Chief Audit Executive


Wayne, NJ

Industry: Accounting, Finance & Insurance


15+ years

Posted 55 days ago

Job DescriptionThe Chief Audit Executive will be responsible for planning, directing, and managing the internal audit activities of Valley National Bancorp and its subsidiaries. Responsibilities include but are not limited to:

  • Develops the annual, risk-based audit plan to ensure that critical and high-risk areas receive proper audit coverage, and that the plan is appropriately risk-based. Reviews the plan with the Audit Committee for review and approval.
  • Hires, guides, leads, and maintains a sufficient number of professional audit staff with the knowledge, skills, experience, and professional certifications necessary to maintain a credible and respected internal audit function.
  • Directs and oversees 3rd parties that provide outsourced audit services.
  • Oversees the internal audit program to help ensure the adequacy of financial controls, operational controls, IT controls, regulatory compliance and compliance with bank policies.
  • Coordinates audit activities with other control and monitoring functions (i.e., loan review, risk management, AML compliance, information security, and regulatory compliance).
  • Participates on the project team for Sarbanes-Oxley compliance. Responsible for oversight of independent testing of key financial controls. Coordinates testing plans and results with external auditors.
  • Establishes and maintains a quality assurance program to evaluate internal audit operations and performance, and compliance with IIA Standards.
  • Ensures that written policies and procedures are current and available to guide the audit staff.
  • Approves audit plans as needed prior to beginning field work.
  • Issues quarterly reports to the Audit Committee summarizing the results of the audit activities and status of the annual audit plan.
  • Pursues the timely correction of high- and moderate-riskaudit issues.
  • Communicates the status of open high-risk and moderate-riskaudit issues to the Audit Committee.
  • Provides highlights of key audit issues and trends to the Board as part of Board Dashboard reports.
  • Acts as the liaison for the department with executive and senior management. Maintains ongoing communication with management to stay current on changes and risks that may impact the Audit plan.
  • Reviews draft auditreports prior to issuance to department management.
  • Performs special audits when requested by the Audit Committee or Senior Management, including the investigation of significant suspected fraudulent activities and insider abuse.
  • Identifies the need for and contract with outside services when high risk or unique audit areas are identified which can not be staffed internally.
  • Oversees the department's risk assessment process.
  • Provides support to the Audit Committee to ensure it meets its responsibilities and activities as defined in its charter.
  • Identifies and responds appropriately to changes and new risks within the bank that would have an effect on the audit effort.
  • Identifies and responds appropriately to changes and new issues within the audit, accounting, banking, and regulatory industries.
  • Develops a training program for the professional audit staff.
  • Oversees staff assignments and drives employee engagement efforts.

Required Skills:

  • Expertise in Internal audit principles, including IIA Audit standards.
  • Excellent interpersonal, collaboration, negotiation and leadership skills, and ability to work with business line management.
  • Possesses business acumen and knowledge of business operations and operational risks.
  • Knowledge of risk management principles and risk-based auditing approaches.
  • Knowledge of banking industry and banking functions, including regulatory requirements.
  • Excellent verbal and written communication skills.
  • Ability to effectively present information to top management, public groups, and/or boards of directors.
  • Knowledgeable of strategies for implementing data analytic tools and processes.
  • Proficient PC skills for Microsoft Office -- Word, Excel and Outlook.
  • Skilled in use of Audit automation software.
  • Knowledgeable of Information technology and Infosecurity terminology, concepts, risks and practices.
  • Ability to solve practical problems and deal with variables in situations where only limited standardization exists.
  • Ability to read, analyze and interpret complex documents.

Required Experience:

  • Bachelor's Degree and a minimum of fifteen years' audit or related experience (accounting, operations, etc.) in the financial or banking industry, including ten years of supervisory or project management experience.
  • Certification as a Certified Public Accountant (CPA) or Certified Internal Auditor (CIA).
  • Graduate degree in business administration, accounting, or related field; Executive MBA; or Stonier School of Banking preferred.
  • Banking industry experiencepreferred.
  • A second certification preferred.

Chief Audit Executive #18-834