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Lead Enterprise Risk Officer for Qualitative Model Validation

wellsfargo Wells Fargo

Wells Fargo is a diversified community-based financial services company with a vision to satisfy customer’s financial needs and help them succeed financially.

About this role:

Wells Fargo is seeking a Lead Enterprise Risk Officer to join Corporate Model Risk (CMoR) validation team .

Corporate Model Risk (CMoR): Wells Fargo’s Corporate Model Risk is the second line of defense and is responsible for validating models, independently overseeing the management of model risk exposures across the enterprise (including governing, monitoring, and reporting on aggregate model risk exposures, model validations, and model oversight across enterprise). This oversight extends to all phases of a model’s life cycle, including identification, development, validation, implementation, finding resolution, usage, performance monitoring, documentation, and retirement.

Qualitative Model Validation Team: The Qualitative Model Validation group is responsible for validating and approving all qualitative models used across Wells Fargo including Credit, Liquidity and Capital Risk, Market, Operational, Pre-Provision Net Revenue (PPNR), Finance, Balance Sheet, and Financial Crimes to name a few. The team’s responsibilities include performing model validations (independent reviews, writing validation reports, and approving model usage), annual reviews, performance monitoring, and issue management. The team works closely with model users, developers, model governance, and Corporate Functional Model Oversight (CFMO) teams to manage model risk to the firm and facilitate the model approval process

In this role, you will:

  • Be responsible for the quality and completion of model validation to support business activities across several areas. This role will cover models in the following areas, among others: Liquidity Risk, Capital Risk Planning, Pricing and Profitability, Wholesale Credit, including Stress Testing (DFAST/CCAR), Recovery and Resolution Planning usages.
  • Execute the Model Validation processes for his/her area of specialty in accordance to applicable Policies.
  • Ensure credible challenge of models through validation process.
  • Evaluate all relevant components of models and assess model soundness across lifecycle as applicable
  • Identify areas of weakness and work with Model Owners, Cross Functional Model Oversight (CFMO), and other key stakeholders to ensure risk commensurate remediation,
  • Ensure delivery of well written and timely validation reports outlining conceptual soundness of model.
  • Continually work to improve consistency and quality of independent model validation
  • Ensure all models within scope are independently validated per expected standards and schedule.
  • Build and maintain effective working relationships with LOB Model Governance, Model Owners, Model Program team members, and CFMOs across Wells Fargo.
  • Understand model risk supervisory guidance, Model Risk Management Policy, and current industry best-practices; l ead and train junior team members .
  • Develop, implement, monitor and interpret, risk based governance programs, create new policies and guidelines
  • Resolve moderately complex issues and lead team to meet risk area, projects and process deliverables, while leveraging solid understanding of the risk policies, procedures and compliance requirements
  • Lead and manage multiple concurrent initiatives
  • Guide and direct the organization in terms of policies, effectiveness of companywide initiative execution, and reporting to the Board
  • Collaborate and consult with peers, colleagues and managers to resolve issues and achieve goals
  • Lead and direct a team with limited supervisory focus
  • Partner with managers to coordinate risk reporting to executive management, committees, and Board of Directors

Required Qualifications, US:

  • 5+ years of Risk Management experience (Compliance, Financial Crimes, Operational Risk, Audit, Legal, Credit Risk, Market Risk, IT Systems Security, Business Process Management) or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education.

Desired Qualifications:

  • CFA, FRM or CTP certifications highly desired
  • 8+ years of experience performing in depth analytics, modelling, or risk management of one or a combination of the following areas:

Financial Planning and Assets and Liability Management: Understanding of banking balance sheet dynamics including drivers of change in book value, market value, portfolio mix, product pricing/spreads, multiple currency dynamics, interest rate driven optionality, etc. across stress scenarios and varying interest rate environments

Liquidity Risk Management: Liquidity Risk, Capital Planning, Pricing and Profitability, Wholesale Credit,), Recovery and Resolution Planning usages,

Capital Markets, Investments, Market Risk, Counterparty Risk, Wealth and Investment products

  • Mature understanding of Model Risk Management frameworks and regulatory guidance including understanding of Validation of models in the financial space
  • Knowledge of regulatory guidance and industry best practices for financial models used in CCAR/DFAST (PPNR, Revenue, OCI etc.)
  • Experience effectively communicating in large matrixed organizations
  • Degree in statistics, math, engineering, physics, accounting, finance, economics, econometrics, computer sciences, or business/social and behavioral sciences with a quantitative highly emphasis preferred
  • Strong analytical skills with high attention to detail and accuracy
  • Experience modeling and/or performing deep analytics across one or more of the following areas:
  • Proficiency managing databases, spreadsheets, or programming (understanding code and coding)
  • Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
  • Experience in producing work of highest quality within tight timelines, as well as creating, maintaining, and supporting processes subject to intense regulatory scrutiny
  • Excellent verbal and written communication skills and experience in building and maintaining partnerships, collaborating across lines of business as well as with corporate partners
  • Basic understanding and experience with SQL, Python, SAS, QRM, Python and/or R

Job Expectations:

  • Preferred location(s) listed above. Other locations within the Wells Fargo footprint may be considered for current Wells Fargo employees.

We Value Diversity

At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.

Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.

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Lead Enterprise Risk Officer for Qualitative Model Validation

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Wells Fargo

Wells Fargo is a diversified community-based financial services company with a vision to satisfy customer’s financial needs and help them succeed financially.

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