Senior Audit Manager, US Banking Wealth Management

BMO•Chicago, IL

1d•Hybrid

About The Position

The Senior Audit Manager conducts audit engagements for wealth management, broker dealer and registered investment advisors. This role involves critically assessing management and internal control processes, approving the nature, extent and timing of audits, and formulating insightful audit reports. The work provides vital assurance to the Board of Directors and senior management on the quality of internal control systems, reducing the risk of loss and reputational damage to the Company. It is instrumental in identifying unacceptable/high risk circumstances that could lead to material impact on profitability or reputation. The position 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, and offers strategic input into business decisions as a trusted advisor.

Requirements

Typically 7+ years of relevant wealth or trust experience
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.
Hybrid work model-In office requirement 50% in a 2 week period Chicago location- no remote option.

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.