Market Job Description:
Wells Fargo provides middle market, large corporate and financial institution customers with a range of international solutions, including treasury management, credit, payments, financing, foreign exchange, and trade services. Wells Fargo operates from 42 countries and territories outside of the U.S., including branches in Beijing, Cayman Islands, Dubai International Financial Centre (DIFC), Hong Kong, London, and Seoul.In accordance with the Wells Fargo enterprise wide Regulatory Compliance Risk Management (‘RCRM’) Program, the EMEA Monitoring and Testing Team (‘the Testing Team’) sits within EMEA Central Compliance and assesses the adequacy and effectiveness of controls relating to regulatory risks. The EMEA Compliance Testing Consultant (‘the Consultant’) will help to perform reviews in accordance with the Annual EMEA Testing Plan. The Consultant will also be responsible for monitoring Cross Border travel. The role will report to the EMEA Central Compliance Monitoring and Testing Team Manager.(Note: In addition to these functions employees are required to carry out such duties as may reasonably be required)
Conduct Compliance Activity Reviews (90% of activity)In accordance with the Annual Testing Plan, the Consultant will perform reviews across multiple entities and lines of business as directed by Central Compliance Management. All team members are required to execute reviews per RCRM standards.
- Engaging with key stakeholders within relevant lines of business and with relevant control function team members (senior compliance management, audit and operational risk) to effectively plan and execute testing activity, coordinating this under the direction of the relevant Testing Team Leader;
- Under direction, perform ‘fieldwork’ within the relevant lines of business and test system and control design and effectiveness (in accordance with relevant Wells Fargo testing and sampling methodologies as appropriate);
- The Team (of which the consultant is a part) will keep all stakeholders appraised of review progress through formal face to face updates to ensure a “no-surprise” approach on review outputs and potential issues;
- Identify and raise gaps, issues and recommendations for system and control enhancements and formally agree associated action plans (e.g. a change to systems, controls, governance structures, policies or procedures) with relevant senior management;
- Formally document review activity and raise findings within ‘Compliance Activity Reports’ and following a quality assurance process, submit these to the Team Leader;
- Ensure that all review steps are documented within the appropriate working papers and meet RCRM quality standards; and,
- As directed by the Testing Team Leader, work with risk colleagues and lines of business to formally track issues to closure.
- Attend relevant International and EMEA conference calls, meetings and Committees in order to discuss RCRM, Testing and Compliance standards and issues raised, as directed by Central Compliance management.
- Work collaboratively with Compliance colleagues throughout EMEA to make recommendations for change to Policies, Projects, Training and or Monitoring Plans as appropriate.
- Foster partnerships within the Testing Team, Corporate Compliance, EMEA Compliance officers, HR and Wholesale and International Compliance and line of business colleagues as directed.
- Undertaking relevant regulatory and corporate training as required / directed to maintain competence.
- Under direction of Central Compliance Management, provide cover arrangements as per cross training or with other Testing work to assist the wider EMEA Compliance team in times of need.
- Team members are required to assist with other ad hoc matters as may be required by EMEA Central Compliance Management from time to time.