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Chief Audit Executive

Pentagon Federal Credit Union (PenFed)
Mclean, VA
Closing date
Oct 3, 2022

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Audit and Tax, Executive, Chief
Full Time
Career Level
Experienced (Non-Manager)
Overview Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members do better. Joining PenFed is more than being an employee; it s about being a part of the PenFed family. PenFed is hiring a Chief Audit Executive at our McLean, Virginia location. The primary purpose of the Chief Audit Executive (CAE) position is to provide executive leadership and direction in the accomplishment of the broad governance responsibilities fulfilled by PenFed s Supervisory Committee and the Audit Services Department (ASD) within PenFed. These responsibilities include ensuring that sound internal controls are established and maintained across the credit union to achieve PenFed s goals and objectives, including plans, policies and control procedures to ensure the institution is safe, sound, compliant with laws and regulations, and achieving its objectives in accordance with the Boards specific intent. ASD serves as the third line of defense providing independent assurance on the effectiveness of the risk management and compliance programs and processes and contributes to their continued improvement. The CAE manages the audit risk assessment, planning, performance, reporting and follow-up activities of a high-performing professional staff across a broad range of financial services including mortgage and consumer banking, credit card services, asset and account management, investment operations, affiliated business activities, information technology and security, and financial and risk management. The CAE also leads initiatives to target and strengthen controls in specific areas due to longer term risks, oversees external audits and examinations of PenFed and serves as a principal advisor to the Chair of the Supervisory Committee and Chief Executive Officer on matters pertaining to the execution of the audit mission and internal control functions of PenFed. The CAE also provides a broad range of advisory services to PenFed leadership including reviews of policies and procedures and member responses. Responsibilities Represent ASD in Board and executive level meetings, to external parties including counterparties to PenFed contracts and agreements, and to senior regulatory officials. Develop subject matter expertise in assigned staff to competently perform audit engagements. Direct a comprehensive audit program for complex banking operations, ensuring the effective accomplishment of internal audit goals and objectives established in support of PenFed s mission and strategic objectives. Provide advisory services in support of PenFed programs and activities. Identify and evaluate significant exposures to risk and contributes to the improvement of risk management and control systems. Collaborate in designing solutions and building plans for correcting control weaknesses and deficiencies. Ensure that audit planning, performance, reporting and follow-up are executed in accordance with professional auditing standards and establishing departmental policies and procedures to guide the organization. Relatedly, direct actions necessary to produce high quality audit reports that are factually accurate, logically supported and fair and balanced. Actively support follow-up on audit recommendations to help ensure the actions taken correct the reported conditions. Lead in the design of innovative approaches to assessing risk in PenFed operations and accomplishing essential audit tests including the use of technology to facilitate audit performance and monitor audit progress. Serve as a functional expert in risk assessment, internal control, and audits of financial services and information technology, information/cybersecurity security and financial and risk management, including analyzing emerging risks in order to develop and adjust the risk-based audit plan to help mitigate those risks. Act as a liaison with external (eg, NCUA, CFPB) examination and financial statement audit teams to ensure coordination of management requests and audit assistance. Keep the Supervisory Committee fully and currently informed on audit planning and performance, risk in PenFed programs and activities and other matters as necessary to understand and provide governance to Pen Fe operations. Ensure the Board of Directors is kept informed of audit results and other matters pertaining to governance, risk management and internal control and their relationship to the audit program. Continuously strive to make ASD a leading example of audit excellence, including through interaction with industry counterparts. Provide professional staff development and training to meet auditing standards. Qualifications Equivalent combination of education and experience is considered. Bachelor s Degree in Business Administration or Accounting or related field required. Master s Degree in Business Administration or Accounting is preferred. Knowledge of audit standards, financial statement audit requirements, and the regulatory environment for credit unions is required. Minimum of ten (10) years of experience in auditing, or management in the financial services industry and/or financial regulatory environment, is required. Supervisory Responsibility 30 Est. Direct Staff / 40 Est. Full Staff (With Contractor Support) Licenses and Certifications Professional certification (such as Certified Public Accountant, Certified Internal Auditor and/or Certified Information Systems Auditor) is required. Work Environment While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. *Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.* Travel Ability to travel to various worksites and be on-call is required. Special Message Regarding COVID 19 PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with COVID-19, we have modified our hiring, onboarding, training, and deployment protocols in order to comply with applicable current local and state guidance. About Us Established in 1935, PenFed today is one of the country s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment Opportunity PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240- -

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