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Wells Fargo’s Model Risk Management (MRM) organization 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.

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, equity prices, commodity prices, mortgage rates, and market liquidity dynamics. Market risk includes, but is not limited to, the risk of economic loss associated with price risk in a trading book, fair-value price risk of available-for-sale (AFS) securities and held-for-sale (HFS) assets, hedge-effectiveness risk associated with a mortgage book, and impairment on private equity investments.

This highly visibly position will interact 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 hence an 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 independently, 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 a keen understanding of industry best practices and tradeoffs between different approaches.

• Communicating model issues and limitations clearly and effectively to key stakeholders in both validation reports and model forums.

• Working with stakeholders to resolve validation findings and review mitigating controls over limitations.

Leadership

• Contributing to the improvement of validation processes by developing and improving standards and procedures.

• Contributing to test automation and efficiency gain.

• Interfacing actively with senior management and key stakeholders on key modeling issues, weaknesses of the processes or procedures, and driving toward practical solutions.

• Engaging effectively with model developer with respect to model risk identification, risk monitoring and risk mitigation.

Required Qualifications

• 4+ years of Quantitative Analytics experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education

• Master's degree or higher in a quantitative discipline such as mathematics, statistics, engineering, physics, economics, or computer science

Desired Qualifications

• A PhD with 2+ years or a Master’s degree with 5+ 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.

• 5+ years of hands-on experiences in Python or C++.

• Knowledge of stochastic calculus, Monte Carlo methods, and finite difference methods.

• Knowledge of derivative products derivatives (futures, swaps, vanilla options, exotic options, or asset back securities), derivative pricing models, market risk models, or counterparty credit risk exposure models; and knowledge in and capital markets

• Good verbal, written, and interpersonal communication skills and ability to convey results to diverse audiences, of either technical or non-technical background.

• Understanding of general derivative pricing theories, strong hand-on experiences with model development, research, or validation in derivatives pricing, market risk, or counterparty models.

• Ability to engage diverse stakeholders for the planning and completing of complex model validation projects independently and effectively.

• Familiarity with regulatory requirements for sound model risk management practices such as SR 11-7, SR 15-18, or Basel - FRTB.

Job Expectations:

• Willingness to work on-site at stated location on the job opening.

• This position offers a hybrid work schedule.

• Visa Sponsorship is available.

Job Posting Location:

• 401 S Tryon St, Charlotte, NC

Posting End Date:

5 Dec 2024

*Job posting may come down early due to volume of applicants.

We Value Diversity

At 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.

Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.

Applicants with Disabilities

To request a medical accommodation during the application or interview process, visit Disability Inclusion at Wells Fargo (https://www.wellsfargojobs.com/en/diversity/disability-inclusion/) .

Drug and Alcohol Policy

Wells Fargo maintains a drug free workplace. Please see our Drug and Alcohol Policy (https://www.wellsfargojobs.com/en/wells-fargo-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.

Req Number: R-419408