Vice President, Business Internal Audit

Job Description

Job information:

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• Functional title – Business Audit
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• Department – Internal Audit
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• Corporate level - Vice President
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• Report to – Executive Director, Corporate Functions Audit
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• Location – New Jersey, on-site two days per week
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• Expected full-time salary range between $ 180,000 - $200,000 + variable compensation + 401(k) match + benefits
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The Vice President will primarily support the Executive Director (Corporate Functions Audit) in providing risk-based integrated audit coverage and independent assessment of the effectiveness of key processes, controls and risk management across CLS. IA's ways of working reflect the requirements of CLS's designation as a Strategically Important Financial Market Utility (SIFMU). The requirements of the Audit Plan are diverse and challenging. The candidate will support a portfolio of audits. It is important that the candidate be versatile and flexible so equally at home conducting a complex audit standalone, as line managing and guiding a small team. Importantly, the candidate will be expected to have a sound understanding of financial services business practices and will be able to contribute to integrated audits of CLS’s various business divisions.

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What you will be doing:

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Audit Management and Execution: (60%)

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• Support and provide input into the Internal Audit risk assessment process to inform the Audit Plan
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• Execution of planning and testing for complex audits and high-level reviews, including designing test strategies, audit test papers and drafting of audit findings & executive summary.
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• Oversee and prioritize audit delivery across a small portfolio of audits.
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• Review and mentoring of more junior IA members’ work on relevant methodology and tools to meet audit objectives.
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• Lead on validation and tracking (with Director/Executive Director oversight) to confirm management’s remediation of audit and regulatory issues.
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• Actively contributing to the ongoing improvement of audit practices and methodology.
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Stakeholder Management / Strategic : (15%)

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• Develop and maintain working relationships with peers and senior management across the organization.
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• Where required, lead/contribute to the use of data analytics by Business Audit.
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• To monitor strategic developments within CLS to highlight any unidentified risks or potential control issues.
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• Perform continuous monitoring of the business through frequent stakeholder engagement, under the direction of senior audit management, to identify emerging risks and issues and report to audit management.
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• Identify areas for improvement within Internal Audit and play a leading role on department improvement initiatives.
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• Supporting MI and reporting to executive management, AFC, and senior IA management.
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People Management: (20%)

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• Manage direct reports, or other members of the Internal Audit team (including co-source resources), for the applicable portfolio audits.
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• Performance management of direct reports (including coaching and performance reviews)
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• Recruitment and retention of talent.
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Professional Development (5%)

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• Proactively maintain knowledge, skills, and disciplines, with on-going professional development.
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• Identify and share useful learning opportunities for other Internal Audit team members.
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• Maintain the professional standard of the Internal Audit function and work within its agreed Terms of Reference and IIA standards/guidelines, Charter, and Mandate.
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• Demonstrate adaptability to ensure that the audit focus is maintained on key issues, under the guidance of audit senior management.
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What we’re looking for:

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• Extensive experience working within Internal Audit in a financial services environment (ideally banking) and / or strong financial and operational audit experience across a range of business audits in a financial institution.
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• Ability to provide technical subject matter expertise during integrated audits.
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• Strong analytical skills.
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• Experience of dealing with all levels of management; ability to influence at all levels.
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• Excellent communication skills, both written and verbal.
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• Experience and understanding of regulatory requirements, e.g., FRBNY.
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• Experience of managing and developing junior colleagues.
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• Working experience in auditing third-party risk management, finance, or compliance is desirable but not essential.
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• Experience in supporting Internal Audit MI and reporting is desirable, including preparing reporting for IA management and the AFC on IA internal metrics and performance, and thematic reporting to senior management/AFC on assurance outcomes.
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Success Factors:

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• Confident in managing and leading a portfolio of audits.
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• Proven success in building, developing, and managing a team of auditors.
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• Excellent interpersonal and communications skills (verbal and written).
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• Must be a strong team player but also be able to work independently.
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• Proactive, self-motivated - ability to plan, organize, perform and manage work with minimal supervision.
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• Results oriented – able to deliver high-quality results in an environment of changing demands, variable workloads and tight timescales.
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• Ability to engage and influence senior stakeholders.
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• Innovative problem-solving approach. Able to think on a broad scale about issues affecting the company, not just those related to IA or the control environment.
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• Able to interpret internal and external issues and recommend solutions/best practices.
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• Ability to travel (if needed) abroad and manage audits and direct reports (approx. 1–2 trips per annum).
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Professional qualifications / certifications

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• Degree level education (required)
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• Audit Certifications (desirable) – CMIIA (UK), CIA (US)
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• Qualified Accountant (desirable) - ACA / ACCA (UK), CPA (US)
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