Audit Manager, Credit

Bank of Montreal • Chicago, IL

2d • 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 covering designated U.S. Banking and North American retail and/or commercial segments and Corporate Support Areas. Audits evaluate control design adequacy and the operational effectiveness of controls.

The role supports audit planning and engagement activities, executes assigned work in accordance with Audit Methodology, documents clear and supportable work papers, assesses control deficiencies, and recommends action plans. It also supports analysis of audit results and recommendations for area and overall engagement ratings.

The position reviews assigned loans and independently assesses credit risk, including adherence to credit policies, credit and collateral monitoring, underwriting, documentation, and the identification and management of problem credits. It assesses credit risk governance, alignment with the Bank’s risk appetite framework, compliance with applicable U.S. banking laws and regulations, and the effectiveness of relevant controls and business processes.

Additional work includes using data analytics where appropriate; maintaining effective client communication throughout engagements; identifying credit, regulatory, technology, strategic, emerging-risk, and change-related impacts on the control environment; and participating in advisory and risk-focused engagements. The position is hybrid, with three days in the office weekly, subject to change.

Requirements

• 5 or more years of retail credit experience.
• 5 or more 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 and the ability to work independently and in a team setting.
• Planning and organizing skills and the ability to manage multiple priorities.
• Introductory-level leadership and managerial skills.
• Working-level relationship management, negotiating, and influencing skills.
• Analytical and systems-thinking skills.
• Proficiency with Microsoft Office applications.

Nice To Haves

• Commercial loan qualification or experience is desirable but not required.
• Comparable knowledge of retail lending practices.
• CPA, CIA, CFA, or CRC designation.

Responsibilities

• Support the Senior Audit Manager in audit planning and the engagement process.
• Execute assigned audit engagement activities on time and in accordance with Audit Methodology.
• Document clear, concise, complete, and supportable work papers for test procedures.
• Assess control deficiencies and recommend action plans to address them using sound judgment.
• Support analysis and compilation of audit results and recommendations for area and overall engagement ratings.
• Review assigned loans and provide independent risk assessments covering credit policy adherence, credit and collateral monitoring, underwriting quality, documentation, and problem-credit management.
• Assess credit risk governance, including policy effectiveness, risk management and reporting, oversight, and strategic management, and evaluate alignment with the Bank’s risk appetite framework.
• Evaluate compliance with applicable U.S. banking laws, regulations, regulatory guidance, and Bank policies within the audit scope, including the design and effectiveness of related controls.
• Assess business operations and end-to-end processes to determine whether responsibilities, procedures, systems, and controls support effective credit administration and risk management.
• Use 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, including resolving questions and information requests and discussing fieldwork matters and potential resolutions.
• Support audit planning by identifying and assessing changes in credit risk, regulations, technology, business strategies, emerging risks, and significant change initiatives that may affect 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.

Benefits

• Health insurance.
• Tuition reimbursement.
• Accident and life insurance.
• Retirement savings plans.
• The total compensation package may include performance-based incentives, discretionary bonuses, and other perks and rewards.
• Training and coaching, manager support, and network-building opportunities.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager