Libor Transition Risk Oversight Consultant

Wells Fargo Minneapolis , MN 55415

Posted 4 months ago

Job Description:

Corporate Risk 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.

This is an exciting opportunity to perform a key independent risk management (IRM) role and be part of a large-scale transition initiative. This role will report to the Head of the LIBOR Transition Oversight Office. This office was recently established within Strategic Enterprise Risk Management (SERM) to interface with and coordinate across risk management teams involved in the firm-wide LIBOR transition. This role will be part of a small team, requiring flexibility and both risk and enterprise knowledge, as we interact with the multiple lines of business and risk teams working on the firm and industry-wide LIBOR transition. The roles performed by this team will also include evaluating and credibly challenging the program management and work product of Corporate Treasury's LIBOR Transition Program Office (LTO); determining needed governance documentation and reporting; and driving the agenda and meeting materials for the LTO-established, cross-functional Risk and Regulatory Working Group.

The London Interbank Offered Rate (LIBOR) is the term often used to refer to one of a series of benchmark interest rates of varying tenors and currencies that underpin more than $350 trillion of financial contracts including derivatives, home mortgages, corporate loans, student loans and securitizations. While significant improvements have been made to LIBOR since the manipulation scandals earlier in the decade, the structural shift in bank funding following the financial crisis means that banks rarely borrow in the wholesale unsecured money markets any longer. So LIBOR by definition represents nothing more than expert judgment. In light of these challenges the Federal Reserve, in cooperation with the Treasury Department and the Commodity Futures Trading Commission, convened the Alternative Reference Rates Committee (ARRC) to work with market participants to identify options for replacing US Dollar LIBOR. Similar committees exist or are being formed worldwide to address non-US Dollar LIBORs. In 2017, the UK's Financial Conduct Authority emphasized the urgency and importance of the efforts and directed industry participants to work in earnest on the transition to alternative reference rates that are based firmly on transactions. Regulators have begun to ask large banks and insurance companies for LIBOR transition plans that contemplate LIBOR no longer being published after 2021.

As one of the largest LIBOR lenders in the world, the transition from LIBORs to a new series of benchmark rates will be a significant undertaking for Wells Fargo as it will impact almost every line of business, key risk types and nearly all of our customers.

Key Responsibilities Include:

  • Interface with and coordinate across IRM and other risk teams involved in the LIBOR transition work to ensure comprehensive coverage. This team serves as the primary contact between Corporate Risk and the LIBOR Transition Office (LTO).

  • Develop needed governance documentation and establish ongoing risk reporting for this new office.

  • Create presentations and communicate the LIBOR transition work and its multi-faceted risk impacts to senior executives, regulators, and multiple business partners, including company-wide control functions and independent risk management teams.

  • Effectively operating in an integrated model that routinely engages with front line risk teams and lines of business, independent risk management teams, Wells Fargo Audit Services, and the Legal Department

  • Effectively interact with the LIBOR Transition Office (LTO), a program office established within Corporate Treasury charged with developing and supervising the execution of a coordinated strategy to transition the numerous LIBOR-based products and processes across the enterprise.

  • Evaluate and credibly challenge the work product and conclusions provided by the LTO and other business partners.

  • Leading and engaging in projects, as required by this new and evolving body of work

Primary Location is listed but open to other locations within the Wells Fargo footprint.

Desired Qualifications

  • Experience working in a large enterprise environment

  • Experience managing complex projects in a large enterprise environment

  • Advanced Microsoft Office (Word, Excel, Outlook and PowerPoint) skills

  • Ability to prepare management level presentations

  • Excellent verbal, written, and interpersonal communication skills

  • Highly refined and professional verbal and written communications

  • Ability to present complex material in a digestible, consumable manner to all levels of management

  • Ability to work and influence successfully within a matrix environment and build effective business partnerships with all levels of team members

  • Ability to interact with all levels of an organization

  • Knowledge and understanding of risk management, in financial services

Other Desired Qualifications

  • 10+ years of experience in one or a combination of the following: finance, risk, or audit

  • Ability to understand and communicate complex content in an understandable manner to all levels of the organization.

  • Demonstrated experience in the areas of financial markets and operations, or in risk oversight of these areas.

  • Experience leading aspects of an enterprise-wide and/or cross-functional large program.

  • Experience in establishing risk or business program-level structure, governance, policies, procedures and reporting.

  • Strong organizational knowledge of both Wells Fargo's risk management roles and responsibilities and its lines of business and organizational structure.

  • Energetic contributor who is flexible, conscientious and has a demonstrated ability to work independently and effectively in unstructured environments.

  • Ability to think critically and provide an informed credible challenge. Proven ability to evaluate processes and issues, determine solutions, and influence change across a wide variety of topics.

  • Strong strategic thinking ability to connect across multiple risk and business groups to provide strategic direction, influence alignment and change.

  • Experience working on cross-functional, time-sensitive initiatives.

Job Expectations

  • Ability to travel up to 15% of the time

Street Address

MN-Minneapolis: 550 South 4th St - Minneapolis, MN

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.

CORP RISK/CORPORATE RISK 0222837 CORP RISK/CORPORATE RISK


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