Wells Fargo

Job Category:

Technology and Risk, Risk/Compliance, Corporate Functions

Location:

Wilmington, Delaware

Country:

United States

Postal Code:

19801

Approximate Salary:

Not Specified

Position Type:

Full Time

Phone:

415) 820-7800

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Market Risk Consultant 3 - Qualitative Model Validation

Wells Fargo - Wilmington, Delaware

Posted: 09/16/2018

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.

About Wells Fargo: 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 (wellsfargo.com), 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 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 responsible for the quality, and completion of model validation to support business activities in areas of subject matter expertise, including Stress Testing (DFAST/CCAR) and Resolution Planning as applicable.

Specifically this individual will have responsibility to:

  • 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-practices

The 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.

** Will consider Major WF Hub location but highly prefer Charlotte, NC**

Required Qualifications

  • 3+ years of experience in one or a combination of the following: trading, desk analyst, or capital markets
  • 5+ years of experience with market risk models
Desired Qualifications

  • Intermediate Microsoft Office skills
  • Strong analytical skills with high attention to detail and accuracy
  • Excellent verbal, written, and interpersonal communication skills
Other Desired Qualifications

4+ years of experience in one or more of these following areas:

Market Risk, Counter Party, Capital Markets:

  • Strong understanding of financial markets and products; reporting of model use and performance
  • Strong understanding of forecasting process and methodology for OTTI, OCI and PPNR
  • Experience in valuation if financial instruments including structured products
  • Understanding of components of Counter Party risk measurement of financial instruments
  • Knowledge of CCAR/MCST assumptions and evaluate methodology to forecast risk drivers for different asset classes
  • Knowledge/experience with Basel RWA methodologies.
  • Understanding of market risk metrics and methodologies

In addition to the desired skills above:

  • Proficiency managing databases, spreadsheets, and programming (understanding code and coding).
  • Strong analytical skills with high attention to detail and accuracy
  • 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
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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