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Head of Accounting Operations and Transformation
Company: Wells Fargo Location: Saint Louis, MO Employment Type: Full Time Date Posted: 09/16/2021 Expire Date: 10/18/2021 Job Categories:
Accounting/Auditing, Banking, Finance/Economics, Financial Services, Human Resources, Information Technology, Insurance, Internet/E-Commerce, Military, Retail/Wholesale, Warehousing, Counseling, Executive Management, Research & Development, Web Technology
Head of Accounting Operations and Transformation Job Description
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations.
Finance brings together enterprise functions that drive Wells Fargo's financial management, including accounting and control, financial planning and analysis, line of business finance, asset-liability management, treasury, tax management, and the company's investment portfolios. They also inform shareholders, regulators, taxing authorities, employees, and leaders of the company's financial performance through earnings releases, investor meetings and conferences, and meetings with regulators and credit rating agencies, following appropriate reporting guidelines.
The Controllers Division delivers subject matter expertise, counsel, governance, and oversight for all Wells Fargo controllership activities to the business units and staff groups. The division includes the following functional areas: Accounting Business Unit Support, Accounting Operations, Enterprise Controls & Oversight, Enterprise Financial Reporting, and Corporate Tax. The group’s mission is to perform their responsibilities in an efficient and well-controlled environment to ensure deliverables are reliable and accurate, ensure interactions with both internal and external stakeholders are completed with the highest integrity, and provide accounting, controllership, and other support of the highest quality to our business and staff group partners. The group fosters an environment that encourages and promotes diversity and inclusion across our team members.
The role will report to the Chief Accounting Officer and be a key member of the Controllers Leadership team. This role leads the accounting teams supporting the Retail Broker Dealer within the Wealth & Investment Management (WIM) business, the Corporate and Investment Bank (capital markets and traded products), and the Enterprise Staff Groups including Treasury and the Investment Portfolio (securities and funding), Human Resources, and Technology. It also supports the Corporate Close process and management of the General Ledger and related tools. Additionally, this leader is responsible for the Derivative Center of Excellence (COE) and Independent Price Verification COE that is responsible for providing valuation oversight for the firm’s securities and derivatives portfolios. These teams serve as strategic partners and trusted accounting advisors to the lines of business and staff functions, ensuring effective controls are in place, Generally Accepted Accounting Principles (GAAP) compliance and helping business leaders understand the accounting impacts and opportunities which are embedded in their activities and results.
This leader will drive transformation within the accounting, reporting, and data environments of the Controllers Division., This will entail collaborating with stakeholders across Finance, Technology and partner areas, to design, execute and lead the transformation roadmap for Accounting, including converting to new sub-ledger system, working with various project management teams across the bank to develop interfaces to the general ledger or building out accounting engines on various platforms, oversee GL reporting tools for over 30,000 users utilizing agile systems implementation approach, and leading dynamic change requirements within the IT and data environment. This work aligns with Wells Fargo’s strategy toward broader and more rigorous digitization, automation and risk management approaches.
The core responsibilities include:
Developing and maintaining strong relationships with business leadership supported by Accounting Operations to, among other things, understand key business activities, monitor changes in the business and industry, and ensure that the businesses are being served well by the Controllers Organization.
Accounting and Reporting: This position is responsible for leading a team of professionals to ensure all transactions and business activity in the assigned area are accounted for in accordance with GAAP and company policy, appropriately captured and recorded in our general ledger, and appropriately reported and disclosed in a) our publicly issued corporate financial statements, b) in various required subsidiary financial statements, and c) in the various regulatory reports issued to the Federal Reserve Bank, the OCC, and other principal regulators, as necessary.
Technical Accounting Knowledge: This position is responsible for understanding and applying the requirements of US GAAP, as well as other SEC and bank regulatory reporting requirements. In this role, this Leader will collaborate with the Enterprise Accounting Policy teams, the Chief Accounting Officer, other corporate groups, our external auditors and bank regulators as necessary to understand, apply and provide advice on the complex accounting and reporting issues that arise in these businesses.
Oversight and management of the Independent Price Verification COE.
Financial Month-End Close process: This position is responsible for the oversight of the company’s monthly financial close process including consolidations, intercompany, and variance analysis.
