Job Description About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Wells Fargo India
Wells Fargo India enables global talent capabilities for Wells Fargo Bank NA., by supporting business lines and staff functions across Technology, Operations, Risk, Audit, Process Excellence, Automation and Product, Analytics and Modeling. We are operating in Hyderabad, Bengaluru and Chennai locations.
The Enterprise Finance function contains the Corporate Controllers division, which includes the Enterprise Controls & Oversight (ECO) group. The Enterprise COSO testing team is a component of ECO. Enterprise COSO testing professionals and will have enterprise-wide exposure to key stakeholders within the external financial/risk/regulatory reporting infrastructure. IT COSO team provides independent, objective assurance of information technology (IT) internal controls over financial, regulatory, and risk reporting that are designed to meet regulatory and industry-expected standards of excellence.
About the Role
This is a transition role for F and A where we are looking for SMEs with Risk and Compliance, COSO, Audit and Accounting. The role will require closely working with state side team members and the local manager for ensuring good quality deliverables.
- Providing meaningful assessments of IT control environments impacted by financial, risk, and regulatory reporting.
- Assessing adherence to Well Fargo & Company’s COSO based policies for IT controls impacted by internal controls over financial reporting (SEC and Regulatory Reporting) and strategic planning for ongoing IT control adherence to COSO policies (proactive anticipation of internal control related matters.
- Monitoring new and emerging internal control related guidance and issues and assist with facilitating group-wide training to interested and impacted stakeholders.
- Providing consultation and subject matter expertise for process and IT control related matters including evaluating severity of control deficiencies and related remediation efforts.
- Providing process and control support and thought leadership for projects and interfacing with external auditors, regulators and others on control related matters.
- Acting as a change agent for continual improvement of the control environment.
- Individual will be responsible Leading the IT General Controls (ITGCs) COSO test work.
- Partnering with IT and business Process Owners/Control Owners to document significant in-scope processes according to corporate COSO policy (both process narratives and process flow diagrams). Additionally, assessing the appropriateness and completeness of key risk and key application controls identified.
- Performing walkthroughs of significant processes and ensure required COSO documentation is accurate and reflects relevant business risk and key application controls.
- Partnering with IT and business Process Owners/Control Owners in the creation of process risk assessments (RAM) as well as validating and challenging risk assessment conclusions.
- Validating and providing credible challenge to identified shared services, third party service providers, and significant applications.
- Performing COSO testing of key IT controls, including design effectiveness assessments and operating effectiveness testing.
- Validating and challenging documentation of application control deficiencies, including issue description, root cause, unmitigated impact and corrective actions.
- Analyzing the severity of application control deficiencies, and their impact to internal control over financial reporting.
- Validating corrective actions and building relationships and collaborating with key stakeholders in the applicable line of business and IT functions related to assigned process areas.
- Assisting with projects impacting the team.
- Bachelor’s/ Postgraduate in Accounting, Finance or Business Administration.
- 6+ years of experience in one or a combination of the following: Finance, Accounting, Analytics, Reporting.
- Knowledge and understanding of regulatory agencies: Federal Reserve and OCC.
- Minimum two years at Big Four/super regional public accounting firm with experience in IT audit and/or IT SoX advisory/consulting service.
- Prefer one or more of the following certifications: CISA, CISM, CISSP.
- Practical experience performing IT audit/IT COSO application control testing.
- Strong critical thinking skills with ability to credibly challenge status quo experience with continuous improvement of application control testing processes and results.
- Strong relationship management skills; ability to negotiate difficult positions without harming relationships.
- Intermediate Microsoft Office (Word, Excel, Outlook, and PowerPoint) skills
- Intermediate Microsoft Visio skills
- A Master of Business Administration (MBA) or a Certified Public Accountant (CPA) Designation
- Ability to prioritize, meet deadlines, and achieve goals and work under pressure in a dynamic and complex environment
- Excellent verbal, written, and interpersonal communication skills
- Ability to take on a high level of responsibility, initiative, and accountability.
We Value Diversity
At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.
Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.
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