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Corporate Functions- Model Risk Sr. Auditor - Vice President

Req #: 170075965
Location: New York, NY, US
Job Category: Accounting/Finance/Audit/Risk
Potential Referral Amount: 5000 US Dollar (USD)

Department Description

The JP Morgan Chase Audit Department provides the Board of Directors, senior management and regulators with independent assurance that internal controls are operating effectively. Audit works closely with the Lines of Business (LOBs) and their support functions to achieve its mission through a comprehensive audit program. The department is respected throughout the firm for the caliber of the staff and their ability to add value beyond the audit opinion. The Global Audit Department has in excess of 700 auditors.

The Corporate Risk Audit Team is primarily responsible to assess the adequacy of the control environment across the firm's risk organization (Credit, Market, Operational, Model, etc.). This is achieved through a comprehensive program of audit coverage that is executed by a global team of business and technology auditors.

Position Description
Posting is for a Sr. Auditor to join the Model Risk Audit Team. This team’s primary responsibility is the coverage of the firm’s Model Risk Management framework and the evaluation of the firm’s model risk management control effectiveness.
The model risk auditor will be assessing the control environment supporting the firm's risk operations and model methodologies. This individual will be responsible for maintaining relationships with and providing control related advice to business stakeholders. The auditor will also be responsible for planning, execution and documentation of the results of their work for audits conducted.

Responsibilities
  • Understand the design, implementation and use of models or quantitative methods across the firm, including the adequacy of developmental evidence and demonstration of effective independent challenge where warranted.
  • Participate in all aspects of audit activities including risk assessments, audit planning, audit testing, control evaluation, report drafting, work paper documentation and follow up and verification of issue closure.
  • Partner with colleagues, clients and control community members to evaluate, test and report on the adequacy and effectiveness of management controls in accordance with department and professional standards, including the supervisory guidance on model risk management (SR 11-7 / OCC 2011-12).
  • Ensure the delivery of a seamless program of audit coverage in partnership with other audit teams.
  • Identify emerging control issues and report them to line of business and audit management.
  • Perform periodic monitoring of operational and financial data to recognize patterns and trends with risk and control implications.
  • Stay up to date with evolving regulatory and market events impacting the firm's risk organization.
  • Establish a business climate and culture that encourages integrity, respect, excellence and innovation.

 

Qualifications
  • Significant previous experience in a financial services firm, with an appropriate level of exposure to Quantitative Finance, Model Risk Management and/or Valuation
  • A mindset capable of forming and supporting independent views on risks associated with using a model or quantitative method
  • Excellent communication and interpersonal skills, including strong technical writing and the ability to present complex and sensitive issues to senior management
  • Proficiency in valuation practices, risk assessment, issue/impact analysis and executive report preparation
  • Enthusiastic, self-motivated, and effective under pressure facing multiple deadlines
  • Ability to identify issues related to deficiencies in the control environment of models
  • Works well individually and in teams, shares information, supports colleagues and encourages participation
  • Master’s or PhD with a quantitative focus, e.g. math, science, engineering.
  • Strong programming skills, e.g. C/C++, R/S+, Matlab/Octave
  • Project management skills to lead audits and deliver them on time
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