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- Tasks: Review and validate market risk models to ensure robust risk management.
- Company: Join a leading bank making impactful financial decisions.
- Benefits: Competitive salary, professional development, and collaborative work environment.
- Why this job: Make a difference in financial risk management with cutting-edge models.
- Qualifications: Advanced degree in relevant fields and programming skills required.
- Other info: Dynamic team with opportunities for growth and learning.
The predicted salary is between 36000 - 60000 £ per year.
Do you want to join the team which makes a difference in a bank? Financial institutions routinely use models for a broad range of activities including credit underwriting, valuing financial instruments, measuring and managing risk, assessing the adequacy of reserves and capital resources, and many other applications. 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 a Quant Model Risk Associate - Market Risk working in Model Risk Governance and Review Market Risk, you will play a crucial role in reviewing market risk models (such as Value-at-Risk, specific risk, risk factor simulation) used in connection with regulatory capital measurement, and contribute to a range of model risk governance activities. The Model Risk Governance and Review (MRGR) group is responsible for conducting model validation to help identify, measure, and mitigate Model Risk. The objective is to ensure that models are used appropriately in the business context and that model users are aware of the models' strengths and limitations and how these can impact their decisions.
Within MRGR, the MRGR Market Risk (MRGR MR) team performs reviews of the Firm’s Market Risk models to ensure that the way in which JP Morgan quantifies, monitors, and manages risk is robust. This role involves examining the behavior of these risk models by assessing their performance for different exposures and in varying market conditions. It entails exposure to a broad range of models, including the pricing models used to value derivatives, and statistical models of the risk factors used to estimate possible market scenarios.
Job responsibilities:
- 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 a model.
- Design and implement experiments to measure the potential impact of model limitations, parameter estimation error or deviations from model assumptions; compare model outputs with empirical evidence and/or outputs from model benchmarks.
- Evaluate model performance on an ongoing basis and in periodic re-reviews.
- Identify market conditions under which a model’s performance may degrade.
- Liaise with model developers, Finance and Risk professionals to provide guidance on model risk and usage.
- Document and explain review findings to model developers and risk management.
Required qualifications, capabilities, and skills:
- An advanced degree (for example, MSc or PhD) in a subject such as Applied Mathematics, Economics, Physics, Statistics, Engineering or similar.
- Deep understanding of probability theory, financial mathematics, time-series analysis, statistics, and numerical methods.
- Experienced in one or more programming languages (e.g., Python) and in working with complex data sets.
- Excellent analytical and problem solving abilities.
- Inquisitive nature, ability to ask right questions and to escalate issues; a risk & control mindset.
- Excellent communication skills (written and verbal).
- Teamwork-oriented mindset.
Quant Model Risk Associate - Market Risk in London employer: Jpmorgan Chase & Co.
Contact Detail:
Jpmorgan Chase & Co. Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Quant Model Risk Associate - Market Risk in London
✨Tip Number 1
Network like a pro! Reach out to professionals in the finance and risk sectors on LinkedIn. Join relevant groups and participate in discussions to get your name out there. We all know that sometimes it’s not just what you know, but who you know!
✨Tip Number 2
Prepare for those interviews by brushing up on your technical skills. Make sure you can discuss concepts like Value-at-Risk and model validation confidently. We recommend doing mock interviews with friends or using online platforms to simulate the real deal.
✨Tip Number 3
Showcase your analytical skills! Bring examples of past projects where you’ve evaluated model performance or tackled complex data sets. We want to see how you think and solve problems, so be ready to share your thought process.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets seen by the right people. Plus, we love seeing candidates who take the initiative to engage directly with us.
We think you need these skills to ace Quant Model Risk Associate - Market Risk in London
Some tips for your application 🫡
Tailor Your CV: Make sure your CV is tailored to the Quant Model Risk Associate role. Highlight relevant experience and skills that match the job description, like your understanding of financial mathematics and programming languages. We want to see how you fit into our team!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're passionate about model risk governance and how your background makes you a great fit for the role. Be sure to mention any specific models or techniques you've worked with that relate to market risk.
Showcase Your Analytical Skills: In your application, don’t forget to showcase your analytical and problem-solving abilities. Give examples of how you've tackled complex data sets or evaluated model performance in the past. We love seeing those inquisitive minds at work!
Apply Through Our Website: We encourage you to apply through our website for a smoother process. It helps us keep track of your application and ensures you’re considered for the role. Plus, it’s super easy to do!
How to prepare for a job interview at Jpmorgan Chase & Co.
✨Know Your Models Inside Out
Make sure you have a solid understanding of the market risk models mentioned in the job description, like Value-at-Risk and risk factor simulation. Be prepared to discuss their strengths, limitations, and how they can impact decision-making. This will show that you're not just familiar with the theory but can apply it practically.
✨Brush Up on Your Technical Skills
Since programming is key for this role, ensure you're comfortable with Python or any other relevant languages. You might be asked to solve a problem or analyse a dataset during the interview, so practice coding challenges or data analysis tasks beforehand to boost your confidence.
✨Prepare Thoughtful Questions
Interviews are a two-way street, so come armed with insightful questions about the team’s approach to model validation and governance. This shows your genuine interest in the role and helps you gauge if the company culture aligns with your values.
✨Showcase Your Analytical Mindset
Be ready to demonstrate your analytical and problem-solving skills through examples from your past experiences. Discuss specific situations where you identified issues, escalated them, or contributed to solutions, highlighting your inquisitive nature and risk control mindset.
