Wells Fargo

Job Category:

Risk/Compliance

Location:

San Francisco, California

Country:

United States

Postal Code:

94102

Approximate Salary:

Not Specified

Position Type:

Full Time

Phone:

415) 820-7800

Market Risk Consultant 2

Wells Fargo - San Francisco, California

Posted: 10/11/2018

Job Description

At Wells Fargo, we have one goal: to satisfy our customers’ financial needs and help them achieve their dreams. 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.

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 stores, 13,000 ATMs, on-line (wellsfargo.com), and mobile devices.

We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo location is a headquarters for satisfying our customers’ financial needs and helping them succeed financially. We do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 273,000 team members in 42 countries and territories across our more than 90 businesses. At the end of the first quarter 2017, Wells Fargo ranked third in assets among U.S. banks.

Our vision: “We want to satisfy all our customers’ financial needs and help them succeed financially.”

The Position

The Fiduciary & Investment Risk Oversight Group (FIRO), within Corporate Risk, is responsible for independently overseeing a broad collection of activities and risk types. Our environment continues to be one of heightened standards, raised risk consciousness, and regulatory requirements. This role provides credible challenge to the lines of business, consistent with the Wells Fargo Vision & Values and risk appetite.

The Market Risk Consultant 2 will be a part of the Corporate Model Functional Oversight (CFMO) team within FIRO. The CFMO team performs second line of defense function for Quantitative and Qualitative models used in Wells Fargo Wealth and Investment (WIM) businesses, and is responsible and accountable for certain model life-cycle activities: model identification, risk ranking, performance monitoring, usage and change management. For other model life cycle activities such as model validation, CFMO team collaborates closely with relevant partners including model validation and second line of defense governance teams.

The type of models FIRO CFMO team covers include investment planning, Capital Market Assumptions, Strategic/Cyclical/Tactical allocation strategies, factor models (alpha, beta, volatility, US/Emerging Markets and others), portfolio construction, fixed income valuation, security screening, pre and post trade analysis, risk/performance attribution and others. The WIM businesses where these models are used range from Asset Management, Wealth Management, Advisory, Retirement, Trust and Investment Institute.

The successful candidate is expected to provide a sound business perspective and practical understanding of how Fiduciary & Investment models are used, and their anticipated performance given certain market conditions.

Position Responsibilities

Responsibilities of this position include, but are not limited to:

  • Work closely with Line Of Businesses (LOBs), First Line governance and Corporate Model Risk (CMoR) governance to risk rank Quantitative and Qualitative WIM models according to FIRO’s CFMO standards and model risk ranking methodologies, and provide credible challenges to ensure risk ratings reflect inherent model risks.
  • Work closely with First Line model governance team, LOBs and CMoR to evaluate completeness of
    Qualitative and Quantitative models in the model inventory for WIM businesses. Provide credible challenges for models, especially the ones with sizable model risk, missing from the inventory.
  • Review and understand various CMoR and FIRO policy and governance documents, and assist in updating CFMO standard documents. Assist in updating and calibrating FIRO CFMO risk ranking templates if necessary.
  • Assist in developing performance monitoring metrics, triggering thresholds and action plans for high risk rank models.
  • Review and approve periodic model performance monitoring reports and provide credible challenges to model owners on performance deficiencies. Log performance issues, determine action plan, track issue resolution, and close issues in collaboration with model owners.
  • Provide credible challenges to model usage which includes but not limited to model limitations/restriction, input assumptions, output verification, and incorrect or unapproved use of models.
  • Review and approve model changes and documented exceptions.
  • Review model development and validation document, and partner with validation team to understand the key aspects of the models and validation findings/issues.
  • Work closely with CMoR, First Line, LOBs and Audit to promote and ensure compliance with regulatory expectations for model risk management.
  • Assist with resolving audit and regulatory issues related to FIRO CFMO activities.
  • Work with FIRO’s Quantitative Risk and Research (QRR) team to perform Quantitative analysis pertaining to model usage oversight, and to enhance quantitative research infrastructure and methodologies.

Location

Boston, MA, San Francisco, CA, Charlotte, NC and other WFC hub locations will be considered

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
  • A Master's degree or higher in accounting, finance, or economics
  • Advanced Microsoft Excel skills
  • Ability to work independently
  • Ability to organize and manage multiple priorities
  • Financial Risk Management Certificate (FRM)
  • Chartered Financial Analyst (CFA) designation or demonstrated progress toward the designation
Other Desired Qualifications

Our ideal candidate will represent the following skills or experience.

  • Experience with quantitative and qualitative models/processes used in WIM businesses, in a capacity of model developer, validator, or governance role.
  • General ability to review model development/validation documents, academic literatures, white papers, and other similar documents to understand model methodology, use, limitations, and identify key aspects relevant to model risk.
  • Ability to evaluate the risk of WIM models in terms of complexity, fiduciary exposure, and materiality.
  • 2+ years in wealth and investment management industry experience in one or combination of the following: investment risk analytics, risk management, financial modeling, and model performance analysis.
  • Hands-on skills and knowledge of investment tools and platforms such as FactSet, MSCI/Barra, Bloomberg, Axioma, Morningstar Direct or similar is preferred;
  • Experience in VBA, C/C++ or math/stat packages such as MATLAB, R, Python, or SAS.

#WFRisk job

#ESGrisk

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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