CIB F&BM – Risk Product Control – Associate

Department Description

The primary purpose of the Discounting Central Utility is to risk manage CSA and FVA specific discounting risk at a firm-wide level, achieving economies of scale and benefiting from the potentially offsetting risk of various desk. CSA and FVA specific discounting (or Differential Discounting) allows JPM wholesale trading desks to price and risk manage derivative financing costs in a manner that is consistent with various funding treatments specified by JPM's counterparty specific collateral arrangements (Credit Support Annexes) or JPM's own funding cost.

Role Description

The Product Control team acts as an interface between the trading activities of the regional trading floors and other processing groups within the bank, providing an important control function within IB Finance and Business Management, ensuring that the business results are correctly reflected in the various financial and regulatory reports, including:

• Reconciliation and reporting of profit and loss figures from front end (dealer estimates) through to back end (General Ledger postings and bank management information reporting)
• Reporting and analysis of key business risk measures pertinent to the DCU business
• Reconciling and owning inputs to the Value-at-Risk (VaR) calculations of the firm – ensuring that they are complete and correct
• Validation of end-to-end integrity of deal data on bank systems
• Investigation and resolution of discrepancies between front and back-office systems, e.g. cash/settlement breaks.
• Identifying and advising the business on accounting, regulatory and booking issues, participation in the new product approval process and an overall signoff of the business unit financial statements (including regulatory returns).
• Participation in the financial aspects of the business unit strategy and management, working closely with the Planning Analysis team to deliver appropriate MIS to support the business decision making process
• Participation in business specific projects and working with various stakeholders.

Product Control roles require interaction with many internal customer groups all having different priorities, focus and terminology. It is necessary to balance a co-operative and responsive approach with a rigorous understanding of basic controls and the requirement for independence.

Qualifications:

• Bachelor's degree in Finance/Mathematics, Accounting, or Business is preferable
• Strong numerical and analytical skills
• Understanding of interest rate products: FRA, IR and XCCY Swaps; Tenor/Currency Basis and Options.
• Understanding of OIS discount curves, discounting calculations and the greeks.
• Knowledge of spreadsheets (MS Excel) essential (skills in formulae and macro construction or the aptitude to learn these skills)
• Ability to interact with a trading room environment together with the necessary interpersonal skills to develop great partnerships and exert influence across numerous teams.
• Proficiency in accounting and knowledge of US and UK GAAP useful
• Solid understanding of internal controls and risk assessment concepts
• Self starter with a strong interest in learning
• Ability to work well under pressure, attentiveness to detail, thoroughness and tenacity.
• Strong written and verbal communication skills, internal/external stakeholders management.
• Excellent multi-tasking and organizational aptitudes.
• Familiarity with the following applications would be preferred: Kapital, Orion and Position Server.
• Knowledge of structured products would be beneficial.
• (CA/CPA/CIMA/CFA) qualified with PQE is preferable.

About J.P. Morgan's Corporate Investment Bank

J.P. Morgan's Corporate Investment Bank is a global leader across banking, markets and investor services. The world's most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at http://www.jpmorgan.com/ .

November 10, 2013 • Tags:  • Posted in: Financial

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