Audit & Compliance Officer
POSITION: Audit & Compliance Officer
PAY GRADE: To be determined based on experience
DEPARTMENT: Control Division
SUPERVISOR: Senior Vice President/Chief Risk Officer
JOB FUNCTION: Under the supervision of the Control Division Manager, the Audit & Compliance Officer is responsible for administering the activities of the Bank's Internal Audit Department, as defined in the Bank's Audit Charter, and work directly with the Bank's contracted internal auditing firm to develop and execute the annual Internal Audit Plan. Additionally, assist the Control Division Manager (Compliance Officer) in the development and execution of the annual Compliance Plan. Serve as a liaison with the Bank's external auditors and regulators and facilitate the execution of the annual external audits and regulatory examinations.
- Reports to the Audit Committee each quarter, summarizing internal audit activity, regulatory matters, and open items.
- Develop an annual audit risk assessment and audit plan that addresses the major risks to the Bank while meeting regulatory and auditor expectations and promoting a sound internal control environment.
- Coordinate the planning, execution, and reporting of the audits performed by the contracted internal auditing firm, regulators, and external accountants.
- Identify and perform selected internal audits. Review work performed by subordinates and prepare or review audit work papers.
- Prepare or approve final audit reports. Ensure the audited areas implement reasonable controls to remediate audit findings and recommendations.
- Under the supervision of the Control Division Manager (Compliance Officer), identify and execute selected compliance monitoring or implementation projects.
- Maintain knowledge of banking laws and regulations and prepare written compliance audit plans for the assigned areas and document testing objectives and scopes.
- Prepare adequate work papers and maintain appropriate source documentation.
- Discuss matters of importance with the user areas throughout the engagement. Prepare a written summary of the project, drawing an overall conclusion, and documenting any findings, observations, and recommendations for improvement.
- Work with Management to ensure corrective action occurs in a timely manner. Maintain a list of open (unresolved) items and periodically test the area's ongoing compliance with previous findings and recommendations.
- Coordinate and lead any investigations or special projects that are assigned by the Audit Committee or Senior Management.
- Sign-off on the Bank's Loan Review contracts and policies.
- Assist in vendor oversight by reviewing SOC and IT audit reports of selected vendors and work with Management of complete User Control statements.
- Participate in the Bank's IT Steering Committee.
- Comply with all bank policies and administrative requirements.
- Maintain a complete understanding of the banking laws and regulations that pertain to the organization.
- Complete all required training requirements; actively participate in Control Division and bank wide meetings; communicate matters of potential risk and/or unusual activity to Management.
- Supervise, manage and direct the training, development, appraisal and work assignments of personnel.
- Treat people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
- Exhibits leadership by example, pursuing high performance and professionalism.
- Bachelor’s degree in relevant field and/or a minimum of 3-5 years of experience including prudent supervisory and administrative experience, with a Bank, CPA firm, bank regulator, or equivalent experience.
- Demonstrated knowledge of principles and techniques of accounting, auditing, internal control, compliance, and bank regulations.
- Ability to communicate effectively, orally and in writing.
- Ability to read, analyze and interpret financial reports and legal documents.
- Ability to respond to common inquires or complaints from customers and regulatory agencies.
- Demonstrated knowledge of current technical developments and other matters relevant to the auditing and compliance professions.
- Demonstrated knowledge of principles and techniques of accounting, auditing, internal control, compliance, and regulatory compliance. Advanced degree or professional certification is desirable.
- Ability to define problems, collects data, establishes facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
- Proficient personal computer skills including electronic mail, record-keeping, routine database activity, word processing, spreadsheet, graphics.
- Ability to handle multiple projects simultaneously.
- Prioritize, organize and delegate assignments.
- Certified Internal Auditor, Internal Audit Practitioner, or Certified Regulatory Compliance Manager designation is preferred but not required.
- Certified Public Accountant designation is preferred but not required.
- Pervious Bank Examiner or Internal or External Audit experience is preferred but not required.
PHYSICAL DEMANDS: The physical demands described below must be met by an employee to successfully perform the essential functions of this job.
- Required to stand for intermittent periods of time.
- Required to sit for prolonged periods.
- May be required to wear face coverings during business hours.
- Dexterity is mandatory as this job requires frequent use of hands and fingers.
- Required to walk, reach with hands and arms, push items overhead, occasionally climb or balance, stoop, kneel, crouch or crawl.
- Required to talk, hear, see, read and write.
- Specific vision abilities required by this job include close vision, color vision and ability to adjust focus.
- This position requires occasional lifting and moving of up to 10lbs.
FLSA Status: Exempt