Wells Fargo

Job Category:



Baltimore, Maryland



Approximate Salary:

Not Specified

Position Type:

Full Time


415) 820-7800

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Operational Risk Manager 4 - Wholesale Tax Governance Manager

Wells Fargo - Baltimore, Maryland

Posted: 10/20/2018

Job Description

At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

Corporate Risk helps all Wells Fargo businesses identify and manage risk. We focus on three key risk areas: credit risk, operational risk and market risk. We help our management and Board of Directors identify and monitor risks that may affect multiple lines of business, and take appropriate action when business activities exceed the risk tolerance of the company.

The Wholesale Tax office has an exciting opportunity for an experienced, forward-thinking leader to join the Wholesale Tax team to lead the Governance Program for the Wholesale Tax Program within the Control Executive group. The position is aligned to establish and maintain the Front Line governance program enabling the Wholesale Tax Program across the Wholesale Banking Group to meet regulatory requirements related to customer information tax onboarding, withholding, and reporting including:

  • Establish a Front Line governance structure incorporating all of the tax requirements for a robust customer tax program including developing, implementing and monitoring the customer tax program to identify, assess and mitigate risk
  • Design and development of Front Line governance strategies, methodologies, and analysis and evaluation of adequacy and effectiveness of policies, procedures, processes and internal controls in providing oversight of Wholesale’s U.S. and global tax requirements
  • Develop risk practices to assess, monitor, analyze and report the Tax Program’s state of compliance
  • Implement, monitor, and analyze key performance and risk metrics associated with a robust customer tax program
  • Maintain an awareness of customer information tax risk issues across Wholesale and ensuring appropriate escalation and the necessary follow-up
  • Assess specific US and international risks and establish practices to incorporate into the Wholesale Tax Center of Excellence pillars of Onboarding, Withholding, Reporting and Data Management, including oversight to or coordination of Line of Business impact and required gap assessments
  • Lead response plans and improve awareness of emerging customer tax risks throughout all Wholesale businesses
  • Produce, manage and coordinate the risk reporting and analyze and interpret results
  • Ensuring adequate controls are in place for Wholesale tax withholding and reporting obligations, including W-8 and W-9 certification and validation; backup withholding, NRA withholding and FATCA withholding
  • Ensuring Federal, State and non-US withholding amounts are deposited with the appropriate tax authority or agency; Filing of annual withholding reconciliation returns (Forms 945 and 1042)
  • Partnering with the Wholesale Lines of Businesses (LOBs) to improve the risk management function related to tax requirements
  • Coordination with the Technology organization to design and deliver technology enablement related to tax processing, including the integration and enhancement of multiple systems related to tax processing in order to ensure a robust customer tax program
  • Work closely with the Wholesale Lines of Business, U.S. and Regional compliance and risk teams, Independent Risk Management group, Corporate Tax Information Reporting Consulting, the Law Department and Audit as it relates oversight of Wholesale’s customer tax activities.

The successful candidate will demonstrate core competencies in Business Acumen in Wholesale Banking/Risk Management/Tax Regulations, Leadership, Change Management, Process Improvement and Project Management. In close alignment with the Wholesale Tax Program leadership team and the PMO leadership team, the Governance Manager will establish a Front Line governance program and appropriately guide the outcome of the program. They will be expected to have a proficient level of knowledge and experience in Tax Regulations, Risk Management and Wholesale Banking to partner with subject matter experts and initiative team members to properly guide the development of initiative deliverables to meet objectives. They will facilitate the design and implementation of business process improvements and best practices related to developing an effective and efficient program across Wholesale. The Governance Manager must be able to translate leadership vision into executable strategies and drive implementation efforts to achieve transformational change delivering business benefit and meeting all customer tax law requirements. Key success criteria will be the ability to manage diverse relationships and foster a collaborative team dynamic with PMO, Independent Risk Management, LOBs, Audit, Legal, and other stakeholders. The role will involve interactions with regulators and external stakeholders.

The position will collaborate with team members in separate geographical locations and will require remote management skills and travel. This position is responsible for management of a team and may be responsible for managing outside vendor resources.

This position will be responsible for leading cross functional/virtual teams to strategize, plan and execute a variety of programs, services and initiatives that are larger in scope and complexity. Examples might include, but are not limited to: finance /operational / executive management review coordination, process improvement and redesign, change management initiatives, ongoing oversight of a leadership / diversity / recognition / or general program oversight. Provides leadership to other consultants and analysts in the integration/implementation of programs/services/initiatives with cross functional business partners, recognizing the significance of competing priorities and strategies, and adjusting as necessary. Develops metrics and tracks/evaluates performance of programs, services and initiatives. Ensures plans/programs adhere to appropriate policies and regulations. This position will establish and adhere to routines for effective control management and oversight; champion and sustain a process based environment; develop successful partnerships within the Control Executive team as well as develop and maintain effective communication and strong working relationships within and across all Wholesale teams.

Team members 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.

Required Qualifications

  • 10+ years of experience in compliance, operational risk management (includes audit, legal, credit risk, market risk, or the management of a process or business with accountability for compliance or operational risk), or a combination of both; or 10+ years of IT systems security, business process management or financial services industry experience, of which 5+ years must include direct experience in compliance, operational risk management, or a combination of both
  • 5+ years of management experience
Desired Qualifications

  • Advanced Microsoft Office skills
  • Excellent verbal, written, and interpersonal communication skills
  • Strong analytical skills with high attention to detail and accuracy
  • Ability to articulate complex concepts in a clear manner
Other Desired Qualifications
  • 10+ years of experience in the financial services industry engaged directly in the execution of obligations.
  • 5+ years working in or closely with Wholesale-type businesses sufficient to demonstrate a working knowledge of their products/services, key processes/systems, and organizational structure.
  • Demonstrated ability to establish and lead governance programs
  • Demonstrates technical knowledge on U.S. tax onboarding, reporting, withholding and required tax compliance (i.e., Chapter 61-Back-up, Chapter 3- NRA and Chapter 4-FATCA)
  • Experience influencing processes, policies and procedures consistent with corporate values and tax laws
  • Track record for implementing significant improvements to existing processes
  • Ability to independently evaluate tax issues and apply sound business judgment with minimal oversight
  • Juris Doctorate, Masters of Taxation or Certified Public Accountant (CPA) or equivalent certification.
  • Experience leading projects supporting operations in a financial services environment including experience leading project teams through process design/reengineering initiatives with quantifiable results
  • Ability to effectively communicate with all levels of the organization including senior/executive management. Must be able to take complicated subject matters and effectively present recommendation and options.
  • Experience collaborating with business partners across multiple functional areas in support of critical business initiatives.
  • Experience with implementation of systems and control automation.

  • All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.

    Relevant military experience is considered for veterans and transitioning service men and women.
    Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.

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