Internal Audit (Reg W) Contractor

  • Job ID:

  • Pay rate range:

    $65 - $100
  • City:

  • State:

  • Duration:

    11/01/2020 - 03/01/2021
  • Job Type:

  • Job Description


    Pay: 90-$100(1099/C2C) or $70-$85(W2)

    Duration: 4+months (up to 18 months)

    Location: Remote 

    A large public accounting firm is seeking a "Regulation W" Compliance Audit Contractor for a 4+month (up to 18months) large financial services client, work to be done *REMOTELY*.

    Preferred Knowledge, Skills, and Abilities

    • Regulation W / FRB Section 23A/23B.
    • Well versed in risk management / safety & soundness principles for large banks/financial institutions (total assets >$50 billion).
    • Deep understanding of bank safety & soundness standards including capital, asset quality, management, earnings, liquidity, and market risk.
    • Reviewing the validation of enterprise risk issues to assess the appropriateness, completeness, effectiveness, and sustainability of corrective actions taken.
    • Familiarity with operational risk areas such as fraud, information security/cyber security, board oversight and reporting, third-party risk management, fraud, etc.
    • Practical experience as a consultant, banking official, or bank regulator in the enterprise risk governance framework.
    • Familiarity with the OCC, FRB, and FDIC risk management/safety & soundness examination procedures, including regulatory guidance (e.g., OCC Bulletins, FRB SR letters, FDIC FILs, etc.)
    • Familiarity with remediation or validation of regulatory mandates (MRAs, MRIAs, MRBAs, etc.) stemming from enforcement actions such as Consent Orders, Cease & Desist Orders, MOUs, etc.
    • Independent verification of remediation and / or mitigating controls, and sustainability for enterprise risk issues as defined by organization polices (Issue Management and Enterprise Risk Management policies).
    • Reviewing the validation of milestones associated with identified issues.
    • Oversee the planning and validation reviews within required timeframes and in accordance with established processes and procedures including the Independent Monitoring, Testing, and Validation Policy and Procedures.
    • Communicate the validation process, status, and results to business partners.
    • Provide credible challenge and recommendations resulting from validation work to risk and business partners.
    • Facilitate an efficient and valued validation review process.
    • Validate and communicate potential issues and results of testing to the appropriate parties, including senior management.
    • Drafts the related audit issues and audit reports for issuance to respective client leadership conducting follow-up activities.
    • Evaluate the adequacy of process design, identify process risk points, and evaluate adequacy of corresponding internal controls.
    • Propose practical and value-added recommendations to address control weaknesses, gaps, and/or process inefficiencies, and document clear evidential support for findings.
    • Participate in closing meetings at the end of fieldwork and develop articulate and concise explanations for identified issues.


    Required Qualifications (Senior Auditor / Issue Validation Tester)

    • 5-10+ years of relevant work experience in compliance, risk, or audit function in large financial services institution or equivalent audit or consulting experience to include top tier firm
    • Subject matter expert knowledge in Audit theory with experience in one or more of the following areas: enterprise risk management and risk management
    • Perform audits in accordance with IIA standards and company methodology
    • Evaluate the design and operating effectiveness of internal controls and adherence to established policies, procedures, and/or regulatory guidance

    Required Qualifications (Auditor in Charge)

    • 10+ years of relevant work experience in compliance, risk, or audit function in large financial services institution (total assets > $50 billion) or equivalent audit or consulting experience to include top tier firm.
    • Demonstrated experience working in a highly regulated environment.
    • Subject matter expert knowledge in a specific area of compliance laws, regulations and regulatory expectations.
    • Manages one or more engagements, varying in complexity, and often participates in highly complex and cross-functional risk-based assurance and advisory engagements driving quality of audit work.
    • Depending on need, may also lead engagements as Auditor-In-Charge (AIC). Manages strategic initiatives and assists with the development and implementation of a risk-based audit plan.
    • Serves, and/or partners with subject matter expert(s) to analyze issues, establish collaborative client relationships, and proactively work with client management to assess risk and improve internal controls.
    • Makes audit related decisions with input from the Audit Managers/Directors as needed.
    • Builds and strengthens team relationships to assist in establishing an effective audit team.
    • Maintains knowledge of financial services regulations and effectively responds and interacts with regulators.


    Desired/Other Qualifications

    • Preferred certifications: CRMA, CIA, CPA, CFE, CFA
    • Commissioned Federal Bank Examiner – Safety & Soundness (OCC, FRB, FDIC)
    • Advanced knowledge in risk management, regulatory or operations experience in a relevant functional area to include banking, insurance, financial services, audit, project management, public accounting or other related operational area; or advanced degree/designation in Risk Management, Business, Finance, or other discipline relevant to risk management
    • 6+ years of work experience in a discipline relevant to risk management
    • Deep knowledge of risk assessment, audit methodology, and audit execution
    • Strong project management leadership experience in risk or audit functions
    • Experience conducting and leading validation reviews of issues and corrective actions
    • In-depth understanding of risk management policies and programs (preferably for large financial institutions)
    • Experience in Audit, Compliance, Risk Management
    • Critical Thinking and Analytical skills
    • Adheres to the Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing (Standards) and Code of Ethics

    #PCFA #LI-Remote

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