Operational Risk Senior Officer - ORFP Ops Loss Data Management, Analysis & Reporting - Military Veterans

at Wells Fargo

New York, New York

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.


This role sits within the ORG Operational Risk Foundational Programs (ORFP) function. ORFP is responsible for defining & setting the methodology and standards for the operational risk foundational components, including Risk and Control Self-Assessments, Operational Risk Events, Key Risk Indicators, Scenario Analysis, Operational Risk Capital & Stress Testing – and driving awareness over the same.  ORFP is dedicated to providing direction, guidance, tools and oversight to help businesses throughout the firm effectively manage operational risk and ensure an adequate integration of loss and capital analysis in support of CCAR.

Specifically, the Ops Loss Data Management, Analysis & Reporting senior officer role will be responsible for managing the operational risk loss data (‘operational risk events’) for the company and ensuring that processes, and controls over the same, are in line with industry best practice standards & regulatory expectations.  The role will require the incumbent to participate in program transformational efforts, BAU activities (ensuring the accuracy & completeness of ORE data as recorded in the General Ledger & ORE system of record for purposes of regulatory filings and reporting into CCAR) and ORE data remediation efforts to address existing data quality issues.

The individual will be responsible for the following:

  • Participate in transformational efforts across the ops loss data program for improved management & reporting to stabilize the function in BAU execution; this includes efforts to execute upon the re-design & re-engineer of the framework, its methodology, standards and controls, inclusive of governance structures and advanced reporting measures.  Further, the incumbent will:
  • Design & implement key controls to ensure complete, accurate & timely capture of operational risk events in alignment with the target state and to enable clear accountability & operational rigor in the front line.
  • Execute repeatable, thorough and credible processes supporting all existing uses of internal loss data.
  • Provide input towards evolving the existing database from a loss repository to a golden source of operational risk event data that drives effective risk management.
  • Execute upon controls to enable the generation of requisite inputs for Capital & CCAR process:
  • Prepare and provide timely and accurate delivery of internal loss datasets (including Legal accruals) suitable for ongoing modeling use under Advanced Measurement Approaches for Operational Risk Capital, and Capital Planning Rules related to CCAR & DFAST.
  • Help maintain a well-controlled Operational loss database compliant with Basel requirements, integrated with internal financial and accounting systems, and holistically covering all applicable Operational Risk losses and suitable to support internal risk reporting, trending and escalations around emerging risks.
  • Prepare and file Operational Risk loss regulatory filings including FR Y-14Q, if needed.
  • Support protocols for transition of loss datasets from Advanced Measurement Approaches to the forthcoming Standardized Approach under Basel III (expected 2023).
  • Facilitate the ingestion, review and dissemination of external operational risk losses through 3rd party utility firms such as the Operational Risk eXchange (ORX). 
  • Facilitate an effective and well controlled process for identification of changes within operational risk loss data for use in modelling efforts and related sensitivity tests.
  • Drive the ORE booking model and partner with Finance department to ensure that the practices for recording / capturing risk events is consistent with the operational risk event protocol, regulatory expectations and industry best practices.  This requires an in depth understanding of financial statement and regulatory reporting requirements related to Ops Risk Events.
  • Execute upon forensic accounting techniques and controls to ensure completeness and accuracy of operational risk event recordation across Business Groups and Enterprise functions (as required).
  • Maintain relationships with internal stress testing, capital and modeling team members.
  • Collaborate with stakeholders across the Businesses and other Risk Programs to influence processes and promote the understanding & importance of operational risk event capture, notification, recordation and reporting. 
  • This includes cross collaboration with other members within the ORFP organization to ensure fulsome integration between ops risk events and foundational elements (RCSA, Scenario).
  • Partner with the company’s IT and data strategy leadership to evaluate existing tools and define business requirements that will support a build for a strategic technology solution with embedded workflow / control and structure.  Ensuring improved capture of loss events (timely / completely / accurately); evaluate how technology and newly developing concepts (AI) can be used to optimize the control protocol implemented to ensure completeness and accuracy.
  • Help develop & maintain detailed policies, operating manuals and desktop procedures to support the holistic target operating model for ops loss data.
  • Promote a consistent understanding of objectives, approach and expectations within the team.
  • Help manage the Ops Loss Data team’s communications and responses to Audit & Regulators; ensure effective resolution and timely completion of respective issues.
  • Cultivate relationships with multiple executive leaders across the three lines of defense.
  • Promote a brand within the ORFP organization which is recognized as being a center of excellence for operational risk foundational elements, which drives forth continuous improvement and enhancement efforts within the operating environments across the front line and second line.

