Business Execution Associate - BFSI (5-10 yrs)
Business Execution Associate
About the Role :
Third Party Collections/Recovery Oversight and Review Team (TPCORT) provides governance, testing, root cause analysis, and relationship management for third party vendors that conduct non-real estate bankruptcy and money judgement work.
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. 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 Fargo's 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
As a result, the TM in this role will need to :
- Comprehend federal, state, and parish laws which assists Transactional Review Testing for US based third party law firms
- Exception reporting to governance post validation exceptions identified during Transactional Review Testing
- Root cause analysis on the Exception reporting to governance to identify any exceptions generated post testing execution
- Expertise in TRT with knowledge of federal, state, and parish laws to complete Targeted testing for third party law firms
- 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
- Performing independent quality checks and validating the data produced by Internal Quality Audit Team to ensure data integrity weekly and monthly basis
- 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 exceptions-why certain documents did or didn't meet requirements if they varied from those specifically identified in training documents
- Should understand the sense of elevating critical disputes to LOB/Manager
- Expertise in preparing testing procedures & Agile governance tool test script for TRT
Essential Qualifications :
- 6+ years of experience in compliance, operational risk management (includes transactional testing, understand US federal law to process Judgment/Settlements/Bankruptcy, or the management of a process or business with accountability for compliance or operational risk), or a combination of both;
- Know how to use Wells Fargo SORs, imaging systems, and 3rd party systems, including ECAR, IRRIS, YGC & AGT
- 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.
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