Risk Auditor Job Description

Risk Auditor Job Description

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Risk auditor provides consultation for risk model development, account monitoring techniques, automated underwriting strategies, quantitative financial analysis and/or potential risk management programs for new ventures.

Risk Auditor Duties & Responsibilities

To write an effective risk auditor job description, begin by listing detailed duties, responsibilities and expectations. We have included risk auditor job description templates that you can modify and use.

Sample responsibilities for this position include:

Participate in the continuing enhancement of the Bank’s Model Risk Management Framework, providing quantitative insight where needed
Effectively communicate complex/technical quantitative analysis principles, methods and approach to others, both within and outside Internal Audit
Collaborate with audit colleagues, clients and the control community members to evaluate, test and report on the adequacy and effectiveness of management controls
Perform audit activities including risk assessments, audit planning, audit testing, control evaluation, report drafting, follow up and verify issue closure and complete work paper documentation in accordance with Internal Audit requirements
Maintain relationships with key business stakeholders and be able to present and discuss audit issues and provide pertinent controls related advice when appropriate
Preparing metrics and reporting to senior management and governance committees
Be involved in ongoing initiatives to enhance the validation program
Providing subject matter expertise to identify and assess operational risks
Coordinating with the business in the global audit plan and delivering risk reviews
Identifying emerging risks through ongoing risk monitoring

Risk Auditor Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Risk Auditor

List any licenses or certifications required by the position: CISA, CIA, CPA, CISSP, CISM, CRC, CFA, CFE, CAMS, CRCM

Education for Risk Auditor

Typically a job would require a certain level of education.

Employers hiring for the risk auditor job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Master's Degree in Finance, Accounting, Education, Business, Mathematics, Engineering, Management, Economics, Health, Physics

Skills for Risk Auditor

Desired skills for risk auditor include:

Risk management
Quantitative analysis and software applications
Numerical techniques
Statistical analysis
Stochastic calculus
Supervisory Guidance on Model Risk Management SR 11-7
Risk measurement and reporting framework
Banking industry
Credit/debit valuation adjustment is preferable
Excel

Desired experience for risk auditor includes:

Experience with various asset classes such as equities, fixed income, real estate, private equity, alternatives, hedge funds
Prefer relevant professional certification
Solid understanding of model risk, preferably having worked in a major bank / financial institution
A master’s degree or PhD in a quantitative discipline (mathematics, physics, finance or econometrics)
Insight and understanding of Portfolio Risk Analytics (including VaR, Stress Testing)
Investigating key aspects of each model under review, incl

Risk Auditor Examples

1

Risk Auditor Job Description

Job Description Example
Our growing company is looking to fill the role of risk auditor. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for risk auditor
  • Supporting the Head of Audit Model Risk in audit planning and team management
  • Supporting audit projects in providing oversight to complex model aspects
  • Origination of audit reports for attention of Senior Management and supervisory authorities
  • Critically evaluate model development across different types of models, including the validation of underlying model construction, assumptions and data constraints, and provide assessments of the quality of the overall methodologies that are currently in use or under consideration
  • Independently conduct model development and validation testing on different types of complex models including credit, forecasting, finance, trading, and market risk models
  • Prepare advanced analytical reports for discussions with cross-functional teams to understand complex business objectives and influence solution strategies
  • Use guidance provided by industry standards (i.e., Basel, Federal Reserve) and Bank policies and procedures to ensure quantitative methodologies used for models both for business as usual and stress testing purposes are consistent with best practices
  • Serve as a business-focused, value-added partner to the Bank’s business units with respect to model development and validation
  • Review and provide feedback to model stakeholders on proposed remediation to identified model weakness and limitations
  • Work with leadership to identify gaps between existing practices and regulatory requirements related to model development and governance and recommend remediation options
Qualifications for risk auditor
  • Experience with Internal Controls and CCAR
  • Previous experience with Audit (Operational), Budgeting/Forecasting/Planning, and Modeling
  • Audit experience from a Big 4 Accountancy Practice
  • An understanding of risk appetite and business processes
  • Ability to interact and work with senior management and stakeholders
  • Maintain a comprehensive register of all findings on implementation of corrective actions
2

Risk Auditor Job Description

Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of risk auditor. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for risk auditor
  • Ongoing business monitoring with ERM stakeholders keeping abreast of pertinent industry, regulatory and business practices
  • Professional credentials including degree-level education or equivalent industry experience
  • Able to build strong relationships and work collaboratively with wider GA department, management teams and with other control functions
  • Able to operate with integrity and conscientiousness towards colleagues of all levels
  • Flexible in subject matter coverage, open-minded in topical focus and, as such, professional development
  • Undertake audit projects to departmental and other appropriate standards
  • Work with the Risk and Audit management team to maintain and develop relationships with key stakeholders
  • Work with the business to facilitate improvements in the controls environment to mitigate risks to an acceptable level
  • Ensure that reported actions agreed with management are followed-up to establish whether they have been carried out to an acceptable level
  • Assist with the preparation of appropriate Management and Audit Committee reporting
Qualifications for risk auditor
  • Understanding of market, credit, operational and / or liquidity risk gained either as a risk practitioner in a major bank or financial institution, or as an internal of external auditor of a major bank or financial institution
  • A degree-level education (or equivalent), post graduate/professional qualifications or willingness to gain such qualifications (CPA, CIA, CFA)
  • High affinity towards risk issues, control matters Banking regulations
  • Bachelor degree in business, economics, mathematics or related discipline or comparable professional experience required
  • Familiarity with statistical modeling, econometric forecasting, data management and governance, or capital planning processes
  • Ability to translate complex concepts and analysis into practical explanations for business stakeholders and senior executives
3