Technology and Transformation: Position is also responsible for overseeing the team that provides the business support of the General Ledger and related tools. Ensuring that accounting implications/interfaces for various projects and technology implementations across the company are appropriately considered and reflected. Actively participate in the development of financial instrument level data warehouses in partnership with Technology and other Data partners. This Leader will be expected to understand and execute process improvement strategies (e.g., Agile), digital alternatives and off-shoring capabilities.
Process Effectiveness and Efficiency: The Leader in this role will be expected to think strategically and tactically, balancing long-term objectives with short-term goals. This Leader will be responsible for developing and fostering a continuous improvement culture throughout the entire accounting & reporting environment that drives ongoing process improvement, efficiency, and effectiveness solutions through automation, digitization, and other enablement tools.
Strategic Leadership and Communication: This position is responsible for providing transformational, strategic leadership on matters related to accounting, reporting and internal controls. In addition to effectively managing his/her team, this Leader will be required to effectively partner with business leadership and other appropriate groups (finance, risk, credit, IT, etc.) to understand the business priorities and initiatives, and determine how best to integrate the accounting, reporting and control requirement within the direction of the business. This Leader will have responsibility for building and fostering a team culture that enables & empowers success, drives continuous improvement, encourages learning, embraces diversity and celebrates achievement.
Internal Control Environment: This position is responsible for ensuring adequate internal controls over the financial and regulatory reporting environment are established and maintained. In this role, working together with the business and other divisions within the Controllers Organization, the team ensures that internal controls are well designed and operating effectively through the execution of our quarterly and annual internal control assessment processes performed for both SEC reporting (SARBOX) and bank regulatory reporting.
As an employee manager, you are expected to achieve success by leading yourself, your team, and the business. Specifically you will:
Lead your team with integrity and create an environment where your team members feel included, valued, and supported to do work that energizes them.
Accomplish management responsibilities which include sourcing and hiring talented team members, providing ongoing coaching and feedback, recognizing and developing team members, identifying and managing risks, and completing daily management tasks.
8+ years of management experience
12+ years of experience in one or a combination of the following: finance, accounting, treasury, analytics, reporting
Other Desired Qualifications
Seeking a truly unique individual who has the requisite business, finance, and strategic expertise, but also the highly entrepreneurial spirit and passion which is very much part of the firm’s culture. The individual must be a builder, not just a refiner, someone who is versatile and agile, and a leader who is focused on mentorship and development
8-10 years of experience defining and executing transformation of a legacy framework, including process, data and technology and specifically implementation of a general ledger or other accounting modules or data warehouse
Expert knowledge of the accounting, reporting and internal controls requirements within a large, diversified U.S. financial services institution; strong understanding of current financial and regulatory requirements; experience executing a COSO-based Sarbanes Oxley internal control assessment.
Detailed product knowledge and understanding of the complex technical accounting requirement governing banking and capital markets products including debt and equity securities, derivatives, various investment and tax advantaged vehicles, commitments, guarantees, etc. as well as hedge accounting
Demonstrated experience working with complex IT environments as well as data management process understanding
Track record of successfully developing innovative solutions and driving transformational change; strong analytical and critical thinking skills combined with strategic business focus
Excellent verbal, written and interpersonal communications skills; extremely strong demonstrated leadership skills in significant transformational change initiatives
Proven ability to effectively lead large, complex and diverse teams, and exceptional track record of delivering results
An "own it" attitude; a "doer" comfortable in a fast-paced, complex environment; solves problems collaboratively through open and constructive discussion
An intelligent, decisive, self-confident, and results-oriented individual who possesses a combination of mental flexibility, creativity, analytical ability, and sound judgment
Decisive leader who sets high standards and drives performance; able to motivate, inspire, engage and develop a financial organization to achieve results
Ability to recruit, mentor and develop the next generation of financial leadership
Strong interpersonal skills, superior intellect, and an outstanding ability to communicate using these qualities and skills
Detail oriented, responsive, and proactive. Fosters clarity, transparency, consistency, and widespread understanding across the business
An energetic, efficient, and resourceful team player. Takes ownership of work product and delivers within tight deadlines
Ability to build trusted relationships with Executive Leadership Team members and the extended business and functional leaders across the company
A change agent. Meaningful business improvement/efficiency and effectiveness change management experience. An evident project/change management approach to driving continuous improvement in process delivery
Is of unquestionable personal and professional integrity; is able to give and take constructive criticism and demands high performance from both him/her and colleagues
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.