Lead Enterprise Risk Officer for Qualitative Model Validation
Company: Wells Fargo
Location: West Des Moines
Posted on: June 22, 2022
Job Description:
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 DirectorsRequired
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.
Keywords: Wells Fargo, West Des Moines , Lead Enterprise Risk Officer for Qualitative Model Validation, Accounting, Auditing , West Des Moines, Iowa
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