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Wholesale Banking provides financial solutions to businesses across the United States and globally. Our four major business lines include Corporate & Investment Banking, Commercial Banking, Commercial Real Estate, and Wells Fargo Commercial Capital. We also have groups in credit risk, group risk, finance, marketing, human relations, and the Wholesale Chief Operating Office that support our businesses.
This position is within the CIB Business Risk and Control Team, which is responsible for effective governance, design, implementation, monitoring, and reporting of risk and controls within CIB. The Equity Research Business Risk and Control Officer will provide dedicated coverage for the Equities business (Cash Trading, Derivatives Trading, Prime Services, Research) with focus on Equity Research. The individual will be responsible for partnering with Compliance, Operations, Technology and the Business to implement corporate risk program requirements such as Governance, Process Mapping, Risk-Control Self Assessment (RCSA), Self-Assurance, and Issues Management. This position requires a broad understanding of Equities Research (sales and advisory) in addition to related Operations,Technology, Compliance and market best practices. The Business Risk and Control officer will support the Senior Risk and Control officer for daily coverage responsibilities. Specific responsibilities include:
- Execute process inventory maintenance and related process mapping, risk and control assessment, gap identification and recording in corporate risk systems of record.
- Assist with the advancement of core risk program requirements such as RCSA, Self-Assurance, Issues Management, Process Mapping, loss capture as well as related enterprise risk programs (BCP, Information Security, Sales Practices, Conduct Risk, etc.)
- Provide supporting information to assist with determination of the product-risk portfolio profile, rating and trend for coverage areas across the L1 and L2 risk types defined in the Corporate Risk Management Framework.
- Management reporting: Establish and update regular risk reports for communication of risk ratings, issues and key topics.
- Partner with the business and support teams to provide operational risk expertise and consulting for projects and platform initiatives.
- Conduct risk assessments to evaluate the adequacy and effectiveness of policies, procedures, processes, systems, technology and internal controls.
- Analyze business, industry, system changes or other material business environment changes to determine impact, identify and assess operational risk issues.
- Report risk assessment findings through corporate risk system of record and related reporting channels.
Team members 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.
7+ years of experience in risk management (includes compliance, financial crimes, operational risk, audit, legal, credit risk, market risk, IT systems security, business process management) or 7+ years of financial services industry experience, of which 5+ years must include direct experience in risk management
A BS/BA degree or higher
Other Desired Qualifications
- Broad knowledge of Equity Research Sales and Advisory functions
- Familiarity with Cash Trading (high tough and low touch) and related controls.
- Understanding of research regulation such as FINRA 2241 & 2242, Rule 138 & 139
- Understanding of Mifid
- Understanding of MNPI, conflicts of interest and information barriers
- Strong project management skills and ability to liaise with technology for control requirements
- Experience with Governance, Enterprise Risk Management frameworks, Process Mapping, RCSA and related processes.
- Experience with SOC1, COSO and Self-Assurance activities.
Ability to travel up to 10% of the time