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SVP Chief Internal Audit Officer

Avidia Bank
Westborough, MA Full Time
POSTED ON 12/5/2024 CLOSED ON 2/5/2025

What are the responsibilities and job description for the SVP Chief Internal Audit Officer position at Avidia Bank?

Description

The Chief Internal Audit Officer is responsible for leading the internal audit function. Prepares and implements an annual risk-based audit plan to assess, report on, and make suggestions for improving operational and financial activities and internal controls. Directs all internal audit activities to ensure the bank’s compliance with federal and state regulations and to safeguard the institution’s assets.


PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:

Performs any functions necessary, within scope of authority and expertise, to manage all aspects of internal auditing activities:

  • Develops a risk-based audit plan. Assesses functions and operations to be audited and determines appropriate scheduling and frequency of audits to ensure integrity of the bank’s financial statements and alignment with the bank’s strategic goals and priorities.
  • Establishes objectives and scopes for audits.
  • Oversees execution of the audit plan and ensures completion of audits on schedule and within budget.
  • Provides leadership and management to the internal audit team, determining the function’s mix of internal resources and outsourced support. Guides internal staff in successful completion of audits and provides regular feedback on team member performance.  
  • Evaluates new products, services and business lines to determine auditability and creates risk-based audit programs as necessary.
  • Evaluates the adequacy and effectiveness of internal controls.
  • Recommends changes in policies or procedures to increase efficiency of operations or to improve safeguards over the institution’s assets.
  • Manages relationships with outsourced and external auditors.
  • Reports to the Audit Committee of the board and administratively to the CEO/President.
  • Reports at all Audit Committee meetings and serves as clerk for the Audit Committee.
  • Drafts and maintains Internal Audit Policy and Procedures.
  • Prepares and reviews all tests of FDICIA controls to support management’s assessment of controls over financial reporting.
  • Prepares Comprehensive written reports and/or reviews and approves audit reports completed by Internal Audit staff.
  • Tracks all Internal Audit findings and Examiner recommendations through remediation and determines adequacy of corrective actions.
  • Maintains industry knowledge by attending appropriate educational workshops/classes; reviewing related publications; memberships in related organizations.
  • Member of Management Committees including but not limited to Risk, Compliance, IT Steering.
  • Serves as a resource to departments as new processes and procedures are developed.



OTHER ACCOUNTABILITIES / RESPONSIBILITIES:

Performs related and unrelated duties as may be required.


Requirements

  • Bachelor’s degree in accounting or related field and professional certification as a public accountant or internal auditor. Master’s degree preferred.
  • Ten years’ experience in auditing and a thorough understanding of business and accounting practices.
  • Minimum of five years’ experience auditing financial institutions or working within a financial institution.
  • Thorough knowledge of bank operations and applicable regulations.
  • Strong management and leadership skills to lead the audit team and collaborate internally across various functional areas within the bank.
  • Strong verbal communication skills and the ability to interact with all levels of management, the board of directors, regulators and external auditors.
  • Strong written communication skills to succinctly summarize complex audit findings.
  • Facility with various business software products including the MS Office suite of applications and core processing systems.

Avidia Bank is an Equal Opportunity Employer/Veterans/Disabled

Member FDIC/DIF


PM21

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