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Audit Director Enterprise Financial Crimes Compliance & Fraud
U.S. Bank
Minneapolis, MN, United States
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Audit Director – Enterprise Financial Crimes Compliance (EFCC) & Fraud
The Audit Director for Enterprise Financial Crimes Compliance (EFCC) and Fraud is primarily responsible for directing the risk-based Audit Plan to cover compliance with domestic and international Anti-Money Laundering (AML), Economic Sanctions (ES), Anti-Bribery/Anti-Corruption (ABAC), and U.K. Bribery Act regulatory requirements as well as fraud across all of U.S. Bancorp (the Company).
The Audit Director is expected to assess the Company’s risk management, governance and control environments within the auditable entities, determine appropriate audit cycles, maintain an effective continuous monitoring program, and make necessary adjustments to the audit plan.
The Audit Director is also expected to develop and deepen relationships with key internal and external stakeholders that include but are not limited to: senior management; internal control partners; regulatory agencies; external auditors; external subject matter experts; and industry peers.
The Audit Director will lead a team of 30+ audit professionals and is expected to recruit, hire and develop assigned personnel (based in the United States) in accordance with U.S. Bank Human Resources Policies and Corporate Audit Services (CAS) Policies, Standards and Guidelines to achieve Plan completion.
Duties
1. Annual Audit Plan - Providing strategic direction and leadership in developing and driving the execution and coordination of the risk-based Annual Audit Plan across all U.S. Bancorp and subsidiaries by drawing upon both business line process knowledge as well as specialized Anti-Money Laundering (AML), Bank Secrecy Act, and Economic Sanctions compliance expertise and by collaborating with business line Audit Directors. This encompasses establishing and setting the anti-money laundering and fraud audit testing strategy for the department, ensuring coverage is sufficient to render an annual opinion on the AML and ES Programs at the Bank, and evaluating and forecasting necessary audit resources, including subject matter expertise.
2. Continuous Monitoring - Maintaining an effective Continuous Monitoring Program which monitors key risks within Auditable Entities across multiple business lines and identifies any key emerging/evolving risks by routinely interfacing with independent peer banks on regulatory trends. Also includes monitoring adequacy of CAS resources and adjusting the Audit Plan when appropriate and communicating key results of Continuous Monitoring to applicable members across CAS.
3. Reporting/Issues Management – Overseeing board, committee and other stakeholder reporting for completeness, consistency with other internal audit material and accuracy of the most up-to-date information. Overseeing ongoing progress and remediation by management for all outstanding AML/ES/ABAC and fraud audit issues across the entire enterprise and supporting other Audit Directors in the evaluation and communication of audit results/issues with AML compliance implications.
4. Personnel and Staffing - Managing, motivating, and developing a team of managers in accordance with U.S. Bank Human Resources Policies and CAS Policies, Standards and Guidelines.
5. Communication with Key Stakeholders - Interacting regularly with executive management, including managing committee members across U.S. Bancorp, multiple Sr. Operating and Board Committees, and multiple regulators, primarily the OCC and FRB, and other.
6. Other - Participating, networking, and leadership within industry peer groups and performing other duties as requested by the Chief Audit Executive or Senior Audit Director.
Qualifications
Basic Qualifications:
• Incumbent has an advanced degree or equivalent (preferably in Accounting, Finance, Management Information Systems).
• Applicable certifications.
• At least fifteen years applicable experience.
Preferred:
1. Fifteen or more years of progressive experience in internal auditing, public accounting, or other relevant experience.
2. Proven leadership skills.
3. Expert level of verbal and written communication as well as comfort and experience presenting complex subject matter to senior management and skill in managing stressful situations.
4. Ability to build and continuously improve working relationships with internal audit peers, business line leaders, and partners (risk and compliance).
5. Ability to independently address unique and complex conflicts with business line and effectively negotiate as needed.
6. Ability to manage multiple tasks and deadlines simultaneously.
7. Expert understanding of Institute of Internal Auditors’ Standards and the common definition of internal controls.
8. Expert critical thinking and analytical skills.
9. Expert understanding of AML, Economic Sanctions (ES), Anti-Bribery/Anti-Corruption (ABAC), and U.K. Bribery Act regulatory requirements and fraud concepts. Ability to interpret key laws, regulations and guidance as they impact the Bank’s operations.
10. Strong knowledge of banking industry relevant risk management, compliance and audit practices. Expert knowledge of risk management and regulatory environment for large banking institutions (greater than $250 billion in assets).
11. Demonstrated strong collaboration skills and experience navigating in a large company across cross-functional teams
12. Prior interaction with regulatory agencies and regulators.
13. Proven adaptability to changing priorities.