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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.
The ALM Risk team is part of WFC’s Market and Counterparty Risk group which provides Independent Risk Management under the direction of the Company’s Chief Risk Officer. This position is responsible for leading the Support team of the ALM Risk group and reports to the Head of ALM Risk.
Mismatches between the Company’s asset and liability cash flows can cause risk to WFC’s earnings and capital. Mismatches may be planned given the Company’s view on future business or markets. ALM risk occurs when business or market activity differs from the Company’s plan. Most of the Company’s lines of business contribute to ALM risk, the largest being traditional banking businesses involved in lending, deposit taking, investment or balance sheet hedging. The primary sources of ALM risk include interest rate risk, spread risk, option risk and balance sheet management.
Responsibilities of the ALM Risk Group
The ALM Risk Group provides independent risk oversight for the Company’s ALM risk. The group’s responsibilities can be summarized as follows.
ALM Risk is responsible for establishing the enterprise-wide Functional Frameworks which outline the Company’s overall approach to ALM and investment portfolio risk management, institutionalize the primary risk governance components, and distribute risk management responsibilities across the Company’s three lines of defense.
Identify and Assess
ALM Risk is responsible for the Company’s formal risk identification process, working in collaboration with the Front Line. ALM Risk performs independent risk analysis to ensure that the formally identified risks are well understood and transparent to the Company’s senior management, Board and regulators. ALM Risk prepares a periodic ALM Risk Management Assessment to review the quantity of ALM risk and the quality of Front Line ALM risk management.
Control and Mitigate
ALM Risk serves a central role in the development, refinement, and calibration of ALM and IP risk appetites. With Corporate Treasury’s input, ALM Risk reviews and recommends changes to ALM risk appetite risk metrics and associated boundaries. ALM Risk challenges risk policies and the associated procedures which detail the Front Line controls in place to ensure that risk taking activities are conducted in a safe and controlled manner. ALM Risk ensures that new product business plans will comply with the Board-approved risk appetite and new product processes will be adequately controlled.
Monitor and Report
ALM Risk regularly monitors risk-taking activities, risk exposures, trends in market activity, and the Company’s compliance with the ALM risk appetite, associated limits and policies. ALM Risk is involved with the Front Line in identifying issues, agreeing upon remediation plans, and tracking remediation progress. ALM Risk participates in discussions at senior committees, most notably Corporate ALCO, the Market Risk Committee, the New Business Initiatives Committee, CAPCO, and the Hedge Accounting Committee. ALM Risk presents independent risk reports to the Board, Corporate ALCO, the Enterprise Risk Committee & the Market Risk Committee. ALM Risk meets monthly with the Company’s primary regulators.
Test and Validate
ALM Risk provides credible challenge to the ALM risk management strategies and assumptions used by Corporate Treasury, including those provided by LOBs and COEs in their scenario modeling activities. Particular attention is given to the use of management judgement involved in business-plan forecasting, stress testing, model adjustments, earnings simulations, and the measurement of key risk metrics. ALM Risk monitors and challenges model usage for 140 front line business models owned by Corporate ALM, the Balance Sheet COE, the IP and other LOB who provide information to Corporate ALM to run the ALM modeling framework.
Structure of the ALM Risk team
The ALM Risk team is organized into five sub-teams.
- Balance Sheet Risk is responsible for ALM governance and oversight.
- IP Risk is responsible for Investment Portfolio governance and oversight.
- Specialty Risk is responsible for market risk governance and oversight of the IP Private business including WF Reinsurance, Bank Owned Life Insurance, and Renewable Energy and Environmental Funding.
- ALM Analytics assists all of the governance teams in matters related to quantitative analytics.
- ALM Support assists all of the governance teams in matters related to the interface between ALM Risk and the Company’s technology resources, process management, reporting, data governance, model governance, and general risk governance procedures.
ALM Risk’s Support team
The Support team has three primary functions
Process Management – The team maintains a master calendar for ALM Risk responsibilities to assist the governance teams from a process management point of view.
Reporting - The team builds and maintains tools for analyzing data (e.g. Tableau) and generates a variety of regular reports for senior managers, committees, the Company’s Board and regulators.
Data and Technology - The team is responsible for data governance and act as an interface between ALM Risk and the Company’s technology resources. The team works closely with the ALM Analytics team to run various modeling functions (e.g. QRM, MARS).
Governance – This team supports the risk oversight teams in maintaining the basic building blocks of the ALM Risk governance framework including risk appetite statements, risk limits, risk policies and procedures. This includes the governance frameworks owned by ALM Risk as well as governance frameworks owned by other areas of the Company which affect ALM Risk.
- 10+ years of capital markets and securities industry experience
- 5+ years of leadership experience
- 3+ years of management experience
- At least 5 years of direct experience in quantitative analytics, process management and risk governance
- At least 5 years of experience in one of Independent Risk Management, Asset Liability Management or Investment Portfolio Management
- 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.