Vice President - Business Internal Audit

Job information:

• Functional title – Business Audit
• Department – Internal Audit
• Corporate level - Vice President
• Report to – Executive Director, Corporate Functions Audit
• Location – New Jersey, on-site two days per week
• Expected full-time salary range between $ 180,000 - $200,000 + variable compensation + 401(k) match + benefits

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.

What you will be doing:

Audit Management and Execution: (60%)

• Support and provide input into the Internal Audit risk assessment process to inform the Audit Plan
• 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.
• Oversee and prioritize audit delivery across a small portfolio of audits.
• Review and mentoring of more junior IA members’ work on relevant methodology and tools to meet audit objectives.
• Lead on validation and tracking (with Director/Executive Director oversight) to confirm management’s remediation of audit and regulatory issues.
• Actively contributing to the ongoing improvement of audit practices and methodology.

Stakeholder Management / Strategic: (15%)

• Develop and maintain working relationships with peers and senior management across the organization.
• Where required, lead/contribute to the use of data analytics by Business Audit.
• To monitor strategic developments within CLS to highlight any unidentified risks or potential control issues.
• 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.
• Identify areas for improvement within Internal Audit and play a leading role on department improvement initiatives.
• Supporting MI and reporting to executive management, AFC, and senior IA management.

People Management: (20%)

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

Professional Development (5%)

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

What we’re looking for:

• 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.
• Ability to provide technical subject matter expertise during integrated audits.
• Strong analytical skills.
• Experience of dealing with all levels of management; ability to influence at all levels.
• Excellent communication skills, both written and verbal.
• Experience and understanding of regulatory requirements, e.g., FRBNY.
• Experience of managing and developing junior colleagues.
• Working experience in auditing third-party risk management, finance, or compliance is desirable but not essential.
• Experience in supporting Internal Audit MI and reporting is desirable, including preparing reporting for IA managementand the AFC on IA internal metrics and performance, and thematic reporting to senior management/AFC on assurance outcomes.

Success Factors:

• Confident in managing and leading a portfolio of audits.
• Proven success in building, developing, and managing a team of auditors.
• Excellent interpersonal and communications skills (verbal and written).
• Must be a strong team player but also be able to work independently.
• Proactive, self-motivated - ability to plan, organize, perform and manage work with minimal supervision.
• Results oriented – able to deliver high-quality results in an environment of changing demands, variable workloads and tight timescales.
• Ability to engage and influence senior stakeholders.
• 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.
• Able to interpret internal and external issues and recommend solutions/best practices.
• Ability to travel (if needed) abroad and manage audits and direct reports (approx. 1–2 trips per annum).

Professional qualifications / certifications

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