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Wells Fargo Sr. Analyst of Fraud Model Risk (Operational Risk Officer) in New York, New York

Job ID: 5551995

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 want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

Corporate Risk helps all Wells Fargo businesses identify and manage risk. The team focuses on several key risk types, including conduct, credit, financial crimes, information security, interest rate, liquidity, market, model, operational, regulatory compliance, reputation, strategic, and technology risk. The group provides leadership, enhances communications, assists with problem identification and solutions, and shares best practices. In addition, the group provides an enterprise-wide view of risk, assists management and our Board of Directors in identifying and monitoring risks that may affect multiple lines of business, and takes appropriate action when business activities exceed the risk tolerance of the company.

The team:

Within Corporate Risk, Operational risk focuses on oversight of operational risks across the enterprise. The Corporate Functional Model Oversight (CFMO) team for External Fraud is part of the Operational Risk Coverage Programs team with responsibility of overseeing all models used across Wells Fargo businesses for external fraud detections, prevention, and management. These models are used by various functions in the bank to detect, prevent, and manage external frauds including but not limited to credit/debit card application fraud, loan application fraud, identify theft, account taking over, and transactional fraud.

The role:

The Senior Analyst of fraud model risk (Operational Risk Officer) is expected to be a subject matter expert in quantitative modeling and risk management, particularly in fraud risk, financial crimes, model risk, compliance, and operational risk. The role is responsible and accountable for certain model life-cycle activities for external fraud models including but not limited to model identification, model risk ranking, performance monitoring, usage oversight, and change management. In addition, the role is expected to support development of procedures and methodologies specific for external model risk oversight, and to collaborate with other stakeholders for other model life-cycle activities such as model validation and model governance.

The Senior Analyst will provide sound business perspective and practical understanding of how models are built and used, especially models used for managing external fraud and financial crimes, as well as anticipated model performance.

Specific responsibilities include:

  • Work closely with stakeholders such as lines of business model governance and Corporate Model Risk (CMoR) governance to risk rank quantitative and qualitative external fraud models according to CMoR 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 externa fraud models in the model inventory. Provide credible challenges for models, especially the ones with sizable model risk, but not included in the inventory.

  • Assist and support the development of model risk oversight methodology and processes for external fraud models to ensure compliance with regulatory expectations, policies, and other standards specific to the function. The oversight methodologies and processes include but not limited to external fraud model identification guidelines, risk ranking methodology and template, performance monitoring guidelines, model development guidelines.

  • Provide guidance in developing performance monitoring metrics, triggering thresholds and action plans for high risk rank external fraud 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 findings, and implementation plans. 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 external fraud model risks.

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

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

How to Express Interest in This Job: Wells Fargo invites you to apply for this job at https://employment.wellsfargo.com/psc/PSEA/APPLICANTNW/HRMS/c/HRSHRAMFL.HRSCGSEARCHFL.GBL?Page=HRSAPPJBPST_FL&FOCUS=Applicant&SiteId=1&JobOpeningId=5551995&PostingSeq=1.

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.

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.

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