Internal Audit Department-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 audit execution for the Bank’s front line business activities, risk management and management functions. Business activities audit covers but are not limited to retail banking commercial/corporate lending, trade finance, treasury, payments and clearing, correspondent banking, commodities, and capital markets. Risk management audit covers all corresponding risk types including market risk, enterprise risk, credit risk, corporate compliance, liquidity risk, and operational risk etc. with a peer link to BSA/AML/OFAC compliance. Management functions audit covers finance, human resources and legal.

Responsibilities

Include but not limited to:

Audit Strategy, Execution and Enhancement

• Contribute to achieving a “Strong” internal audit functions consistent with regulatory expectations
• Execute and supervise the audit strategy of business activities, risk management, and management functions (VP level will conduct audit planning and design audit strategy as well)
• Contribute to the Bank-wide audit risk assessments and challenge on risk matters
• Design and ensure the implementation of control testing of business activities, risk management, and management functions
• Execute assigned audit program and review audit work papers
• Ensure the delivery of audit reports and internal audit feedback are complete, insightful, and timely

Oversight of Management Action Plan

• Evaluate management action plans to ensure audit issue raised are adequately addressed
• Direct and/or perform issue tracking and risk-based issue validation
• Coordinate with key stakeholders to identify emerging issues
• Follow-up with accountable risk management leaders and teams to ensure control issues are effectively resolved

Update Audit Strategy and Program

• Design and ensure implementation of continuous monitoring of business activities, risk management, and management functions
• Collect and analyze information in designated areas from regulators, Head Office and the branches
• Timely update the audit program, risk assessment and audit plans
• Establish and maintain relationships with internal stakeholders

Improve Audit Tool

• 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, re-performance processes and exception testing
• Optimize the use of audit workflow tool

Build Expert Knowledge

• Serve as key department resources/SME on assigned audit area and audit procedures
• Provide feedback to auditor professional development plans (VP level will also design the auditor development plan and provide on the job training)

Other

• Assist the VP Senior Auditors 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 control, risk or audit in banking, public accounting, or consulting industry is required
• Good understanding of front-line business in regard to corporate, commercial and retail banking, knowledge of management functions such as Finance, HR, and Legal, and understanding of risk management covering market, credit and operational risks from a control and mitigation perspective are required
• Leadership experience in applying or evaluating the efficacy of control frameworks including U.S. bank regulatory standards, heightened expectations of the OCC, enhanced prudential standards of the Federal Reserve System among others is required
• Capability in overseeing and executing multiple deliverables preferably within a highly matrixed structure where planning, management and strong interpersonal skills are critical to success is required
• Experience in ensuring documentary sufficiency of analytical procedures to support audit standards and bank regulatory expectations is required
• Experience using computer assisted auditing tools or performing computer modeling to evaluate assertions is required
• Solid knowledge of risk applications and metrics for retail and commercial banking is required
• Ability to build rapport with internal stakeholders and examiners is required
• Excellent communication and interpersonal skills with ability to present complex and sensitive issues to senior management is required
• Capability and willingness to develop staff, including new hires, on technical skills is required
• Accounting/Audit/Information System certifications (e.g. CPA, CIA, FRM, CFA) or equivalent is a plus but not required

Pay Range

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

Salary : $230,000