Head of Loss Data Strategy - Operational Risk Manager 5
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspective from Wells Fargo are also available at Wells Fargo Stories.
Wells Fargo's Risk Management is organized along three lines of defense, each of which has distinct objectives and responsibilities. This integrated risk management approach is built on strong relationships and willing partnerships—it promotes greater coordination and communication among the three lines, and strengthens independent oversight by both Corporate Risk and independent assurance by Wells Fargo Audit Services. Wells Fargo views risk management as a strategic priority using sophisticated models, tools, and analytics to support our customers and to monitor and manage our business each day. We look at the risk and reward relationship in every deal that we do and in every decision that we make. We look across the spectrum to understand risks and how they interrelate, both in the analytics we use and in the way our risk managers work together. We take an enterprise-wide view of current and emerging risks, advising senior leaders and our Board of Directors in identifying and monitoring risks that may affect multiple Wells Fargo lines of business, and take appropriate action when business activities exceed the risk tolerance of the firm.
The Operational Risk Management and Analysis (ORMA) team has a unique leadership opportunity for a Leader for its Operational Risk Data strategy. They will lead a team of 10-12 professionals. This position will be responsible for creating and executing an industry leading operational risk data strategy.
Key Aspects of this role
- Partner with business leaders and risk programs owners to understand and define the needs and build on an existing enterprise wide operational risk data solution that solves multiple needs
- They will adopt industry best practices in data gathering, tagging and automation / machine learning to deliver a leading edge data platform
- Incorporate multiple sources of data into the solution including internal and external sources
- Partner with the firms IT and data strategy leadership to drive consistency in execution
- Build and execute a data strategy for evolving the existing database from a loss repository to an operational risk event repository driving risk management
- Build repeatable, thorough, and credible processes supporting all existing uses of internal operational risk loss events
- Centralize capture of legal events ensuring system controls to secure attorney client privileged information with restricted access
- Ensure readiness for the Standardized Approach ( Basel IV)
- Drive the use of loss and event data as a tool for effective risk management , analytics and business decision making including modeling for Basel/AMA, CCAR or other models, risk assessments, scenarios and for LOB and risk program partners
- Effective engagement with independent reviewers throughout the process
This position will report to the Operational Risk Capital, data and reporting leader, who in turn reports to the co-heads of ORMA. This position will also partner with both internal and external stakeholders, including senior management from all three lines of defense, and representatives from the Federal Reserve Bank (FRB) and the Office of the Comptroller of the Currency (OCC), as needed.
- 10+ years of experience in compliance, operational risk management (includes audit, legal, credit risk, market risk, or the management of a process or business with accountability for compliance or operational risk), or a combination of both; or 10+ years of IT systems security, business process management or financial services industry experience, of which 6+ years must include direct experience in compliance, operational risk management, or a combination of both
- 7+ years of management experience
- Ability to articulate complex concepts in a clear manner
- Advanced Microsoft Office skills
- Excellent verbal, written, and interpersonal communication skills
- Strong analytical skills with high attention to detail and accuracy
Other Desired Qualifications
- Previous experience in managing or building relational databases for effective risk management
- Experience in use and application of risk loss data in processes such as statistical modeling, scenario analysis, risk and control assessments etc.
- Knowledge of Basel rules relating to operational risk including the current standards i.e. Advanced Measurement Approach and the recently announced Standardized approach.
- Knowledge of industry practices around machine learning and other analytic tools to drive efficiency and productivity in data processing
- 10+ years of professional experience in Financial Services, preferably with SR 15-18 firms.
- Operational Risk Experience/expertise
- Strong leadership and communication skills
- Experience building relational database management systems
- Experience managing and develop0ing strong teams
- Experience/understanding of Wells Fargo lines of business
- Finance, Audit and/or Compliance experience
- Governance experience
- Strong analytics and quantitative models experience
- Regulatory experience (working directly for/with the FRB or OCC)
- Experience with legal matters and developing Law Dept. relationships