Operational Risk Business Aligned Oversight Leader (ORBO) COO Strategy and Regulatory Oversight

Job Description

About Wells Fargo

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Independent Risk Management

Independent Risk Management (IRM) establishes, implements, and maintains the Company’s Risk Management Program under the direction of the Risk Committee and senior management. IRM is accountable for independently overseeing the identification, measurement, assessment, monitoring, aggregation, and reporting on all risks for the Enterprise. IRM also oversees the Front Line’s execution of its risk management responsibilities and independently and credibly challenges Front Line risk decisions. IRM may also approve any risk-taking activity that exceeds the Front Line Group’s authority.

In addition to the risk management responsibilities discussed above, IRM develops and reviews company-wide risk governance documents and monitors compliance with such documents. IRM considers statutes, regulations, and regulatory guidance when developing risk governance documents. IRM also monitors compliance with company-wide risk appetite thresholds and limits.

Corporate Operational Risk Management

The Corporate Operational Risk Management is responsible for independently overseeing the management of operational risk exposures (including monitoring and reporting on aggregate operational risk exposures across groups, legal entities, geographies, and jurisdictions) and the quality of operational risk management practices across the company.

More specifically, the Corporate Operational Risk Management responsibilities include:

• Developing, maintaining, and ensuring adherence to enterprise-wide operational risk frameworks, policies, and procedures that are aligned with Board-approved risk appetite statements.
• Providing subject matter expertise, advising on risk management best practices, conducting analysis, and communicating with groups and lines of business in order to oversee and support the front line in implementing the requisite controls, processes, and systems to comply with corporate operational risk frameworks, policies, and procedures.
  • Independently evaluating group and line-of-business compliance with corporate level frameworks, policies, and procedures.
• Credibly challenging management’s decisions, business processes, and activities.
• Escalating operational risk concerns and issues (including breaches and near-breaches of relevant risk appetite tolerances and limits) to senior management and the Board, as appropriate.

The Role

The Operational Risk Business-aligned Oversight leader is responsible for the independent oversight of front line operational risk management effectiveness, and is expected to engage with senior leaders within the business to influence and challenge risk management activities and decisions. Operational risk is the risk resulting from inadequate or failed internal controls and processes, people and systems, or resulting from external events. Operational risk is inherent in all Wells Fargo products and services as it often arises in the presence of other risk types.

This role will serve as the key point of contact for Regulatory & Policy Affairs, Sales Practices Oversight & Management, Chief Control Executive, and COO Strategy, Operations, Integration and Transformation (SEO) for all matters pertaining to Operational Risk and is considered a thought leader for operational risk activities. In this capacity, this role reviews and challenges significant Front Line operational risk program execution.

Specific responsibilities include:

• Use subject matter expertise and industry knowledge to provide independent oversight and credible challenge to the Line of Business’s operational risk management activities.
• Direct engagement with the senior Control Executive leaders, Operations Leaders and Independent Risk leaders to promote a strong operational risk culture.
• Active engagement in key front line governance routines inclusive of strategic planning sessions, governance committees and business reviews.
• Oversee and challenge the front line across all operational risk routines including – plan, identify and assess, control and mitigate, test and validate, monitor and report.
• Perform independent risk assessment of the Front Line, inclusive of emerging risks.
• Review and challenge of front line risk acceptances and new business initiatives.
• Identify and escalate to senior leadership conflicts with risk management results and expected business outcomes.
• Influence appropriate risk management prioritization by the front line to enable the business to meet strategic objectives, while meeting operational risk program expectations.
• Evaluate cross-program and cross-group analytics to identify opportunities and best practices to influence stronger risk management practices by the business.
• Active, routine engagement with senior Independent Risk Management leaders to ensure information sharing across Risk Types.
• Develop and deliver content to senior business, Independent Risk, Internal Audit and regulatory leaders summarizing the results of the independent risk assessment activities.
• Manage relationships with Business Heads, Independent Risk Management, Group Control Executives, Legal, Audit and multiple Regulators.
• Direct IRM-sourced issues to the Front Line as needed.
• Provide a business-centric view to IRM Risk Programs as needed.

The Candidate

This position requires business engagement to drive and effect change. This position will partner with both internal and external stakeholders, including senior management from all three lines of defense, as well as relevant regulatory agencies.

A successful candidate will have the experience and ability to:

• Successfully review and challenge business operational risk management practices and outcomes.
• Build and sustain a strong risk culture including a balanced approach through working in cooperation and consultation with all lines of defense across the enterprise.
• Leverage their experience to bring industry leading standards, practices and tools to the organization.

Leadership, integrity, and credibility will be determining factors in selection. Successful candidates will be articulate and possess a demonstrated leadership capability. It requires a leader with strong relationship management, influencing, vision and execution skills. A key differentiator will be the ability to understand and operate successfully in a complex, heavily matrixed corporate environment.

• 10+ years of management experience
• 12+ 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 12+ years of financial services industry experience, of which 10+ years must include direct experience in risk management

• Advanced Microsoft Office skills.
• Excellent verbal, written, and interpersonal communication skills.
• Strong analytical skills with high attention to detail and accuracy.
• Ability to articulate complex concepts in a clear manner.
• Meaningful knowledge across enterprise risk management framework, including: risk identification, risk appetite and strategy, risk-related decisions, processes and controls, risk analytics and governance.
• Deep technical understanding of specific business operations, processes, products and customer interactions and where they manifest risk.
• Strong interpersonal, influencing, and communications skills with an ability to interact effectively with stakeholders at all levels, and regulators, to include virtual, matrixed leadership experience and the ability to effectively manage and build relationships within the business and enterprise Risk function.
• Proven leadership skills to drive alignment across stakeholder groups to develop and deliver repeatable end to end risk management solutions.
• Deep understanding of corporate/business policies, and programs.
• Demonstrated leadership ability that embodies the Wells Fargo Vision and Values and leadership competencies.
• Proven ability to build and lead senior leaders and a high performing risk management organization in a matrixed environment, ensure proper staffing and expertise exists and can coach and enable others in risk management and risk ownership.
• Flexibility and business savvy to navigate a complex, highly-matrixed organization.
• Experience providing reporting and updates to senior-level management.
• Experience communicating with regulators, auditors and other oversight bodies.
• Relevant Masters or Graduate degree.

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.