The main responsibility is the execution of the annual audit plan and reporting of issues to the relevant stakeholders. The role entails the audit planning, audit fieldwork, audit reporting & closing as well as continued monitoring and issue follow-up. Group Audit utilizes the audit software Nasdaq / BWise for documentation and issue tracking.
- Prepare a risk based audit plan to cover the entire auditable entities of the branch.
- Deliver all audit assignments of the agreed plan for the year. Including Terms of reference, Audit field work, Audit reports and documentation.
- Follow all Group audit's established audit guidelines, documentation standards including Quality Assurance.
- Provide to federal regulators all audit related requested items during their annual examination of the branch.
In details the audit assignments will cover the following activities;
- Evaluating the extent of compliance with established policies, procedures, control guidelines and generally accepted accounting Principles and Banking Practices in order to provide reassurance about the quality of New York's operating standards.
- Reviewing and assessing the adequacy of Risk Management practices in New York to ensure that all relevant risks are adequately addressed so that Group Audit can be reassured that there will be no unpleasant surprises arising from poor risk management practices.
- Performing the independent testing of the branch's BSA/AML Compliance program to adequately satisfy the statutory and regulatory Federal requirements. This to be achieved by reviewing the policies and procedures of the branch relating to BSA/AML Compliance, OFAC regulations, Foreign Account Tax Compliance Act (FATCA) and other compliance applicable to the branch business activities.
- Reviewing accuracy, timeliness and adequacy of financial reporting to Head Office and to local and regulatory authorities. Ensuring the integrity of reports submitted to Head Office and thereby avoiding misstatements in NY's published financials.
- Assessing and reporting on the branch's internal controls relating to IT systems, processes, project implementations, services and business continuity management and cyber security.
The audit functions will include:
- Consolidating audit findings and conclusions into accurate, objective and comprehensive comments so that Senior Management can be apprised of the quality of risk management.
- Tracking of the corrective actions of outstanding audit issues to ensure that all exceptions are satisfactorily resolved in timely manner.
- Providing assistance in special investigations when requested by the Relationship Manager or Group Audit Committee.
- Maintaining up to date audit programs for all areas of the branch.
- Ensuring proper documentation of audit working papers through to the standards required by the regulators.
- Coordinating all audit activities with Head Office Group Audit via the Relationship Manager for New York.
- Incumbent should have in-depth and up-to-date knowledge of a broad range of products (in particular Trade Finance, Loans, Asset Quality reviews and Treasury), systems, accounting and regulatory guidelines so that he/she can converse intelligently with staff and respective department heads. These include complex trade finance transactions and syndicated loans, corporate lending, Treasury and marketable securities. There is a need to be fully aware of laws and banking regulations of the USA and Bahrain the parent country, particularly those relating to BSA/AML, OFAC and other Compliance.
- 10+ years of Banking experience with specialization in one or more of the following disciplines: US Regulatory Compliance, Trade Finance operations, Loan administration, Settlements, Treasury including Derivatives and pricing, Securities, Financial and regulatory Reporting, Operational Risk management, IT Operations and systems.
- Master in Finance, Business or other Numerate Discipline. Alternatively an accredited accounting or business qualification (Qualification from the Institute of Internal Auditors, the IIA).
- Effective Relationship: Able to establish and maintain strong, enduring and effective relationships within the Branch management, Group Audit and OCC examiners.
- Personal Integrity and Accountability: Role models for employees. Must demonstrate a commitment to personal excellence and set a high standard for ethical behavior and integrity.