Model Risk Governance and Review - MGG Quality Assurance - Associate
Description : Associate, MGG QA Team, Mumbai Location
Financial Institutions routinely use models for a broad range of activities including estimating fair value of assets, identifying and measuring risk, hedging derivative positions, conducting stress testing, assessing capital adequacy, etc. 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 Governance Group (MGG) is charged with performing model validation activities, providing guidance on a model's appropriate usage in the business context, evaluating ongoing model performance testing, and ensuring that model users are aware of the model strengths and limitations. The Quality Assurance Team within MGG leads various QA projects focusing on evaluating cross-consistency of model validation and governance activities across areas, and identifying gaps in the implementation of target state Model Risk Management Framework.
Core responsibilities :
The successful candidate will be a member of the MGG QA team, and will focus on the following activities :
- Maintain model documentation and review templates and related procedures in line with both regulatory guidance, and the firm's model development and review standards
- Evaluate effectiveness of model validation processes and cross-consistency of outputs across a broad set of model types and business areas.
- Evaluate model documentation and reviews across a broad set of model types and business areas for consistency and adherence to current standards
- Perform independent sample testing of model risk related decisions by MRGR reviewers and model managers (e.g. model identification, tiering, materiality of changes, ongoing testing, etc.)
- Identify implementation and process gaps relative to the strategic target state Model Risk Management framework
- Identify need for, and develop best practice guidelines and training materials related to Model Risk Management control practices
- Experience with Model validation and/or development is a strong plus.
- Strong quantitative & analytical skills: The role requires a strong quantitative background based on Master's Degree (or equivalent) in a quantitative discipline such as Math, Science, Economics, Engineering, Quantitative/Math Finance, etc.
- Knowledge of various modeling techniques and breadth of experience across model types, asset classes and business areas (retail, wholesale, capital markets)
- Strong written and verbal 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.
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