Vice President/Director Internal Auditing
SUMMARY OF POSITION: The Vice President-Director of Internal Audit leads in the establishment of Tower's internal audit strategies, policy and services that are designed to support Tower's operational effectiveness and ability to serve its membership. The incumbent initiates internal audits and reviews of the operations of Tower Federal Credit Union, using a risk-based approach, to ensure that the Board of Directors and Management have established practices and procedures sufficient to safeguard members assets and comply with laws and regulations, and also sufficient to safeguard against error, conflict of interest, self-dealing and internal fraud. The VP administers Tower's Regulatory Compliance Program. The Vice President-Director of Internal Audit reports to the Chairman of the Supervisory Committee, and for administrative-management purposes reports to the President & CEO. In addition, the incumbent is responsible, either on a primary or secondary level, for specific functional legal/regulatory compliance, as outlined in the Principle Accountabilities and Functions and/or included in an Addendum to the position description. PRINCIPAL ACCOUNTABILITIES AND FUCNTIONS: 1. Develops and implements risk based annual audit plan following approval by the Supervisory Committee. The position determines audit scope, prioritizes assignments and allocates resources (including internal and external) to effectively evaluate and minimize the risk of loss or internal fraud. Designs audit programs that evaluate the effectiveness of internal controls. Ensures audit plan includes testing of compliance with appropriate laws and regulations as well as TFCU policies. The NCUA examiners and external auditors annually review the work of the Internal Audit Department to determine the department's adequacy of audit abilities in order to place reliance on the Department's work. 2. The position is responsible for the selection of the department's staff. This position overseesTraining, coaching, and development of staff to ensure a high level of professionalism - consistent with the standards for the professional practice of internal auditing. 3. Develops cost center budget and proactively manages expenses and resources following approval of the budget by the President/CEO, and Board of Directors. Manages contractual relationship with Tower's external audit firm as well as other firms used when co-sourcing audits. 4. Identifies needed resources to effectively staff the department and anticipate expenses, prepares the cost center annual budget for review and authorization by the President & CEO, and Board of Directors; manages expenses consistent with established Tower policy and procedures. 5. Possesses sufficient knowledge and audit skills to (a) make appropriate recommendations that (1) provide preventative or detective controls to safeguard assets and minimize the risk of loss or internal fraud and (2) improve efficiency and effectiveness of operations and (b) by reviewing new functions, systems or products being implemented in the credit union and making appropriate recommendations to strengthen internal controls. 6. Maintains "Tower Concerns" hotline and promptly investigates and reports on employee irregularities. Provides sponsor support in conjunction with their investigations of Tower members. 7. Performs special reviews or investigations at the request of Senior Management, the Board or the Supervisory Committee. 8. Oversees the annual audit of Tower's financial statements. The position coordinates the development of Management's response to issues raised in the audit. The position manages the periodic bid process for selection of external auditors, including related contract negotiations. 9. Acts as primary liaison with annual examination by NCUA examiners including coordination of related documentation requests and exit meetings. 10. Responsible for ensuring proper work papers and documentation are completed when an audit is conducted and that the results are communicated to appropriate members of management. The position also reviews and approves the audit reports before they are presented to management and the Supervisory Committee. The position evaluates existing policies and procedures and recommends additions and/or revisions to ensure legal compliance and appropriate monitoring of controls. 11. Verifies the nature of deficiencies identified in the course of an audit and evaluates the adequacy of corrective action plans. The position monitors the status of corrective action plans and communicates concerns to management and to the Supervisory Committee. 12. The Vice President-Director of Internal Audit provides monthly reporting, and serves as Secretary for the Supervisory Committee. The Vice President-Director of Internal Audit also provides appropriate reporting to, and attends, monthly Board of Directors meetings and Board planning conferences when requested. 13. Based on professional, audit and compliance association contacts, provides advice and assistance on compliance matters. Accepts either primary or secondary responsibility for specific legal and/or regulatory compliance activities. This responsibility may include, but not be limited to, a range of actions (eg: compliance monitoring and reporting, developing materials and communications, serving as liaison to external authorities, providing education to employees, conducting audits, participating in training updates, etc.) as determined by the position level or delegated authority from Senior Management or the Board of Directors. 14. Keeps current in the field of auditing, and credit unions in particular, by participating on the regional audit and compliance roundtables and by membership in professional organizations such as the IIA, AICPA, ACUIA, and ACFE. Keeps license(s) active by ensuring annual credit requirements are met. REQUIRED QUALIFICATIONS:A Bachelor's degree in Accounting or related business area preferred. CPA or CIA certification or progress towards such a certification. Master's degree preferred, or equivalent work experience. A minimum of 10 years' experience directing, supervising and coordinating the operations of an Internal Audit Department, with a significant portion of this experience conducted in financial institutions (eg, bank, credit union, financial services, etc.). COMPETENCIES:. Familiarity with audit software tools to include Computer Assisted Audit Techniques . Familiarity with audit management software tools (eg, TeamMate, Redboard, etc.).. Ability to comprehend and evaluate data generated from electronic information systems.. Proficiency in use of Microsoft Office software applications. Proficiency in use of the Intranet and browser tools.. Ability to write reports and business correspondence.. Ability to present information and respond to questions from management.. Ability to develop and sustain productive working relationship with regulatory examiners . Ability to professionally investigate and respond to member inquiries and/or complaints . Ability to, analyze and interpret technical journals, financial reports, and legal documents.. Ability to develop and maintain effective working relationships . Ability to independently and effectively develop and present reports and recommendations . Ability to solve problems with many concrete variables in a variety of situations.. Ability to develop solutions for problems . Ability to define problems, collect data, establish fact and draw valid conclusions.. Ability to identify cause and affect relationships and evaluate risk vs. potential return.. Ability to focus on detail and verify accuracy of numbers and text.. Ability to effectively perform risk assessments, individual and semi annual audits . Proficiency in conducting-completing internal investigations and fact finding inquiries.. Ability to make practical recommendations based on risk management. Ability to initiate long and short term planning.. Ability to manage multiple complex projects and collaborate with others to attain goals.. Ability to develop action plans and organize workloads with competing deadlines.. Ability to prioritize diverse job assignments and meet established deadlines.. Strong ability to multi-task, including managing concurrent projects and priorities t. Ability to balance competing needs for internal controls and operational effectiveness.. Ability to resolve controversial or delicate matters skillfully.. Ability to persuade others to consider merits of recommended future actions.. Ability to provide constructive feedback to others.. Ability to effectively negotiate contracts.. Ability to determine needs and present practical solutions to others.. Ability to motivate others to take action.. Superior ability to maintain sensitive and confidential information.. Ability to consistently demonstrate the highest degree of integrity in working relationships . Ability to effectively coach, train and retain staff.. Ability to develop and sustain a team work environment utilizing supervision & mgmt. . Ability to interact BOD, the Supervisory Committee, management and employees WORKING CONDITIONS:Green badge security clearance required via our sponsor. Ability to travel to multi-site business locations on both a scheduled and ad hoc basis at varying hours.