Operational Risk Oversight (ORO) is an independent oversight function regarded as the 2nd Line of Defence that proactively identifies, assesses and oversees the mitigation of Operational Risks (OR).
The Corporate & Investment Bank (CIB) ORO team is responsible for independently assessing, reviewing and overseeing the management of Operational Risk by the Lines of Business and Functional Groups within the CIB.
The successful candidate will join a small team of risk professionals from a diverse range of backgrounds and experience who collectively ensure that the Firm’s Operational Risk Management Framework is implemented as per standards and functions effectively within the CIB.
The CIB ORO team responsibilities:-
Proactively drive the identification, assessment, measurement, mitigation and monitoring of operational risk through consumption of information from the effective deployment of RCSAs, KRIs, KPIs, scenario analysis, event management (monitoring of event recording, event trend analysis) and targeted risk assessments
Promote and instil a strong culture of Operational Risk Management (ORM) and operational excellence, partner with the business to continually improve OR processes and business operating models supporting safe business growth and informing risk-based decision making
Work closely with the Controls Business Control Officers (BCO) and Location Control Officers (LCO) to ensure OR standards are communicated, understood and applied - review adherence to ORMF, governance, standards, policies & framework across LOBs, functions and countries
Independent challenge – challenge, validate and endorse business risk profiles and provide constructive challenge to the business where residual risk levels are deemed to exceed appetite
Stay abreast of industry news and regulatory developments to facilitate a more proactive approach to risk identification and mitigation. Review root cause analysis on internal operational risk events and those that occur externally in the industry
Facilitate scenario analysis with businesses to stress the control environment under simulated conditions, drive accurate capital allocations and inputs
Provide overview and incorporate internal & external loss data sets, understand the impact on the capital calculation and optimize outputs
Drive the development of the regional and legal entity alignment to the ORMF, including KRIs, Loss Data, RCSAs and Scenario Analysis as necessary
Liaise with regulators in respect of Operational Risk matters
Promote cross-LOB/Function consistency and adoption of best practice
Specific Role responsibilities:-
The successful candidate will be required to analyse operational risk management information, in partnership with the broader oversight team, and be specifically responsible for monitoring activities within the Luxembourg location. They will familiarize themselves with the bank’s internal control systems (Risk & Control Self-Assessment, RED etc.) and the Operational Risk Management Framework so that they can independently challenge the 1st Line of Defence team as appropriate. Example projects may include deep-dive analysis of operational risk events, Scenario Analysis, Target review Assessments, Data and Information Management and Location thematic analysis. The role will work closely with other Risk Management colleagues and key control functions including Compliance, Audit and Oversight and Control.
ORO colleagues in the EMEA region and globally
Location Control Officers (1st Line of Defence)
CIB Lines of Business Front Office staff
Risk and Compliance colleagues
Corporate Operational Risk central team
Location key stakeholders
Skills & Qualifications
The successful candidate will be a motivated, experienced professional seeking the opportunity to join a rapidly developing Operational Risk function within the broader CIB Risk team.
Recognising that the role requires a high level of interaction with senior stakeholders and the need to demonstrate robust independent challenge, only experienced ED level applicants will be considered.
The ideal candidate will have a good, high-level understanding of the business and products in the CIB, a good understanding of the Luxembourg location product suite, a strong risk and controls mind-set, excellent operational, management and coordination skills, superior attention to detail and a desire to build a robust, flexible, sustainable structure around new evolving processes.
The Firm’s management of Operational Risk has undergone significant change over the past few years and applicants should be able to demonstrate their willingness to help with the continued development of this dynamic risk discipline.
Applicants should possess excellent interpersonal, communication and influencing skills with colleagues and business counterparts at all levels of seniority.
An existing theoretical and practical knowledge of Operational Risk Management is an advantage but not essential.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, 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.