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CIB F&BM CPG Product Controller Senior Associate

Req #: 170092814
Location: New York, NY, US
Job Category: Accounting/Finance/Audit/Risk
Potential Referral Amount: 3000 US Dollar (USD)

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. www.jpmorganchase.com.

 

Controllers within the IB Finance & Business Management organization are responsible for ensuring the overall integrity and validity of the financial statements and controls over the transaction cycle, performing critical reporting functions for the organization including financial and regulatory, product valuation, improving ongoing processes and ensuring execution and implementation of the overall financial architecture.

 

Job Description

 

Credit Portfolio Group (CPG) is one of the key product control groups within the CIB and is mandated to actively manage the Investment Bank’s retained credit exposures resulting from traditional lending and derivatives activities.  Specifically, CPG is responsible for developing and executing strategies with the primary goals of reducing credit risk concentration and losses from credit events, as well as aiming to increase the capacity for future business.  A major component of these responsibilities is to manage the credit and associated market risk of derivative counterparty exposures. This entails risk position analysis for a number of separate markets, and executing a coherent strategy across them.

 

The successful candidate in CIB’s Controller team will have product control responsibilities for CVA (credit valuation adjustment - which is essentially marking to market JPM's derivative receivables to reflect the counterparty's creditworthiness) and FVA (funding valuation adjustment - a bank-wide initiative in early 2014 to incorporate cost of funding in valuation). The CVA product controller will ultimately be looked at as a subject matter expert and will be responsible for:

 

  • Daily review/analysis of CVA results for specific CVA books and associated hedges providing substantiation for the material drivers of CVA balance changes.

  • Understanding fundamental concepts of CPG such as Derivative products and Risk Management.

  • Performing various reporting metrics to provide visibility into CVA/FVA trends and regularly tracking its Activity.

  • Contributing to existing work streams and enhancing relationships between lines of businesses within CIB.

  • Initiating and implementing various projects ranging from standard reporting enhancements to global strategic CPG programs.

  • Identifying & correcting system shortcomings by providing input to technology team during design, buildout, and testing.

Skill requirements

  • Bachelor’s degree in Business, Accounting, Finance or other related area

  • Knowledge of derivative products from prior experience of working in P&L, Risk (Product Control) or trade support function

  • Self-starter, motivated individual able to work independently with changing levels of work load throughout the month

  • Ability to build and influence partnerships within the various product-aligned businesses, corporate reporting teams as well as senior CPG management

  • Technical, analytical and quantitative aptitude

  • Demonstrated track record of process and controls improvement

  • Understanding of investment bank product accounting ideally with experience of Balance Sheet reviews

  • Some knowledge of GL Hierarchy and Financial Reporting is advantageous

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