Internal Auditor

Job Description

Job Description

Position Title: Internal Auditor

Reports functionally to:  Supervisory Committee / Board of Directors

Reports administratively to:  Chief Executive Officer

Grade Level: 16

Full Salary Range: $120,574.45 - $180,861.67

Hiring Salary Range: $120,574.45 - $150,718.06

Position Summary:

The Internal Auditor serves as the independent leader of the Credit Union’s Internal Audit function, responsible for administering a comprehensive, enterprise-wide audit program that provides objective assurance on governance, risk management, and internal control effectiveness.

Operating with full organizational independence, this role functions as the third line of defense and provides direct reporting to the Supervisory Committee and Board of Directors. The Internal Auditor evaluates risks across all lines of business, including operational, financial, compliance, cybersecurity, and vendor risk, and delivers formal audit opinions that support sound governance and strategic decision-making.

This position acts as a trusted advisor to executive leadership while maintaining independence, ensuring the Credit Union remains aligned with NCUA, IDFPR, and industry best practices.

Duties and Responsibilities

Internal Audit Execution & Oversight

• Execute a risk-based internal audit program, including audits not covered by external audit firms
• Perform branch audits and operational audits to ensure consistency, compliance, and strong internal controls across the organization
• Evaluate the effectiveness of internal controls, policies, and procedures across all business units
• Identify control gaps and provide practical, actionable recommendations that strengthen operations, not just compliance
• Audit cannabis and hemp-related lending and deposit programs by independently evaluating the effectiveness of management's governance, risk management practices, internal controls, due diligence processes, underwriting standards, transaction monitoring, and compliance with applicable legal, regulatory, and policy requirements.
• Audit Banking as a Service, embedded finance, and fintech partnership programs by independently assessing governance, third-party oversight controls, regulatory compliance, settlement and reconciliation controls, consumer protection controls, data integrity, information security, and management's monitoring of program risks.
• Monitor and validate remediation of findings from internal, external, and regulatory audits

Regulatory & External Auditor Liaison

• Serve as the primary liaison for all regulatory examinations and external audits
• Coordinate interactions with the National Credit Union Administration, Illinois Department of Financial and Professional Regulation, and external audit partners
• Lead exam readiness efforts, including documentation, coordination, and communication across departments
• Maintain independent tracking of audit findings, regulatory issues, and management corrective action plans; report status and validate remediation through resolution.
• Ensure consistent, professional, and timely communication with all stakeholders

Supervisory Committee & Board Engagement

• Act as a key partner to the Supervisory Committee Chair and Committee members, ensuring they are well-informed and supported
• Prepare and distribute Supervisory Committee meeting packets, including agendas, reports, and supporting documentation
• Coordinate and send meeting invitations and communications
• Upload and manage all materials within BoardEffect
• Attend and present at Supervisory Committee meetings and, when appropriate, the Board of Directors
• Provide clear, concise reporting that enables effective oversight and decision-making

Risk, Compliance & Governance Alignment

• Coordinate with Risk, Compliance (including BSA/AML), Fraud, Operations, and Third-Party Risk Management to inform audit planning and ensure appropriate risk coverage while preserving Internal Audit's independence.
• Independently assess the design and effectiveness of governance, risk management, and internal controls addressing operational, credit, compliance, cybersecurity, and third-party risk.
• Provide independent assurance regarding the effectiveness of risk identification, measurement, monitoring, and control activities associated with cannabis-related banking and lending programs.
• Provide independent assurance over management's governance and oversight of Banking as a Service and fintech partnership activities, including third-party risk management, regulatory compliance, operational resiliency, and control effectiveness.
• Provide independent insight into policy effectiveness and regulatory adherence
• Support governance best practices and enhance organizational accountability and transparency

Process Improvement & Strategic Contribution

• Identify opportunities to improve efficiency, controls, and overall effectiveness
• Recommend and implement enhancements to Internal Audit processes, reporting, and workflows while providing advisory recommendations, without assuming management responsibility for business-line controls or operations.
• Embrace and leverage technology, automation, and data analytics to modernize the audit function
• Operate as a trusted advisor, balancing risk mitigation with business practicality
• All other duties as assigned

