Urgently Hired for Model Risk Governance & Review (MRGR) Group

Job Description

Analyst role in JPMorgan s Consumer & Community Banking (CCB) - Model Risk Governance & Review (MRGR) Group Financial Institutions routinely use models for a broad range of activities including analyzing business strategies, identifying and measuring risks, valuing exposures or instruments, conducting stress testing, assessing capital adequacy and meeting financial or regulatory reporting requirements. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs, leading to financial loss, poor business decision making, or reputational damage.Model Risk Governance & Review (MRGR) is an independent risk management function charged with performing independent model validation activities, developing model risk policy & procedures, 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. In particular the role is for the Model Risk Management in Consumer & Community Banking (CCB) space catering to wide variety of Sub-LOBs or products (Home Loans, Auto, Digital, International Consumer etc.). In the recent years lot of models in CCB inventory have begun to use advance ML/AI techniques and this definitely provides prospective candidates steep learning path. CCB MRGR vertical provide attractive career paths in a dynamic setting working closely with Model Developers, Users, Risk and Finance professionals, where they act as key stakeholders on day-to-day model-related risk management decisions. The group additionally provides a dynamic environment for professional development in the field of Machine Learning.The successful candidate will be a member of the MRGR CCB-Consumer and Community Banking (CCB) Line of Business (LoB) and will focus on the following activities:
• Engage in model validation activities - evaluate conceptual, reasonableness of assumptions, reliability of inputs, completeness of testing, correctness of implementation, associated with development & use of the model. Perform additional model review activities such as reviewing proposed enhancements to existing models, extensions to scope of usage for existing models or providing specific approvals.
• Evaluate the risk posed by ML models, and suggest ways to mitigate such risks
• Liaise with various stakeholders including: Model Developers & Users (Risk, Finance, Operations and Marketing), MRGR, Fair Lending, Technology, Control teams, Internal Audit and Bank regulators
• Maintain model risk controls for the CCB models & serve as first point of contact, help identify and escalate issues to ensure that their resolutions are sound and timely.
• Manage accuracy of Model inventory, ongoing model performance monitoring, model change control, and participate in discussions with regulators on model risk.
• Keep up with the latest developments in CCB/industry in terms of modeling techniques (advanced AI/ML methodologies) products, markets, models, risk management practices and industry standards.
• Participate and actively contribute to various process enhancement initiatives for innovations/automation.
Essential skills, experience, and qualifications:
• Strong quantitative & analytical skills: The role requires a strong quantitative background (PhD /Master Degree or equivalent) in Statistics, Mathematics, Operations Research, Physics, or a quantitative science, etc. Prefer candidates with knowledge of Machine Learning modeling methodologies.
• Product domain expertise in: CCB (Consumer & Business banking, Card Services, Home Lending, Auto Finance etc.); ability to understand the business / knowledge of regulation surrounding business)
• Experience: Preferably 2-3 years prior experience in Model Development or Model Validation in Financial institutions.
• Strong communication skills Verbal and Written, ability to interface with stakeholders on model-related issues
• Risk and control mindset : Ask incisive questions, assess materiality of issues and escalate as required
• Sound project management /organizational skills: flexible, adaptable to shifting priorities to achieve the most effective result and able to work in a fast-paced, results driven environment
• Programming Skills: Thorough knowledge of at least one programming language such as R, Python, Scala, etc.
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Keyskills :
business decision makingauto financemusic makinginternal auditstress testingchange controlrisk managementrisk governancemachine learningbusiness banking