JPMorgan Chase is one of the oldest financial institutions in the United States with a history dating back over 200 years.
We are a leading global financial services firm with assets of $2.6 trillion operating in more than 60 countries. We have 240,000 employees serving millions of consumers, small businesses and many of the worlds most prominent corporate, institutional and government clients.
We are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
We have fiduciary assets under supervision and assets under management / custody of over $4.8 trillion combined and are one of the largest asset and wealth managers in the world.
Risk Management :
JPMorgan Chase’s firmwide Risk Management function operates independently of marketing and product groups within the lines of business.
The Chief Risk Officer (CRO) of the firm reports directly to the CEO and is accountable to the Board of Directors, primarily through the Directors Risk Policy Committee.
JPMorgan Chase believes in a holistic approach to risk analysis by incorporating key risk disciplines including but not limited to Credit, Market, Principal, Liquidity, Model, Legal, Fiduciary, Reputation, and Operational Risk weighing these against returns.
Our Risk Management team is committed to being a world-class leader in risk management, maintaining a system of strong controls, providing guidance and clear direction on key principles and proactively managing risks.
The Chief Risk Officer of Asset Wealth Management (AWM CRO) reports directly to the firmwide CRO and is a member of the Risk Operating Committee as well as the Asset & Wealth Management Operating Committee.
Operational Risk Officers have been appointed for each LOB and Function. The Op Risk officers are members of the independent Risk organization and are responsible for providing oversight of the implementation of the Operational Risk Management Framework within each LOB.
The AWM Op Risk Officer reports to the AWM CRO and also has accountability to the Firmwide Risk Executive for Operational Risk Management.
Role Summary :
J.P. Morgan Asset & Wealth Management is a leading asset manager for individuals, advisors and institutions. Our investment professionals are located around the world, providing strategies that span the full spectrum of asset classes.
As one of the largest asset and wealth managers in the world, we provide global market insights and a range of investment capabilities that few other firms can match.
The Operational Risk Officer (ORO) for Wealth Management (WM) is responsible for oversight of the implementation of the Operational Risk Management Framework (ORMF) for WM.
He / she is responsible for ensuring that the business understands its operational risks and has robust standards, controls and practices in place to mitigate these risks which could impact its capital, earnings, reputation or business operations or opportunities.
In the Vice President role, the individual will align locally to the WM EMEA Risk CRO and provide oversight for op risk components of the WM business in EMEA including Luxembourg.
This role will report directly to the global WM Operational Risk Officer to help drive consistency in processes, governance and reporting across AWM and the firm.
Operational Risk Oversight (ORO) is an independent oversight function regarded as the 2nd Line of Defence that proactively identifies, assesses and oversees the mitigation of Operational Risks (OR).
The Asset & Wealth Management (AWM) ORO team is responsible for independently assessing, reviewing and overseeing the management of Operational Risk by the Lines of Business and Functional Groups within the AWM.
The successful candidate will join a small team of risk professionals from a diverse range of backgrounds and experience who collectively ensure that the Firm’s Operational Risk Management Framework is implemented as per standards and functions effectively within the AWM, specifically Wealth Management (WM).
The AWM ORO team responsibilities :
Proactively drive the identification, assessment, measurement, mitigation and monitoring of operational risk through consumption of information from the effective deployment of RCSAs, KRIs, KPIs, scenario analysis, event management (monitoring of event recording, event trend analysis) and targeted risk assessments
Promote and instil a strong culture of Operational Risk Management (ORM) and operational excellence, partner with the business to continually improve OR processes and business operating models supporting safe business growth and informing risk-
based decision making
Work closely with the Business Control Officers (BCO) to ensure OR standards are communicated, understood and applied - review adherence to ORMF, governance, standards, policies & framework across LOBs and functions and countries, as relevant
Proactively drive the identification, assessment, measurement, mitigation and monitoring of operational risk and participate in relevant WM Control committees or forums
Independent challenge challenge, validate and endorse business risk profiles and provide constructive challenge to the business where residual risk levels are deemed to exceed appetite
Stay abreast of industry news and regulatory developments to facilitate a more proactive approach to risk identification and mitigation.
Review root cause analysis on internal operational risk events and those that occur externally in the industry
Facilitate scenario analysis with businesses to stress the control environment under simulated conditions, drive accurate capital allocations and inputs
Provide overview and incorporate internal & external loss data sets, understand the impact on the capital calculation and optimize outputs
Drive the development of the regional and legal entity alignment to the ORMF, including KRIs, Loss Data, RCSAs and Scenario Analysis as necessary
Liaise with regulators in respect of Operational Risk matters, as needed
Promote cross-LOB / Function consistency and adoption of best practice collaborate with the CIB as necessary with respect to significant legal entity matters related to JP Morgan Bank Luxembourg
Specific Role responsibilities :
The successful VP candidate will be required to analyze operational risk management information, in partnership with the broader oversight team, and be specifically responsible for monitoring activities within WM EMEA including Luxembourg location.
They will familiarize themselves with the bank’s internal control systems (Risk & Control Self-Assessment, RED / losses etc.
and the Operational Risk Management Framework so that they can independently challenge the 1st Line of Defence team as appropriate.
Example projects may include deep-dive analysis of operational risk events (errors), Scenario Analysis, Target Risk Assessments of high risk business processes, Data and Information Management trends.
The role will work closely with other Risk Management colleagues and key control functions including Compliance, Audit and Oversight and Control and Technology colleagues.
Primary interfaces :
ORO colleagues in the EMEA region and globally; collaboration with AM counterparts in EMEA and Lux
WM Control Officers (1st Line of Defence)
WM Lines of Business Front Office staff
Risk and Compliance colleagues
Corporate Operational Risk central team including International Legal Entity Op Risk (ILEOR)
Other EMEA and Lux key stakeholders
Skills & Qualifications
The successful candidate will be a motivated, experienced professional seeking the opportunity to join a rapidly developing Operational Risk function within the broader AWM and WM Risk team.
Recognizing that the role requires a high level of interaction with senior stakeholders and the need to demonstrate robust independent challenge, only experienced VP level applicants will be considered.
The ideal candidate will have a good, high-level understanding of the business and products within WM, a good understanding of the AWM / WM product suite, a strong risk and controls mind-
set, strong operational, management and coordination skills, superior attention to detail and a desire to build a robust, flexible, sustainable structure around new evolving processes.
The Firm’s management of Operational Risk has undergone significant change over the past few years and applicants should be able to demonstrate their willingness to help with the continued development of this dynamic risk discipline.
analytical and problem solving skills; inquisitive nature and comfortable challenging current practices.
An existing theoretical and practical knowledge of Operational Risk Management is an advantage but not essential. Successful candidates may also have experience in Finance, Compliance or other control areas.