This role requires extensive data analytical and / or financial accounting background and experience in operational risk and / or business engagement to drive and effect change. 

A successful candidate will have the experience and ability to:

  • Understand financial accounting standards (PCAOB, FASB) with regards to impact of activities on a company’s general ledger and requisite recordation requirements.
  • Lead, strategize, design and deliver transformational enterprise impacting programs.
  • Build and sustain a strong culture with an emphasis on risk management including a balanced approach through working in cooperation and consultation with all lines of defense across the enterprise.
  • Leverage experience to bring industry leading ideas, solutions, practices and tools to the organization.
  • Exhibit thought leadership, partnership skills, and operate as an advanced communicator across all levels of the organization and management.

Locations Available: New York, NY and Charlotte, NC



Required Qualifications

  • 10+ 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 10+ years of financial services industry experience, of which 7+ years must include direct experience in risk management



Desired Qualifications

  • Advanced Microsoft Office (Outlook, Excel, Word, PowerPoint, LiveMeeting and SharePoint) skills
  • Strong project management skills
  • Excellent verbal, written, and interpersonal communication skills
  • Ability to articulate complex concepts in a clear manner
  • Outstanding problem solving and decision making skills
  • Ability to exercise independent judgment to identify and resolve problems



Other Desired Qualifications

 

  • Expertise in financial accounting requirements, with requisite financial acumen and knowledge of accounting standards (PCAOB, FASB) and how that should translate into the booking of operational losses in the company’s General Ledger.
  • Experience in transformation and / or remediation of large complex operational risk functions.
  • Demonstrated experience with interpreting and building processes and output to comply with complex regulatory requirements.
  • Experience providing relevant data and reporting, along with strong analytical skills and a high attention to detail & accuracy.
  • Highly organized and detail-oriented, with the ability to manage processes and people, handle multiple tasks simultaneously and prioritize effectively.
  • Ability to drive successful execution of strategic plans; ability to plan, prioritize and set goals. Must possess a sense of urgency about exceeding the objectives of the role.
  • Experience in managing or building databases for risk management.
  • Knowledge of Basel Rules relating to operational risk including the current standards (i.e. Advanced Measurement Approach and the Standardized Approach).
  • Knowledge of industry practices around machine learning and other analytic tools to drive efficiency and productivity in data processing.
  • Execution oriented, professional demeanor, self-starter behavior and able to recognize opportunities for improvement in the business and to act on those opportunities.
  • Demonstrated experience working in a rapidly changing, highly complex matrixed environment.
  • Management reporting / presentation skills.
  • An impeccable reputation for integrity, accuracy, consistency, big picture orientation and business acumen.
  • Experience dealing with regulators.
  • A strong track record and business knowledge in financial services.
  • Experience working horizontally across an organization and participating in enterprise-wide implementations of major policy and relevant programs across major business divisions.
  • Strong analytical and / or financial accounting skills (quantitative models experience is a plus).
  • Experience building / managing relational database management systems.
  • Proven experience in building partnerships, collaborating and influencing at senior levels and across lines of business as well as with corporate partners.


Job Expectations

  • Ability to travel up to 10% of the time



Street Address

NY-New York: 150 E 42nd St - New York, NY



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.



Benefits Summary

Benefits
 

Visit https://www.wellsfargo.com/about/careers/benefits for benefits information.

New York, New York

At Wells Fargo, we’ve been proudly supporting military veterans and their families for more than 170 years.

We value the leadership, discipline, and skills you’ve gained through your service to our country and recognize the contributions our veteran team members bring to the table. We’re so committed to hiring and retaining military veterans, veterans with disabilities, National Guard members, and Reservists that we’ve made it our goal is to employ 20,000 veterans by 2020.

As a Wells Fargo team member, you’ll find a work culture that is team-oriented, collaborative, structured, and challenging. We support veterans transitioning from military service with a variety of job options, confidential resources, educational information, and career guidance. You may choose to join our Veteran’s Team Member Network, a group of thousands who share an interest in veterans’ matters, and that promotes greater awareness and job development within the veteran community. To learn more about opportunities at our company, please visit wellsfargojobs.com/military. Let’s talk about turning your military experience into a great civilian career.

Similar jobs