Sr. Risk Specialist, Compliance – Large Institution Supervision - WFC - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of San Francisco

We are the Federal Reserve Bank of San Francisco—public servants with a mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. We are a community-engaged bank, and are committed to understanding and serving the vibrant, expansive communities of the Twelfth District. That means we seek and appreciate new perspectives. We respect people for what they do and for who they are. We build opportunities to learn and grow. When you join the SF Fed, you become part of a diverse team united in its purpose to promote an economy that works for everyone.

The SF Fed’s Supervision and Credit (S+C) Division supervises financial institutions and service providers to financial institutions in the western United States.  Our mission is to ensure a safe, sound, and accessible financial system.  S+C implements supervision programs that promote safety and soundness of supervised institutions and the financial stability of the U.S economy.  One of the four supervision programs that is performed by SF Fed S+C is the Large Institution Supervision Coordinating Committee (LISCC) program.  The Federal Reserve created the LISCC supervisory program to coordinate its supervisory oversight of large financial institutions that pose the greatest risk to U.S. financial stability.

The Wells Fargo & Co. (WFC) Dedicated Supervisory Team (DST) operates as part of the Federal Reserve’s LISCC supervisory program. The LISCC program is designed to combine firm-specific, safety-and-soundness perspectives with a broader, horizontal view of the industry to anticipate and mitigate threats to financial stability. A core component of the LISCC Program is the Governance and Controls (G&C) Program which consists of three core assessment areas (pillars) that align with the elements of the G&C rating: (1) Board Effectiveness, (2) Management of Business Lines (MBL), and (3) Independent Risk Management and Controls (IRMC). The G&C Program is conducted through a range of supervisory activities, including firm-specific examinations, common scope horizontal examinations, common team horizontal examinations, and supervisory issues follow-up.

The Senior Risk Specialist position is an excellent opportunity to join the WFC DST on the Governance & Controls team! This role is responsible for leading ongoing monitoring activities and examinations that evaluate the effectiveness of compliance risk management practices at WFC, including the remediation of enterprise risk and control weaknesses. As a member of the DST, this individual will assess inherent risks, and associated risk management programs, through participation in on-site examinations and regular monitoring of business activities. The Senior Risk Specialist will work closely with DST and system colleagues to support LISCC supervisory priorities. As such, the successful candidate will be expected to work collaboratively within and across teams, collectively generating new ideas, problem-solving, sharing expertise, and actively supporting others to achieve goals.

Essential Responsibilities:

• Lead or participate in supervisory activities to evaluate the quality and effectiveness of WFC's compliance risk management practices in relation to the inherent risks of the institution, supervisory expectations, and industry sound practices.
• Evaluate the effectiveness of WFC’s compliance risk and governance frameworks across WFC’s three lines of defense.
• Lead or participate in the development and execution of a supervisory strategy across a range of enterprise remediation initiatives, including enforcement actions.
• Review management and risk reporting; conduct recurring analysis to guide supervisory assessments across the DST as well as the formulation of supervisory priorities.
• Plan and lead recurring meetings with firm senior management to understand key developments and identify emerging risks.
• Formulate comprehensive assessments covering compliance risks; present complex, well supported supervisory findings and messages clearly and concisely to Federal Reserve and WFC senior management.
• Serve as a subject matter expert in compliance risk areas and maintain a current understanding of industry trends, regulatory changes, and industry practices related to compliance risk areas of expertise.
• Build and lead relationships with external collaborators, including Federal Reserve colleagues, staff at other supervisory agencies, and firm senior management.

Requirements:

• Bachelor’s degree in business, finance, economics, law or related fields of study, or equivalent work experience is required; advanced degree and/or professional certifications (CRCM, ACAMS) is preferred but not required.
• Demonstrated understanding of relevant laws and regulations and strong knowledge of compliance risk management programs at large banking organizations with complex compliance profiles, including reporting lines, compliance monitoring and testing, risk assessments and responsibilities of the board of directors and senior management.
• Typically requires seven or more years of direct supervisory or comparable experience in financial institution legal and/or compliance departments; compliance consultancy in the financial services industry; auditor; or bank examiner.
• Experience in monitoring and assessing the remediation of enforcement actions is preferred but not required.
• Working knowledge of large banking business lines/products, organizational structures, operations, and relevant laws and regulations, as well as experience with the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions and LFI rating (e.g., SR 12-17 & SR 19-3) is preferred.
• An active examiner commission from a federal or state banking supervisory agency or the relevant experience and training required for entry into Interim Examiner Commissioning Program for Large Financial Institution Supervision is preferred.
• Proven ability to influence at all levels of an organization, with strong analytical, problem solving, collaboration, communication (both written and verbal), and project management skills.
• Willing and able to travel up to 20%.
• This position requires access to confidential supervisory information, which is limited to “Protected Individuals.”  Protected Individuals include, but are not limited to, U.S. citizens and U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so or who will sign a declaration of intent to apply for naturalization before they begin employment.

#LI-Hybrid

Base Salary Range: Min: 155,700  Mid: $205,600  Max: $255,300 (Location: San Francisco)

Final salary and offer will be determined by the applicant’s background, experience, skills, internal equity, and alignment with geographic and other market data.

We offer a wonderful benefits package including: Medical, Dental, Vision, Pre-tax Flexible Spending Account, Backup Child Care Program, Pre-Tax Day Care Flexible Spending Account, Paid Family Care Leave, Vacation Days, Sick Days, Paid Holidays, Pet Insurance, Matching 401(k), and Retirement/Pension.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. The SF Fed is an Equal Opportunity Employer.

The Bank's ethics rules generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies.  Employees in the S+C group also must ensure there are no conflicts of interest related to their previous employment and current financial interests.  S+C employees may be subject to borrowing and deposit restrictions and may need to recuse themselves from certain supervisory work.  Please review Section 5.3 and Appendix B of the Bank’s Code of Conduct to ensure compliance with the Code of Conduct conflict of interest rules and personal investment restrictions.

Due to the nature of access to sensitive information all final offers are subject to the clearance of an enhanced background check. This enhanced screening will require the following items: academic and employment verifications, FBI fingerprint check (criminal and civil cases), credit check, family history, residential records and foreign travel for the previous 7 years, citizenship verification, reference checks, and personal interview with an investigator and can take between 21 – 60 days to clear.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Bank Examination

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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