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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