Internal Audit Department-Risk & Operations Audit AVP/VP

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

The incumbent is responsible for execution of audit coverage of Bank of China USA’s front line business units, independent risk management and corporate functions. This include but is not limited to retail banking, commercial/corporate lending, trade finance, treasury, payments and clearing, correspondent banking, commodities, and capital markets. In addition, the incumbent will be responsible for execution of audit coverage of all risk types including operational, credit, market, liquidity, model, interest rate and enterprise risks; and corporate functions such as Finance. The risk management coverage will be across retail, commercial and corporate business activities with a peer link to IT and BSA/AML/OFAC compliance. Preference will given to those with ability to manage audits covering capital markets, market risk, interest risk rate, model risk and credit risk analytics.

Responsibilities

Include but not limited to:

 

Operations Audit Strategy & Plan    

• Contribute to maintaining a “Strong” internal audit function consistent with regulatory expectations
• Plan, design, execute, and supervise the audit coverage strategy of the risk management program
• Contribute to the bank-wide audit risk assessments and serve as a challenge function on risk matters bank-wide
• Design and ensure implementation of testing of the risk management program and associated controls
• Perform assigned audits by executing approved audit programs and questionnaires
• Prepare and review auditor workpapers covering planning and fieldwork for sufficiency
• Influence the execution of other audits (business, compliance, operations, technology) with related risks
• Ensure the delivery of audit reports and Internal Audit feedback that is complete, insightful, timely, error free and concise

Oversight of Management Action Plans

• Evaluate management action plans to ensure that they adequately address the audit issue raised
• Direct and/or perform issue tracking and risk-based validation of issues specific to the risk management program and associated controls
• Follow-up with accountable risk management leaders and their teams to ensure control issues are effectively resolved

Update the audit strategy and program

• Design and ensure implementation of continuous monitoring of the risk management program and associated controls
• Collect and analyze information in designated areas from regulators, Head Office and the branches
• Update the audit programs, risk assessment and audit plans timely

Improve audit toolset

• Recommend improvements in audit methodology and automation
• Partner with data analytics team to design and apply re-usable tools to automate full-population testing, sampling, reperformance processes, and exception testing

Build expert knowledge

• Design the auditor professional development plan specific to related skills
• Provide coaching and on-the-job training to audit staff
• Serve as the department subject matter expert on risk management and audit procedures to test these risks

Other

• Assist Team Lead on regulatory management and external auditor requirements
• Support other departmental initiatives

 

Qualifications

• Bachelor’s degree in business, Finance, Accounting or related areas is required; master’s degree is preferred
• 7 - 10 years of work experience including in a control, risk, or audit role, including risk management at a large banking organization and/or Big 4 accounting/consulting firms with a deep understanding of front line business related to corporate, commercial and retail banking. Strong understanding of risk management including market, credit and operational risks from a control and mitigation perspective. Strong knowledge of corporate functions such as Finance, HR, Legal etc. required for VP level; 5 - 7 years of work experience including in a control, risk, or audit role, including risk management at a large banking organization and/or Big 4 accounting/consulting firms with a deep understanding of front line business related to corporate, commercial and retail banking. Strong understanding of ris