Audit Supervisor or Audit Manager

4 weeks ago

Wilmington, United States Bank of America Corporation Full time
Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us

Job Description:

This job is responsible for overseeing assigned areas of audit work acting as an Auditor-in-Charge (AIC), and executing on the audit strategy for Lines of Business (LOBs). Key responsibilities include driving risk-based auditing by defining scope and test procedures to evaluate the control environment in conformance with audit policies, assessing issues for business impact and recommending severity ratings, drafting audit reports, and managing business partner relationships. Job expectations include fostering an inclusive work environment, and mentoring team members.

The team's coverage is global and covers Counterparty Credit Risk. The individual will be responsible for coordinating, scoping and leading team reviews (incl. large, cross-functional audits) to provide timely and complete assurance over the end-to-end Counterparty Credit Risk framework. Independently executes assigned audit activities and supervise audit team for the project engagement as well as engage in multiple projects simultaneously. Utilizes sound, seasoned analytical skills and possesses product, business, and technical expertise to execute assigned responsibilities. Exercises judgment and critical thinking to influence business partners. Identifies control trends in assigned business areas as well as impact to the business and the Bank overall by applying deep and broad business acumen.

Responsibilities:

* Executes audit strategy for the sound application of risk-based auditing by defining audit scope and audit programs, and drafting audit reports leveraging automation and innovative methods in a timely and high quality manner
* Acts as Auditor-in-Charge (AIC) by overseeing audit testing and ensuring it is executed in a timely manner and conforms with quality standards, audit policies, and procedures
* Assesses impacts to business processes, controls, and strategies to provide recommendations on severity ratings and escalate broad themes or trends accordingly based on existing business knowledge
* Exercises intellectual curiosity and judgment to effectively influence and challenge management to improve the control environment and drive continuous improvements on audit
* Oversees a team of associates and provides day-to-day mentoring and guidance and fosters an inclusive work environment
* Maintains business partner relationships, primarily with line management, to develop business knowledge
* Exercises sound knowledge of product, business, and technical expertise to effectively challenge management to improve the control environment

Business Acumen:

To be successful in this job, the individual would have the following background:

* Minimum 5 years of Global Markets experience, preferably covering third line of defense - Audit Counterparty Credit Risk (CCR) or second line of defense - Counterparty Credit Risk Management (CCRM) function in an investment bank, a consultancy firm, or as a regulator.
* Deep knowledge of CCRM concepts such as PE, PFE, EPE, stressed EPE, MDD. Familiarity with CCR models for calculating these metrics.
* Good product knowledge in all asset classes (IR, FX, Credit, Equities, Fixed Income) and covering a wide range of derivative products.
* Thorough understanding of ISG (SR 11-10) and Basel regulations on CCR. An understanding of regulations covering market risk would also be desirable.
* Desire to be detail oriented of the regulations by understanding the spirit of the rules.
* Excellent written and oral communication skills, ability to converse with management on all levels.
* Ability to work in a very detailed manner as well as to look broadly across a population and develop connections and themes identifying risk and concerns.
* Strong analytical skills. Ability to analyze large amounts of data and turn it into usable information.
* Ability to successfully communicate to influence management and lead change in both strategic and tactical initiatives.
* Ability to plan, execute and evaluate audit test plans within a risk-based audit methodology. Strong project management skills, proven organizational, coordination and action tracking skills.
* Self-starter, desire to learn able to teach others, positive attitude, exhibits flexibility.
* Bachelors degree and/or Advanced degree with relevant experience.
* Dedication to fostering an inclusive culture and value diverse perspectives.

Skills:

* Analytical Thinking
* Audit Planning
* Internal Audit Review
* Issue Management
* Risk Management
* Business Acumen
* Coaching
* Project Management
* Relationship Building
* Written Communications
* Attention to Detail
* Automation
* Critical Thinking
* Technical Documentation

Desired Skills:

* Audit or risk control risk/controls background in financial services
* Intermediate Analytical / Automation Skills (Alteryx, Python, SQL, SAS, Advanced Excel and Access)
* Advanced degree
* CPA preferred

This role can be filled as an Audit Supervisor or Audit Manager based on skills and experience.

Minimum Education Requirement: Masters Degree in relevant field

Shift:

1st shift (United States of America)

Hours Per Week:

40

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