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At Wells Fargo, we want to satisfy our customers' financial needs and help them succeed financially. We're looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you'll feel valued and inspired to contribute your unique skills and experience.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Corporate Risk helps all Wells Fargo businesses identify and manage risk. The team focuses on several key risk types, including conduct, credit, financial crimes, information security, interest rate, liquidity, market, model, operational, regulatory compliance, reputation, strategic, and technology risk. The group provides leadership, enhances communications, assists with problem identification and solutions, and shares best practices. In addition, the group provides an enterprise-wide view of risk, assists management and our Board of Directors in identifying and monitoring risks that may affect multiple lines of business, and takes appropriate action when business activities exceed the risk tolerance of the company.
The Corporate Market Risk Group (CMRG) is part of the Market & Counterparty Risk Management (MCRM) organization. CMRG is seeking an experienced and motivated individual to join as a Market Risk Senior Officer within its Model Framework Oversight (MFO) Team. The newly created function for Market Risk, inclusive of market and counterparty risk models and related upstream front office valuation and risk models, provides end-to-end, cross-functional oversight of model use and related uncertainties for daily risk management, capital, and stress testing. This will include coordination of model framework controls, monitoring, and reporting on model issues on behalf of Market Risk, providing a central point of contact for all key Market Risk model stakeholders. The team will work with other independent risk and front line functions for coherence and consistency to help ensure that the risks can be fully captured within the firm's current risk infrastructure while also considering future infrastructure development. They will strive for clear and consistent business requirements for all aspects of the model framework, facilitate tool development for detailed and timely analysis and monitoring of key performance indicators, and provide leadership in communications with senior management, related governance committees, and other internal and external stakeholders.
This new role reports directly to head of MFO. Responsibilities in this role will include, but not be limited to, the following:
Develop both qualitative and quantitative standards and procedures for aggregate/framework model risk oversight and assessment, including escalation protocols
Design and develop an aggregate model risk platform in partnership with other model stakeholders, including qualitative measures, and full upstream/downstream model interconnection maps for end-to-end (E2E) model risk identification and assessment
Implement enhanced review of assumptions, limitations, KPIs, and overlays, including model dependencies, within a cross-model framework on an aggregate level
Facilitate development and use of analytical tools to perform independent model framework analysis and benchmark assessment
Coordinate cross-functional model discussion forums to handle complexity of multiple model development groups (WFS, WFHL, CRMD) and their interconnections
Perform independent E2E oversight, assessment, and quantification of aggregated model risk and related uncertainties for large model frameworks with coherence and consistency in partnership with Corporate Model Risk (CMoR)
The Market Risk Sr. Officer will utilize exceptional communication skills to collaborate and influence, as well as demonstrate a deep understanding of risk management. They will operate in a complex, heavily matrixed corporate environment where a strong sense of urgency and commitment to achieving results is critical.
10+ years of experience in one or a combination of the following: market risk, capital markets, trading, or interest rate risk
Other Desired Qualifications
12+ years of work experience in one or a combination of the following: enterprise model validation and model risk governance/management, quantitative risk modeling and framework development, front office traded products modeling and system development
12+ years of hands-on experience in quantitative traded products model development and/or model validation, market and counterparty risk model development and/or model validation
Demonstrated knowledge in regulatory requirements: SR 11-7, Basel capital rules for market risk - FRTB, and stress test (CCAR)
Extensive work experience with large model based frameworks, especially for CCAR, market risk VaR/Stressed VaR, counterparty risk and CVA, XVA and SIMM, Basel, or FRTB
Credible interface to work directly with auditors and regulators (e.g., FRB, OCC) in a constructive and effective manner
Excellent verbal, written, and interpersonal communication skills, with ability to communicate to non-technical audience
Strong ability to work independently, prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
Demonstrated ability to work with other team members, actively lead projects/discussions, work through problems, and reach decisions in the best interest of the firm
Extremely organized with the ability to coordinate and manage large initiatives across different function teams concurrently
Experience working with, and effectively partnering with, a wide range of business partners including areas such as Market Risk, Counterparty Risk, Regulatory and Stress Capital, Trading Desk, Desk Quants, and Risk Analytics and Technology
Familiarity with pricing and risk measurement calculations such as VaR, PFE, CVA, Stress, pricing models, sensitivity measures, and Monte Carlo simulation is a plus
Master or PhD degree in any of the following is a plus: finance, math, physics, economics, statistics, computer science, or engineering
Knowledge of modeling approaches for market and counterparty risk exposure measurement with an extensive background on derivatives pricing across a wide range of asset types
All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.
Relevant military experience is considered for veterans and transitioning service men and women. Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.
Internal Number: 5553337-1
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
www.wellsfargo.com | Twitter: @WellsFargo