Job DescriptionIn this role, you'll make an impact in the following ways:
- Lead or participate in the delivery of complex and challenging global audit assignments, with a primary focus on the Clearing Broker Dealer.
- Drive or participate in all phases of audit project execution including planning, fieldwork, and reporting in accordance with audit methodologies.
- Perform walkthroughs with process owners; document results in narratives/flowcharts; identify and document risks and controls; develop and execute testing strategy; prepare supporting workpapers; and document test exceptions and conclusions.
- Elevate potential audit issues to the Audit Manager and business management as soon as they are identified.
- Identify and draft meaningful issues impacting the business under review and challenge management to develop appropriate remedial actions to address the issues identified.
- Follow-up on remedial actions to ensure corrective actions have been appropriately implemented and where necessary, test the design, operating effectiveness, and sustainability of implemented actions.
- Build strong relationships with key stakeholders in the business and risk management areas and with colleagues throughout the global Internal Audit team.
- Engage in and document Continuous Monitoring activities to identify new or changing risk conditions for the covered businesses.
- Apply advanced analytical problem-solving skills and assist others in solving complex issues and identifying innovative solutions.
- Contribute technical or specialized skill sets or business knowledge not readily available elsewhere in the department to solve audit issues.
- Identifies opportunities for the use of AI/automation and actively participate in advancing recommendations for software support requests.
- Maintain up-to-date knowledge of the industry, best practice and regulatory requirements.
- No direct reports. Demonstrate leadership through work guidance and training of less experienced peers and through advice to assigned clients.
- Contribute to the overall achievement of team goals.
- Carry out other ad-hoc tasks and projects as directed by audit management.
To be successful in this role, candidates should demonstrate the following qualifications and capabilities:
- Bachelor's degree or an equivalent combination of education and relevant work experience.
- Degree in Accounting, Finance, or another discipline requiring strong analytical and critical-thinking skills.
- Certified Internal Auditor (CIA) designation or other risk-management certifications preferred.
- 7-10 years of experience in financial services or banking, specifically within Internal Audit or Risk and Compliance Management.
Technical Expertise in Clearing Broker-Dealer Operations
Candidates must have deep knowledge of clearing broker-dealer functions and the full trade lifecycle, including:
- Execution processes: Order routing, trade capture, and execution mechanics across various asset classes.
- Clearing operations: Trade comparison, affirmation, matching, and novation; understanding how clearing brokers mitigate counterparty risk and ensure post-trade data accuracy.
- Settlement processes: End-to-end settlement cycles (e.g., T+1/T+2), including DVP/FOP, settlement instructions, fails management, and corporate-action processing.
- Custody services: Asset safeguarding, custody controls, segregation requirements, reconciliations, asset servicing, and books-and-records responsibilities.
Regulatory Knowledge
Strong working knowledge of the regulatory environment governing financial services, including:
- U.S. securities laws and regulatory structure (e.g., Securities Exchange Act of 1934).
- FINRA rules applicable to broker-dealers, including supervision, margin, customer protection, communications, and reporting.
- SEC requirements such as customer asset protection (Rule 15c3-3), net capital (Rule 15c3-1), and recordkeeping/reporting obligations.
- Regulations specific to clearing activities, including clearing agreements, fully disclosed vs. omnibus arrangements, and responsibilities under FINRA Rule 4311.
- SIPC coverage and protections, including how clearing firms safeguard customer assets.
Understanding of Financial Market Infrastructure
Knowledge of the broader market ecosystem in which clearing brokers operate, including:
- Clearing corporations and depositories (e.g., NSCC, DTC) and their interactions with clearing firms.
- Trade-reporting systems such as CAT and TRACE.
- Operational-risk domains, including cybersecurity, business continuity, resiliency, and data-integrity expectations.
Audit-Relevant Technical Competencies
- Ability to assess internal controls across clearing operations, custody activities, and trade-lifecycle processes.
- Understanding of technology and systems architecture commonly used by clearing firms, including trade-processing platforms and reconciliation tools.
- Familiarity with operational-risk areas such as breaks, exceptions, margin calls, liquidity management, and collateral processes.
Core Professional Skills
- Strong written and verbal communication skills, with the ability to influence senior stakeholders.
- Solid understanding of risk-management and control frameworks.
- Self-sufficiency, initiative, and a proactive mindset.
- Excellent planning, coordination, organizational, and presentation abilities.
- Ability to thrive in a fast-paced environment and adapt effectively as part of a team.
- Proficiency in Excel and other Microsoft applications, including PowerPoint, Word, Visio, and Power BI.
- Strong analytical skills, including the ability to interpret and apply analytics results in an audit context, along with critical-thinking and problem-solving capabilities
- End to End general banking/finance knowledge
BNY assesses market data to ensure a competitive compensation package for our employees. The base salary for this position is expected to be between $69,000 and $160,000 per year at the commencement of employment. However, base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNY total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and company- sponsored benefit programs.
This position is at-will and the Company reserves the right to modify base (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance and market factors.
