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Corporate - Model Risk Governance & Review - Non Model Estimation Methods (NMEM) Governance Control Lead - VP

Req #: 170085536
Location: Jersey City, NJ, US
Job Category: Accounting/Finance/Audit/Risk
Potential Referral Amount: 5000 US Dollar (USD)
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 private equity.
 
The Model Risk Governance and Review (MRGR) provides oversight of the Firmwide Model Risk policy, guidance with respect to a model’s appropriate usage, and conducts independent reviews of models.
 
MRGR is composed of three distinct units:  Model Review Group (MRG), Model Governance Group (MGG), and the Chief Operating Officer (COO) group. 
  • Model Governance is responsible for day-to-day management of model risk, such as ensuring that models are governed by the appropriate policies and procedures, that they are subject to performance review, and that their use includes appropriate operating controls (e.g. access, change control). 
  • Model Review Group (MRG) serves as an independent model validation function that reviews and approves a wide range of models, including risk management, valuation, and certain regulatory capital models used by the firm. 
  • The Chief Operating Officer office is tasked with coordination, planning, and execution of regulatory, control, audit, and corporate risk initiatives and deliverables.
Position Overview:
 
NMEM Governance
 
Non-Model Estimation Methodologies (NMEM) are largely judgement-based approaches used to inform critical business and risk management decisions.  The firm has established a framework for controlling the risks inherent in NMEMs; and a new central team is being built within the Model Risk Governance & Review group to oversee the implementation of the NMEM framework and ensure consistency across LoBs.  This role will support the head of NMEM Governance to drive the firm-wide implementation of the NMEM framework.  The ideal candidate will have broad risk management experience (10+ years) covering the major risk strips; as well as experience executing large scale projects in a complex firm like JPMC.
 
Job Summary:
 
  • Oversee governance of NMEMs to ensure consistent risk management across the firm
  • Partner with stakeholders across the firm to implement the NMEM framework
  • Develop and implement a Quality Control program over the design and execution of the NMEM framework – this involves reviewing NMEM documentation and validation reports to assess compliance with firm-wide standards
  • Develop program to monitor compliance of each LoB and functional area to the NMEM policy and relevant procedures
  • Leverage technology in the execution of the NMEM governance framework, including establishing and maintaining a centralized, firm-wide NMEM inventory
  • Report on risk and escalate issues associated with NMEMs to appropriate Risk Committees
  • Establish documentation and review templates to be used by independent reviewers
  • Represent MRGR or the firm on regulatory matters regarding NMEM governance
  • Stay abreast of regulatory and industry developments related to NMEM governance
  • Required Skills/Experience:
     
    • 10+ years risk management experience in a large, complex bank
    • Well-rounded risk background with in-depth understanding of governance concepts for the major risk stripes (Market Risk, Credit Risk, Operational Risk)
    • Strong background in model risk management (as a developer, reviewer or governance specialist)
    • Good command of stress testing, CCAR, ICAAP
    • Has successfully executed large scale projects in a large, complex bank
    • Strong analytical and problem solving skills
    • Strong quantitative skills
    • Entrepreneurial bent, well-capable of building from scratch with no blueprint
    • Executive presence, effective communicator
     
    Additional Qualifications:
     
    • MBA or MA/MS degrees
    • CFA/FRM would be ideal, but not required
     
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