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At Wells Fargo, we are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
As the company's second line of defense, Corporate Risk — or Independent Risk Management — provides independent oversight of risk-taking activities. Independent Risk Management establishes and maintains Wells Fargo's risk management program and provides oversight, including challenges to and independent assessment of, the frontline's execution of its risk management responsibilities. We manage risk according to the Risk Management Framework and ensure all employees understand their individual accountability for managing risk.
The Corporate Model Risk Group (CMoR) is seeking an experienced analyst to join its model validation team. Our diverse lines of business offer a world of opportunity to expand your capabilities and advance your career. We invest in our people and provide a supportive environment in which to learn and grow.
CMoR is responsible for independently overseeing the management of model risk exposures and the quality of model risk management practices across the company. Market risk models are used to measure the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, and equity and commodity prices, as well as mortgage rates and market liquidity dynamics. Market risk includes, but is not limited to, the risk of economic loss associated with price risk in the trading book, fair-value price risk of available-for-sale (AFS) securities and held-for-sale (HFS) assets, hedge-effectiveness risk associated with the mortgage book, and impairment on private equity investments.
The Market Model Validation team is responsible for reviewing and approving models uses by CIB Markets covering derivative pricing models used for Commodity, CMBS, Credit, Equity, FX, Rates, and RMBS trading desks, counterparty credit risk models for credit valuation adjustments and potential future exposures, and market risk models for VaR, margin, expected Shortfall, and stress-testing. This position reports to head of Market Model Validation team and works closely with both internal and external stakeholders for effective and efficient implementation of Wells Fargo’s model risk management framework, policies, and procedures. Therefore it requires someone with strong experiences in model risk management practices, understanding of capital markets and modeling approaches, an ability to develop and maintain strong strategic partnerships, and leadership in communication with different audiences (technical staff, senior management, and regulators). The team operates in a fast paced environment and the ability to multi-task and meet strict timelines is critical.
Responsibilities for this role will include, but not be limited to, the following:
Lead design and implementation of reporting and operation of model review activities across the lifecycle of model risk management: planning, execution, validation finding resolution, performance monitoring, and reporting.
Contribute to the improvement of validation processes by identifying opportunities for process standardization, developing framework for automation, and improving standards and procedures for model validation activities.
Manage the team Wiki pages, coordinate team leads to develop training materials, train team members about standards and procedures, coordinate with model risk governance and other validation teams for CMoR wide process standardization and improvements.
Perform quality assurance responsibilities by sampling validation reports for compliance with standards and procedures and formulate improvement steps for identified gaps.
Communicate effectively with regulators, internal audits, and other key stakeholders with respect to standards, procedures, validation activities, and control.
4+ years of experience in an advanced scientific or mathematical field
A master's degree or higher in a quantitative field such as mathematics, statistics, engineering, physics, economics, or computer science
Other Desired Qualifications
8+ year of relevant experiences in model risk, model development, research, or validation in the areas of financial derivatives, market risk, or counterparty credit risk at financial firms, software companies, consulting firms, regulatory bodies, or other relevant institutions.
Knowledge of financial derivatives, capital markets, and general derivative pricing theories
Other Desired Qualifications
Capital markets and derivatives: knowledge of financial derivatives (futures, swaps, vanilla options, exotic options, or asset back securities), capital market structures, and market risk management practices.
Quantitative and numerical methods skills: solid background in mathematical and /or statistical techniques such as numerical approximations, finite difference methods for PDE, Monte Carlo simulation, optimization, or other statistical methodologies.
Programming: experiences with model development and performance testing methodology using a programming language like Python, C++, Matlab or SAS.
Proven records in operation excellence, risk governance process, and control
Knowledge and understanding of stochastic processes and numerical methods
Communication: excellent verbal and written communication skills. Ability to summarize, document, and communicate critical information. Ability to convey results to diverse audiences, of either technical or non-technical background.
Project management and business acumen: ability to engage diverse stakeholders for the planning and completing of complex projects with a strong mindset of operational excellence.
Model risk management framework: familiarity with sound model development process like validation, testing, and documentation standards, with a general understanding of regulatory requirements like SR 11-7, SR 15-18, and Basel.
NC-Charlotte: 401 S Tryon St - Charlotte, NC NY-New York: 150 E 42nd St - New York, NY
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.
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
www.wellsfargo.com | Twitter: @WellsFargo