Overview

Job ID 5346014Schedule Type Reg-TimeWork Hours 40Location Charlotte, North Carolina;

Job Description
The Corporate Model Risk (CMoR) group is responsible for independently overseeing the management of model risk exposures and the quality of model risk management practices across Wells Fargo.CMoR is currently seeking a Quantitative Associate to join the team.  This position is a part of a highly skilled Center of Excellence (COE) for developing modeling methodology and practices to advance the Bank’s approach in the area of model development, validation, benchmarking and monitoring.

As a Quantitative Associate, you will work as a full time team member and gain comprehensive professional and industry experience. Associates may be responsible for developing, implementing, calibrating or validating models; for educating business leaders in the strengths and weaknesses of models; and for providing risk leaders with an analysis to successfully use the models to manage their risk. A Quantitative Associate also has the opportunity to interact with Wells Fargo senior leaders and learn about various risk management areas including in depth strategy development, validation and performance analysis.

This individual will interact with Model Validation, Model Monitoring, and Model Development teams.

Knowledge in any one of these three areas: investment management, retail banking, and mortgage credit risk will be a plus. Model validation includes theoretical review of the model construct, as well as development of the independent tests/benchmarks to challenge model from multiple perspectives.

Knowledge and experience in the following areas will be important:

  • Strong mathematical, statistical, analytical and computational skills
  • Ability to communicate to different audiences (other technical staff, senior management and regulators) both verbally and in writing
  • Capability to multi-task and finish work within strict timelines and provide timely requests for information and follow-up questions
  • Skill in managing relationships with key model stakeholders
  • Eagerness to contribute collaboratively on projects and discussions
  • Attention to detail in both analytics and documentation
  • Aptitude for synthesizing data to ‘form a story’ and align information to contrast/compare to industry perspective

The responsibilities for this role may include, but not limited to, the following:

  • Perform core mathematical/statistical model development or validation under the direction of more experienced team members using programming languages and statistical packages such as R, MatLab, SAS, SQL, SPSS, and Mathematica
  • Perform model validations and clearly document evidence of validation activities
  • Providing effective challenge to models developed in the lines of business
  • Reducing model risk to meet or exceed regulatory and industry standards
  • Identifying conceptual weaknesses in a model and understanding tradeoffs with other approaches
  • Communicating model issues and limitations to key stakeholders
  • Contributing to improvement of model building and use practices
  • Providing analytical support and offering insights regarding a wide array of business initiatives
  • Interacting with senior management and regulators on key modeling issues, including the identification, management and mitigation of model risk

Wells Fargo & Company (NYSE: WFC)  Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through our many locations, ATMs, the internet (wellsfargo.com) and mobile banking, as well as offices in 36 countries to support customers who conduct business in the global economy. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

Required Qualifications

  • Completed all requirements, including thesis defense, for a PhD in a quantitative field such as statistics, mathematics, physics, engineering, computer science, or economics

Desired Qualifications

  • Excellent verbal, written, and interpersonal communication skills
  • Strong analytical and quantitative skills
  • Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment

Other Desired Qualifications

  • Prefer hand on experience building or validating mathematical or statistical models in an academic or corporate environment
  • Prefer knowledge and hands-on experience with models in one of these three areas: investment management, retail banking, and mortgage credit risk
  • Knowledge of financial industry practices and regulatory standards applied to model development, model validation and capital
  • Knowledge and experience in finance, econometric, statistical or mathematical methods.

Disclaimer

All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.

Relevant military experience is considered for veterans and transitioning service men and women.

Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.

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