Creation of EMEA Annual Compliance Testing Plan
- The consultant will work with the EMEA Head of Compliance Testing and EMEA team leaders in the creation of the annual EMEA compliance testing plan.
- The consultant will be responsible for:
- Ensuring that Irish Major Compliance Requirements (MCRs) impacting the Bank are included in the testing plan (using a risk based methodology).
- Identification of regional omissions from the MCR population within the Wells Fargo compliance regulation database (SHRP) and making recommendations where appropriate for the grouping together of MCRs;
- Creation of synergies with the General Regulatory, EMEA Branches and Financial Crime Risk (FCRM) testing plans as directed so that testing resources are utilized effectively;
- Communicate as necessary with Senior Management and Stakeholders during the creation of the testing plan to ensure that entities and Lines of Business are informed as to the reviews to be performed during the calendar year;
Execution of the Testing Plan and issue validation
- The consultant will take ownership of allocated testing reviews.
- In accordance with Testing and Validation Standards in the capacity the consultant will:
- Plan review work effectively (e.g. engagement with key stakeholders / relevant lines of business / control functions; review of past audit, operational risk and compliance reviews etc.);
- Perform fieldwork including the identification and testing of controls;
- Identify potential concerns and control issues, determine root cause and work with stakeholders to develop and implement appropriate corrective actions;
- Formally document review activity in line with Testing and Validations Standards and raise findings within Compliance Activity Reports (CARs)
- Perform issue validation for in scope issues.
- From time to time, the consultant will be asked to manage reviews and provide leadership to other testing consultants. Specifically, the consultant will:
- Act as the first escalation point for any issues faced by testing consultants reporting to them on reviews;
- Perform Quality Assurance (QA) to ensure that review work is carried out in accordance with Testing and Validation Standards;
- Provide day to day support, leadership and guidance to the testing consultants working for them on reviews and assisting in coaching, cross training, etc. as appropriate; and
- Contributing to compliance meetings, reporting, etc. as directed.
- The consultant will provide regular updates to the EMEA Head of Compliance Testing on an ongoing basis so that review status including any obstacles to complete, accurate and timely execution of reviews is highlighted to senior compliance management at the earliest opportunity.
- The consultant will:
- foster partnerships with all team members within EMEA Compliance;
- work collaboratively across entities and lines of business; and
- partner with the businesses to assess compliance gaps and vulnerabilities and report compliance management issues as appropriate.
- The consultant will identify issues during testing activities, report issues requiring senior management attention within CARs and track these via a centralized issue and corrective action tracking system.
- The consultant will assist with the creation of risk based Management Information (MI) for senior management throughout EMEA as directed (e.g. central compliance monthly reports, compliance and financial crime forums and cross functional and emerging risk committees), and ensure that:
- metrics are relevant and cover all aspects of compliance / non-compliance with thresholds;
- exceptions / failures to meet threshold requirements are appropriately escalated and measures taken documented.
Market Skills and Certifications
- Proven compliance testing experience or other related experience such as risk management, audit or similar control-related experience.
- Product knowledge of wholesale banking businesses and related products including investment management, treasury services and correspondent banking businesses.
- Regulatory awareness Good working knowledge of the Irish / EMEA regulatory environment.
- Communication excellent interpersonal skills (written and presentation) are essential with an ability to liaise professionally and with diplomacy across all levels of staff.
- Organised Excellent organisational, prioritization and time-management skills.
- Team working proven track record of working collaboratively across multiple business lines and demonstrated ability to work effectively as part of a team or to take lead as needs dictate.
- Problem solving skills ability to manage multiple requests for information and handle confidential and sensitive information in a professional manner in a fast paced deadline driven environment.
- Problem solving skills demonstrated ability to identify key issues, and obtain appropriate information for further analysis.
- IT literate including Microsoft Project, Excel, Access, Word, PowerPoint and other reporting and surveillance tools
- Compliance diploma or recognized equivalent qualification.
- Degree educated.