Managing Director, Internal Audit_Financial Audit

Managing Director, Internal Audit - Bank

The Managing Director, Internal Audit Financial Audit has responsibility for the independent and objective assurance activity designed to improve the firm's operations by evaluating and improving the effectiveness of risk management, control, and governance processes. They elevate control maturity while enabling the business, champion a client-first, risk?based culture, and ensure audit work drives actionable insights, timely remediation, and measurable risk reduction. This position is also responsible for liaising with the firm's Finance and Corporate Risk Management Enterprises, external co-sourcing providers, and regulators. This role offers the opportunity to work in diverse areas of the business and to gain a broad perspective of all operations and activities. The position requires involvement in major change activities, affording the opportunity to shape the direction of internal audit.

Reporting to the General Auditor and an integral part of the Internal Audit leadership team, this is a highly cross-functional leadership role, interfacing with senior leaders within both the Finance Enterprise (Finance, Treasury, Accounting) and Corporate Risk Management Enterprise (Financial Risk Management), who are responsible for managing capital adequacy, interest rate risk, liquidity risk and credit risk.

Key Responsibilities:

Leadership & Governance

• Lead the Finance Internal Audit function, including strategy, planning, staffing, and operating model.
• Maintain functional reporting to the Audit Committee and administrative reporting to the General Auditor.
• Ensure the Internal Audit Charter, methodology, and practices align with industry standards (e.g., IIA Standards).
• Serve as a trusted advisor to the Board and senior leadership on governance, controls, ethics, and emerging risks.
• Champion a high?performance culture focused on integrity, curiosity, and continuous improvement.

Risk-Based Audit Planning & Execution

• Develop and execute an annual risk-based audit plan covering all corporate/business functions.
• Oversee audits spanning processes within the Finance and Corporate Risk Management Enterprises and across various risk categories (e.g., capital, interest rate risk, liquidity, and credit)
• Ensure audits are delivered with high quality, clear risk articulation, and timely reporting.
• Provide actionable recommendations grounded in root?cause analysis and business context.
• Monitor remediation of audit findings; escalate overdue issues and validate completed actions.

Regulators and Audit Committee

• Serve as the primary Internal Audit contact for prudential regulators.
• Prepare and deliver bank entity reporting to the Audit Committee, including risk themes, audit results, issue trends, and emerging concerns.
• Support regulatory exams and ensure Internal Audit meets supervisory expectations and industry best practices.

People Leadership

• Recruit, develop, and retain a high-performing audit team with strong risk and technical capabilities.
• Foster a culture of accountability, continuous learning, and client-centricity.
• Manage co?sourced or specialized resources (e.g., integrated auditors) as needed.

Data, Technology & Innovation

• Advance the use of artificial intelligence (AI) tools such as CoPilot), data analytics, automation, and continuous monitoring to increase audit efficiency and coverage.
• Continuously enhance tools and processes to modernize the Internal Audit function.

What You Have

Required Experience:

We seek a strong internal audit leader with a demonstrated focus on banking and trust services within the financial services industry, including:

• 12+ years of internal audit experience with increasing responsibility, preferably in a diverse financial services environment and/or with Big 4 Accounting experience; 57+ years progressive experience leading audit teams.
• Experience with capital stress testing, capital management, liquidity risk management, interest rate risk management, and credit risk management.
• Strong understanding of prudential requirements and expected practices for liquidity, interest rate risk and interrelationships with capital. Includes understanding of model risk along with relevant interagency guidance.
• Clear understanding of regulatory expectations and interagency guidance in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries.
• Stays current on industry and regulatory issues and best practices for assigned areas and imparts this knowledge to the team and the auditees.
• Proven ability to find a balance in developing programs effectively meeting potentially differing regulatory requirements and expectations while being effective for business partners.
• Demonstrated capacity managing internal audits and associated team members within a complex operational and regulatory environment with the ability to lead a project team and cultivate a strong working relationship with external co-sourcing providers, regulators, and internal lines of businesses.

Preferred Experience:

• Thrives on initiating, building and cultivating strong relationships inside and outside the firm; highly collaborative; comfortable with debate and willing to challenge the status quo; navigates and activates alignment across organizational silos.
• Purpose driven leader who displays confidence and courage in business and talent decisions, actions and communications with a demonstrated ability to take decisive action when needed including championing ideas, position or dissent.
• Ability to proactively synthesize information and fully develop insights to guide decision rights. Able to create a vision aligned with the goals and purpose of the business, demonstrating new thinking and encouraging new ideas and creativity across multiple functions.
• An exceptional communicator able to effectively persuade and influence across channels with a purpose. Competence in interacting with and influencing senior leaders across the firm through innovative and creative means.
• Builds extremely strong relationships through collaboration across multiple levels of the organization motivating colleagues to get things done effectively; is sought out for counsel and feedback and contributes to cross-functional teams and initiatives.
• Strong influence skills with the ability to shape, define and present a complete and thorough picture of Schwab's control environment including developing thoughtfully-written action plans and clear/regular communication to executive management.
• Relationship-oriented and emotionally mature senior leader who manages complex, multi-stakeholder issues with resilience, embraces others' perspectives both inside and outside of the firm, and understands the limits to their own points of view.
• Exceptionally client focused; able to effectively and quickly build relationships and establish trust, respect, competence and confidence.
• Certifications: CIA, CPA, CFA, CFSA, FRM (mix is ideal; not all required)
• Proven Board-facing experience; strong written/oral executive communication.