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 Fiduciary & Investment Risk Oversight Group (FIRO), within Corporate Risk, provides independent risk oversight of (1) front-line fiduciary and investment risk-taking and risk management activities and (2) model risk within Wealth and Investment Management (WIM) businesses.
The Market Risk Consultant 2 role is within Corporate Model Functional Oversight (CFMO) team of FIRO and relates to FIRO’s independent model risk oversight activity. The CFMO team provides subject matter expertise in WIM and is responsible and accountable for certain model life-cycle activities for WIM models: model identification, risk ranking, performance monitoring, usage, and change management. The team collaborates with relevant stakeholders for other model life-cycle activities such as model validation.
The type of models FIRO CFMO team covers include investment/retirement planning, capital market assumptions, asset allocation strategies, multi-factor investment models, portfolio construction, asset valuation, security screening, trading, portfolio risk/performance attribution and others. The WIM businesses covered include Asset Management, Wealth Management, Wealth Advisory, Retirement, Trust and Investment Institute.
The successful candidate is expected to provide sound business perspective and practical understanding of how Fiduciary & Investment models are built and used, and their anticipated performance given certain market conditions.
Responsibilities of this position include, but are not limited to:
- Work closely with stakeholders such as Line Of Businesses (LOBs), front-line governance and Corporate Model Risk (CMoR) governance to risk rank quantitative and qualitative WIM models according to FIRO CFMO standards and model risk ranking methodologies, and provide credible challenges to ensure risk ratings reflect inherent model risks.
- Work closely with stakeholders to evaluate completeness of WIM models in the model inventory. Provide credible challenges for models, especially the ones with sizable model risk, not included in the inventory.
- Review and understand CMoR model policy/governance documents, update CFMO standard documents, and modify and calibrate FIRO CFMO risk ranking templates when 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.
- Provide credible challenges to model usage which includes model limitations/restrictions, input assumptions, robustness of output and incorrect or unapproved use of models.
- Review and approve model changes and documented exceptions.
- Review model development and validation documents, and validation findings. For qualitative models, provide subject matter expertise and perform model validation if necessary.
- Work closely with stakeholders to promote and ensure compliance with regulatory expectations for model risk management.
- Assist in resolving audit and regulatory issues related to model risks.
- 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.
The only locations for this position that will be considered will be in Boston, MA, San Francisco, CA, and Charlotte, NC.Required Qualifications
- 2+ years of capital markets experience, desk analyst experience, or a combination of both
- Intermediate Microsoft Office skills
- Strong analytical skills with high attention to detail and accuracy
- Excellent verbal, written, and interpersonal communication skills
- 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
Our ideal candidate will represent the following skills or experience.
- 2+ years in wealth and investment management industry or related experience in one or a combination of the following: investment research, investment risk management, portfolio management, capital markets, financial modeling and wealth management
- Master’s Degree or higher in Finance, Investment, Statistics, Economics, or equivalent work experience.
- Experience with WIM models as a model developer or validator, or in a model oversight 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 model risk along complexity, fiduciary, and materiality dimensions.
- Hands-on skills and knowledge of investment tools and platforms such as FactSet, MSCI/Barra, Bloomberg, Axioma, Morningstar Direct or similar is preferred.
- Exposure to math/stat packages such as MATLAB, R, Python, or SAS
MA-Boston: 1 Boston Pl - Boston, MA
CA-SF-Financial District: 550 California St - San Francisco, CA
NC-Charlotte: 301 S Tryon St - Charlotte, NC
- 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.