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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 Role: Corporate Model Risk (CMoR) helps all Wells Fargo businesses identify and manage risk. We help our management and Board of Directors identify and monitor risks that may affect multiple lines of business, and take appropriate action when business activities exceed the risk tolerance of the company. CMoR is seeking an experienced quantitative analyst to join its Stress testing and Balance Sheet - Retail Basel Model Validation team, focusing on validation of fiduciary and investment models. Fiduciary and investment models are used to help constructing investment portfolios for clients; and measuring, monitoring and managing risks for the portfolios of client investments. They may also be used to help clients' financial planning and to satisfy relevant regulations. The candidate for this position is expected to possess a strong quantitative background that would aid in critical review and effective challenge of these models, as well as broad knowledge of the business in wealth and investment management. The successful candidate is also expected to be dedicated and self- motivated, and produce work that is consistent with CMoR's recognized high standards.
Responsibilities for this role will include, but not be limited to, the following:
Performing model validations and clearly documenting evidence of validation activities
Develop benchmarking and alternative models in Python/R/SAS
Providing effective challenge to models developed in/for the lines of business, including identifying conceptual weaknesses in a model and understanding tradeoffs with other approaches
Managing and mitigating model risk to meet or exceed regulatory and industry standards
Providing leadership and consultation to less experienced validators, business partners.
Communicating model risk findings and limitations to key stakeholders
Contributing to the improvement of model building and model use practices
Providing analytical support and offering insights regarding a wide array of business initiatives
Interacting with senior management and regulators on key modeling issues, including the identification, management and mitigation of model risk
Proactively follow the industry trend to apply and develop new technology to improve efficiency.
2+ years of experience in an advanced scientific or mathematical field
A master's degree or higher in a quantitative field such as mathematics, statistics, engineering, physics, economics, or computer science
Other Desired Qualifications
PhD in a quantitative discipline such as mathematics, statistics, engineering, physics, quantitative finance, economics or computer sciences, with strong quantitative and analytical skills
Direct experience in the development and validation of fiduciary and investment risk models
Experience with Artificial Intelligence/Machine Learning model development or validation
Knowledge of financial industry practices and regulatory standards on model development and model validation
Ability to communicate to different audiences (e.g., technical or non-technical staff, senior management and regulators) both verbally and in writing
Ability to work both independently and collaboratively, to multi-task, and to finish work within strict timelines, with attention to detail in both analysis and documentation
Skills in managing relationships with key model stakeholders
Intellectually curious; perpetual interest in learning something new
Python, R and SAS experience
NC-Charlotte: 401 S Tryon St - Charlotte, NC NY-New York: 150 E 42nd St - New York, NY
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: 5556099-1
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