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Director, Internal Audit

Toronto, ON, Canada Req #997
Monday, July 13, 2020

The Director, Internal Audit will be responsible for leading the risk assessment, control identification, documentation, testing, findings and recommendation process for internal audits of various business units across the Bank with a focus on Regulatory, Operational, and Financial Process.  The candidate will also be responsible for developing and implementing audit coverage of new products and/or services in line with the Bank’s strategic initiatives.  This may involve auditing of certain Bank projects. Notably, the role is expected to be a subject matter expert (with ability to independently analyze information and lead audit projects) and provide current specialized financial services knowledge with respect to the Bank’s business lines, internal audit standards, and/or applicable regulatory requirements. The incumbent will exercise a significant degree of managerial and technical latitude in the performance of his/her duties.

 

Main Activities:

  1. Independently develops and implements audit coverage of existing business lines and ability to develop effective audit coverage of new products or services that may be implemented by the Bank - 70 %

 

  • Taking into account Bank policies, current industry standards, and applicable regulatory expectations, the incumbent will create audit programs for the Bank’s business lines which include:
  • Leading audit projects of varying high complexity of the Bank’s business lines residential/commercial mortgages, brokered GICs and Digital Banking personal deposits) and
  • bank-wide audits of applicable regulatory requirements (OSFI guidelines, Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF), Financial Consumer Agency of Canada (FCAC), and PIPEDA.
  • Areas of responsibility will be primarily related to: operational, regulatory and financial risks across the Bank. 
  • Responsible for executing the complete end-to-end audit engagement process: commences with the development of an audit plan, followed by identification of risks associated with the auditable entity, documentation of identified controls, testing of controls, development of conclusions/recommendations based on audit testing. 
  • Draft audit reports at the conclusion of each audit for submission to the VP Internal Audit
  • Maintain ongoing awareness of applicable regulatory requirements, and the Bank’s strategic initiatives and developments in order to ensure audit work is relevant and value-added.  This may include monitoring or auditing large-scale projects.
  • Follow-up and report on adequacy of management actions to resolve audit findings and report progress to the VP Internal Audit on an ongoing basis.
    1. As a senior member of the team, this position may be responsible for reviewing audit files of other team members.

 

 

  1. Risk Assessment -15%

 

  • Maintain up-to-date knowledge of regulatory expectations and developments related to the Bank’s business lines, and incorporate any new developments into audit work accordingly. 
  • Develop a Risk and Control assessment for each individual audit engagement to guide the development of each audit program.
  • The position will be required to take into consideration the size and complexity of the Bank when conducting risk assessments and in developing audit observations as a result of audit testing.
  • Maintains an awareness of key strategic projects initiated by management and identifies potential change management risks which may be associated with management initiatives. 
  • Effectively communicates risks to Senior Management (both Internal Audit and Business Unit Management as applicable).
  • Participates in the annual audit planning process by applying Internal Audit’s risk assessment methodology to the auditable entities within the audit universe.

 

  1. Relationship Management/Communication - 15%

 

  • Maintain positive working relationships with Senior Management and control functions for areas of audit responsibility to ensure effective communication flow throughout the audit engagement process; maintain awareness of Senior Management’s concerns and any emerging risks.
  • Able to influence senior management with respect to acceptance of key findings and/recommendations.
  • Keep the VP Internal Audit informed of the status of key risks or findings identified during the audit.  
  • Commit to ongoing professional development by completing 40 training hours per year.
  • Share knowledge of areas of expertise with other members of the Internal Audit team in order to provide cross-training.
  • Maintain relationships with the External Auditor, Regulators, and applicable third-parties if required.

 

 

Knowledge/Skill Requirements:

 

  • Post-secondary degree.  An accounting and/or internal audit designation is required.
  • 10+ years proven experience in a banking internal audit senior manager/ director role or financial regulatory role, with an ability to leverage previous audit expertise with respect to carrying out audit assignments.
  • 7+ years of proven current subject matter expertise (and experience with auditing) in some or all of the following areas:
    • banking products related to residential/commercial mortgages, brokered and/or digital deposits.
    • applicable regulatory requirements; including OSFI guidelines, AML/ATF, FCAC, and PIPEDA.
  • Strong experience auditing projects/management strategic initiatives.
  • Deep knowledge of the Institute of Internal Auditor Standards.
  • Proven excellent written and verbal communication skills.
  • Ability to interact and develop strong relationships with internal contacts across all levels of the organization;
  • Ability to independently analyze the Bank’s strategic initiatives and existing policies/procedures and assess impacts on the Bank’s level of internal control/risk management/governance processes with an ability to synthesize information into concise observations.
  • Ability to influence and impact Senior Management with respect to accepting/implementing recommendations related to identified control issues.
  • Excellent effective organizational, time management and project management abilities; including the ability to manage multiple priorities (and potentially other staff resources) within deadlines.
  • Ability to work independently and perform under pressure and within tight time constraints.
  • Continues to developing/maintaining broad knowledge and awareness of the financial industry, risk management practices and regulatory and/or policy changes.

 

Other details

  • Pay Type Salary
  • Toronto, ON, Canada