Management Financial Analyst
Resume:
Kent Sorey, CFA **** Turtle
Creek Ln, Thousand Oaks,
CA 91320
**********@*******.***
Audit Director
Development of key risk indicators for each business/Quarterly Enterprise
Risk Assessment to senior executives and Board /Constructed annual audit
plan/ Tested financial forecasting model systems including stress
testing/Coordinated coverage and SOX testing with external
auditors/Established monthly meetings with business control functions
within each business/Conducted new product readiness reviews/Implemented
issue self identification program by business lines/Established mentoring
program to accelerate talent development of staff
Implemented six sigma analysis of key risk indictors to identify potential
emerging risks. Integrated IT support to automate continuous audits to
supplement point in time audits. Instituted sustainability testing to
verify risk control operations. Conducted readiness reviews for all new
products/systems and post-implementation tests for control sustainability.
Developed self identification procedures to drive risk management through
all business layers. Extensive experience working with external auditors
and outside regulators. Audited financial forecasting models for stress
tests, Basel III compliance, and loss projections. Achieved significant
staff development through mentoring program, scheduled training, and
incentivizing team approach emphasizing process flows and support for
independent opinions.
Charter Financial Analyst, Association of Investment Management
PhD. Economics, cum laude; B.A. Economics, cum laude; University of
California, Irvine.
CAREER ACHIEVEMENTS
Audit field work and analysis directly impacts controls and performance
within enterprise risk management framework:
. Reduced variability of collateral dependent charge offs by 38%
through tiering by loan size and fixing waterfall of
methodologies of appraisals, broker price opinions and automated
valuation models.
. Reduced loan origination errors by 42% by instituting manual
preventative controls over automated underwriting systems.
. Identified key behavioral assumptions in loss forecasting
process, and revision of those assumptions which produced a 43%
improvement in accuracy.
. Identified data quality issues and developed sensitivity testing
to measure impact on default projections.
. Identified new reporting controls that increased referrals of
suspicious activities from 50/month to 75/day and ensured proper
flows to both fraud prevention and global anti-money laundering
teams with data reconciliation routines and feedback loops.
. Improved scoping of audits by including all stakeholders in
strategic brainstorming sessions.
. Introduced thematic analysis of all audit issues to identify
potential common control challenges in all business segments.
. Worked with line businesses to establish pre-delivery quality
assurance standards with thresholds triggering audit analysis
which resulted in improved procedures and system requirements.
Reduced new delinquencies by 36% through development of imminent default
model to anticipate borrower stress. Identification of behaviors stressed
customers had in common enabled preventative program modifications and
reduced losses to both customer and firm.
Successfully promoted six members of team to positions of greater
responsibility. Through personal coaching, targeted training, and weekly
roundtables to share challenges, several team members were selected for
higher positions and placed in charge of critical continuous audits and
those with significant regulatory impact.
Established quarterly reviews with combined regulatory agencies to better
anticipate their focus and reduce conflicting requirements. Developed risk
management reporting systems on an end to end basis, and combined stress
tests with Value at Risk measures to anticipate regulatory capital
requirements. Reporting systems included credit, prepayment, and interest
rate risk measurements, scenario forecasts of exposure and changes in
product lines, portfolios, and capital required to control the exposures.
CAREER HISTORY
Market Risk Coordinator, Federal Reserve Bank: 2012 - present. Conducted
analysis of governance, policies, and practices of model development,
implementation and validation of models in production as part of the first
ever model risk exam of Wells Fargo. Conducted extensive research and
interviews with model developers, users, and validators as well as
governance executives and responsible internal audit managers as part of
the resident exam team, in conjunction with the quantitative model exam
group and the OCC. As part of the first ever exam of first lien mortgages
at Wells Fargo, conducted analysis to determine 1) the accuracy of stress
loss forecasting, 2) the impact of loan modifications on the forecasts, 3)
the roles/responsibilities and reporting functions of risk management
groups including corporate credit risk, internal audit, QC, and embedded
risk managers in the LOBs, and 4) the impact of the first lien mortgage
portfolios on capital, reserves, ACL, loss mitigation and loss recognition
as part of the resident exam team, in conjunction with the quantitative
model exam group. Conducted analysis of deposit modeling, duration gap
calculations, funds transfer pricing, and treasury risk appetite as part of
and asset/liability exam of Wells Fargo with the OCC as part of the FRB
resident exam team.
Audit Director, Bank of America: 2003 - 2011. Responsible for audit
coverage of capital markets (front/back office), credit risk, manufacturing
quality, consumer behavior modeling, portfolio management, product pricing,
interest rate hedging, asset securitization, and margin management.
Developed monthly key risk indicators with business lines and quarterly
enterprise risk assessment for senior management and Board. Developed
automated continuous auditing programs and root cause analysis of all audit
issues to identify common themes and potential control risks across all
business lines. Expanded remediation of audit issue to include
preventative as well as detective controls and testing for scalability and
sustainability. Tested compliance with both origination regulations (Regs
X, Z, CC, B, C) and loan modification requirements (HAMP, HARP, 2MP).
Director of Derivatives Hedging, WesCorp Federal Credit Union: 2002 -
2003. Assessed exposures to twists and shifts in yield curve and designed
hedging program to cover convexity and well as interest rate risk. Ensured
stress testing results met risk appetite of Board. Met with CFOs and
Boards to set up interest rate swap programs to reduce interest rate risk
of member credit unions. Developed asset/liability management systems for
members.
Sr. Financial Analyst, US Dept. of Treasury, Office of Thrift Supervision:
1990 - 2002. Supported supervision of banks from $100M to $11B. Audit
coverage included investment portfolios, treasury functions, product line
profitability, capital planning, asset/liability management, interest rate
hedging programs, and financial reporting systems. Developed quarterly
variance analysis reports, competitor analyses, and made presentations to
banks' Boards of Directors.
Asset/Liability Manager: Farwest Savings Bank: 1988 - 1990. Prepared
strategic plan, managed a $30M budget, and the overall interest rate risk
of the bank's $4.5 billion balance sheet. Measured interest rate
sensitivity, restructured Treasury & mortgage backed securities portfolios,
adjusted incremental pricing of asset/liabilities, and designed hedging
strategies. Analyzed bond sector values, portfolio risks, yield curve
analysis, and interest rate outlook.
Assistant Treasurer: Pacific Savings Bank: 1985 - 1988. Managed $100M
liquidity portfolio and overall cash flow and cash forecasting. Managed
asset/liability function. Developed pricing model for adjustable rate
mortgages. Recommended 401k investments mangers and programs. Prepared
interest rate & economic outlook. Conducted weekly oral presentations to
investment committee.
Vice President, Portfolio Management, Analytic Investment Management: 1983
- 1985. Managed $120 million of public and private pension assets using
covered call equity based strategies. Prepared and presented quarterly
performance report to pension oversight boards.
Earlier: Senior Financial Analyst, Bechtel Power Corporation; Senior
Financial Analyst; Claremont Economics Institute; Senior Economist and
Model Developer, Chase Econometrics; Senior Financial Analyst, Central
Intelligence Agency; Security Analyst, Transamerica Investment Management.
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