About this role:Wells Fargo is seeking a Senior Lead Quantitative Solutions Specialist to join the Market Risk Model Validation Team within Model Risk Management (MRM).Markets divisions of Model Risk Management (MRM) 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 the ability to develop and maintain strong strategic partnerships. The ability to communicate with different audiences (technical specialist, senior management, regulators) both verbally and written is very important. The team operates in a fast-paced environment and the ability to multi-task and meet strict timelines is critical.In this role, you will:
Execute Model performance oversight and validation.
Review monitoring plans and model performance and provide credible challenge to models for all uses, especially as it pertains to compensating controls and overlays.
Perform model validations in a timely and effective manner in accordance with firm's model risk management policies, regulatory guidance, and industry best practices.
Provide effective challenges to models in the areas of developmental data, framework, assumptions, specification, and implementation.
Identify model weaknesses with keen understanding of industry best practices and tradeoffs between different approaches.
Communicating clearly and effectively model performance issues and limitations to key stakeholders in the line of business, market and counterparty risk and model risk forums.
Work with stakeholders to resolve validation findings and review mitigating controls over limitations.
Contribute to the improvement of validation processes by developing and improving standards and procedures.
Engage effectively with senior management, regulators, internal audits, and other key stakeholders with respect to models, validation activities, model risk identification, and model risk management.
Required Qualifications:
7+ years of quantitative model solutions or quantitative model operations experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
Desired Qualifications:
Master's degree or higher in a quantitative field such as Mathematics, Statistics, Engineering, Physics, Mathematical Finance, Quantitative Economics, or Computer Science.
Knowledge and understanding of stochastic processes, numerical methods, capital markets and general derivative pricing theories.
Ability to communicate clearly and effectively across different line of business, leaders, auditors, and regulators.
Capability to multi-task and finish work within strict timelines and provide timely requests for information and follow-up questions.
Ability to work independently on complex models from start to finish.
Eagerness to contribute collaboratively on projects and discussions.
Perpetual interest in learning something new but being comfortable with not knowing the all the answers.
Attention to detail in both analytics and documentation.
Job Expectations:
This position is eligible for Visa sponsorship.
Ability to travel up to 10% of the time.
Willingness to work on-site at stated location on the job opening.
This position offers a hybrid work schedule.
Pay RangeReflected is the base pay range offered for this position. Pay may vary depending on factors including but not limited to achievements, skills, experience, or work location. The range listed is just one component of the compensation package offered to candidates.$144,400.00 - $300,000.00BenefitsWells Fargo provides eligible employees with a comprehensive set of benefits, many of which are listed below. Visit Benefits - Wells Fargo Jobs for an overview of the following benefit plans and programs offered to employees.
Health benefits
401(k) Plan
Paid time off
Disability benefits
Life insurance, critical illness insurance, and accident insurance
Parental leave
Critical caregiving leave
Discounts and savings
Commuter benefits
Tuition reimbursement
Scholarships for dependent children
Adoption reimbursement
Posting End Date:29 Sep 2024 Job posting may come down early due to volume of applicants.We Value DiversityAt Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit's risk appetite and all risk and compliance program requirements.Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other legally protected characteristic.Applicants with DisabilitiesTo request a medical accommodation during the application or interview process, visit Disability Inclusion at Wells Fargo .Drug and Alcohol PolicyWells Fargo maintains a drug free workplace. Please see our Drug and Alcohol Policy to learn more.Wells Fargo Recruitment and Hiring Requirements:a. Third-Party recordings are prohibited unless authorized by Wells Fargo.b. Wells Fargo requires you to directly represent your own experiences during the recruiting and hiring process.Company: WELLS FARGO BANKReq Number: R-403059-5Updated: Sat Sep 21 02:22:10 UTC 2024Location: WEST DES MOINES,Iowa