During the application process, ensure your contact information (email and phone number) is up to date and upload your current resume when submitting your application for consideration. To participate in some selection activities you will need to respond to an invitation. The invitation can be sent by both email and text message. In order to receive text message invitations, your profile must include a mobile phone number designated as “Personal Cell” or “Cellular” in the contact information of your application.
At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Corporate Risk helps all Wells Fargo businesses identify and manage risk. The team focuses on several key risk types, including conduct, credit, financial crimes, information security, interest rate, liquidity, market, model, operational, regulatory compliance, reputation, strategic, and technology risk.
The group provides leadership, enhances communications, assists with problem identification and solutions, and shares best practices. In addition, the group provides an enterprise-wide view of risk, assists management and our Board of Directors in identifying and monitoring risks that may affect multiple lines of business, and takes appropriate action when business activities exceed the risk tolerance of the company.
The Enterprise Counterparty Risk Management (ECRM) group, within Market and Counterparty Risk Management (MCRM), is responsible for oversight of market risk and counterparty credit risk management across the Wells Fargo Enterprise for capital markets traded products. Key activities include ensuring a sound market risk and counterparty credit risk management framework and infrastructure exists to approve, price, identify, measure, aggregate, and report this exposure throughout the firm. Specialized teams focus on specific risk generating lines of business (FCM, Prime Services, Fixed Income, Equities, etc.), Governance, Oversight, Underwriting, Stress Testing/Capital, Risk Architecture, and Data Governance.
ECRM provides counterparty credit and related capital markets trading activity oversight and governance for the firm. This team of risk management professionals work with key business groups that originate and manage counterparty risk. The originating counterparty credit risk business units include Wholesale Corporate Banking, Wells Fargo Securities, Wealth and Investment Management, Consumer Lending Group (Home Mortgage). Capital markets transactional business groups include Macro (FX and Derivatives), Equities and Securities Trading, Prime Services, FCM, and Funding/Capital & Liquidity amongst other groups.
This senior risk management position will assist in the risk management oversight and analysis of capital market activities for Equities. As with all team members, the individual will have responsibility and accountability for managing risk and will be evaluated on effective risk management, including compliance with applicable laws, rules, regulations, policies and procedures, ethical principles, and the Company’s values.
In addition, this individual will assume model ownership responsibilities for Counterparty Risk models across all asset classes including models used for CCAR and limit monitoring. Model ownership responsibilities include model recalibration review, new product support, model findings remediation, and review of monitoring programs and proxy methodologies consistent with model risk policies.
The Market Risk Manager will use proven leadership and team management skills, as well as his/her knowledge in market and counterparty credit risk management, with strong product knowledge in derivatives across asset classes and especially Equities, to work closely with line of business groups and oversight teams to influence the strategic direction for counterparty risk approval framework for Equities and counterparty risk models. He/She will also utilize their knowledge and understanding of Clearing (CCP and FCM) as well as Prime Brokerage business areas, with subject matter expertise in risk terms and concepts embedded in counterparty legal agreements.
Primary responsibilities for the position include, but are not limited to, the following:
- Lead the counterparty risk oversight team for Equities including credit limit oversight, new transactions and new products approvals.
- Review and implement enhancements to the transactional approval framework for counterparty credit risk primarily in the Equities space working closely with counterparty risk officers across underwriting and oversight teams.
- Carry out model owner responsibilities across all counterparty risk metrics/models (PFE, VaR, Stress, etc.) including full understanding of counterparty risk metrics applied to Derivatives and SFT’s.
- Outline modeling approaches, risk metrics for counterparty risk, and establish model parameters/settings consistent with risk appetite.
- Determine risk methodology/metric needs on new products and new LOB initiatives to accurately risk manage counterparty credit risk and collaborate with Risk Analytics quant team on development requirements and efforts.
- Apply credible challenge constructively to identify areas of improvement in the standard approaches to risk management, demonstrating strong expertise in the areas of Equities.
- Work closely with counterparty and market risk oversight, governance, underwriting and infrastructure teams to deliver on strategic projects timely and accurately for counterparty risk management.
- Understand relevant business, regulatory (risk and capital), and risk requirements pertaining to counterparty and market risk management and influence change in strategic direction.
- Perform data analysis for various risk projects including impact analysis on new, modified, or re-calibrated risk models.
- Build and manage relationships with multiple business partners across lines of business, risk management, internal product control, technology, and risk analytics groups.
- Other leadership responsibilities will evolve along with changing business needs, and include contribution to counterparty credit policies, participation in product audits, conducting impact analysis to underwriters and marketers for decision making, instructing training classes, and working on the counterparty credit risk management aspects of strategic efforts.
10+ years of capital markets and securities industry experience
5+ years of leadership experience
Excellent verbal, written, and interpersonal communication skills
Strong analytical skills with high attention to detail and accuracy
Other Desired Qualifications
Advanced degree in financial engineering, mathematical finance, applied math, physics, or related field (PhD preferred)
Demonstrated experience in counterparty and market risk management with focus on derivatives products
Experience in risk management, risk modeling, and trading system architecture of Commodity, FX, interest Rate, Equity, Credit, and Repo and Reverse Repo products.
Experience with clearing, CCP’s, and margining
Strong understanding of quantitative risk methodologies including statistical testing
Strong understanding of counterparty credit risk concepts (i.e. PFE, EL, credit capital) and/or market risk (i.e. valuation, Monte Carlo, Greeks, VaR) methodologies
Familiarity with various mathematical, statistical, and risk packages (i.e. MATLAB, FinCAD, SAS)
Familiarity with trading desk operations and systems (i.e. Calypso, Endur)
Exposure to regulatory framework for traded products, including Dodd-Frank and Basel
Highly organized and able to prioritize multiple tasks for team members, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
Ability to work independently, assess issues, make quick decisions, implement solutions, build relationships across teams, and influence change
CFA/PRM/FRM certification is a plus
30 Hudson Yards - New York, NY