Market Risk Officer - Model Oversight

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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 Market & Counterparty Risk Management (MCRM) organization is responsible for independently overseeing the management of market and counterparty risk exposures. The group is responsible for the identification, measurement, approval, pricing, aggregation and reporting of market and counterparty credit risk. Within MCRM, the Corporate Market Risk Group (CMRG) is responsible for market risk management. The Corporate Functional Model Oversight for Market and Counterparty Risk models ('Market and Counterparty Risk CFMO') is part of the Corporate Market Risk Group (CMRG).

The Market and Counterparty Risk CFMO is a subject matter expert for models used to measure market and counterparty risk. These models are used to price and hedge trading transactions, as well as measure the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, mortgage rates, market liquidity dynamics, or counterparty defaults. He or she is expected to provide a sound business perspective and practical understanding of how Market and Counterparty Risk models are used, and their anticipated performance given certain market conditions.

Market and Counterparty Risk CFMO responsibilities may be categorized in the following areas:

• Model oversight and credible challenge. The Market and Counterparty Risk CFMO provides model oversight – that models are appropriate for their specific intended use, and perform as expected under business as usual and stressed market conditions
• Compliance with policies and regulatory expectations. The Market and Counterparty Risk CFMO promotes compliance with regulatory expectations and other standards specific to the function

Additionally, the Market and Counterparty Risk CFMO:

• Operates in a fast-paced environment, and interacts on a daily basis with a broad range of business partners ranging from traders, market and counterparty risk officers, quants and risk staff
• Reviews and approves the use of models for pricing, hedging and risk measurement of trading transactions and counterparty risk
• Is expected to provide credible challenge to models, especially as it pertains to their performance or their use given specific market conditions, in an environment of heightened regulatory expectations
• Provides analysis and communicates with multiple committees, including those responsible for market risk and model risk
• Has a deep knowledge of regulatory guidance and firm policies. Must be able to interpret them and provide guidance to business partners
• Provides project management expertise and leadership to ensure plans are in place and progress is being made in resolution of model issues

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  7+ years of experience in one or a combination of the following: market risk, capital markets, trading, or interest rate risk

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  Excellent verbal, written, and interpersonal communication skills
• Strong analytical skills with high attention to detail and accuracy

• Ideally possess 8+ years of experience in one or a combination of the following: trading, market risk, counterparty risk, capital markets or on a quantitative analytics team
• Prefer 8+ years of experience with analytical methods used in derivatives pricing, trading risk management, or statistical analysis
• In-depth experience in model risk management, modeling, or analytics
• Experience with financial modeling and model performance analysis. Familiar with a variety of valuation and risk models across different markets and products, preferably in a capacity of model developer, validator, or governance role
• Knowledge and understanding of risk model assessment and outputs
• Strong interpersonal skills to work effectively with a wide range of business partners including: model risk governance, quantitative analysts, traders and trading management, risk officers, operations, technology, and other groups.
• Excellent written skills with experience at reviewing policies/regulatory requirements and translating into applicable business requirements
• A Master's degree or higher in a quantitative discipline
• Experience developing partnerships and collaborating with other business and functional areas
• Knowledge and understanding of technical documents and procedures developments
• Reliable team player with strong personal integrity, work ethic and positive attitude
• Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment