Model Risk Quant - Analyst/Associate

Location: LONDON, LONDON, United Kingdom

Job Family: Associates

About the Role

At JPMorgan Chase, we are at the forefront of financial innovation, managing one of the world's largest derivatives portfolios. As a Model Risk Quant - Analyst/Associate in our Model Risk team, you will play a critical role in safeguarding the integrity of our XVA (e.g., Credit Valuation Adjustment, Funding Valuation Adjustment) and Counterparty Credit Risk (CCR) capital models. Based in our London office, you will join a dynamic group of quants dedicated to ensuring these models accurately capture risks across vast, complex portfolios, supporting the firm's commitment to robust risk management and regulatory compliance in the global financial services industry. Your primary focus will be on the independent validation of sophisticated models used for calculating regulatory capital and pricing adjustments in derivatives trading. This involves rigorous testing of model assumptions, implementation code reviews, and performance evaluations under stressed market conditions. You will collaborate closely with cross-functional teams, including model developers in Quantitative Research and front-office traders, to identify potential weaknesses and propose enhancements. In this role, you will contribute to JPMorgan's enterprise-wide Model Risk Management framework, helping to mitigate financial exposures that could impact our clients and the broader market. We value intellectual curiosity and technical excellence, offering opportunities to work on cutting-edge challenges in quantitative finance. This position is ideal for early-career professionals with a strong quantitative foundation looking to advance in a prestigious institution known for its leadership in investment banking and asset management. By joining JPMorgan Chase, you will gain exposure to high-impact projects that influence global financial stability while benefiting from our culture of innovation and professional growth.

Key Responsibilities

• Conduct independent validation of XVA and Counterparty Credit Risk capital models to assess their conceptual soundness, implementation, and performance
• Perform stress testing and sensitivity analysis on derivatives portfolios to evaluate model risks under various market scenarios
• Develop and maintain documentation for model validations, including findings, recommendations, and regulatory reports
• Collaborate with model developers, risk managers, and traders to mitigate identified model limitations and enhance model accuracy
• Monitor ongoing model performance using back-testing, benchmarking, and statistical techniques
• Support regulatory interactions and internal audits related to model risk governance for JPMorgan's global derivatives business
• Contribute to the firm's Model Risk Management framework by identifying emerging risks in XVA and CCR modeling
• Analyze large datasets from derivatives trades to support model calibration and validation efforts
• Assist in the implementation of new modeling methodologies compliant with evolving regulations like FRTB (Fundamental Review of the Trading Book)

Required Qualifications

• Bachelor's degree in Quantitative Finance, Mathematics, Statistics, Physics, or a related quantitative field
• Strong academic background with a minimum GPA of 3.5 or equivalent
• At least 1-3 years of experience in quantitative risk modeling, preferably in derivatives or counterparty credit risk
• Proficiency in programming languages such as Python, R, or C++ for model development and validation
• Solid understanding of financial derivatives, XVA metrics (CVA, DVA, FVA), and regulatory capital requirements like Basel III
• Knowledge of stochastic calculus, Monte Carlo simulations, and numerical methods in finance
• Eligibility to work in the UK, with relevant visa status if applicable

Preferred Qualifications

• Master's or PhD in a quantitative discipline
• Experience with model risk management frameworks at a major financial institution
• Familiarity with JPMorgan's internal modeling tools or similar enterprise risk systems
• Certifications such as FRM (Financial Risk Manager) or CFA (Chartered Financial Analyst)
• Prior exposure to regulatory audits or model validation processes in the derivatives space

Required Skills

• Quantitative modeling and statistical analysis
• Proficiency in Python or R for data analysis and simulation
• Knowledge of C++ for high-performance computing in finance
• Understanding of derivatives pricing and risk metrics (e.g., Greeks, XVA)
• Stochastic processes and Monte Carlo methods
• Regulatory knowledge (Basel III, IFRS 13, EMIR)
• Data management and handling large financial datasets
• Strong analytical and problem-solving abilities
• Excellent communication skills for technical reporting
• Attention to detail in model validation
• Team collaboration in a fast-paced environment
• Time management for meeting regulatory deadlines
• Adaptability to evolving financial regulations
• Proficiency in Excel and SQL for data querying
• Risk assessment and scenario analysis

Benefits

• Competitive base salary and performance-based annual bonus
• Comprehensive health, dental, and vision insurance coverage
• Generous retirement savings plan with company matching contributions
• Paid time off including vacation, sick leave, and parental leave
• Professional development opportunities through JPMorgan's internal training programs and tuition reimbursement
• Employee stock purchase plan and financial wellness resources
• Hybrid work model with flexibility for work-life balance in London
• Access to global mobility programs and career advancement within JPMorgan Chase

JP Morgan Chase is an equal opportunity employer.