Quantitative Modeling - Associate

Manhattan / Brooklyn

Job Description:

As part of Risk Management and Compliance, you are at the center of keeping JPMorgan Chase strong and resilient. You help the firm grow its business in a responsible way by anticipating new and emerging risks, and using your expert judgement to solve real-world challenges that impact our company, customers and communities. Our culture in Risk Management and Compliance is all about thinking outside the box, challenging the status quo and striving to be best-in-class.

The Model Risk Governance and Review Group (MRGR) oversees model risk at the firm, conducts independent model reviews, and provides guidance around a model's appropriate usage. Our team oversees the risk posed by models in the field of Artificial Intelligence (AI) and Machine Learning (ML). We are data scientists, risk managers, and early adopters of technology tasked with mitigating risk from AI/ML solutions while, at the same time, providing guidance around the appropriate development of such models.

We offer a dynamic environment for professional development in the emerging field of AI and ML. In addition, we also offer you the opportunity to:

• Solve challenging and ambiguous ML/AI problems and publish your solutions as guidelines to model developers across various functions and lines of business
• Review a large variety of ML and AI applications in banking, allowing you to learn in a real-world environment
• Get access to experts, state of the art infrastructure, and deep scientific knowledge base built up over several decades of work

The Associate level position requires the successful candidate to 1) quantitatively evaluate complex AI / ML models, and 2) build benchmark models in the process of evaluating (1).

A significant portion of the successful candidate's time is likely to be spent on reviewing AI / ML models. Such models are currently used to detect fraud, improve marketing techniques, and optimize order routing in markets, amongst other applications. Responsibilities include:

• Evaluate conceptual soundness of AI and ML model specification; reasonableness of assumptions; reliability of inputs; completeness of testing performed; correctness of implementation; and suitability / comprehensiveness of performance metrics and risk measures
• Design and implement experiments to measure the potential impact of model limitations, parameter estimation errors or deviations from model assumptions; compare model outputs with empirical evidence and/or outputs from model benchmarks
• Evaluate the risk posed specifically by non-transparent and non-linear models, and suggest ways to mitigate such risks
• Liaise with front office, Finance and Risk professionals to monitor usage and performance of the models
• Evaluate market conditions under which a given model is likely to break down
• Identify market risks most relevant to the bank's various lines of business
• Cogently document findings

Minimum Skills, Experience and Qualifications:

• A Ph.D. or Master's degree in a quantitative field such as Finance, Economics, Math, Physics or Engineering is required
• 0-3 years of experience. Candidates with significantly more experience may be considered for more senior roles
• The candidate is expected to have a good understanding of machine learning models. Experience with large data sets and training ML models is required
• Understanding of statistics / econometrics
• Thorough knowledge of at least one programming language such as Matlab, R, Python, C/C++, etc. is required
• Communication skills are important since the role requires interacting with many groups across the firm as well as producing documents for both internal and external (regulatory) consumption

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.

The health and safety of our colleagues, candidates, clients and communities has been a top priority in light of the COVID-19 pandemic. JPMorgan Chase was awarded the "WELL Health-Safety Rating" for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

As a part of our commitment to health and safety, we have implemented various COVID-related health and safety requirements for our workforce. Employees are expected to follow the Firm's current COVID-19 or other infectious disease health and safety requirements, including local requirements. Requirements include sharing information including your vaccine card in the firm's vaccine record tool, and may include mask wearing. Requirements may change in the future with the evolving public health landscape. JPMorgan Chase will consider accommodation requests as required by applicable law.

We offer a competitive total rewards package including base salary determined based on the role, experience, skill set, and location. For those in eligible roles, discretionary incentive compensation which may be awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.

Equal Opportunity Employer/Disability/Veterans

Base Pay/Salary
Brooklyn,NY $90,300.00 - $130,000.00 / year\n