Senior Quantitative Investment Risk Specialist

Company: Wells Fargo
Location: West Des Moines
Posted on: November 21, 2022

Job Description:

About this role: Wells Fargo is seeking a Senior Quantitative Investment Risk Specialist in Operational Risk as part of Corporate Risk. Learn more about the career areas and lines of business at The Corporate Functional Model Oversight (CFMO) team for Fiduciary & Investment (F&I) risk is part of the Operational Risk group within Corporate Risk. The team provides independent risk oversight of Fiduciary & Investment (F&I) models used primarily in Wells Fargo's Wealth & Investment Management (WIM) business for providing fiduciary and investment services to our customers. The Senior Quantitative Investment Risk Specialist is expected to bring subject matter expertise in quantitative modeling and risk management, particularly in investment & wealth management, financial advisory service, and asset management, and is responsible and accountable for certain model life-cycle activities for F&I models: model identification, risk ranking, performance monitoring, usage, and change management. The team collaborates with relevant stakeholders for other model life-cycle activities such as model validation and model governance. You will be expected to provide sound business perspective and practical understanding of how Fiduciary & Investment models are built and used, and their anticipated performance given certain market conditions. In this role, you will:

• Perform complex activities related to overseeing investment models including but not limited to risk factor models, asset pricing and valuation models, asset allocation models, portfolio construction models, financial planning models, time series and machine learning models, stress testing and scenario analysis models, and other types of models used in the investment and wealth management processes
• Research and analyze model risk issues, evaluate theory and mathematics behind various models, assess model effectiveness, and recommends solutions to improve investment model risk management effectiveness
• Work closely with stakeholders such as line of business model governance and Corporate Model Risk (CMoR) governance to risk rank quantitative and qualitative F&I models according to F&I CFMO policy/procedure and model risk ranking methodology, and provide credible challenges to ensure risk rankings reflect inherent model risks
• Work closely with stakeholders to evaluate completeness of F&I models in the model inventory
• Provide credible challenges for models, especially the ones with sizable model risk, but not included in the inventory
• Maintain and enhance F&I model risk oversight methodology and processes to ensure compliance with regulatory expectations, policies, and other standards specific to the function - the oversight methodologies and processes include but not limited to F&I model identification guidelines, risk ranking methodology and template, performance monitoring guidelines, model development guidelines
• Review and streamline F&I model risk oversight process when necessary
• Consult and provide guidelines and recommendations for business partners in developing performance monitoring metrics, triggering thresholds and action plans for high risk rank F&I models
• Analyze and evaluate model performance results and provide credible challenges to model owners on performance deficiencies
• Analyze and assess usage of F&I models, and provide credible challenges to model usage which includes model limitations/restrictions, input assumptions, robustness of output and incorrect or unapproved use of models
• Review and approve model changes and documented exceptions
• Work with other team members to produce periodic F&I model risk reports for Sr. Management
• Produce and provide ad-hoc thematic analytics and presentations to senior management
• Review model development documents, validation reports, and validation findings
• Support model validation team as a subject matter expert if needed
• Partner with the line of business and other risk partners in development of investment model risk initiatives and strategies
• Guide, advice and support junior team members in F&I model oversight activities
• Work closely with stakeholders to promote and ensure compliance with regulatory expectations for model risk management Required Qualifications, US:
  • 4+ years of Investment Risk, Capital Markets, Trading, Desk Analyst, Investment Analyst, Portfolio Analyst, Investment Management or Investment Management Services experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education Desired Qualifications:
    • 3+ years in wealth and investment management industry or related experience in one or a combination of the following: investment research, investment risk management, portfolio management, capital markets, financial modeling and wealth management
    • Master's Degree or higher in Finance, Investment, Statistics, Economics, or equivalent work experience
    • Experience with investment management models as a model developer or validator, or in a model oversight role
    • Experience and knowledge of statistical modeling and machine learning techniques, such as regression analysis, time series analysis, multivariate analysis, and other supervised and unsupervised learning
    • Experience and knowledge with quantitative modeling tools such as Python, R, Matlab, and SAS
    • Hands-on skills and knowledge of investment tools and platforms such as FactSet, MSCI/Barra, BlackRock Aladdin, Bloomberg, Axioma, Morningstar Direct or similar is preferred
    • Financial Risk Management Certificate (FRM) or Chartered Financial Analyst (CFA) designation or demonstrated progress toward the designation
    • Excellent interpersonal, influencing, and communications skills with an ability to interact effectively with stakeholders across the organization, which includes virtual, matrixed leadership experience
    • Excellent verbal, written, and interpersonal communication skills
    • Ability to articulate complex concepts in a clear manner
    • Strong analytical skills with high attention to detail and accuracy
    • Advanced Microsoft Office skills
    • Ability to work independently
    • Ability to organize and manage multiple priorities Job Expectations:
      • Ability to work at one of the approved locations in the job posting Posting Locations:
        • Boston, MA
        • Minneapolis, MN
        • Plano, TX
        • Saint Louis, MO
        • Tempe, AZ
        • West Des Moines, IA
        • Charlotte, NC 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 Quantitative Investment Risk Specialist, Accounting, Auditing , West Des Moines, Iowa