Wells Fargo

Location:

Charlotte, North Carolina

Country:

US

Approximate Salary:

Not Specified

Position Type:

Full Time

Phone:

415) 820-7800

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Market Risk Consultant 2

Wells Fargo - Charlotte, North Carolina

Posted: 11/2/2018

Job Description

At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

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.

The Market and Counterparty Risk Management Group (MCRM) within the Corporate Credit & Market Risk organization provides company-wide leadership, support, and oversight to ensure effective understanding and management of market and counterparty risk across the company. The Risk Management framework includes the identification, measurement, approval, pricing, aggregation and reporting of counterparty credit risk.

The Corporate Market Risk Oversight ("CMRO") group is responsible for providing independent identification, review, analysis, and monitoring of market risks across Wells Fargo Corporation, including Rates, Commodities, Equities, Municipals and Structured Products.

Oversight officers work closely with multiple lines of business and related trading desks as well as Risk Analytics, Technology, Finance and other business partners. They play a key role in ensuring the completeness and accuracy of all market risk measurements including Value-at-Risk (VaR), Stress scenario exposure, and "Greeks". CMRO team members develop, generate and monitor reports for the desk and business-specific risks.

The position

Wells Fargo has recently been phased in as an active firm for the bilateral initial margin rule to post/collect IM on its un-cleared derivatives, and to comply with these regulatory requirements we have adopted the Standard Initial Margin Model (SIMM) (developed by ISDA), which is a risk factor sensitivity based calculation. This Market Risk Officer position focuses primarily on the monitoring and reporting of the Initial Margin (‘IM’) as well as resolving and escalating IM issues. This team member will also support senior MRO and collaborate with Wells Fargo Securities (WFS) Margin Optimization sub-desk in the Contingent Portfolio Group to analyze the risk, manage the exposure and improve the firm’s overall margin efficiency.

Responsibilities will include:

  • Develop automated tools to monitor overnight SIMM sensitivity generation and validation reports, confirming that reasonableness of the SIMM risk sensitivities.
  • Analyze vendor generated IM amounts based on our submitted sensitivities to confirm consistency and to accurately attribute changes.
  • Run and maintain daily reporting related to initial margin, including calculation comparisons with counterparties and aggregate initial margin risk sensitivities. Detect, analyze and explain the daily changes.
  • Work with various business partners (Collateral, Front and Middle Office, Technology, Risk Analytics and CMRO) to investigate differences with counterparties around population or sensitivities and contribute to the resolution process.
  • Provide commentary to senior management as it relates to the associated initial margin exposures.
  • Collaborate with Front Office and support partners on new initiatives related to reporting and/or optimization of the Wells Fargo initial margin process.
  • Actively participate in the on-boarding of Phase 4 and Phase 5 firms through rigorous testing. This position will also have an active role in testing impacts of changes to SIMM which is driven by industry working groups.
  • Provide assistance to other CMRO team members and the business areas they cover for all matters related to initial margin on un-cleared derivatives.
  • Work with FO quants, Risk Analytics and other CMRO teams to develop ad-hoc what-if analysis tools to assess the likely IM impacts on the potential bilateral trades.
  • Provide cross coverage of the XVA reporting needs when necessary.
Required Qualifications

  • 2+ years of capital markets experience, desk analyst experience, or a combination of both
Desired Qualifications

  • Intermediate Microsoft Office skills
  • Strong analytical skills with high attention to detail and accuracy
  • Excellent verbal, written, and interpersonal communication skills
  • Ability to motivate staff to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
  • Financial Risk Management Certificate (FRM)
  • Chartered Financial Analyst (CFA) designation or demonstrated progress toward the designation
Other Desired Qualifications
  • Strong interpersonal and communication skills, and the ability to work effectively with a wide range of business partners including Front Office, operations and technology.
  • Analytical and mathematical experience.
  • Experience with Excel, VBA and database queries (SQL).
  • Bachelor’s degree in finance, math, physics, economics, statistics, computer science, or engineering.
  • Familiarity with derivatives in multiple asset classes (Interest Rates, Commodities, FX, Equity and Credit).
  • Experience with and knowledge of market risk measurements and risk drivers for the derivatives mentioned above.

Disclaimer

  • 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.

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