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CIB Operations (Derivatives Ops) - Clearing & Collateral Operations Control Manager - Chicago - Vice President

Job Description

Department Description:

J.P. Morgan’s Corporate & Investment Bank (CIB) is 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.

Clearing & Collateral Management (CCM) Business

J .P. Morgan’s CCM business unites J.P. Morgan’s clearing, collateral management and agency capabilities under one umbrella.  Within Derivatives Clearing Operations, teams work together as a single service provider across the trade life cycle, helping clients clear Futures and Options, cleared and intermediated OTC Derivatives, and securities to a global customer base.  Collateral Management provides tri-party repo agent services and derivative collateral management services primarily to banks/broker dealers and the asset management community.

 

Team Description:

Derivative Operations ability to develop and implement an outstanding control environment and superior operational risk capabilities is critical to our Firm’s success. We require a talented and highly motivated candidate to work with us in the Operations Risk & Control Group, responsible for review and continued enhancement of the business process controls across product areas – Global Currencies, Derivatives (Markets and Third Party), Commodities, Client Valuations, Brokerage, Principal Collateral, Agency Collateral (ACO), Derivatives Clearing and Futures & Options (DCO). The successful candidate will partner closely with the Operations Managers in Clearing and Collateral Management and interface with Compliance, Risk, Projects, Legal, Technology and Audit to execute against the below responsibilities.

 

The CCM Control Team coordinates monitors and drives the overall control environment and the control agenda within CCM Operations. This Chicago based role will primarily support Derivatives Clearing Operations (F&O & OTC) within the CCM Controls Global team, which globally also supports Agency Collateral Operations (ACO) functions. There will be extensive opportunity to work across this group, but also across the wider the Derivatives Processing Center Control team, with which we are aligned under the Derivatives Operations business unit.

 

Responsibilities include:

·         Drive the control agenda specifically across Derivatives Clearing Operations

  • Coordinate and execute Risk and Controls Self Assessments (RCSA) in partnership with the function owners in the Operating Units.

·         Develop and monitor RCSA Issues, Action Plans and Risk Acceptances including Inherent and Residual Risk reviews with the LOB.

·         Identify areas for control improvements.

·         Partner with internal operational contacts to conduct operational reviews and deep dives on potential control gaps.

·         Manage relationships with internal and external audit partners and supervise the co-ordination of the semi-annual SSAE16/SOC 1 External Audit and any scheduled Compliance and internal Audit reviews, ensuring timely escalation of any concerns or potential issues to Senior Management.

·         Manage the execution of the Business Continuity process.

·         Coordinate with internal colleagues to review, report and present analysis on errors, corrective measures and trends across the operation.

·         Participate and execute on global cross Derivatives Operations Control initiatives.

·         Define, develop and publish standardized control metrics.

  • Engage Line management in control effectiveness assessments
  • Drive Quality Assurance testing agenda
  • IB Rapid Exposure Drill (RED) Process - guidance and monitoring of operations compliance with IB wide procedures and standards.
  • Daily Control Functions - ad hoc question and answer with Ops teams regarding daily policy compliance, regulatory questions, and other procedural control questions.
  • Representation and preparation for CIB wide meetings - metrics, central control meetings and other sub-committee meetings.
  • Ops Risk Initiatives, including deep dives and proactive risk mitigation analysis
  • Engage with Corporate Risk partners to deliver the Corporate/CIB Oversight & Controls agenda

Qualifications

Required Experience/Skills:

  • Very strong verbal and written communication skills. Effective communication to MD/ED level including concise summary of situations, impacts and remediation
  • Varied Operations experience; ability to demonstrate control mind-set.  Futures and Options experience an advantage

·         Demonstrated track record of process improvement and improving controls in previous roles

·         Demonstrated history of critically challenging operational processes with the goal of identifying control issues

·         Strong influencing & negotiation skills and ability to build and influence partnerships across global Derivatives Operations, Technology and all other stakeholders

·         Strong relationship management skills with partners and team

·         Demonstrate leadership ability and strong teamwork skills

  • Flexibility and ability to react and drive developing events

·         Proactive/self-starter with the ability to deliver value-added support to business partners in a dependable, timely and accurate manner

·         Demonstrates flexibility and willingness to accept changes in priority and challenges in a rapidly changing environment

·         Effective time management and prioritization skills; ability to work in a fast paced environment and work effectively under pressure

·         Ability to work with both local and virtual teams

·         Strong organizational, project management and problem-solving skills, able to manage and prioritize multiple tasks across different time horizons within deadlines

·         Strong analytical, problem solving & process re-engineering skills as well as great attention to detail

·         Existing relationships and networks within JPMorgan IB community an advantage

·         Ability to understand business drivers and requirements and influence stakeholders to deliver solutions to business issues/problems

 

Would prefer the candidate have the following expertise:

·         Knowledge of Clearing and Collateral Management products in particular Futures & Options and OTC Clearing

·         Operational risk or internal controls experience preferred

·         Experience coordinating SSAE16/SOC1 reports or dealing with external audit requests

·         Experience working with or knowledge of Phoenix/RADAR

·         Familiarity with Serket

·         Familiarity with Collateral, OTC and Futures & Options technology platforms, (examples include COAST, Collateral Central, GMI, GCM, OneMargin) 

Department Description:

J.P. Morgan’s Corporate & Investment Bank (CIB) is 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.

