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Associate _FCIR/Challenger

Req #: 180021524
Location: Bangalore East, KA, IN
Job Category: Accounting/Finance/Audit/Risk
Potential Referral Amount: 50000 Indian Rupee (INR)

J.P. Morgan is a leading global financial services firm, established over 200 years ago: 

o We are the leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.

o We have assets of $2.5 trillion and operations worldwide

o We operate in more than 100 markets.

o We have more than 243,000 employees globally.

Our wholesale businesses include J.P. Morgan’s Asset Management, Commercial Banking and the Corporate & Investment Bank which provide products and services to corporations, governments, municipalities, non-profits, institutions, financial intermediaries and high-net worth individuals and families.

Our corporate functions support the entire organization and include the following functions: Accounting, Audit, Finance, Human Resources, Operations, and Technology.

J.P. Morgan in India provides a comprehensive range of Corporate & Investment Banking, Commercial Banking, Asset & Wealth Management, and Corporate functions services and solutions to our clients, executing some of the most important financial transactions and providing essential strategic advice to our clients such as the government, large domestic and multi-national corporations, non-government organizations and financial institutions and investors. India is a key market for JPMorgan Chase globally and our employees in India are a critical part of how we do business globally and are integrated within our businesses. Our Global Service Centers (GSCs) are strategically positioned in Mumbai, Bangalore and Hyderabad to support the firm’s operations regionally and globally. The centers provide comprehensive strategic support across technology and business operations processing to all lines of business and the corporate functions.


The Regulatory Capital Management Office (RCMO) is responsible for overseeing the end-to-end risk-weighted asset (RWA) and capital measurement processes across the firm, and help ensuring efficient and appropriate management of its capital. RCMO is part of the Corporate Finance function and is responsible for partnering with other functions, including Market Risk, Model Development & Review, Risk Reporting, Corporate Financial Reporting, and the LOBs to establish control and governance best practices and accountability for the Regulatory Capital process. RCMO is also responsible for interfacing with regulators on capital-related issues and guiding LOBs and clients on efficient capital decisions.

The Central Challenger and Finance Calculation Independent Review (FCIR) teams within RCMO have a firm-wide purview for independently assessing and driving improvements in the following areas:

1.Forecasting methodologies developed within various lines of business (LOBs) for the Firm’s Capital Stress Testing process. It also includes developing independent statistical models/analytical calculators to challenge LOB results.

2.Key assumptions and pro-forma financial results across material entities, primarily in the context of the Firm’s Resolution and Recovery process.

3.Key financial calculations across the Firm, including those related to capital measurement, stress testing & reporting, product valuations, and other high priority processes.

4.Integrity of regulatory reports by performing variance analysis of actuals.

The teams partner with the Corporate Capital Stress Testing team, Recovery & Resolution team, all LOBs, Regulatory Policy, Financial Reporting, Quantitative Research and various other Finance and Risk teams on various firm-wide initiatives.

Job Summary:

The individual will be a part of the teams that independently review and challenge key processes and analytics/tools for firm-wide capital stress testing, resolution & recovery and related processes.


In the context of capital stress testing, the individual will be responsible for conceptualizing, developing and maintaining top-down challenger/benchmarking models (statistical models), primarily leveraging industry data, to assess the reasonableness of results from the more complex LOB (Line of Business) models. She/he will manage the end-to-end process of model validation by interacting with the Model Review Group.


The candidate is also expected to play a lead role in qualitatively analyzing and documenting current and future state processes, identifying gaps and areas for further assessments in the prioritized areas.


The individual will have responsibility for conducting reviews to evaluate the integrity and completeness of key financial calculations implemented in various User Tools (UTs) / applications (i.e. MS Excel, MS Access, VBA, SAS, Matlab, R, Python, EViews, etc.). The reviews may be performed across all lines of businesses and corporate functions, covering high priority areas such as:


·Regulatory Capital/RWA Calculations for Basel

·Valuation of financial products for price testing and/or fair value adjustment

·External financial reporting (e.g. 10K/10Q, Footnote disclosures, Call Report and FR Y9C)

·CCAR/DFAST and internal stress testing


The position involves interaction with many teams across finance and risk, lines of business (front/middle/back office) and reporting groups.  The ability to work efficiently and communicate effectively across these boundaries will be one of the keys to success. The role and responsibilities of the successful candidate will be determined based on qualifications, prior experience and demonstrated skills.


Core Responsibilities:

  • Assume end-to-end ownership of firm wide challenger models (statistical models) including managing the model validation process and relevant controls
  • Conceptualize, develop and maintain approach and implementation plan for newly developed challenger models to expand challenger coverage
  • Liaise with various groups across the firm to define scope and manage engagements
  • Report and present plans, status and findings to various stakeholders and leadership
  • Lead various finance calculation reviews to ensure high quality and timely delivery
  • Understand methodology used in the financial calculations and its broader impact / contribution to the firm’s overall finance / risk framework to assess conceptual and financial soundness of implementations as well as compliance with rules and best practices
  • Evaluate appropriateness of the assumptions and methodology utilized in UTs / models / applications and identify the errors and potential improvements in the calculation processes
  • Partner closely with external data providers and model validation/governance resources
  • Identify and execute on innovation opportunities to develop tools for enhancing review effectiveness and efficiency
  • Stay abreast of regulatory and industry requirements in finance / risk / accounting to manage reviews and changes in models, systems and processes
  • Partner with other review functions on high priority reviews and ad hoc requests
Essential skills, experience, and qualifications:
  • Graduate degree in a Finance, Engineering, Economics, Math/Statistics or related quantitative discipline
  • Strong quantitative, analytical skills and flair for independent research & problem solving
  • Background or experience with various models, including pricing, capital, and/or financial forecasting models
  • Knowledge of financial products, financial markets and regulatory requirements
  • Excellent leadership, prioritization and team management skills
  • Strong organizational, communication (verbal and written) and negotiation skills
  • Extreme attention to detail
  • Self-starter who is able to perform effectively in a fast paced, results driven environment
  • Control mindset (ability to identify control gaps and/or issues)
  • Experience in statistical modeling software (SAS, EViews, R, Matlab etc.)
  • Strong Excel, VBA and SQL skills
  • Should be flexible to work in EMEA shift.
Additional qualifications/experience considerations:
  • PhD/CPA/CFA/FRM/MBA (or obtaining such qualifications)
  • Experience and knowledge in regulatory capital rules (Basel and CCAR)
  • Software development/programing experiences will be a plus
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