Audit Project Manager – Model Risk

U.S. Bank•Minneapolis, MN

1d•$119,765 - $140,900•Hybrid

About The Position

This Audit Project Manager position supports the Model Risk team within Corporate Audit Services. This role is primarily responsible for managing and executing the administrative aspects of quantitative audits so that quantitative auditors can focus on the technical model testing. This role does not require quantitative or modeling expertise. Instead, it requires strong audit project management skills to ensure quantitative audits are well‑planned, well‑executed, and completed in conformance with internal audit policies and procedures. This role also requires flexibility in thinking, comfort with ambiguity, and the ability to make thoughtful risk‑based decisions rather than relying solely on prescriptive guidance. This individual will also perform testing in model governance audits and be involved in other continuous monitoring routines, side projects, department initiatives, and other administrative audit activities.

Requirements

Bachelor's degree, or equivalent work experience
Typically more than eight years of applicable experience

Nice To Haves

Strong organizational skills
Excellent project management skills and ability to independently prioritize efforts based on situational awareness
Considerable experience taking a risk-based, solutions-oriented approach to audit execution and ability to adapt thoughtfully as circumstances, risks, or priorities evolve
Excellent verbal, interpersonal, written communication, and relationship management skills
Open, receptive, and constructive when receiving feedback or direction
Adapts well to change
Ability to manage multiple tasks and deadlines simultaneously
Strong critical thinking, analytical, decision-making, and problem-solving skills
Ability to extract, collect, organize, analyze, and interpret trends or patterns in data sets
Experience executing audit engagements, and providing feedback to staff
Business acumen, credibility, and respectful demeanor to help line(s) proactively identify and address changing workforce needs
Considerable knowledge of Risk/Compliance/Audit competencies and ability to hold others accountable on individual projects
Thorough understanding of Institute of Internal Auditors (IIA) Standards and the common definition of internal controls
Experience auditing risk functions
Knowledge of model risk

Responsibilities

Lead administrative aspects of audit execution activities for quantitative audits, including planning, scheduling, stakeholder coordination including with other audit teams, status tracking, and delivery management.
Actively monitor audit engagement progress against approved plans and timelines; identify risks to delivery and propose necessary adjustments to audit managers.
Independently manage multiple audit engagements, tasks, and priorities concurrently.
Set up meetings and agendas, take detailed notes, and manage next steps.
Perform other duties as requested by management, including completing continuous monitoring activities, assisting managers in Rolling Audit Planning tasks, and performing testing in model governance audits as needed.
Apply risk‑based judgment to audit planning and execution decisions, including determining when deviation from standard approaches is appropriate to better address audit objectives, emerging risks, or practical constraints.
Proactively raise concerns, alternative perspectives, or execution challenges in a constructive and solutions‑focused manner, with the goal of improving audit quality.
Demonstrate comfort operating in environments where guidance may be evolving, incomplete, or require interpretation, while maintaining alignment with audit standards and leadership expectations.
Complete audit activities ensuring the highest quality work delivered timely.
Ensuring work contains relevant facts to support audit scope and conclusions and adheres to internal audit policies and procedures.
Drafting issues to ensure potential exposures and significance are included, root causes are identified, and operationally effective and cost-effective actions to address those causes are developed into appropriate recommendations.
Assist managers in planning audit engagements. Includes identifying and analyzing business processes, key risks and critical controls; interviewing auditees; determining audit scope; evaluating control design adequacy; and developing and executing audit programs which provide sufficient guidance for testing control performance effectiveness.
Assist the managers in reporting and wrap-up phases of audits. Includes appropriate disposition of issues and drafting audit reports which include issues.
Remain knowledgeable of business products, services, and delivery systems; company policies and procedures; applicable laws and regulations; and formal/informal control frameworks.

Benefits

Healthcare (medical, dental, vision)
Basic term and optional term life insurance
Short-term and long-term disability
Pregnancy disability and parental leave
401(k) and employer-funded retirement plan
Paid vacation (from two to five weeks depending on salary grade and tenure)
Up to 11 paid holiday opportunities
Adoption assistance
Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
Incentive and recognition programs
Equity stock purchase
401(k) contribution and pension