Managing Director, Internal Audit, Brokerage

Our Opportunity:

The Internal Audit Department (IAD) of The Charles Schwab Corporation provides independent and objective assessments to determine if all significant risks are identified and appropriately reported by Management and risk functions to the Board and Executive Management, to evaluate whether risks are adequately controlled, and to challenge Executive Management to improve the efficiency of governance processes, risk management, and internal controls.

The Broker- Dealer Asset Management enterprise team is seeking a Managing Director, Internal Audit, Client and Product Distribution.  Collectively, the Broker-Dealer Asset Management team is focused on the execution of broker-dealer, asset management, and workplace services (i.e., retirement plan and stock plan services) audits that target governance processes, risk management programs, internal controls, and regulatory compliance. The team also shares responsibility for IAD’s regulatory agency interactions, Board and Executive Management reporting, and general relationship management.

A member of the IAD Leadership team reporting to the Managing Director, Internal Audit, Broker-Dealer Asset Management (Enterprise Team Lead), the Managing Director, Internal Audit, Client and Product Distribution will have responsibility for the independent and objective assurance activity designed to improve the Company’s operations and compliance with key regulations by evaluating and improving the efficiency of risk management, control, and governance processes.  Specifically, the role will be responsible for overseeing the internal audit activities related to the Company's retail acquisition channels and retail client service and support for domestic and international clients; acquisition, service, and support for third-party investment advisors on the broker-dealer custody platform and their end-clients; acquisition, service, and support for institutional clients for workplace services; and third-party product platforms. 

What You’ll Do:

Audit Leadership and Execution: Oversight for the individual audits conducted for the audit portfolio covering client and product distribution areas, including responsibility to:

• Organize and lead Internal Audit teams in support of the audit plan’s execution, including identification and/or approval of internal or external subject-matter-resources needed;
• Effectively challenge the scopes of internal audits to adequately address key risks, controls, and dependencies across business and technology environments, including regulatory considerations;
• Oversee Internal Audit teams’ execution of the individual internal audits within the plan, including supporting and effectively challenging the team in the identification of risks and key controls for review and testing and use of professional judgment to assess and rate the level of residual risk posed by any issues identified and the quality of the overall control environment supporting the areas under review;
• Consider and support the use of data analytics and AI, when possible, to deliver audit effectiveness and efficiencies;
• Deliver high-quality audit deliverables, including the review and sign-off on audit workpapers and deliverables, as required by internal audit methodology, to ensure adherence to professional standards and internal methodology;
• As needed, support the audit team in meetings with key business partners during audit execution; and
• Oversee and manage audit timelines, budget, and resourcing consistent with agreed-upon expectations.

Issue Management and Validation: Oversight for the completion of issue validation testing and closure for the audit portfolio, including service level agreement adherence and review and challenge of issue validation testing results.

Risk Assessment: Oversight for the Internal Audit risk assessment and audit planning processes for the audit portfolio, including responsibility to:

• Lead Internal Audit’s dynamic risk assessments to maintain a current auditable entity universe of activities to capture any new products, services, and/or business activities;
• Monitor industry trends, regulatory developments, and emerging risks to ensure audit coverage remains relevant and effective;
• Support and approve the rating of inherent risks, management control activities, and residual risks, including identification of any emerging and top risk;
• Create and maintain the annual audit plan to review the governance and controls over the Company's client and product distribution activities, using a risk-based approach.

Continuous Improvement:

• Promote consistent application of audit methodology, standards, and quality expectations.
• Identify opportunities to leverage data analytics, automation, and emerging technologies within the audit process.
• Monitor industry trends, regulatory developments, and emerging risks to ensure audit approaches remain relevant and effective.

Business and Project Monitoring:

• Oversee the audit portfolio’s business and project monitoring program to identify emerging risks;
• Lead business and project monitoring meetings with Senior Management, including serving as the key driver of the agenda/talking points; and
• Propose any updates to the Internal Audit risk assessment and/or audit plan based on the business and project monitoring conducted.

Stakeholder Management:

• Build and maintain strong relationships with executive and senior leadership in the business management, risk and compliance, legal, and supporting technology organizations to deliver a high-level of stakeholder satisfaction and credibility with senior leadership as a trusted advisor; and
• Support the communication of audit issues and recommendations clearly and effectively to stakeholders to achieve alignment on action plans and remediation strategies.

Team Leadership and Talent Development:

• Lead, coach, and develop high-performing audit talent, including supporting recruitment and onboarding efforts, as needed;
• Drive a culture of collaboration, accountability, professional growth, and continuous improvement;
• Support workforce planning, resource allocation, succession planning, and performance management; and
• Foster integrated teaming across business, data analytics, and technology audit functions.

Regulatory:

• Evaluate the appropriateness of management draft responses to regulatory findings impacting the audit portfolio and oversee the completion of issue validation testing and closure, including service level agreement adherence, for the regulatory findings; and
• Participate in regulatory meetings, as needed, and provide responses to regulatory questions during exams.

Administration/Training: Completion of firm-wide and departmental administration and training requirements.

Strategic Initiatives and Special Projects: Assist in driving department and team strategic initiatives.

• 12+ years of experience specific to corporate internal audit in the brokerage/wealth management industry, or similar work with Big 4/consulting firm, preferably covering client acquisition, service, and support business activities across retail and institutional client segments.  Additional first and/or second line industry experience, securities regulatory experience, and/or international experience a plus.
• Demonstrated experience leading internal audit teams and a broad, large portfolio of audit activities, among a complex operational and regulatory environment and within rigorous timeframes.
• Strong understanding of governance, risks, and internal controls and the ability to evaluate and assess governance and the adequacy and efficiency of controls.
• Excellent analytical skills, including the ability to anticipate issues and to design appropriate solutions.
• Self-motivated to stay current on industry and regulatory issues and standard methodologies and imparts this knowledge to the team and the auditees.
• Clear understanding of prudential regulators’ expectations in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries.
• Strong verbal and written communication skills with a shown ability to articulate effectively and authoritatively.
• Ability to cultivate strong working relationships with Internal Audit leaders, peers, and team members, internal lines of businesses, and regulators.
• Uses relationships and insights to successfully influence others, while building authentic and positive relationships to create alignment and support.
•  Bachelor’s degree required.  Advanced degrees a plus.
• CIA, CFSA, FINRA Series 7/24, CPA, or other relevant industry certifications preferred.