AWM Operational Risk – Global Head of Wealth Management Oper…

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Company: JP Morgan Chase
Location: New York, NY 10172 (Gramercy area)

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JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

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 firm wide 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. The Op Risk officers are members of the independent Risk organization, 2nd line of defense, 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 a matrix accountability to the Firm wide Risk Executive for Operational Risk Management and Compliance.


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, with assets under management of ~$2 trillion, we provide global market insights and a range of investment capabilities that few other firms can match.

AWM Operational Risk Oversight is looking to hire an experienced influential leader to act as the Wealth Management Global Operational Risk Lead, representing WM in the design, enhancement and execution of Operational Risk Management Framework (ORMF) components. The role is highly visible to senior management and offers the opportunity to work across AWM and JPMorgan Chase & Co. The role will require knowledge of Operational Risk and key risk management skills, along with an ability execute on a broad book of work including some oversight Op Risk testing requirements. In the global ED role, the individual will manage a WM Op Risk team based in US, EMEA and Asia. This role will report directly to the global head of AWM Operational Risk to help drive consistency in processes, governance and reporting across Asset & Wealth Management and the firm. The role will also work in close alignment with the GWM Chief Risk Officer, GWM Chief Compliance Officer and their teams.
The successful candidate should be familiar with internal control systems (Risk & Control Self-Assessment etc.) and the ORMF so that they can independently challenge the 1st Line team as appropriate. Activities may include deep-dive analysis of operational risk events, targeted reviews of RCSAs, Scenario Analysis, Data and Information Analysis and location and/or Legal Entity oversight. The role collaborates closely with other Risk Management colleagues and key control functions including Compliance, Audit and Control Management


Role Objectives:

  • Manage ORMF objectives and requirements, as defined by Corporate Operational Risk

  • Be a trusted advisor for GWM and leverage subject matter knowledge to drive value added dialogue and informed risk based decisions

  • Manage team of global OROs covering GWM business areas directly and indirectly (matrix) to address business and regional requirements to understand and mitigate operational risk

  • Assess the key risks associated with new business initiatives and change management activities

  • Understand WMs RCSA or new Risk Assessment framework (CORE), Key Risk & Performance Indicators, and other controls to identify negative trends and potential control gaps

  • Provide independent, objective view of the Business and/or function control environment, mitigation strategies and emerging risk

  • Perform Independent Op Risk Assessment of GWM’s key risk and control environment and execute ongoing assessment of the businesses risk profile

  • Assist in identifying and prioritizing testing activities aligned to assessing risk and control weaknesses in key business processes working with Conduct, Compliance and OR Monitoring & Testing Team

  • Maintain awareness of risk and control issues within the Business including legal entity impact

  • Review internal and external Op Risk events for opportunities to implement new preventive and detective controls

  • Evaluate the strengths and weaknesses of existing controls and provide business direction on opportunities for improvement

  • Identify and undertake Targeted and Emerging Risk Assessments across key areas of elevated risk

  • Foster effective partnerships and collaborate with Business and Control partners, globally

  • Identify and assess severity and likelihood of issues for potential escalation and communication to senior Business Executives and Senior Risk Managers including relevant Committees


Qualifications – Desired Attributes:

  • Minimum 10-15 years of experience in Financial Institution Risk, Business Operations, Business Process Improvement, Audit or Compliance

  • Strong execution-oriented global leader with working knowledge of operations, and/or product support related business experience within Wealth Management and/or Asset Management; ideal areas include: Private Banking, Operational Risk, Credit Risk, Regulatory/Compliance, and Audit.

  • Risk management experience, which includes Regulatory interaction

  • University degree in Business, Finance, Economics, Accounting, or other quantitative discipline is required

  • An advanced degree and/or professional certification, such as CFA is a plus

  • Exceptional leadership and influencing skills with proven ability to deliver observations and recommendations with supporting rationale to senior stakeholders
  • Excellent problem solving and communication skills; experience working with and influencing senior management to drive strategic decisions

  • Strong team leadership skills and talented people manager

  • Proven track record in managing direct and matrix staff across geographies and time zones
  • Strong analytical skills and proven ability to identify potential process and control issues and develop solutions to complex problems
  • Ability to understand business functions quickly and to assess the operational, financial, regulatory or reputational impact of process gaps and/or control issues

  • Enthusiastic, self-motivated, effective under pressure

  • Must work well individually, and in teams including cross-lob collaboration

  • Experience with executing or managing Compliance Testing, QA/QC or similar testing is a plus