Internal Audit Manager

Manager: Matt Berthold

Hybrid Work Environment

Internal Audit Manager Job Summary

The Internal Audit Manager will maintain a comprehensive and effective internal control program for Westfield Bank and is responsible for the development, planning, and implementation of an objective and independent Internal Audit function. This independent audit function helps Westfield Bank achieve its objectives by systematically evaluating and improving the effectiveness of risk management, controls, governance, and the implementation of best practices. This includes assessing the adequacy of design and operating effectiveness of internal controls, addressing not only the reliability for financial reporting but also the effectiveness and efficiency of operations, compliance with applicable laws and regulations, and safeguarding of assets. This role will be responsible for managing the ongoing development and maintenance of the program by creation of a comprehensive control testing plan. This position will manage the work of the Bank’s internal audit vendor on internal audit, regulatory compliance, information technology, and key control testing consulting services and ensure testing is completed accurately and timely, and results are presented to senior leadership. In addition, this role will coordinate with the external auditors on controls and testing reliance.

Essential Functions (primary functions and/or reasons the job exists in order of importance)

1. Responsible for the development, assessment, and enhancement of a comprehensive and effective internal control program for Westfield Bank.
2. Responsible for Westfield Bank’s Internal Audit function to ensure the audit plan and related audit work are risk-based and fulfill the responsibilities outlined in the Audit & Risk Committee (ARCO) charter, as approved annually by the ARCO members.
3. Manages the design and monitoring of the effectiveness of internal controls over financial reporting and operational risks utilizing a strong knowledge of internal controls within the applicable framework.
4. Maintains the 2013 COSO Framework mapping documentation and gap assessment and follows-up on remediation as necessary.
5. May supervise internal staff, providing guidance and support as needed.
6. Reviews internal walkthroughs, policies, guidelines, procedures and processes to evaluate the design and operating effectiveness of internal controls.
7. Collaborates with various business units to understand, assess and address financial statement and operational risks and exposures through a risk and control self-assessment process. Coordinates with the business units to maintain standard documentation for their internal control environment.
8. Maintains an independent perspective and communicates audit findings, recommendations, and action plans with key stakeholders, including senior management, business units, and external auditors.
9. Develops and builds out an ongoing control testing plan for key controls to ensure operating effectiveness of those controls. Summarizes control testing results completed by the Bank’s internal audit vendor on an ongoing basis for the ARCO.
10. Develops and implements a continuous monitoring program for key risk areas, including credit risk, operational risk, compliance risk, and market risk.
11. Performs review and validation for testing of first- and second-line control processes to ensure they are operating effectively. Analyzes and interprets data from monitoring activities to identify potential issues or areas for improvement.
12. Initiates and coordinates the quarterly certification process including follow-up and review of potential changes to the key controls, control owners, and maintenance of the risk library.
13. Coordinates the risk assessment and audit planning process with the Bank’s internal audit vendor. Additionally, creates and manages audit work schedules, budget to actual comparison of audit fees, and vendor management related activities.
14. Manages internal audit partner to ensure audits and deliverables are completed according to plan.
15. Responsible for the Bank’s issues management program. Tracks and monitors status of audit findings and related corrective action plans inclusive of validation of the effectiveness of business unit remediation efforts.
16. Oversees the Bank’s Audit Quality Assurance and Improvement Program. Provides an annual report including an opinion on the quality of workpapers.
17. Facilitates planning sessions for quarterly audit committee meetings including agenda and required documentation.
18. Compiles and presents the material for ARCO meetings including the quarterly ARCO dashboard.
19. Maintains direct, regular communication with the ARCO and escalates concerns in a timely fashion.
20. Coordinates with business units on regulatory and internal/external audit requests.
21. Completes quarterly summary reports for the Board of Directors and bank senior management to summarize the current control environment as well as control assessment results. Communicates reportable issues and recommendations to senior management.
22. Updates the User Control Considerations for significant systems and applications.
23. Monitors business processes for changes impacting internal controls and provides thought leadership and support for effective business process and controls redesign/remediation. Works closely with internal and external audit to review the results of the control testing and works with business owners to resolve deficiencies and further refine/define controls.
24. Provides proactive guidance to: control performers, control owners, and functional leadership regarding internal control gaps and drives the effective and timely remediation thereof.
25. Maintains awareness, understanding, and compliance with the Bank's internal policies and procedures, laws, and regulations appropriate for this position.
26. Travels occasionally in order to perform special assignments, training, and/or travel between office locations.

Desired Qualifications/Experience/Certification/Education (in order of importance)

1. 7+ years of demonstrated internal audit, audit, or accounting experience within public accounting or in a public company including knowledge of and experience with the evaluation of internal controls over financial reporting.
2. Certified Internal Auditor (CIA), Certified Financial Service Auditor (CFSA), Certified Public Accountant (CPA), or other relevant certifications are preferred.
3. Prior work experience with Sarbanes Oxley (SOX 404) or FDICIA controls using the COSO 2013 framework.
4. Knowledge of and experience using auditing concepts and principles.
5. Experience managing staff is desired.
6. Understanding of business and financial risks and internal control environment present in an organization.
7. Experience utilizing effective leadership behaviors including, but not limited to, integrity and trust, accountability, shared ownership and communication, respect, and teamwork/collaboration.
8. Bachelor’s degree from an accredited college or commensurate experience.
9. Proficiency with Microsoft Office software including experience and an advanced skill set with Microsoft Excel spreadsheet development and management.
10. Strong written, verbal, and interpersonal communication skills including persuasive skills resulting in the ability to interact with all levels of management and employee population.
11. Problem solving, time management and detail orientation skills.
12. Ability to work independently with limited guidance.
13. Ability to build relationships across business units, and to assist others on a team.
14. Financial industry experience.

Physical Requirements (specific to the role)

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

• Ability to work effectively in an office environment for 40+ hours per week (including sitting, standing and working on a computer for extended periods of time).
• Ability to communicate effectively in a collaborative work environment utilizing various technologies such as: telephone, computer, web, voice, teleconferencing, e-mail, etc.
• Ability to travel as required.

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.