Corporate - Model and Development Group: Consumer - Analyst, Associate / VP Job Listing at J.P. Morgan Chase in NY, New York

Finance

JPMorgan Chase uses models extensively for a wide variety of purposes, including making automated decisions and providing guidance to risk managers on other complex and important decisions. The effective management of models, to optimize their use and identify and understand the nature of model risks, is critical to ensuring the bank remains competitiveness and appropriately mitigates risk. The bank considers validation to be a key aspect of model governance, and has tasked a dedicated team within the Consumer Model Governance group to validate the key risk models used across all the consumer lines of business - covering lending products such as mortgages, credit cards, auto finance, and checking account overdrafts. JPMorgan Chase uses models extensively for a wide variety of purposes, including providing guidance to managers on complex and important decisions. The use of models creates the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. This "model risk" can lead to financial loss, poor business and strategic decision making, or damage to the firm's reputation. The principal role of the Model Governance Group (MGG) is to manage this model risk, as such the MGG is an essential component of the firm's risk management structure. The successful candidate will lead the governance activities required by JPMorgan Chase's Commercial Bank line-of-business (CB). These will include: Identifying the nature of model usage within all CB functional groups. Managing the inventory of CB models. Risk ranking CB models based on their structure and usage. Performing independent model validation for many CB models. Completing ad hoc model governance projects as required. Note that the governance team is expected to leverage its knowledge of business processes, modeling methodology, and model risks to facilitate improvement in model practices and optimization of the use of models throughout the bank. Candidates for the governance team must therefore be interested in continual learning, with a focus on blending deep understanding of modeling with broad knowledge of banking operations.