Derivatives Operations Accountant
Wells Fargo
Makati City, National Capital Region
6d ago

Job Description

About Wells Fargo Philippines

Wells Fargo Philippines enables global talent capabilities for Wells Fargo Bank NA., by supporting business lines and staff functions across Operations, Risk and Compliance, Project Management, Finance & Accounting and Data Analytics.

We operate in Taguig City, Metro Manila.

Department Overview

Capital Markets Technology is within the Enterprise Information Technology business and the portfolio consists of Technology solutions for Primary Markets / Investment Banking / GIB Municipal Products / Asset Backed Finance, various Secondary Markets Trading verticals (like Equities, Fixed Income, and Commodities etc.

and Institutional Investor Services (like Prime Brokerage, Futures Commission Merchant Services).

About the Role

DCOE is a team created in response to issues identified with derivatives reporting and netting that prompted a SOX Significant Deficiency.

To complete the role of the DCOE requires a comprehensive set of derivatives and collateral information. This comprehensive dataset must be reconciled to GL to ensure completeness.

Data validation activities are also performed to ensure the accuracy of data elements received and derived.


  • Validation activities-certain monitoring of data elements for completeness and accuracy are required to ensure data quality and accurate reporting
  • Quarter-end Reporting : Overnight LOB Package creation, manual adjustments, creation of certain reporting templates for the team
  • Collateral Reconciliation-Weekly reconciliation of collateral information contained in Derivatives Application compared to General Ledger to enable the team to review / conduct research of discrepancies
  • SOX Documentation-Coordinate quarterly review of procedural documentation across the team to ensure documentation is updated timely
  • Collateral Reporting-Perform monthly and quarterly reporting of collateral values for the y-9c, call report and TIC reporting
  • Preparation of Variance Analysis files : Update files to aid the team in analyzing changes in derivative values month over month / quarter over quarter
  • Overnight processing of quarter-end activities : Manual Adjustment Engine runs, update of reconciliation of DNRA to GL, update of Elim Monitoring Report, Hedge Reclassification Activities
  • Monthly Reconciliations as assigned to Balance Sheet Certification
  • Daily journal entries associated with applications that lack accurate accounting within the system
  • Market Skills and Certifications

    Essential Qualifications

  • Candidates must be a CPA (Certified Public Accountant)
  • Must have at least 2 years of experience in accounting preferably in derivatives, capital markets, US Regulatory Reporting, US Financial Services and reconciliation / validation.
  • Must be proficient in creating reports in Excel, has the ability to maximize use of formulas and functions to streamline reporting needs.
  • Basic understanding of macros programming using VBA / Access is highly preferred.

  • Familiarity in portfolio or securities accounting such as securities, commodities, investment funds, derivatives and especially foreign exchange
  • Must have in-depth background in compiling and analyzing financial information in preparing entries to accounts, such as general ledgers and document business transactions.
  • Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions
  • Ability to resolve accounting discrepancies
  • Must be able to establish, maintain, and coordinate the implementation of accounting and accounting control procedures
  • Candidates must be willing to work in night shifts, or weekends / holidays if deemed necessary by the business
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