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Wells Fargo Quantitative Investment Risk Specialist in Boston, Massachusetts

About this role:

Wells Fargo is seeking an Investment Risk Specialist...

In this role, you will:

The Investment Model Risk Specialist (Quantitative Investment Risk Specialist) is expected to bring subject matter expertise in quantitative modeling and risk management, particularly in wealth management, financial advisory service, and asset management, and is responsible and accountable for certain model life-cycle activities for F&I models: model identification, risk ranking, performance monitoring, usage, and change management. The team collaborates with relevant stakeholders for other model life-cycle activities such as model validation and model governance.

The type of models F&I Corporate Functional Model Oversight (CFMO) team covers include investment/retirement planning, capital market assumptions, asset allocation strategies, multi-factor investment models, portfolio construction, investment risk, asset valuation, security screening, trading, portfolio risk/performance attribution, machine learning and others.

The successful candidate is expected to provide sound business perspective and practical understanding of how Fiduciary & Investment models are built and used, and their anticipated performance given certain market conditions.

Specific responsibilities include:

  • Work closely with stakeholders such as line of business model governance and Corporate Model Risk (CMoR) governance to risk rank quantitative and qualitative F&I models according to F&I CFMO policy/procedure and model risk ranking methodology, and provide credible challenges to ensure risk rankings reflect inherent model risks.

  • Work closely with stakeholders to evaluate completeness of F&I models in the model inventory. Provide credible challenges for models, especially the ones with sizable model risk, but not included in the inventory.

  • Maintain and enhance F&I model risk oversight methodology and processes to ensure compliance with regulatory expectations, policies, and other standards specific to the function. The oversight methodologies and processes include but not limited to F&I model identification guidelines, risk ranking methodology and template, performance monitoring guidelines, model development guidelines. Review and streamline F&I model risk oversight process when necessary.

  • Provide guideline in developing performance monitoring metrics, triggering thresholds and action plans for high risk rank F&I models.

  • Review periodic model performance monitoring reports and provide credible challenges to model owners on performance deficiencies.

  • Provide credible challenges to model usage which includes model limitations/restrictions, input assumptions, robustness of output and incorrect or unapproved use of models.

  • Review and approve model changes and documented exceptions.

  • Review model development documents, validation reports, and validation findings. Support model validation team as a subject matter expert if necessary.

  • Work closely with stakeholders to promote and ensure compliance with regulatory expectations for model risk management.

  • Assist in resolving audit and regulatory issues related to F&I model risks.

Required Qualifications:

  • 2+ years of Investment Risk, applied Math, Statistics, Engineering, Accounting, Finance, or Econometrics experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education

Desired Qualifications:

  • Excellent verbal, written, and interpersonal communication skills

  • Ability to articulate complex concepts in a clear manner

  • Strong analytical skills with high attention to detail and accuracy

  • Advanced Microsoft Office skills

  • Ability to work independently

  • Ability to organize and manage multiple priorities

  • 2+ years in wealth and investment management industry or related experience in one or a combination of the following: investment research, investment risk management, portfolio management, capital markets, financial modeling and wealth management

  • Master's Degree or higher in Finance, Investment, Statistics, Economics, or equivalent work experience.

  • Experience with investment management models as a model developer or validator, or in a model oversight role.

  • Experience and knowledge of statistical modeling and machine learning techniques, such as regression analysis, time series analysis, multivariate analysis, and other supervised and unsupervised learning.

  • Experience and knowledge with quantitative modeling tools such as Python, R, Matlab, and SAS.

  • Hands-on skills and knowledge of investment tools and platforms such as FactSet, MSCI/Barra, Bloomberg, Axioma, Morningstar Direct or similar is preferred.

  • Financial Risk Management Certificate (FRM) or Chartered Financial Analyst (CFA) designation or demonstrated progress toward the designation.

  • Excellent interpersonal, influencing, and communications skills with an ability to interact effectively with stakeholders across the organization, which includes virtual, matrixed leadership experience.

Job Expectations:

  • Ability to work at one of the approved locations in the job posting once Wells Fargo returns to the Standard Operating Model.

Posting Locations:

  • Charlotte, NC

  • Boston, MA

  • West Des Moines, IA

  • Minneapolis, MN

  • Tempe, AZ

  • Dallas, TX

  • St. Louis, MO

Preferred location(s) listed above. Other locations within the Wells Fargo footprint may be considered for current Wells Fargo employees ONLY.

We Value Diversity

At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.

Employees 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.

Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.


Req Number: R-175410-1

Updated: Tue Jul 05 07:17:22 GMT 2022

Location: Boston,Massachusetts