-Martinez
This role is an Associate on the Market Risk & Valuation audit team based in London, providing the opportunity to gain an understanding of the risk management and valuation practices across a wide range of asset classes and Line of Business within JPMorgan Chase.
J.P. Morgan’s Internal Audit Department
The Internal Audit Department provides the Board of Directors, senior management and regulators with an independent assessment of JPMorgan Chase's (‘JPMC’) control environment. Audit works closely with the Lines of Business (‘LOBs’) and their support functions to achieve its mission through the execution of a comprehensive audit program designed to test the effectiveness of the controls in place to mitigate the risks inherent in each business. The department is respected throughout the firm for the calibre of the staff and their ability to add value beyond the audit opinion. Globally, Internal Audit has in excess of 1,000 auditors.
Within the Audit Department, the Market Risk and Valuation audit team based in London is responsible for assessing the adequacy of the controls around product valuations, market risk measurement, monitoring and reporting across the Bank. This is achieved through a program of audit coverage performed and managed by a dedicated team of subject matter expert auditors, line of business auditors and technology audit specialists and coordinated on a global basis with colleagues in North America and Asia Pacific.
Role Description and Key Responsibilities
The successful candidate will work within a London based team and will have responsibility for risk assessment, control identification, development of audit testing, and executing the audit plan covering the market risk and valuation group control functions.
The individual must be an experienced professional with experience on market risk management and valuation practices of financial instruments, who possesses good project management skills, strong relationship management capabilities and is knowledgeable of the operational and control risks which exist in Investment Banking, Financial Institutions or corporate risk supervision in general.
The role responsibilities include:
• Plan, execute and document, in a supervised manner, audits to a high standard in accordance with department and professional standards.
• Evaluate, test and report on the adequacy and effectiveness of the control environment supporting the Market Risk function and the Valuation Control group.
• Analyse risks and proactively identify the root-cause of issues with a view to providing recommendations for improvement where weaknesses are identified.
• Detail audit findings and use judgment to provide an overall opinion on the control environment.
• Communicate audit results and issues in a clear and concise manner, both verbally and in writing.
• Implement and execute an effective program of continuous monitoring for assigned areas. This includes monitoring of key metrics to identify control issues and adverse trends in the control environment and keeping abreast of key initiatives and pertinent industry and regulatory developments.
• Build and maintain key relationships with stakeholders and colleagues, establishing a culture of engagement while adding value, effective teamwork and innovative thinking.
• Disseminate best practice and regulatory requirements. Critically assess the impact of evolving industry and regulatory changes on the business and its control environment.
• Travel to overseas business locations might be required for limited periods of time.
• Drive all aspects of audit execution, including audit planning, audit testing, control evaluation, audit report drafting, clear documentation and follow up and verification of issue closure. This may include individual performance or leading a team of auditors in planning, testing and reporting on the effectiveness of controls that support the Market Risk function and Valuation Control group. Audit work is conducted in accordance with department and professional standards and will require the presentation of issues to Senior Management as well as effective LOB stakeholder management.
• Work with global line of business auditors in the early identification of emerging control issues and reporting them to line of business and audit management
• Perform monitoring of market risk and financial related data, as well as operational risks, to recognize patterns and trends with risk and control implications.
• Build and maintain key relationships with LOB stakeholders, establishing a culture of engagement while adding value.
• Stay up to date with evolving market risk and valuation developments and regulatory and market events impacting the Bank.
• Business and Industry Knowledge – Demonstrable knowledge, and experience on market risk monitoring and management (including VaR, sVaR and Stress) as well as valuation practices of financial instruments across a range of asset classes.
• Methodology & Analytical Skills – good understanding of internal controls and risk assessment concepts and strong analytical skills to assess and challenge the existing Market Risk and Valuation control framework.
• Team Work - Strong focus on execution and plan delivery, ability to work independently with limited supervision and multi-task. Able to work well independently but also within the team, shares information, and supports colleagues. Able to create strong stakeholder relationships that promote transparency and open dialogue around control issues.
• Communication - Strong verbal and written communication skills, with the ability to present complex and sensitive issues to management in a persuasive manner.
• Leadership - Ability to assess priorities, adapt to a changing environment, organize and lead resources, monitor progress and timely deliver a high quality end product. Enthusiastic, self motivated, effective under pressure.
• Accountability – Proven ability to take initiative and execute project through their live cycle. Seeks ways to increase efficiency and effectiveness of work performed and resources utilized.
• Education to degree standard (or equivalent).
• Recognized risk management or accounting qualification desirable.
About J.P. Morgan’s Corporate & Investment Bank
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its Chase and J.P. Morgan brands. The Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer.