Senior Audit Manager, US Banking Wealth Management

Bank of Montreal•Chicago, IL

1d•Hybrid

About The Position

This role involves conducting audit engagements for wealth management, broker dealer, and registered investment advisors. The Senior Audit Manager will critically assess management and internal control processes, approve audit nature, extent, timing, execution, and formulate insightful audit reports. The position provides vital assurance to the Board of Directors and senior management on internal control systems, aiming to reduce risk of loss and reputational damage. It is instrumental in identifying high-risk circumstances that could materially impact profitability or reputation, and provides independent assurance on the quality and effectiveness of internal control, risk management, and governance systems. The manager also offers strategic input into business decisions as a trusted advisor.

Requirements

Typically 7+ years of relevant wealth or trust experience and post-secondary degree in related field of study or an equivalent combination of education and experience
Professional designations or business designation such as CFIRS, CIA, CPA-Audit
Seasoned professional with a combination of education, experience and industry knowledge
Verbal & written communication skills - In-depth / Expert
Analytical and problem solving skills - In-depth / Expert
Influence skills - In-depth / Expert
Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert
Able to manage ambiguity
Data driven decision making - In-depth / Expert

Nice To Haves

Both business and audit experience preferred but weighs heavily on business experience

Responsibilities

Conducts audit engagements for wealth management, broker dealer and registered investment advisors to critically assess management and internal control processes, approving the nature, extent and timing of the audit, its execution and the formulation of insightful audit reports
Reports on audits to provide clear, concise and memorable insights on issues and potential issues to assist management in fulfilling mandates
Provides independent assurance on the quality and effectiveness of internal control, risk management, and governance systems and processes to support senior management and the Board in protecting BMO and its reputation
Provides strategic input into business decisions as a trusted advisor
Meets regularly with business /group stakeholders to identify, changing strategies, tactics, and initiatives across the business group/corporate area and critically evaluate and direct changes to the nature, extent and timing of the audit and related procedures
Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals
Helps determine business priorities and best sequence for execution of business/group strategy
Develops the business case by identifying needs, analysing potential options and assessing expected return on investment
Acts as the prime subject matter expert for business/group/stakeholders including colleagues across Corporate Audit
Ensures alignment between stakeholders
Provides proactive leadership and direction to team members as may be required
Provides feedback supporting or completing performance assessments
Defines business requirements for analytics & reporting to ensure data insights inform business decision making
Provides “big picture” insights based upon knowledge and research enhancing the Division’s value proposition with senior leadership and business groups
Develops specific and where appropriate broad communications which identify revenue and cost management opportunities for business units/groups which will assist in achieving their business goals including profitability
Collaborates across BMO to develop communications strategies and ensure consistency of messaging, in order to positively influence or change behaviour
Develops an annual audit plan which is well aligned to client strategies and tactics and encompasses appropriate areas of focus based upon the business and operating risks of the unit
Where appropriate, hires and onboards new team members
Continues to develop a highly engaged team with specialised expertise
Ensures work of subordinates is well executed in accordance with the Audit's standards and that their judgments are sound, well documented and repeatable
Manages regular performance and performance assessment of all staff for which they are responsible
Recognizes the appropriate value of timing of rewards
Executes audits in full recognition of the risks of the group that encompass the inherent risks, control risks and internal/external environment and regulatory risks
Conducts advisory engagements and other engagements as required
Determines impact of changing strategies, tactics, risks and initiatives on audit, advisory and investigative services
Identifies and evaluates the impact of new and emerging technology and technology risk on the organization’s processes and control environment
Utilizes data analytics in advisory engagements to improve quality and efficiencies
Develops an awareness of business strategies, policies and standards providing meaningful insights based upon knowledge and research which will continue to improve the Enterprise management and control processes
Maintains the independence of the audit practice and its personnel
Develops insightful discussion points contributing to audit reports that provides fair and balanced assessment of governance, risk and control processes based on audit work performed
Identifies control deficiencies and provides a fair and balanced assessment of their magnitude
Maintains working knowledge of the industry, regulatory, broad economic environment, and internal environment, as to the development of new strategies and plans, opportunities and risk, to obtain an understanding of the control environment
Ensures that all audit procedures executed are conducted in accordance to Corporate Audit Methodology as confirmed by it’s Quality Assurance program and/or regulatory examination results
Applies sound judgement in the execution of the assigned work and ensures open lines of communication
Develops and maintains good working relations with key stakeholders
Actively monitors change management initiatives and identifies potential risks
Actively participates and supports Corporate Audit change initiatives
Maintains and enhances professional audit qualifications in line with industry standards
Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders
Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine
Implements changes in response to shifting trends
Broader work or accountabilities may be assigned as needed