Senior Audit Manager – Institutional Services and Custody Solutions

Corporate Audit Services Senior Audit Manager

The Corporate Audit Services (CAS) Senior Audit Manager is a senior level management position that is responsible for coordination and oversight of audit activities related to Institutional Services and Custody Solutions products and services within U.S. Bank's Wealth, Corporate, Commercial and Institutional Banking (WCIB) business. This role supports the Audit Directors for WCIB, the Senior Audit Director and the Chief Audit Executive, in providing the Audit Committee and senior management with independent assurance and advisory services designed to evaluate and improve the effectiveness of risk management, control, and governance processes of U.S. Bancorp (USB), affiliates, wholly owned subsidiaries and entities where USB owns a majority (controlling) interest.

The Senior Audit Manager is responsible for providing strategic direction, leadership, and coordination of the relevant product and service cyclical risk-based audit plan, which includes institutional trust services, institutional custody, institutional investment services, and retirement plan administration businesses. The Senior Audit Manager also has the ability to effectively communicate requirements of laws and regulations to business partners and key stakeholders.

These businesses operate primarily domestically.

Primary Responsibilities:

• Coordinating with others in the department in developing and driving the execution and coordination of the risk-based Annual Audit Plan for Institutional Services and Custody solutions, with emphasis on trust, custody, and fiduciary products and services of the bank. Maintaining an effective Continuous Monitoring Program which monitors key risks within auditable entities across multiple risks, geographies, and entities and identifies any key emerging/evolving risks by routinely interfacing with independent peer banks on regulatory trends.
• Ensure appropriate coverage of key risks across institutional custody, asset servicing, securities processing, cash management, safekeeping, settlement, and operational support functions. Ensure adequate coverage of key operational, fiduciary, regulatory, technology, information security, and third-party risks.
• Evaluate emerging risks associated with new products, market expansion initiatives, technology transformation, and regulatory change.
• Lead a team of professionals and is expected to recruit, hire, and develop assigned personnel in accordance with U.S. Bank Human Resources Policies and Corporate Audit Services Policies, Standards and Guidelines.
• Supervise team in the completion of engagements, ensuring the highest quality work delivered timely and appropriately focusing on legal entity and geography requirements. Supervision includes:
• Coordinating with others across the department to plan engagements.
• Ensuring reviews are performed to ensure audit engagement work supports audit scope and conclusions and adhere to internal audit policies and procedures.
• Reviewing audit reports and memos with international impact which communicate opinions and issues in a timely, clear, and concise manner.
• Monitoring progress of audit engagements against plan and schedule and working with managers to make necessary adjustments.
• Overseeing board, committee and other stakeholder reporting for completeness, consistency with other internal audit material and accuracy of the most up-to-date information. Overseeing ongoing progress and remediation by management for trust and fiduciary related issues across the enterprise. Presenting as needed at committee and working group meetings.
• Collaborating across the three lines of defense regarding business processes, risks, and controls. Coordinating audit activities by integrating other internal audit subject matter teams (Anti-Money Laundering, Compliance, Risk Management, Data, Operations, etc.) to ensure appropriate and efficient coverage of the business products, services, and processes. Managing the team's workload to assist other audit teams when resources are needed for areas of higher risk.
• Drive automation and data analytics opportunities within their portfolio both as part of engagements as well as for the benefit of team.
• Performing other duties as requested by the Audit Director and Senior Audit Director.

Basic Qualifications:

Bachelor's or advanced degree, or equivalent work experience. Typically more than 12 years of applicable experience.

Preferred Skills/

Experience:

12+ years of progressive experience in internal audit, external audit, risk management, regulatory supervision, compliance, fiduciary oversight, or financial services operations.

8+ years of experience auditing or managing risks associated with institutional trust, institutional custody, investment advisor custody, securities servicing, capital markets operations, trustee services, or related financial services. Technical knowledge of institutional trust products and services, including trustee, agency, custody, safekeeping, retirement plan…