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- Minneapolis, MN
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Audit Manager – Regulatory Compliance
US Bank • Minneapolis, MN
Posted 5 days ago
The Corporate Audit Services Audit Manager – Regulatory Compliance supports internal audit leadership, in providing the Audit Committee and senior management with independent assurance and advisory services designed to evaluate and improve the effectiveness of risk management, control, and governance processes of U.S. Bancorp (USB), affiliates, wholly owned subsidiaries and entities where USB owns a majority (controlling) interest.
The Audit Manager – Regulatory Compliance is responsible for utilizing deep subject matter experience in bank and consumer compliance to lead and support the assessment of the Company’s risk and control environments (design and operating effectiveness of controls) within the auditable entities, determine appropriate audit cycles, maintain an effective continuous monitoring program, validate the sustainability of corrective actions implemented by management, and make necessary adjustments to the audit plan.
The Audit Manager – Regulatory Compliance will lead a team of audit professionals and is responsible for managing assigned personnel in accordance with U.S. Bank Human Resources policies and internal audit policies and procedures to achieve audit plan completion. The Audit Manager is expected to recruit, hire, and develop assigned staff to ensure audit engagements are completed in conformance with internal audit policies and procedures.
1.Maintain and continuously develop strong understanding of the U.S. Bancorp’s compliance management program, as well as deep knowledge/expertise in bank and consumer compliance topics with the ability to knowledge share with others where the subject matter is not their expertise.
2.Supervise, motivate, and coach/mentor audit staff in the completion of audit engagements, ensuring the highest quality work delivered timely. Supervision includes:
•Planning audit engagements, including supporting other audit teams in evaluating compliance risk for their auditable entity to ensure the audit plan adequately addresses identified risk.
•Assessing work performed by lead auditors.
•Performing sufficient reviews to ensure work contains relevant facts to support audit scope and conclusions and adhere to internal audit policies and procedures.
•Drafting audit reports which communicate audit opinions and audit issues in a timely, clear and concise manner.
•Monitoring progress of audit engagements against plan and schedule and making necessary adjustments.
3.Completing or assisting the audit director in developing the risk-based audit plan. Includes identifying auditable entities and assessing risk within the auditable entities; determining appropriate audit cycles and audit strategy; and determining necessary audit resources and estimated expenses associated with completion of a forward looking 12-18 month audit plan. Also includes performing continuous monitoring activities (working closely with senior management and risk management) and adjusting the audit plan when appropriate.
4.Preparing and reviewing board, committee, and other stakeholder reporting for completeness, consistency with other internal audit materials, and accuracy of the most up-to-date information, not limited to information internal audit is reporting.
5.Interacting regularly with business line and risk management leaders, regulators, and external subject matter experts.
6.Collaborating across the three lines of defense regarding business processes, risks, and controls. Coordinating audit activities by integrating other internal audit subject matter teams (Information Technology, Anti-Money Laundering, Compliance, Risk Management, Treasury, etc.) to ensure appropriate and efficient coverage of the business products, services and processes. Managing the team’s workload to assist other audit teams when resources are needed for areas of higher risk.
7.Managing, motivating, and developing assigned personnel in accordance with U.S. Bank Human Resources policies and internal audit policies and procedures. These duties include active participation in recruiting activities; establishing and managing development plans for assigned personnel; and providing performance feedback and annual performance evaluations for assigned personnel. Also includes addressing performance problems promptly.
8.Performing other duties as requested by management.
- Bachelor's degree, or equivalent work experience
- Ten or more years of experience in an applicable risk management environment
- Applicable certifications (CRCM, CIA, CPA or other relevant designations)
- Strong understanding of a bank’s compliance management program, as well as deep knowledge/expertise in bank and consumer compliance topics such as: TILA, Regulation B, Fair and Responsible Banking, FCRA, FLOOD, Servicemembers Protection Laws, HMDA
- Deep expertise in subject matter related to Wealth Management, Investment Services, and Capital Markets.
- Experience working directly with regulators such as Federal Reserve, OCC, and CFPB
- Ability to build and continuously improve working relationships with internal audit peers, business line leaders, and partners (risk and compliance).
- Ability to independently address unique and complex conflicts with business line and effectively negotiate as needed.
- Thorough understanding of Institute of Internal Auditors (IIA) Standards and the common definition of internal controls.
Primary Location: Minnesota-MN-Minneapolis
Other Locations: United States
Shift: 1st - Daytime
Travel: Yes, 15 % of the Time
Average Hours Per Week: 40