Quantitative Analytics Specialist 2 - Model Validation

Job description

Job Description

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.

Corporate Model Risk (CMoR) helps all Wells Fargo businesses identify and manage risk. We help our management and Board of Directors identify and monitor risks that may affect multiple lines of business, and take appropriate action when business activities exceed the risk tolerance of the company.
CMoR is seeking an experienced quantitative analyst to join its Stress testing and Balance Sheet - Retail Basel Model Validation team. The Retail Basel Validation team is responsible for overseeing or performing validations for models used to assess the risk of unexpected loss and assign regulatory capital for the overall a wide variety of retail, small business, and commercial portfolios including home mortgage, home lending, consumer and small business credit card/ lines/loans, retail services, dealer services, etc.. This team works closely with model development and other model stakeholders during all model life cycle stages, including conceptualization, development, implementation, performance monitoring, remediation, and enhancement. Analytical and quantitative skills, technical creativity and adaptability to new methodologies are desired attributes. Experience validating hazard models, large-scale economic models, transition models, and traditional frameworks like logistic regression models would be ideal while additional knowledge of machine learning and artificial learning techniques is desirable. In addition, the candidate should have a good understanding of the regulatory framework, effective written and oral communication skills, and banking business awareness.

The candidate for this position is expected to possess a strong quantitative background that would aid in critical review and effective challenge of these models, as well as broad knowledge of the business in retail and wholesale portfolios. The successful candidate is also expected to be dedicated and self- motivated, and produce work that is consistent with CMoR's recognized high standards.
Responsibilities for this role will include, but not be limited to, the following:

• Performing model validations and clearly documenting evidence of validation activities
• Develop benchmarking and alternative models in Python/R/SAS
• Providing effective challenge to models developed in/for the lines of business, including identifying conceptual weaknesses in a model and understanding tradeoffs with other approaches
• Managing and mitigating model risk to meet or exceed regulatory and industry standards
• Providing leadership and consultation to less experienced validators, business partners.
• Communicating model risk findings and limitations to key stakeholders
• Contributing to the improvement of model building and model 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
• Proactively follow the industry trend to apply and develop new technology to improve efficiency.
  

• A PhD in statistics, mathematics, physics, engineering, computer science, economics, or quantitative field; or a Master s degree in the above areas with 2+ years of experience in one or a combination of the previously mentioned fields above

• PhD in a quantitative discipline such as mathematics, statistics, engineering, physics, quantitative finance, economics or computer sciences, with strong quantitative and analytical skills
• Experience in the development and validation of credit risk and regulatory capital models
• Experience with Artificial Intelligence/Machine Learning model development or validation
• Knowledge of financial industry practices and regulatory standards on model development and model validation
• Ability to communicate to different audiences (e.g., technical or non-technical staff, senior management and regulators) both verbally and in writing
• Ability to work both independently and collaboratively, to multi-task, and to finish work within strict timelines, with attention to detail in both analysis and documentation
• Skills in managing relationships with key model stakeholders
• Intellectually curious; perpetual interest in learning something new
• Python, R and SAS experience

NC-Charlotte: 401 S Tryon St - Charlotte, NC
IA-West Des Moines: 7001 Westown Pkwy - West Des Moines, IA
MN-Minneapolis: 600 S 4th St - Minneapolis, MN
TX-DAL-Downtown Dallas: 1445 Ross Ave - Dallas, TX

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.

Benefits

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