Risk Auditor Job Description

Job Description Example
Our company is looking for a risk auditor. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for risk auditor
  • Adequately assign open recommendations to the auditors, in order to ensure efficient follow up activities
  • Participate to the improvement of DCPE tools tools that can ease and facilitation audit fieldwork execution
  • Manage professional level employees holding the titles of Analyst, Associate, and Vice President
  • Discretionary day-to-day decision making and functions at a managerial level
  • Performs quality audits on vendor coding results internal Care Delivery coding teams as needed
  • Ensure all audit work is executed in accordance with Departmental Audit Methodology and documentation standards
  • Review workflows and business processes evaluate the adequacy of internal controls
  • Prepare audit workpapers documenting each audit step in the audit program
  • Working closely with auditees to achieve timely progress on agreed action plans
  • Building advisory relationships with middle managers outside the context of IAD’s routine audits
Qualifications for risk auditor
  • Intellectual curiosity – passion for learning, researching, getting at the answers, and teaching others
  • Experience in a progressive Internal Audit Dept
  • Advanced degree in quantitative field such as Financial Engineering, Mathematics, Engineering, Finance, Economics, or other related field
  • At least 3 years of experience in model development, validation, or related experience
  • Ability to learn and adapt fast in new area, and willingness to dig in to find answers to a problem
  • University degree in a quantitative subject
4

Risk Auditor Job Description

Job Description Example
Our company is growing rapidly and is looking to fill the role of risk auditor. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for risk auditor
  • Solid understanding of audit concepts within planning, fieldwork and reporting
  • Ability to present information to team, manager and AGA
  • Prepare clear and concise worksheets
  • Act as the primary day-to-day contact with the Business Line Managers during credit audit assignments and generally thereafter for continuous monitoring purposes
  • Ensure that Business Line Managers respond directly to the issues that are being raised
  • Ensure relevant parties
  • Follow up on audit recommendations from issued reports and tracked via Audit issue tracking tool
  • Attend assigned Watch List and other portfolio review meetings as part of the continuous monitoring of the credit portfolios
  • Conducts post-audit follow-up to appraise adequacy of corrective action taken to audit recommendations Documents procedures performed on workpapers
  • Develops and executes audit work plans needed to achieve scope and objectives that focus on potential risks and key controls, and prepares working papers in accordance with Internal Audit Standards
Qualifications for risk auditor
  • Exercise judgment and critical thinking to influence business partners, senior business managers and peers
  • Clearly and accurately document the execution of specific audit procedures as defined by the projects’ objectives and planned audit approach
  • Contribute ideas/opinions to the audit team and listen/respond to other team members' views
  • 3 – 5 years of relevant work experience in Credit Risk, Audit, Compliance, Operational Risk, Finance, Commercial Credit, Market Risk and/or General Business
  • Prior experience with Credit Risk and Commercial Banking products and activities
  • Perform routine and complex audits of controls, records, and operations
5

Risk Auditor Job Description

Job Description Example
Our growing company is looking to fill the role of risk auditor. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for risk auditor
  • With guidance and oversight, prepares communication with the IT organization, including written and verbal deliverables
  • Participates in the Company’s annual process for maintaining compliance with Sarbanes-Oxley Section 404 (SOX)
  • Reviews the work of other audit staff to ensure completeness and reasonableness of documentation on audit projects the Sr
  • Own the research and data analysis for complex projects
  • Represent the needs of the business or function during moderately complex process improvement projects
  • Provides coaching to team members in all phases of audit process and plan execution
  • Leads, plans, and performs and completes audits within budgeted timeframes and costs under the supervision of managers and/or directors
  • Delivers high quality, value added assurance and audit reports for a portfolio of business activities in a timely manner to meet the requirements of the IA methodology
  • Performs complex audits related to commercial banking methodologies, including drafting of audit reports, presenting issues to the business and discussing practical solutions
  • Partners with other IA teams in order to deliver
Qualifications for risk auditor
  • Develop and prepare audit plans
  • Completes Post Audit Feedback Form for self upon completion of the audit
  • Communicate status and escalate issues to the AIC
  • Developing skills in building and maintaining relationships within and external to audit
  • Strong operational and people management skills, including the ability to work well in a diverse team with a strong teamwork focus
  • Strong analytical and communication skills, oral and written, together with presentation and interactive skills

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