JPMorgan Chase & Co.
(NYSE: JPM) is a leading global financial services firm with assets of $2
trillion and operations in more than 60 countries. The firm is a leader in
investment banking, financial services for consumers, small business and
commercial banking, financial transaction processing, asset management, and
The Regulatory Capital Management Office (RCMO) is a firm wide initiative that resides within Corporate Finance. This group oversees the risk-weighted asset (RWA) and capital measurement processes across the firm, and helps ensure efficient and appropriate management of our capital. The team oversees and coordinates across established teams in Finance, Risk and Regulatory Policy. The team's scope includes policy interpretation, oversight of implementation changes, dialogue with regulators on RWA calculations and model changes, reporting and establishing RWA limits and managing the firm's capital stress testing processes. Its mandate includes determining the appropriate investment in people and technology to improve the accuracy and timeliness of RWA calculations as well as the implementation of new rules and guidelines as they are made public.
Within RCMO, the Basel Independent Review Team is responsible for assessing the Firm's compliance with Basel Regulatory Capital rules and reporting its findings to senior management. Per BCC 13-3 Guidance for Independent Verification of a Banking Organization’s Advanced Approaches Systems
, Basel Independent Review conducts periodic reviews of wholesale credit risk, retail credit risk, market risk, operational risk, securitization risk, equities framework, counterparty credit, and other assets. Reviews also consider the Office of the Comptroller of the Currency’s Heightened Expectations
The individual will be a member of the Basel Independent Review team and will perform periodic reviews of the firm-wide end-to-end framework for risk stripes, with deep dives where the rule is complex or application of the rule would materially affect RWA where applicable. These assessments, which consider the Basel III final rule and technical guidance issued by the Federal Reserve and Office of the Comptroller of the Currency, are an integral part of compliance with Regulatory guidance and the firm's policies. Reviews consider program governance through RWA reporting.
The position involves interaction with many teams including regulatory policy, model developers, model review, finance, risk management, reporting, technology and operations, and audit. The ability to work efficiently and communicate effectively across these boundaries will be one of the keys to success.
- Distil regulatory rules and technical guidance into key requirements for use in assessments
- Liaise with businesses, modelers, risk management, finance, technology and operations to perform assessments
- Review documentation and interview subject matter experts
- Conduct or direct empirical studies, statistical and data analyses
- Assess compliance with requirements and produce reports for management
- Leverage business management as required to secure commitment to the timely and complete resolution of the root causes of control issues
- Meet with regulators as part of ongoing regulatory reviews
- Stay current with emerging regulatory requirements and expectations, and stay plugged into developments in models, systems, and processes
- Significant expertise in Regulatory policies, in particularly with respect to Basel III final rule, capital models, and processes
- In depth experience in one or more of the core regulatory capital Pillar I frameworks: Retail Credit Risk, Wholesale Credit Risk, Counterparty Credit Risk, Securitization Risk, and Operational Risk.
- Experience should include one or more of the following aspects: policy, risk management, finance, model development, model review, key data elements, project management, and audit.
- Strong ability to trace through complex financial systems and processes
- Strong analytical and problem solving abilities
- Excellent communication skills, both written and oral
- Detail oriented
- Ability to work independently
Desirable skills, experience, and qualifications:
- Experience as an economist/financial economist in risk analysis division of OCC, supervision division of FRB (Bank or Board) especially suitable
- Experience in risk management with a basic understanding of risk drivers
- Experience in model review or model audit functions
- Experience in finance control functions
- Experience in risk models, pricing models or analytics
- Experience in Basel Pillar II requirements
- Experience as a consultant implementing Basel rule requirements
- Experience in UK FSA and CAD2 regulatory requirements
- Experience in empirical studies, data analysis, and statistics
- Experience in credit risk management
- Experience in technology and operations, on the development side and/or the process control side
- Experience in accounting policy