To achieve our aspiration of setting the global standard for risk management, Corporate Operational Risk Management is building a new, enterprise-wide solution to assess, quantify and aggregate operational risks. This innovative approach will enable Risk Managers to Senior Risk Executives to understand and manage the size and control state of risks across all operational risk domains and to aggregate those risks to the Corporate Risk Management Program (CRMP), Business Group and Enterprise levels. This new lens will also allow risk leaders to compare risks across risk types and businesses throughout the Enterprise and inform their allocation of time and resources.
The Strategy Consultant – OR Quantification and Aggregation will work with Subject Matter Experts (SMEs) in each risk area to create Key Risk Indicators (KRIs) that are applicable across all of our businesses and will work in our new Quant+Agg tool. To accomplish this, the Strategy Consultant will identify SMEs and conduct interviews in Corporate Risk, Business Group Risk Organizations (GROs), and our Lines of Business (LOBs). The Strategy Consultant must build consensus among business partners on the right set of KRIs and propose alternatives when deficiencies are identified.
Additionally, the Strategy Consultant will assist in problem solving and developing executive communications for the overall Quant+Agg initiative help develop GRC tool specifications and collaboratively calibrate the tool and validate the results.
This is an excellent opportunity to interface with business partners across all risk disciplines and businesses at Wells Fargo.
Immediate priorities will be to:
- Partner with data managers in each Business Group’s risk organization and LOBs to identify, test and validate data supporting pre-identified KRIs from various sources/databases
- Apply analytical techniques to identify insights and trends and then determine whether each KRI supports the intended use; develop alternatives and recommend changes where necessary
- Synthesize findings and present results to management including recommendations for KRI changes
- Contribute to the development of a sustainable operating model
- Develop written specifications for our tool development team and be their primary point of contact
- Test and calibrate tool output as additional KRIs are validated and introduced to the solution; develop a plan for on-going testing and calibration.