JPMorgan Chase Bank Hiring for Model Validation Associate at Mumbai, Maharashtra, India Full Time

Job Description

Financial Institutions routinely use models for a broad range of activities including analyzing business strategies, informing business decisions, identifying and measuring risks, valuing exposures or instruments, hedging derivative positions, conducting stress testing, assessing capital adequacy, managing clients assets, informing investment process, measuring compliance with internal limits, maintaining the formal control apparatus of the bank, meeting financial or regulatory reporting requirements and issuing public disclosures. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs and reports, leading to financial loss, poor business decision making, or reputational damage.

As part of the firm’s model risk management function, Model Risk Governance and Review (MRGR) group is charged with performing model validation and governance activities.

Core responsibilities:

The successful candidate will be a member of the MRGR Group covering Wholesale Credit Risk (including both traditional credit products and securitization products) models used for both regulatory exercises (CCAR/Basel) and BAU risk management activities (CECL/IFRS9/Underwriting), and will focus on the following activities:

• Engage in typical model validation activities – evaluate conceptual soundness of model specification; reasonableness of assumptions and reliability of inputs; completeness of testing performed to support the correctness of the implementation; robustness of numerical aspects; suitability and comprehensiveness of performance metrics and risk measures associated with use of model.
• Perform additional model review activities ranging from proposing enhancements to existing models, assessing extensions to scope of existing models, developing benchmarking models.
• Liaise with Risk and Finance professionals to provide oversight of and guidance on appropriate usage, controls around model restrictions & limitations, and findings for ongoing performance assessment and testing
• Maintain model risk control apparatus of the bank for the coverage area, and serve as first point of contact
• Keep up with the latest developments in coverage area in terms of products, markets, models, risk management practices, and industry standards

Qualifications:

• Strong quantitative & analytical skills: The role requires a strong quantitative background based on a Master or PhD Degree (or equivalent) in a quantitative discipline such as Math, Science, Economics, Engineering, Quantitative/Math Finance, etc.
• Domain expertize in following areas would be preferred: Regulatory Capital modeling in Wholesale / Securitization space using Basel Advance IRB approach (PD, LGD, EAD, etc.), Stress Testing Models (CCAR, ICAAP, etc.), ALLL (CECL/IFRS9) Models, Econometrics and Machine Learning methods
• Prior experience in following backgrounds would be preferred: Quantitative Model Development, Model Validation, Credit Risk Management
• Strong communication skills and ability to interface with other functional areas in the bank on model-related issues
• Risk and control mindset: ability to ask incisive questions, converge on critical matters, assess materiality and escalate issues

JPMorgan Chase & Co., one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management. We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as any mental health or physical disability needs.