Audit Manager, Credit

BMO•Chicago, IL

3d•$75,000 - $160,000•Hybrid

About The Position

Under the direction of the U.S. Audit Director and Senior Audit Manager, the Audit Manager supports the Enterprise in maintaining effective management processes and internal controls by independently executing audits across designated U.S. Banking and North American retail and/or commercial segments and Corporate Support Areas. Audits broadly evaluate control design and the operational effectiveness of controls. The role includes executing audit engagements, assessing assigned loans and credit portfolios, evaluating governance and compliance, and reviewing business operations and end-to-end processes. It also uses data analytics where appropriate, maintains effective client communication, supports risk assessment and audit planning, and participates in advisory and risk-focused engagements. This is a hybrid position requiring three days in the office weekly, subject to change. The posting reflects the Chicago salary range, which varies by location. The listed salary range is $75,000 to $160,000, salaried. BMO’s compensation package may include performance-based incentives, discretionary bonuses, and other perks and rewards. Benefits mentioned include health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.

Requirements

5+ years of retail credit experience.
5+ years of audit experience.
BMO Credit Qualification for personal loans.
Undergraduate degree or equivalent.
7–10 years of relevant retail and/or business-purpose lending or credit risk management experience.
Knowledge of all phases of retail and/or business-purpose lending, including effective credit administration, policies and procedures, analytical practices, and problem credit identification and management.
Solid knowledge of internal controls and risk assessment.
Strong knowledge of U.S. banking regulations.
Critical thinking skills.
Strong interpersonal and communication skills, with the ability to work independently and in a team setting.
Working-level planning and organizing skills, including the ability to manage multiple priorities.
Introductory-level leadership and managerial skills.
Working-level relationship management, negotiating, and influencing skills.
Good analytical and systems-thinking skills.
Proficiency with Microsoft Office applications.

Nice To Haves

Commercial loan experience or knowledge; desirable but not required for the credit qualification.
CPA, CIA, CFA, or CRC designation.
Comparable knowledge of retail lending practices.

Responsibilities

Support the Senior Audit Manager in audit planning and the engagement process.
Execute assigned audit engagement activities in a timely manner and in accordance with Audit Methodology.
Document clear, concise, complete, and supportable work papers for test procedures performed.
Assess control deficiencies and recommend action plans using sound judgment.
Support analysis and compilation of audit results and recommend ratings for areas and overall audit engagements.
Review assigned loans and provide independent risk assessments, including evaluating compliance with credit policies and procedures, credit and collateral monitoring, underwriting quality, documentation accuracy, and identification and management of problem credits.
Assess auditable units’ credit-portfolio risk governance and alignment with the Bank’s risk appetite framework, including policy effectiveness, risk management and reporting, oversight, and strategic management.
Evaluate compliance with applicable U.S. banking laws, regulations, regulatory guidance, and Bank policies within the audit scope, and assess related controls.
Assess key business operations and end-to-end processes to determine whether responsibilities, procedures, systems, and controls support effective credit administration, risk management, and reliable execution.
Use high-value data analytics where appropriate to enhance risk assessment and audit testing and identify trends, anomalies, and potential control deficiencies.
Maintain open, effective, and timely communication with clients during audit engagements, close open questions and information requests, and discuss fieldwork matters and potential resolutions.
Support audit planning by identifying and assessing changes to credit risk, regulatory developments, technology, business strategies, emerging risks, and significant change initiatives for potential impacts on the control environment.
Participate in assigned advisory and risk-focused engagements, providing independent and objective insights into credit risk, governance, risk management, and internal controls.