Business Risk & Controls Assoc
- Wells Fargo
- 5 - 10 years
- Bengaluru
- 5 years ago
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Job Description
About the Role
Centralized Operations Risk Team (CORT) provides governance, testing, root cause analysis, and relationship management for third party vendors that conduct non-real estate bankruptcy and money judgement work.
The Transaction Review Team is responsible for validating the transaction reviews of Third Party Vendors that have been selected to represent Wells Fargo across all states. The transaction review is designed to test for specific elements and requirements that are included in Wells Fargos with approved Third Party Vendors to ensure that the Vendors are in compliance with the requirements.
The compiled data that is provided by these Transaction Reviews assists the Steering Committee in lessening the risk for Wells Fargo
The function of this role is to conduct vendor audits of firms that obtain judgments against customers on behalf of Wells Fargo. The vendors support a variety of Wells Fargo LOBs, including Business Direct, CCS, EFS, Overdraft, and more. CORT Provides governance, testing, root cause analysis, and relationship management for third party vendors that conduct non-real estate bankruptcy and money judgement work.
As a result, the people in this role will need to:
Responsibilities:-
- Understand federal, state, and parish laws for obtaining judgments against customers
- Interpret legal documents to evaluate the process of transactional testing
- Interpret training documents to understand Wells Fargo operational and collections procedures
- Apply information from legal documents and training documents and evaluate it against vendor records
- Test legal documents/information against the approved test script questionnaire in sync with federal, state, and parish laws for consumer lending products
- Exhibit critical thinking skills to determine causes of exceptionswhy certain documents did or didnt meet requirements if they varied from those specifically identified in training documents
- Should understand the sense of elevating critical disputes to LOB/Manager
- Prepare the documents that are required to perform above mentioned tasks
Essential Qualifications:-
- Know how to use Wells Fargo SORs, imaging systems, and 3rd party systems, including ECAR, IRRIS, YGC, iTOP & ICMP
- Should Identify, develop and implement best practice that upsurge performance
- Implements testing methodologies; evaluates the adequacy and effectiveness of policies, procedures, processes, initiatives, products and internal controls; identifies operational risk issues; advises management on risk ratings and evaluates ratings against established policy standards.
- May assist in drafting corrective action plans and in managing change. Identifies training opportunities and may assist in training delivery.
- Drafts reports of findings and recommendations to mitigate risk for operational risk management.
- Assists in coordinating production of periodic operational risk performance reports for senior management, including trend analysis and recommendations.
Desired Qualifications
- University degree in Business or related discipline (10+2+3)
- Experience of more than 5 years in finance industry & 2 years with Risk & Controls
- Certification in Risk Management would be a plus
Job Classification
Industry: Banking, Financial Services, BrokingFunctional Area: Accounts, Finance, Tax, Company Secretary, Audit, Role Category: OtherRole: OtherEmployement Type: Full timeEducation
Under Graduation: Any Graduate in Any SpecializationPost Graduation: Post Graduation Not RequiredContact Details:
Company: Wells FargoLocation(s): Bengaluru
Keyskills: Process audit Automation Operational risk Compliance Banking Process excellence Analytics Technology operations Testing
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Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community- based financial services company with $1. 9 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 ...
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