Qualifications:

Experience

• 10 -12+ years of experience in internal audit, risk, or compliance within financial services (credit union or banking preferred)
• Experience independently auditing or examining the governance, risk management, compliance, and internal controls supporting cannabis and hemp-related lending and deposit programs; strongly preferred.
• Experience independently auditing or examining Banking as a Service, sponsor institution, embedded finance, or fintech partnership programs, including governance, third-party risk management, regulatory compliance, and settlement and reconciliation controls; strongly preferred.
• Experience working with NCUA and/or state regulatory exams
• Proven ability to work directly with Boards, Supervisory Committees, and executive leadership
• Experience in complex, multi-product financial institutions ($1B+ preferred)

Education & Certifications

• Bachelor's degree in Accounting, Finance, Business, or related field required
• Preferred certifications: CPA, CIA, CISA, CRCM, or CAMS

Core Competencies

• Strong knowledge of internal controls, audit practices, and regulatory frameworks
• Ability to independently assess the adequacy and effectiveness of governance, risk management, compliance management systems, and internal controls supporting cannabis-related banking programs and Banking as a Service partnerships.
• Strong understanding of the respective roles and responsibilities of business line management, Compliance, BSA/AML, Third-Party Risk Management, and Internal Audit within the Three Lines Model.
• Exceptional organizational skills with the ability to manage multiple priorities and deadlines
• Clear and confident communicator, able to translate complexity into actionable insights
• High level of independence, integrity, and professional judgment
• Proactive, solutions-oriented mindset with the ability to recommend and implement change
• Comfortable navigating complex environments and evolving priorities
• Embraces new systems, technology, and continuous improvement

Success Measures

• Effective execution of internal audits, including branch and operational audits
• Strong, well-coordinated regulatory exams and external audits
• Timely and organized Supervisory Committee reporting and meeting management
• Timely, well-documented independent audit coverage of cannabis-related lending and deposit programs and Banking as a Service partnerships, with findings clearly reported and management remediation independently validated.
• Reduction in repeat findings and measurable improvement in internal controls
• Enhanced alignment between audit, risk, and operational teams
• Demonstrated ability to drive improvements and elevate organizational performance

Benefits

• Health, Vision, Dental Insurance
• Long-term Disability Insurance
• Critical Illness
• Life Insurance
• 401(k) match
• Profit sharing
• PTO
• Flexible Spending Account
• Tuition Reimbursement
• Pet Insurance
• Commuter Benefit

Applicable federal and multi-state regulations including, but not limited to:

• NCUA – Federal Credit Union Act
• NCUA – Bank Secrecy Act (BSA)
• NCUA – USA PATRIOT Act
• NCUA – Gramm-Leach-Bliley Act (GLBA)
• Truth in Lending Act (TILA)
• Equal Credit Opportunity Act (ECOA)
• Fair Credit Reporting Act (FCRA)
• Electronic Fund Transfer Act (EFTA)
• Dodd-Frank Act
• Sarbanes-Oxley Act (SOX)
• NCUA – 12 CFR Part 701
• NCUA – 12 CFR Part 702
• NCUA – 12 CFR Part 703
• NCUA – 12 CFR Part 707
• NCUA – 12 CFR Part 715
• NCUA – 12 CFR Part 723
• NCUA – 12 CFR Part 741
• NCUA – 12 CFR Part 748
• NCUA – 12 CFR Part 749
• Illinois Credit Union Act
• Illinois Consumer Fraud and Deceptive Business Practices Act
• Illinois Personal Information Protection Act
• Multi-State – Data Privacy and Breach Notification Laws
• Multi-State – Unclaimed Property (Escheatment) Laws
• Multi-State – Usury and Interest Rate Laws

While performing the duties of this role, the employee is regularly required to sit, use a computer, and communicate effectively in person and via phone or virtual platforms. Occasional travel and schedule flexibility may be required.

Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.