Internal Audit Associate

Live Oak Bank•Wilmington, NC

20d•$55,000 - $90,000

About The Position

The Internal Audit Associate will support the Internal Audit department in executing audits and assessments of the bank's operations, processes, and internal controls. This role involves evaluating the adequacy and effectiveness of controls to ensure compliance with regulatory requirements, company policies, and industry best practices. The Internal Audit Associate will work closely with cross-functional teams to identify opportunities for operational improvements, mitigate risks, and contribute to the overall governance framework at Live Oak Bank.

Requirements

Bachelor’s degree in accounting, business, or related field; or equivalent education and related training or experience
1-2 years of banking, auditing, or other relevant experience related to the area of responsibility
Strong analytical skills with the ability to identify and evaluate risks and control gaps
Good written and verbal communication skills to effectively report findings and collaborate with colleagues
Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint)
Ability to manage multiple tasks and deadlines in a fast-paced environment

Nice To Haves

Knowledge of internal controls, risk management, and audit methodologies
CPA, CIA, or CISA certification (or progress toward certification)
Attention to detail and accuracy
Self-motivated, proactive, and able to work independently or as part of a team
Strong problem-solving ability and desire for continuous learning and professional development

Responsibilities

Assist in the planning, execution, and documentation of audits of various business units and operations; this includes conducting tests, evaluating control design, and identifying areas for improvement
Support the identification and evaluation of risks and controls related to financial reporting, operations, compliance, and IT
Perform test procedures to determine whether the bank is complying with relevant laws, regulations, and internal policies
Review existing control frameworks and recommend enhancements to mitigate risks
Contribute to the development of audit reports and provide actionable recommendations to management for process improvements and enhanced controls
Prepare and maintain comprehensive audit work papers and documentation in accordance with IIA professional standards and internal methodologies
Work closely with various departments to understand business processes and assist in walkthroughs to identify key activities, risks, and controls
Provide clear, concise, and relevant documentation of work performed, including thorough description of issues and observations identified
Develop recommendations for identified control issues and assist in fostering a culture of continuous improvement
Complete validation testing to ensure issues have been appropriately remediated
Assist with ad-hoc audit requests, special investigations, or other projects as needed
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC