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Corporate Risk helps all Wells Fargo businesses identify and manage risk. We focus on three key risk areas: credit risk, operational risk and market risk. We help our management and Board of Directors identify and monitor risks that may affect multiple lines of business, and take appropriate action when business activities exceed the risk tolerance of the company.
This position is responsible for overseeing the risk governance programs for the ALM Risk Group. The position reports to the Head of the Asset Liability Management (ALM) Support Group, a unit within the ALM Risk Group, which is itself a unit of the Company’s Market and Counterparty Risk Group under the direction of WFC’s Chief Risk Officer.
ALM Risk Background:
Mismatches between the Company’s asset and liability cash flows present risk to WFC’s earnings and capital. Mismatches may be planned given the Company’s view on future business or markets. Risk occurs when business or market activity differs from the Company’s plan. Primary market risk factors include interest rates, spreads, and FX. Most of the Company’s lines of business contribute to ALM risk, the largest being lending, investing, or deposit taking activities. The Company engages in balance sheet hedging to mitigate risk. The primary sources of ALM risk include:
- Interest Rate Risk - Risks arising from changes in the level or term structure of relatively risk free investments. Interest rate basis risk arises from a shift in the relationship between interest rates from different financial markets or countries, the latter case introducing FX risk.
- Credit Spread Risk - Risk associated with changes in the credit spread the Company earns on assets versus pays for funding.
- Option Risk - Risks arising when a Wells Fargo counterpart has the right to alter the level and timing of the cash flows of an asset, liability, or off-balance sheet instrument. Examples include mortgage prepayment or deposit attrition. Option risk is a function of interest rates, credit spreads and financially-non-optimal behavior.
- Balance Sheet Management Risk - On a quarterly basis Treasury forecasts a balance sheet plan for new and existing balances and pricing. Forecasting assumptions impact Balance sheet management activities such as risk hedging, discretionary investment, and funding plans. The Company is exposed to the risk that realized business execution may differ from the plan.
Structure of the ALM Risk team:
The ALM Risk team is comprised of four teams.
- Balance Sheet Risk runs ALM governance and oversight. Subject matter experts (SME) are distinguished by process (e.g. stress testing) or product (e.g. deposits, consumer real estate).
- IP Risk runs Investment Portfolio (IP) governance and oversight. Subject matter experts are distinguished by process (e.g. Stress testing, OCI) or by product (MBS, Muni).
- Specialty Risk runs market risk governance and oversight for WF Reinsurance, Bank Owned Life Insurance, and Renewable Energy and Environmental Funding. Subject matter experts are distinguished by function (actuarial risk, market risk, reporting).
- ALM Support assists the SME teams in matters related to quantitative analytics, technology, process management, reporting, data, model governance, and risk framework governance.
Specific responsibilities of this position include, but are not limited to:
- Partnering with two governance and oversight teams, Balance Sheet Risk and IP Risk, to administer two risk governance programs, including the maintenance of Risk IDs, Risk Appetite, Risk Policies, Risk Escalation protocols, Risk Acceptances, Risk Assessments, New Product Sign-off, Limit monitoring, and Issue Tracking.
- Collaborating with stakeholders to document and comply with Governance & Oversight and Enterprise Data Governance requirements for data: prepare high level data maps, data flow diagrams, data narratives, data element mapping, and business to technical element mapping and data asset list.
- Implementing and documenting data governance responsibilities, including accountability, controls, change management, issue identification, escalation and resolution.
- Consult with managers and team members to identify and assess risk issues and ensure timely and adequate resolution.
- Consult with Governance partners (Compliance, Audit, Risk, Legal) to coordinate testing, new rules, and other activities as needed.
- Assist in coordinating governance and other meetings as needed.
- Manage or participate on risk and controls related projects as needed.
San Francisco is the preferred location.
- 8+ years of experience in one or a combination of the following: trading, desk analyst, or capital markets
- Advanced Microsoft Office skills
- Strong analytical skills with high attention to detail and accuracy
- Excellent verbal, written, and interpersonal communication skills
- Strong organizational, multi-tasking, and prioritizing skills
- Well-grounded in risk governance practice at a Global Systemically Important Bank (GSIB)
- Meaningful knowledge across enterprise risk management framework, including: risk identification, risk appetite and strategy, risk-related decisions, processes and controls, risk analytics and governance
- Strong knowledge and experience with banking book products, e.g., investment portfolio, consumer/commercial loans, deposit and derivatives.
- Dedicated, highly motivated team player with ability to thrive in a demanding environment
- Leadership ability that embodies the Wells Fargo Vision and Values and leadership competencies
- All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.
Relevant military experience is considered for veterans and transitioning service men and women.
Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.