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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.
This highly visibly position will provide interaction with various key model stakeholders and therefore requires someone with the ability to develop and maintain strong strategic partnerships. The ability to communicate with different audiences (technical staff, senior management, regulators) both verbally and in writing is very important. 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:
Model validation • Completing model validations timely and effectively under firm’s model risk management policies, regulatory guidance, and industry best practices. • Reducing model risk to meet or exceed regulatory and industry standards with effective challenges to business models in the areas of developmental data, framework, assumptions, specification, and implementation. • Identifying model weaknesses with keen understanding of industry best practices and tradeoffs between different approaches. • Communicating clearly and effectively model issues and limitations to key stakeholders in both validation reports and model forums. • Working with stakeholders to resolve validation findings and mitigating controls over limitations.
Leadership • Contributing to the improvement of validation processes by developing and improving standards and procedures. • Leading and contributing to model libraries, testing automation tools, and training of junior team members. • Interfacing actively with senior management and key stakeholders on key modeling issues, weaknesses of the processes or procedures, and driving practical solutions. • Engaging effectively with regulators, internal audits, and other key stakeholders with respect to models, validation activities, model risk identification, and model risk management.
6+ 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
A PhD in a quantitative discipline
Good verbal, written, and interpersonal communication skills
Knowledge and understanding of stochastic processes and numerical methods
Other Desired Qualifications
A PhD with 6+ years or a Master’s degree with 10+ year of relevant experiences in model development, research, or validation in the areas of financial derivatives, market risk, or counterparty credit risk at financial institutions, software companies, teaching/research institutions, or other related entities.
Knowledge of financial derivatives, capital markets, and general derivative pricing theories
Strong Experience with model development or validation for mortgage trading models including
Interest rate models and rates derivative pricing;
Prepayment Model, Pricing Model and Risk Analysis for RMBS;
Pricing and Risk Analysis for Structured Products such as CMBS, ABS and CDO etc.;
Experience with pricing and risk analytics for credit products, counterparty credit risk related Models is a plus;
Strong programming skills in one or more of the following: C++, Matlab, Python, R and SAS
Experience with numerical methods such as Monte Carlo, PDE, optimization and regression etc.; good Experience in research;
Work experience as Front Office quant or model validator
Experience with model development and testing methodology
Understanding of model usage for Value-at-Risk and CCAR/Stress test
Understanding of the regulatory environment and it’s relation to model development and model validation.
Communication: excellent verbal and written communication skills: an ability to document and communicate critical information and share results with a variety of audiences, of either technical or non-technical background.
Project management: Ability to engage developers to plan for and complete complex model validation projects independently
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.
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