Audit Manager, Credit

Address:

Job Family Group:

Audit Manager, Credit

Description: Under the direction of the U.S. Audit Director and Senior Audit Manager, the Audit Manager is accountable to support the Enterprise in maintaining effective management processes and system of internal control through the independent execution of audits covering designated U.S. Banking and North American retail and/or commercial segments and Corporate Support Areas. Audits will broadly evaluate the adequacy of control design and operational effectiveness of designed controls.

Specific core activities include:

• Audit execution: Support the Senior Audit Manager in the audit planning and engagement process. Execute all assigned audit engagement activities timely and in accordance with Audit Methodology. Document clear, concise, complete, and supportable work papers for test procedures executed. Assess and recommend action plans to resolve identified control deficiencies using sound judgement. Support the Senior Audit Manager in analyzing and compiling audit results recommending rating area and overall audit engagement ratings.

• Credit Assessment: Review assigned loans and provide an independent risk assessment including an evaluation of adherence to credit policies and procedures, effectiveness and accuracy of credit and collateral monitoring, underwriting quality, accuracy of documentation, and identification and management of problem credits as defined within the audit scope.

• Governance Assessment: Assess the auditable units’ risk governance effectiveness over their credit portfolios and alignment with the Bank’s risk appetite framework. Areas of assessment may include policy effectiveness, risk management and reporting, risk oversight, and strategic management.

• Regulatory Review: Evaluate compliance with applicable U.S. banking laws, regulations, regulatory guidance, and Bank policies within the audit scope, and assess whether related controls are appropriately designed and operating effectively.

• Business Operations: Assess key business operations and end-to-end processes to determine whether responsibilities, procedures, systems, and controls support effective credit administration, risk management, and reliable execution.

Other Core Activities:

• Data Analytics: Use high value data analytics, where appropriate, to enhance risk assessment and audit testing and to identify trends, anomalies, and potential control deficiencies.

• Client Relationship Management: Maintain open, effective, and timely communication with clients during the audit engagement, including timely closure of open questions and requests for additional information, and discussion of matters raised during fieldwork and their potential resolution.

• Risk Assessment, Emerging Risk and Change: Support audit planning by identifying and assessing changes to credit risk, regulatory developments, technology, business strategies, emerging risks, and significant change initiatives for potential impacts to the control environment.

• Advisory Engagements: Participate in assigned advisory and risk-focused engagements, providing independent and objective insights into credit risk, governance, risk management, and internal controls.

Qualifications: The ideal candidate will have 5+ years’ retail credit experience and 5+ years audit experience. This position requires BMO Credit Qualification for personal loans (commercial loans are desirable but not required).

Knowledge:

·       Undergraduate degree or equivalent with 7 – 10 years of relevant retail and / or business purpose lending or credit risk management experience.

·       Specific knowledge of all phases of retail and/or business purpose lending covering effective credit administration, policies and procedures and analytical practices, and problem credit identification and management.  Comparable knowledge of retail lending practices is desirable.

·       Solid knowledge of internal controls and risk assessment

·       Strong knowledge of U.S. Banking Regulations

·       CPA, CIA, CFA, or CRC designations are desirable.

Skills:

·       Critical thinking skills

·       Strong interpersonal and communication skills with the ability to work independently and in a team setting

·       Working level planning and organizing skills with the ability to manage multiple priorities.

·       Introductory level leadership and managerial skills

·       Working level relationship management, negotiating, and influencing skills

·       Good analytical and system thinking skills

·       Proficient at Microsoft office applications

Job posting reflects the Chicago salary range- varies by location

Hybrid- 3 days in office weekly required (subject to change)

Salary:

Pay Type:

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards