Internal Audit Department-Risk & Operations Audit AVP/VP

Bank of China-posted 2 days ago

$65,000 - $230,000/Yr

Full-time • Mid Level

New York, NY

5,001-10,000 employees

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The incumbent is responsible for execution of audit coverage of Bank of China USA’s front line business units, independent risk management and corporate functions. This include but is not limited to retail banking, commercial/corporate lending, trade finance, treasury, payments and clearing, correspondent banking, commodities, and capital markets. In addition, the incumbent will be responsible for execution of audit coverage of all risk types including operational, credit, market, liquidity, model, interest rate and enterprise risks; and corporate functions such as Finance. The risk management coverage will be across retail, commercial and corporate business activities with a peer link to IT and BSA/AML/OFAC compliance. Preference will given to those with ability to manage audits covering capital markets, market risk, interest risk rate, model risk and credit risk analytics.

Contribute to maintaining a “Strong” internal audit function consistent with regulatory expectations
Plan, design, execute, and supervise the audit coverage strategy of the risk management program
Contribute to the bank-wide audit risk assessments and serve as a challenge function on risk matters bank-wide
Design and ensure implementation of testing of the risk management program and associated controls
Perform assigned audits by executing approved audit programs and questionnaires
Prepare and review auditor workpapers covering planning and fieldwork for sufficiency
Influence the execution of other audits (business, compliance, operations, technology) with related risks
Ensure the delivery of audit reports and Internal Audit feedback that is complete, insightful, timely, error free and concise
Evaluate management action plans to ensure that they adequately address the audit issue raised
Direct and/or perform issue tracking and risk-based validation of issues specific to the risk management program and associated controls
Follow-up with accountable risk management leaders and their teams to ensure control issues are effectively resolved
Update the audit strategy and program
Design and ensure implementation of continuous monitoring of the risk management program and associated controls
Collect and analyze information in designated areas from regulators, Head Office and the branches
Update the audit programs, risk assessment and audit plans timely
Recommend improvements in audit methodology and automation
Partner with data analytics team to design and apply re-usable tools to automate full-population testing, sampling, reperformance processes, and exception testing
Design the auditor professional development plan specific to related skills
Provide coaching and on-the-job training to audit staff
Serve as the department subject matter expert on risk management and audit procedures to test these risks
Assist Team Lead on regulatory management and external auditor requirements
Support other departmental initiatives

Bachelor’s degree in business, Finance, Accounting or related areas is required; master’s degree is preferred
7 - 10 years of work experience including in a control, risk, or audit role, including risk management at a large banking organization and/or Big 4 accounting/consulting firms with a deep understanding of front line business related to corporate, commercial and retail banking. Strong understanding of risk management including market, credit and operational risks from a control and mitigation perspective. Strong knowledge of corporate functions such as Finance, HR, Legal etc. required for VP level; 5 - 7 years of work experience including in a control, risk, or audit role, including risk management at a large banking organization and/or Big 4 accounting/consulting firms with a deep understanding of front line business related to corporate, commercial and retail banking. Strong understanding of risk management including market, credit and operational risks from a control and mitigation perspective. Strong knowledge of corporate functions such as Finance, HR, Legal etc. required for AVP level
Good understanding of front-line business in regard to corporate, commercial and retail banking, knowledge of management functions such as Finance, HR, and Legal, and understanding of risk management covering market, credit and operational risks from a control and mitigation perspective are required
Leadership experience in applying or evaluating the efficacy of control frameworks including U.S. bank regulatory standards, heightened expectations of the OCC, enhanced prudential standards of the Federal Reserve System among others is required
Capability in overseeing and executing multiple deliverables preferably within a highly matrixed structure where planning, management and strong interpersonal skills are critical to success is required
Experience in ensuring documentary sufficiency of analytical procedures to support audit standards and bank regulatory expectations is required
Experience using computer assisted auditing tools or performing computer modeling to evaluate assertions is required
Solid knowledge of risk applications and metrics for retail and commercial banking is required
Ability to build rapport with internal stakeholders and examiners is required
Excellent communication and interpersonal skills with ability to present complex and sensitive issues to senior management is required
Capability and willingness to develop staff, including new hires, on technical skills is required

Accounting/Audit/Information System certifications (e.g. CPA, CIA, FRM, CFA) or equivalent is a plus but not required

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