Senior Audit Manager – Institutional Services and Custody Solutions

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

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.

The role requires a recognized subject matter expert with demonstrated experience in institutional trust, retirement plan administration, custody servicing and operations, investment advisor services, liquidity solutions, fiduciary services, trustee activities, and applicable U.S. regulatory frameworks (OCC 12 CFR 9, DOL, IRS, SEC).

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 administration, and regulatory frameworks.
• 5 years of management experience leading teams and complex audit portfolios.
• Demonstrated experience interacting with executive management, regulators, and governance committees.
• Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Certified Fiduciary & Investment Risk Specialist (CFIRS), Certified Corporate Trust Professional (CCTP), Certified Corporate Trust Specialist (CCTS) required, or other relevant professional designation
• Expert level of verbal and written communication, relationship building and negotiation skills.
• Ability to manage multiple tasks and deadlines simultaneously.
• Expert understanding of Institute of Internal Auditors’ Standards and the common definition of internal controls.
• Overall understanding of multiple risk disciplines.
• Relevant Financial Service Industry and Technical knowledge, including understanding of risk theory, control frameworks, applicable financial services industry trends, laws and regulations; and impact of government legislation and regulation on business.
  
  
  

This role requires working from a U.S. Bank location three (3) or more days per week.

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

Benefits:

Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following:

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
  
  
  

Review our full benefits available by employment status here.

U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.

E-Verify

U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $143,905.00 - $169,300.00

U.S. Bank will consider qualified applicants with arrest or conviction records for employment. U.S. Bank conducts background checks consistent with applicable local laws, including the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act as well as the San Francisco Fair Chance Ordinance. U.S. Bank is subject to, and conducts background checks consistent with the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA). In addition, certain positions may also be subject to the requirements of FINRA, NMLS registration, Reg Z, Reg G, OFAC, the NFA, the FCPA, the Bank Secrecy Act, the SAFE Act, and/or federal guidelines applicable to an agreement, such as those related to ethics, safety, or operational procedures.

Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.

Posting may be closed earlier due to high volume of applicants.