Senior Audit Specialist - Supervision Group

Federal Reserve Bank New York, NY
Institutional Overview:

The LISCC supervision program is the Federal Reserve's national supervisory program for the nation's largest, most complex systemic financial institutions. The program is overseen by the LISCC Operating Committee and executed by hundreds of staff supplied by multiple Reserve Banks and the Board. A core component of the LISCC Program is the Governance and Controls (G&C) Program which includes an annual assessment of a firm's internal audit program consistent with expectations outlined in AD Letter 13-2 "Examiner Guidance Relating to the Internal Audit Function at Supervised Institutions". Consistent with AD letter 13-2, the work done to support the annual assessment and the assessment of the effectiveness of internal audit is intended to assess attributes, governance, audit process, and audit performance and monitoring.

The Internal Audit Horizontal Team executes Internal Audit coverage on a three year cycle comprised of a combination of monitoring, firm-specific examinations, common scope horizontal examinations, and core team horizontal examinations. The audit horizontal team combines a periodic assessment of the audit methodology with annual assessments of how well the internal audit function executes its responsibilities and of how well internal audit's activities are governed by the board's audit committee at LISCC portfolio firms.

Job Responsibilities:

The Audit Specialist is responsible for assessing internal audit's processes to support the annual assessment of effectiveness with respect to attributes, governance, audit process, and audit performance and monitoring. The basis for this assessment is SR 13-1, Supplemental Policy Statement on the Internal Audit Function and Outsourcing, and such other relevant guidance. The assessment is performed in collaboration with Dedicated Supervisory Team staff

The Specialist will be responsible for:

* Developing and maintaining relationships with key internal audit staff (Chief Audit Executive, Head of Professional Practices) from LISCC portfolio firms and, through a regular dialogue, having a deep and nuanced understanding of the strategy and methodology employed and internal audit's coverage of firm activities;

* Maintaining a current understanding of developments including trends, regulatory changes, industry guidance and industry practices related to internal audit;

* Lead and participate in horizontal audit examinations that assess effectiveness of audit process and methodology, target examinations of audit execution focused on one or more auditable entities and MAP Steering Committee approved In Depth Reviews (IDRs) across LISCC portfolio firms;

* Ongoing monitoring and maintenance of assigned regulatory matters requiring attention, including quarterly status reporting in CSCAPE, determining when regulatory matters requiring attention at LISCC portfolio firms are ready for validation of completed remediation; leading and/or participating in validation reviews of remediation actions for regulatory matters requiring attention; vetting conclusions of validation reviews and coordinating with Designated Supervisory Teams (DSTs) on closure of fully remediated issues.

* Supporting DST and LISCC program colleagues on audit related matters to contribute to vertical and horizontal assessments of the effectiveness of internal audit at individual firms and across the LISCC portfolio;

* Developing agendas through review of Audit Committee and Key Management Reporting packages and leading meetings with LISCC portfolio firms for ongoing monitoring and discussion of remediation status of regulatory matters requiring attention and matters of concern; contribute to and participate in Monitoring and Analysis (MAP) meetings for identification of emerging risks.;

* Collaborating with DST members and technical experts within and across the LISCC program to identify emerging issues (internal and external) and assess the effectiveness of internal audit's identification of emerging risks and how this impacts upon internal audit's coverage strategies to ensure a robust control environment;

* Assessing management's responsiveness to identified issues;

* Synthesizing their own work with the work of LISCC program DST and core program specialists to develop an informed, overall assessment of internal audit effectiveness at LISCC portfolio firms.

Job Requirements:

* Strong technical knowledge of internal audit practices and industry standards (Institute of Internal Auditors);

* Ability to work collaboratively among teams within and across the LISCC program to synthesize supervisory assessments and areas of supervisory concern/focus from horizontal and firm-specific examinations, and information gained from both institution-specific monitoring work as well as cross-firm analytics;

* Strong analytical and communication skills to develop and communicate supervisory assessments of the effectiveness of LISSC portfolio firm's internal audit functions both within the LISCC program and with senior management at LISCC portfolio firms;

* Well-developed presentation skills;

* Competence and presence to interact with senior leaders at LISCC portfolio firms;

* Ability to work with and draw upon a wide range of technical experts to develop a holistic assessment of internal audit effectiveness across LISCC portfolio firms; and,

* Bachelor's degree required; advanced degree in accounting, auditing, finance preferred with a minimum of five years relevant work experience or supervisory experience and 8-10 years of overall professional work experience.

This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.