Senior Vice President and General Auditor

Federal Reserve System•Minneapolis, MN

5d•Onsite

About The Position

The Federal Reserve Bank of Minneapolis (“Bank”) is a world class, mission driven organization pursuing a growing economy that works for all of us. The Bank is one of twelve Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation’s central bank (“System”). In that capacity, the 1,200 employees of the Bank conduct groundbreaking economic research, ensure that the nation’s payment system operates effectively, supervises financial institutions, takes actions to support the stability of the financial system, and supports the development of all communities in our district. The breadth of this activity creates a dynamic and engaging workplace for all employees. The Bank seeks to constantly improve its operations and earn the trust of the public that it serves. The General Auditor is central to those efforts and to maintaining the highest level of integrity at the Bank. The General Auditor is a key member of the executive leadership team and is a leader and role model for all at the Bank. The Senior Vice President and General Auditor (SVPGA) is the Bank’s Chief Audit Executive, responsible for overseeing and leading the Bank’s internal audit function. Reporting directly to the Audit Committee Chair of the Federal Reserve Bank of Minneapolis Board of Directors, this position has primary day-to-day leadership responsibility for all internal audit activities and ensures financial, productivity, service, and performance goals are met by the Audit department. The department provides independent, objective, assurance and consulting services to achieve reliability of financial reporting, compliance with applicable laws, safeguarding of assets, and efficiency and effectiveness of operations. The department evaluates the adequacy and effectiveness of the Bank's risk management, internal control, and governance processes. All work is conducted in accordance with the professional standards of the Institute of Internal Auditors and consistent with Federal Reserve System guidance. This position requires a highly ethical leader with strong abilities and experience in day-to-day management combined with strategic vision. The leader must build a culture of strong partnerships with key clients. In addition to overseeing these functional responsibilities, the SVPGA is a member of the Bank’s Management Committee. As an active and constructive member of the Bank’s Management Committee, the SVPGA will weigh in on Bank-wide policies, procedures, and work environment. Central to this role is achievement of the Bank’s mission to serve the public by pursuing a growing economy and stable financial system that work for all of us. This leader will work effectively across departments in the organization with a Bank-wide and System-wide perspective and an emphasis on collaboration and consensus building.

Requirements

Bachelor’s degree required and a graduate degree in related field preferred.
Ten years or more of demonstrated and relevant leadership experience in leading or sponsoring large, successful audit and/or compliance programs.
Unquestionable ethics and integrity. The ability to conduct oneself, at all times, with integrity, honesty, and respect for every employee is paramount.
Proven ability to think and act strategically while interacting with a diverse group of executives, managers, and professionals.
Executive level business acumen and a demonstrated critical thinker with the analytical skills necessary to evaluate, organize, and direct complex development projects and programs.
Demonstrated ability to deliver customer-focused services, meet critical deadlines, manage ambiguity, work across highly independent business units, and deal with difficult situations as routine.
Proven ability to identify key strategic issues affecting areas of responsibility and demonstrate an understanding of their implications.
Excellent interpersonal, leadership, and negotiation skills.
Proven direct supervisory experience including financial responsibility.
Excellent judgment when deciding which issues to resolve directly and which require senior management attention.
An essential function of this position is working onsite.

Nice To Haves

Certified Public Accountant or professional audit related certification such as CIA, CFE, CISA, or similar is highly preferred.

Responsibilities

Audit Program Management Develops, assesses, and continually evaluates audit policies and techniques to ensure to the maximum extent practicable, that audit scope and procedures are adequate to protect Bank assets, personnel, and custodies from exposure to loss or other irregularities.
Oversees the development and implementation of the annual audit schedule that provides appropriate audit attention while following System audit risk frequency guidance and considers risks or control concerns identified by the Audit Committee and management.
Communicates and coordinates activities with external review groups including the external auditor, the Board of Governors staff, and others.
Analyzes and reports any significant issues related to the processes for controlling the activities of the Bank. Where appropriate, will recommend improvements to processes and controls, and identify needed management actions.
Provides oversight for an anonymous complaint line.
Employs a risk-based approach to the audit program.
Audit Department Management Sets department direction in a manner that strategically positions it for bold leadership and skilled execution, while concurrently meeting relevant System and Bank goals.
Supports management and staff by setting forth a clear vision of the department’s financial, productivity, service, and quality goals.
Provides consistent support to staff of all levels to achieve individual and group benchmarks.
Effectively manages Audit Department activities to comply with internal auditing standards and maintain professional proficiency of staff.
Works with the Assistant General Auditor to recruit, retain and foster development of staff with an appropriate mix of management, interpersonal, and technical skills.
Identifies and develops staff with leadership and management potential.
Provides a direct communication channel between senior management and department management.
Promotes an environment where all employees feel they belong and can contribute to the Bank's work.
Models and develops an organizational culture that encourages strong employee engagement and reduces barriers to productive work.
Oversees the development of the function’s operating budget and the presentation to the Audit Committee for approval.
Identifies and acts on opportunities to improve efficiency and quality of daily operations and services.
Effectively manages the Bank’s relationship with the Audit Committee, ensuring effective communication of relevant information so they are able to perform their oversight responsibilities.
System Responsibilities Represents the Audit Department of the Bank and may assume significant leadership positions for internal audit activities at the System level, including setting Conference of General Auditors strategic direction and leading System audit coverage, advising senior System decision makers; may lead and influence industry and professional organizations outside the System.
Works effectively with peers at other Reserve Banks to coordinate and support all audit related activities conducted at the System level.
Champions organizational change as needed to support Bank and System strategy and business goals.
Identifies areas for additional leadership roles for the Minneapolis Fed, works across the System to bring those responsibilities to Minneapolis, and manages those new responsibilities to further the goals of the System.
Influences decisions and strategic initiatives through this participation and translates relevant activities into concrete action plans for the department.
Bank Management Committee/Strategic Leadership Contributes to achievement of the Bank’s strategic plan, providing support to the President and others.
Demonstrates leadership within the Bank in vision, presence, and stewardship.
Builds connections with other Reserve Banks and the Federal Reserve Board to enhance and increase the Bank and System level responsibilities and thought leadership within the Federal Reserve System.
Conducts outreach with business and industry leaders and other external stakeholders.