Internal Audit Manager, Professional Practices

About Us

Live Oak Bank is a digital bank that serves small business owners across the country.  Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money.  At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and its People

The Internal Audit Manager, Professional Practices plays a pivotal role in ensuring the success of the Internal Audit function by continuously enhancing audit methodology and process to meet regulatory expectations and industry standards, increasing Audit’s perceived and actual value, and driving a culture of continuous improvement. The position is responsible for managing or contributing to various Internal Audit activities including methodology alignment with SR 13-1 and IIA standards, quality assurance, risk assessment and audit plan development, stakeholder reporting, audit system administration, and departmental development and training. The position is also responsible for helping shape the culture and risk posture of the bank through strong communicative relationships with stakeholders across the organization.

What You’ll Do at Live Oak

• Help develop and maintain the overall Internal Audit framework and methodologies to align with regulatory expectations (SR 13-1) and IIA Standards.

• Oversee Internal Audit’s Quality Assurance and Improvement Program (QAIP), including internal and external quality assessments, to ensure quality and consistency in execution of audit activities.

• Identify opportunities to improve the Internal Audit function by implementing new technologies, process enhancements, and best practices.

• Assist in the development and maintenance of an ongoing comprehensive internal audit risk assessment activities to identify and prioritize key areas of risk.

• Assist in the development of a risk-based internal audit plan to assess key operational, financial, compliance, and technological activities and internal controls.

• Actively monitor the organization and recommend adjustments to the audit plan, as necessary, in response to changes in the organization’s business, risks, operations, programs, systems, and controls.

• Assist in providing periodic communications to senior management and the Audit Committee regarding the audit plan, audit findings, recommendations, remediation efforts, and other internal audit matters.

• Serve as an administrator for the organization’s Audit Management software and contribute to innovation in the use of technology in the audit process.

• Provide ongoing training to internal audit staff regarding audit methodologies, new auditing standards, techniques, and best practices.

How You'll Do It

• Maintain awareness of internal audit expectations set forth by regulatory bodies and the Institute of Internal Auditors (IIA) and align company practices accordingly.

• Participate in continuing education courses to stay abreast of internal audit best practices and maintain professional certifications.

• Collaborate with company personnel, internal audit resources, and external auditors as needed to ensure necessary audit coverage and assurance services.

• Evaluate internal audits to determine if executed according to internal procedures and in accordance with industry best practices.

• Help oversee the execution of audit procedures performed by outsourced internal audit service providers, including ensuring methodical documentation of workplans, testing results, conclusions, and recommendations.

• Help facilitate effective communication of audit activities, results, and issue follow-up to key stakeholders.

• Maintain open and collaborative relationships with bank personnel to stay abreast of organizational changes and impacts on the company’s control environment.

• Utilize various information sources and data to effectively monitor areas of heightened organizational risk or concern.

• Assist as needed during exams, investigations, or other external reviews.

Required and Preferred Experience

Required:

• Six to ten years of banking, auditing, or other relevant experience related to the area of responsibility.

• Certified Internal Auditor (CIA) certification

Preferred:

• Experience in a