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Senior Enterprise Risk Specialist - Qualitative Model Validation

Company: Wells Fargo
Location: West Des Moines
Posted on: August 6, 2022

Job Description:

About this role:Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,500 ATMs, and the internet (), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.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.Corporate Model Risk: Wells Fargo's Corporate Model Risk is responsible for 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: The Qualitative Model Validation group is responsible for validating and approving all qualitative models used across Wells Fargo including Credit, Liquidity, 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.The Role: The Qualitative Model Validator will be responsible for the quality and completion of model validation to support business activities across several areas such as: Liquidity, Capital, and Wholesale Credit In this role, you will:

  • Execute the Validation processes for his/her area of specialty in accordance to applicable Policies, in particular:
    • 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, CFMO, and other key stakeholders to ensure risk commensurate remediation,
    • Ensure timely validation delivery
    • Establish reporting and escalation protocols of review results and follow up on identified issues/observations.
    • 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-practicesThe Candidate: This leader will have substantial experience in his/her area of specialty to facilitate credible challenge of the processes/models and to develop the skills of the validation team. Successful candidates will be articulate and capable of building collaborative working environments including leading process improvement projects.Required Qualifications, US:
      • 4+ years of Risk Management experience (includes 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, educationDesired Qualifications:
        • Degree in statistics, math, engineering, physics, accounting, finance, economics, econometrics, computer sciences, or business/social and behavioral sciences with a quantitative emphasis preferred
        • Strong analytical skills with high attention to detail and accuracy
        • CFA or FRM or CTP certification highly desirable
        • Experience modeling and/or performing extensive analytics across one or more of the following areas: Liquidity, Capital, Wholesale Credit, Financial Risk Management
        • Strong knowledge of model risk supervisory guidance and model validation requirements
        • Proficiency managing databases, spreadsheets or programming (understanding code and coding)
        • Technical or academic writing skills and experience
        • 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 communication skills and experience in building and maintaining partnerships, collaborating across lines of business as well as with corporate partners
        • Experience with SQL, SAS and/or R highly desired
        • Model validation experience highly desiredJob 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 , Senior Enterprise Risk Specialist - Qualitative Model Validation, Accounting, Auditing , West Des Moines, Iowa

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