IAD-Risk Operations Audit AVP/VP

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

The incumbent is responsible for supporting audit execution of the Bank’s retail and commercial business activities, risk management programs and management functions. Banking activities include but are not limited to retail banking, commercial lending, trade finance, correspondent banking, treasury and related risk management including market, credit, enterprise, corporate compliance, liquidity, operational etc. with a peer link to BSA/AML/OFAC compliance.

Responsibilities

Include but not limited to:

Operations Audit Strategy & Plan    

• Contribute to achieving a “Strong” internal audit function consistent with regulatory expectations  
• Plan, design, execute, and supervise the audit coverage strategy of the risk management program
• Contribute to the bank-wide audit risk assessments and serve as a challenge function on risk matters bank-wide
• Design and ensure implementation of testing of the risk management program and associated controls
• Perform assigned audits by executing approved audit programs and questionnaires
• Review auditor workpapers covering planning and fieldwork for sufficiency
• Influence the execution of other audits (business, compliance, operations, technology) with related risks

Oversight of Management Action Plans

• Evaluate management action plans to ensure that they adequately address the audit issue raised
• Direct and/or perform issue tracking and risk-based validation of issues specific to the risk management program and associated controls
• Follow-up with accountable risk management leaders and their teams to ensure control issues are effectively resolved
• Coordinate with the key stakeholders to identify emerging issues and distill thematic or systemic control issues affecting the US operation

Update the audit strategy and program

• Design and ensure implementation of continuous monitoring of the risk management program and associated controls
• Collect and analyze information in designated areas from regulators, Head Office and the branches
• Update the audit programs, risk assessment and audit plans timely
• Establish and maintain relationships with senior internal stakeholders of the risk management program and associated controls

Improve audit toolset

• Recommend improvements in audit methodology and automation
• Partner with data analytics team to design and apply re-usable tools to automate full-population testing, sampling, reperformance processes, and exception testing
• Optimize the use of the audit workflow tool

Build expert knowledge

• Design the auditor professional development plan specific to related skills
• Provide coaching and on-the-job training to audit staff
• Serve as the department subject matter expert on risk management and audit procedures to test these risks
• Serve as the department subject matter expert and challenge for risk assessment for purposes of department audit planning, thematic analysis and emerging risks

Support other initiatives

• Assist Team Lead on regulatory management and external auditor requirements
• Support other departmental initiatives

Qualifications

• Bachelor’s degree in Business, Finance, Accounting or related areas is required; Master’s degree is preferred
• Minimum 7 years of work experience in a control, risk, or audit role, including risk management at a large banking organization and/or Big 4 accounting/consulting firms with a deep understanding of front line business related to corporate, commercial and retail banking. Strong understanding of risk management including market, credit and operational risks from a control and mitigation perspective. Strong knowledge of management functions such as Finance, HR, Legal etc. 
• Significant leadership experience in applying or evaluating the efficacy of control frameworks including US bank regulatory standards, heightened expectations of the OCC, enhanced prudential standards of the Federal Reserve System, among others
• Proven capability in overseeing and executing multiple deliverables preferably within a highly matrixed structure where planning, management and strong interpersonal skills were critical to success
• Familiar with risk applications and metrics for retail and commercial banking
• Experience using computer assisted auditing tools or performing computer modeling to evaluate assertions
• Capability and willingness to develop staff on technical and soft skills
• Excellent communication and interpersonal skills required with ability to present complex and sensitive issues to senior management

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.

Salary : $230,000