Internal Audit Compliance Manager

First American Bank•Elk Grove Village, IL

6d•$125,000 - $190,000

About The Position

The Internal Audit Compliance Manager leads and performs risk-based internal audit activities focused on regulatory compliance across First American Bank. The role develops and executes the compliance portion of the annual internal audit plan, evaluates the design and effectiveness of compliance controls and adherence to banking laws and regulations, and provides independent assurance regarding the management of compliance risk. The Manager applies professional judgment and subject matter expertise to oversee compliance audit engagements, assess complex regulatory requirements, identify control weaknesses and emerging risks, and develop practical recommendations. The position works with Internal Audit leadership, the Compliance Department, business units, co-sourced providers, external auditors, and regulatory examiners while preserving the independence and objectivity of Internal Audit. It also mentors and provides technical guidance to audit team members, oversees specialized co-sourced audit resources, monitors remediation of audit findings, and supports improvements to audit methodology, documentation, efficiency, and data analytics. Occasional travel to other Bank locations is required. The typical schedule is Monday through Friday, 8:00 a.m. to 5:00 p.m.; additional hours may be required based on business needs.

Requirements

At least seven years of experience in internal audit, regulatory compliance, risk management, or a related field within banking or financial services.
Experience performing or overseeing compliance-focused audits, including BSA/AML, consumer compliance, fair lending, CRA, or other applicable banking regulations.
Experience leading audit engagements, reviewing workpapers, evaluating findings, communicating results to senior management, and directing, coaching, or technically overseeing audit staff or co-sourced providers.
In-depth knowledge of banking laws and regulations, internal audit practices, risk assessment techniques, and internal control frameworks.
Excellent written and verbal communication skills, including the ability to explain complex regulatory and audit matters clearly and succinctly in professional communications.
Ability to communicate professionally with internal and external contacts, tailor messages to the audience, and present audit results and recommendations to management, executive leadership, and the Audit Committee.
Strong analytical, organizational, project management, and problem-solving skills, including the ability to manage multiple engagements and priorities, meet deadlines, and maintain audit quality.
Ability to maintain credibility through professional demeanor, appearance, and presence appropriate to the Bank’s environment and industry.
Strong interpersonal skills and a constructive, solutions-focused approach to maintaining effective working relationships with internal partners.
Sound professional judgment in balancing the interests of the Bank and its stakeholders and using available resources to identify and mitigate risk.
Proficiency in Microsoft 365 applications, including Word, Excel, PowerPoint, Teams, SharePoint, OneNote, and Copilot or other approved AI-enabled productivity tools.
Working knowledge of audit management software, Governance, Risk and Compliance tools, and data analysis techniques.
Understanding of AI as a productivity and business-support tool, willingness to learn and adopt approved AI-enabled tools, and ability to validate AI outputs and comply with organizational policies and guidelines.
Ability to learn new systems and applications and adapt responsibilities and workflows in response to upgrades or process changes.
Ability to travel occasionally to other First American Bank locations, branches, Bank functions, and training facilities.
Punctuality to maintain the Bank’s customer service standards.

Nice To Haves

Experience interacting with banking regulators or examiners during compliance examinations or regulatory audits.
A professional certification such as Certified Internal Auditor (CIA), Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or Certified Public Accountant (CPA).

Responsibilities

Develop and maintain the risk-based compliance portion of the annual internal audit plan, coordinating with Internal Audit leadership and considering work performed by Compliance, Risk Management, external auditors, regulators, and other assurance providers.
Assess compliance risks associated with the Bank’s products, services, operations, systems, and regulatory obligations.
Ensure audit coverage of key compliance areas, including BSA/AML, OFAC, consumer lending and deposit regulations, fair lending, and the Community Reinvestment Act.
Update audit coverage and priorities in response to regulatory changes, emerging risks, examination results, and changes in the Bank’s business activities.
Lead, plan, perform, and oversee compliance-focused audit engagements in accordance with the approved plan, audit procedures, professional standards, and Internal Audit methodology.
Define audit objectives, scope, testing strategies, resource requirements, and timelines based on assessed risk.
Conduct and oversee audit fieldwork, including interviews, document reviews, transaction testing, process walkthroughs, and data analysis.
Evaluate the design and operating effectiveness of compliance controls, policies, procedures, monitoring activities, and governance processes.
Review workpapers and supporting documentation to ensure audit conclusions are accurate, complete, and supported by sufficient evidence.
Oversee co-sourced or third-party resources performing specialized compliance audit work.
Evaluate compliance with applicable federal and state banking laws and regulations and related internal policies and procedures; perform or oversee audits of compliance programs and processes.
Monitor regulatory developments, supervisory guidance, enforcement actions, and industry trends; assess their potential impact on the Bank’s control environment and audit coverage.
Communicate significant compliance risks, control deficiencies, and regulatory concerns to Internal Audit leadership and other appropriate stakeholders.
Prepare and review audit reports and executive summaries that communicate objectives, scope, observations, risks, recommendations, and conclusions.
Present significant audit results, emerging risks, and remediation status to senior management and the Audit Committee as requested, and communicate significant issues promptly.
Discuss audit observations with management, evaluate management responses, and obtain appropriate corrective action plans.
Maintain complete, accurate, and organized audit documentation supporting audit conclusions and reporting.
Monitor compliance-related audit findings and corrective action plans, conduct follow-up reviews, and maintain accurate status reporting on open issues.
Validate that corrective actions have been implemented effectively and address underlying root causes and related risks.
Escalate overdue, high-risk, or inadequately remediated issues to Internal Audit leadership and other appropriate stakeholders.
Provide direction, coaching, and technical guidance to audit team members, and review team and co-sourced work to promote quality and sound conclusions.
Collaborate with Compliance, Risk Management, Legal, Operations, and other business areas while preserving Internal Audit independence.
Serve as a compliance audit subject matter resource and provide advisory input on control practices without assuming management responsibility.
Coordinate with external auditors and regulatory examiners during compliance audits and examinations, as assigned.
Identify opportunities to improve audit methodology, documentation quality, engagement efficiency, and use of data analytics.
Support consistent application of Internal Audit standards, procedures, quality expectations, and approved technology.
Remain current on banking regulations, auditing standards, internal control frameworks, industry practices, and emerging compliance risks.
Participate in special projects, investigations, consulting engagements, and other audit activities as assigned.
Maintain objectivity, independence, integrity, and confidentiality in all audit activities.
Complete additional assignments and projects designated by management.