Operational Risk Officer- Home Lending -Mortgage Servicing -Operational Risk Oversight
Wells Fargo
2021-12-03 23:00:06
West Des Moines,
Iowa,
United States
Job type: fulltime
Job industry: Banking & Financial Services
Job description
Job Description
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Important Note: 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 are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
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. Corporate Risk roles depend on a variety of skills, including: Data analysis and synthesis, root cause analysis, change management, process management & execution, risk governance, risk strategy, risk identification & assessment, risk prevention, controls & mitigation, risk monitoring, reporting & escalation, risk systems & technology.
Operational Risk Business Oversight (ORBO)
The ORBO team is responsible for aggregated business oversight and challenge of each front-line business unit within Wells Fargo. This team does targeted reviews of realized and emerging risks to identify opportunities to strengthen risk management practices related to controls. The team's mission is to drive improvement in operational risk management effectiveness and performance through comprehensive oversight of the front line, proactive independent risk reviews, and delivery of actionable IRM analytics and intelligence that support oversight and credible challenge activities.
The Role
This Operational Risk Business Oversight Officer is responsible for the independent oversight of front line operational risk management effectiveness of the Home Lending / Mortgage Servicing business. This individual contributor is recognized as an industry or subject matter expert in operational risk. The role is expected to engage with senior business and risk leaders within the business to influence and challenge risk management activities and decisions. Operational Risk is the risk resulting from inadequate or failed internal controls and processes, people and systems, or resulting from external events. Operational Risk is inherent in all Wells Fargo products and services as it often arises in the presence of other risk types.
This role is responsible for developing, implementing, and monitoring risk-based programs to identify, assess, and mitigate any operational risk that arises from inadequate or failed internal processes, people, systems or external events, while maintaining a balance between risk mitigation and operational efficiency. This role will support the Home Lending & Consumer Lending Operational Risk Business Oversight Leader with all matters pertaining to operational risk and is considered a thought leader and subject matter expert for operational risk activities across this business grouping. In this capacity, this role reviews and challenges significant front line operational risk program execution, including, but not limited to, external fraud, information risk management, safety and physical security, transaction processing and execution, third-party risk management and various risk assessment policies and programs. This role will also develop detailed understanding of business strategy, the customer base, products and services and other relevant industry issues, frameworks and emerging risks.
Specific responsibilities include:
- Use subject matter expertise and industry knowledge to provide independent oversight and credible challenge to the Line of Business's operational risk management activities related to Home Lending / Mortgage Servicing Business with additional expertise on broader Consumer Lending Business (Home Lending, Auto Lending, Credit Cards, Merchant Services, Personal Lending and Shared Services).
- Implementation and sustainability of the Wells Fargo Operational Risk Management framework within the Home Lending / Mortgage Servicing business including the critical elements of Risk Governance, the Risk Management Lifecycle (plan, identify and assess, control, monitor and report, and test and validate), and Risk Enablers
- Direct engagement with the Home & Consumer Lending team, Control Executive team, Business Heads and Independent Risk leaders to promote a strong operational risk culture
- Important: Active operational risk monitoring, assessment and independent testing of business processes, controls, self-assurance activities, risk and control self assessment (RCSA) at risk accessible units (RAU) level, challenge KRIs/Metrics and so on.
- Important: Oversee Change Management (both Agile & Waterfall) and ability to review / challenge business' framework, change design & implementation, various testings (unit, user acceptance, regression, systems) and ability to review detailed change records (entire population or sampling) to identify thematic issues and so on.
- Expertise on Home Lending / Mortgage Servicing regulatory and investor requirements (Fannie, Freddie, etc) and review / challenge requirements library implemented by business
- Ability to work with other risk groups (compliance, credit). Need to have an audit-mindset to critically review business information with subjective and objective criteria
- Perform independent risk assessment of the front line, inclusive of emerging risks
- Review and challenge of front line risk acceptances and new business initiatives and change management routines
- Designs and develops the most complex testing strategies, methodologies and analyses; evaluates the adequacy and effectiveness of policies, procedures, processes, systems and internal controls
- Influence appropriate risk management prioritization by the front line to enable the business to meet strategic objectives, while meeting operational risk program expectations
- Works with the most complex business units and provides operational risk expertise and consulting for projects and initiatives with high risk, generally spanning multiple business lines.
- Evaluate cross-program and cross-group analytics to identify opportunities and best practices to influence stronger risk management practices by the business
- Analyzes extremely complex business and/or system changes to determine impact
- Identifies operational risk issues and may participate in the development of risk ratings
- Reports findings and develops business cases to influence executive management or management committee member/head of business on the need for controls to mitigate risk.
- Direct IRM-sourced issues to front line leadership as needed
- Provide a business-centric view to IRM Risk Programs as needed
This position requires business engagement to drive and effect change. This position will partner with both internal and external stakeholders, including senior management from all three lines of defense, as well as relevant regulatory agencies.
A successful candidate will have the experience and ability to:
- Operational Risk Programs Oversight (Assessment / deep dive reviews of process, risks, controls, RAU - RCSA, Mortgage Servicing Investor Requirements oversight, Policy Interpretation, KRI & Metrics) and oversight execution including monitor, review and risk-based challenges of the Home Lending / Mortgage Servicing Business
- Successfully review and challenge business operational risk management practices and outcomes.
- Build and sustain a strong risk culture including a balanced approach through working in cooperation and consultation with all lines of defense across the enterprise.
- Leverage their experience to bring industry leading standards, practices, and tools to the organization.
**Location- The only location that will be considered will be those listed on the posting.
Required Qualifications
- 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
- Advanced Microsoft Office skills
- Excellent verbal, written, and interpersonal communication skills
- Strong analytical skills with high attention to detail and accuracy ..... click apply for full job details