Clearing & Collateral Management (CCM) Business

J .P. Morgan’s CCM business unites J.P. Morgan’s clearing, collateral management and agency capabilities under one umbrella.  Within Derivatives Clearing Operations, teams work together as a single service provider across the trade life cycle, helping clients clear Futures and Options, cleared and intermediated OTC Derivatives, and securities to a global customer base.  Collateral Management provides tri-party repo agent services and derivative collateral management services primarily to banks/broker dealers and the asset management community.

 

Team Description:

Derivative Operations ability to develop and implement an outstanding control environment and superior operational risk capabilities is critical to our Firm’s success. We require a talented and highly motivated candidate to work with us in the Operations Risk & Control Group, responsible for review and continued enhancement of the business process controls across product areas – Global Currencies, Derivatives (Markets and Third Party), Commodities, Client Valuations, Brokerage, Principal Collateral, Agency Collateral (ACO), Derivatives Clearing and Futures & Options (DCO). The successful candidate will partner closely with the Operations Managers in Clearing and Collateral Management and interface with Compliance, Risk, Projects, Legal, Technology and Audit to execute against the below responsibilities.

 

The CCM Control Team coordinates monitors and drives the overall control environment and the control agenda within CCM Operations. This Chicago based role will primarily support Derivatives Clearing Operations (F&O & OTC) within the CCM Controls Global team, which globally also supports Agency Collateral Operations (ACO) functions. There will be extensive opportunity to work across this group, but also across the wider the Derivatives Processing Center Control team, with which we are aligned under the Derivatives Operations business unit.

 

Responsibilities include:

·         Drive the control agenda specifically across Derivatives Clearing Operations

  • Coordinate and execute Risk and Controls Self Assessments (RCSA) in partnership with the function owners in the Operating Units.

·         Develop and monitor RCSA Issues, Action Plans and Risk Acceptances including Inherent and Residual Risk reviews with the LOB.

·         Identify areas for control improvements.

·         Partner with internal operational contacts to conduct operational reviews and deep dives on potential control gaps.

·         Manage relationships with internal and external audit partners and supervise the co-ordination of the semi-annual SSAE16/SOC 1 External Audit and any scheduled Compliance and internal Audit reviews, ensuring timely escalation of any concerns or potential issues to Senior Management.

·         Manage the execution of the Business Continuity process.

·         Coordinate with internal colleagues to review, report and present analysis on errors, corrective measures and trends across the operation.

·         Participate and execute on global cross Derivatives Operations Control initiatives.

·         Define, develop and publish standardized control metrics.

  • Engage Line management in control effectiveness assessments
  • Drive Quality Assurance testing agenda
  • IB Rapid Exposure Drill (RED) Process - guidance and monitoring of operations compliance with IB wide procedures and standards.
  • Daily Control Functions - ad hoc question and answer with Ops teams regarding daily policy compliance, regulatory questions, and other procedural control questions.
  • Representation and preparation for CIB wide meetings - metrics, central control meetings and other sub-committee meetings.
  • Ops Risk Initiatives, including deep dives and proactive risk mitigation analysis
  • Engage with Corporate Risk partners to deliver the Corporate/CIB Oversight & Controls agenda

Qualifications

Required Experience/Skills:

  • Very strong verbal and written communication skills. Effective communication to MD/ED level including concise summary of situations, impacts and remediation
  • Varied Operations experience; ability to demonstrate control mind-set.  Futures and Options experience an advantage

·         Demonstrated track record of process improvement and improving controls in previous roles

·         Demonstrated history of critically challenging operational processes with the goal of identifying control issues

·         Strong influencing & negotiation skills and ability to build and influence partnerships across global Derivatives Operations, Technology and all other stakeholders

·         Strong relationship management skills with partners and team

·         Demonstrate leadership ability and strong teamwork skills

  • Flexibility and ability to react and drive developing events

·         Proactive/self-starter with the ability to deliver value-added support to business partners in a dependable, timely and accurate manner

·         Demonstrates flexibility and willingness to accept changes in priority and challenges in a rapidly changing environment

·         Effective time management and prioritization skills; ability to work in a fast paced environment and work effectively under pressure

·         Ability to work with both local and virtual teams

·         Strong organizational, project management and problem-solving skills, able to manage and prioritize multiple tasks across different time horizons within deadlines

·         Strong analytical, problem solving & process re-engineering skills as well as great attention to detail

·         Existing relationships and networks within JPMorgan IB community an advantage

·         Ability to understand business drivers and requirements and influence stakeholders to deliver solutions to business issues/problems

 

Would prefer the candidate have the following expertise:

·         Knowledge of Clearing and Collateral Management products in particular Futures & Options and OTC Clearing

·         Operational risk or internal controls experience preferred

·         Experience coordinating SSAE16/SOC1 reports or dealing with external audit requests

·         Experience working with or knowledge of Phoenix/RADAR

·         Familiarity with Serket

·         Familiarity with Collateral, OTC and Futures & Options technology platforms, (examples include COAST, Collateral Central, GMI, GCM, OneMargin) 

Req #: 160022800
Location: Chicago, IL US
Job Category: Operations
Employment Type: Full Time
Potential Referral Amount: US Dollar (USD)

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