The Senior Manager will help lead the AML Unit Audit function to appropriately assess the design and operational effectiveness of internal controls and adherence to Bank policies and applicable regulatory requirements, particularly those related to AML/ATF and Sanctions Risk Management across the Bank.
Primary responsibilities include:
Act primarily as Project Lead for moderate to highly complex AML audits that focus on the processes and internal controls of the Global – Compliance unit and other major compliance units in higher risk areas globally.
– Participate in significant Business Line Audits where adherence to significant compliance processes is being evaluated.
– Support the Director, AML Audit to develop, maintain and monitor application of audit programs for high risk compliance processes, and to collect, analyze and report cross bank AML audit findings.
– Stay abreast of emerging compliance risks and communicate key changes to impacted Audit staff.
– Review and provide input to changes to compliance policies, handbooks etc. Ensure department standards are maintained in completion of all assignments.
1. Audit Planning
– Identify systemic/emerging issues and changes planned/undertaken by the auditee that will impact the audit plan through discussion with the OIC and Audit Principal. This may include preplanning meetings and walkthroughs with auditees to confirm our understanding of the processes and activities subject to audit.
Develop a thorough understanding of the business, risks and processes for assigned projects through a review of the Business overviews, Risk Assessment Database, Bank manuals and other related information.
– Provide input for the Annual Audit Plan including gathering of key trends and information to confirm planned risks/areas of audit focus.
Assist in scheduling audits and identifying necessary resources, ensuring the approved audit plan is implemented. Manage the planning of the annual independent review of AML/ATF and Sanctions regulations.
– Direct the planning of AML audits for diverse units by ensuring scope and extent of work is in accordance with the approved plan, timing and budget are reasonable, procedures are efficient, appropriate resources are assigned, and risks understood. Prepare planning documentation and sample selection in accordance with the Audit Methodology including the Audit Project Outline and commencement activities.
Develop and/or update Detailed Audit Programs (DAPs) when changes in AML/ATF and Sanctions regulations and processes occur as required.
2. Auditing and Execution
– Execute and manage assigned activities independently in accordance with the Department Standards ensuring the nature and extent of testing is appropriate to support the audit opinion. As ore of medium to highly complex assignment, this includes
ensuring appropriate completion and review of documentation prepared by audit team members.
– Complete on-site review of assignments as required to ensure adequacy of work performed to support the audit conclusions and compliance with Department Audit Methodology.
– Manage the execution of the annual independent review of AML/ATF and Sanctions regulations.
– Supervise assignments with low to medium complexity (e.g. large/central units, complex processes) providing coaching and oversight as Audit Principal to the OIC.
3. Problem Identification
– Ensure audit results are gathered, determine the root cause of the problem and associated impact, and report accordingly with limited supervision. Confirm results of the audit work with the auditee.
– Prepare and/or review audit findings for presentation to management. Document reported issues in the Audit Issues Tracking Database as required. Review the quarterly status of outstanding issues as assigned.
– Written reports and correspondence demonstrate good understanding of issues with key risks clearly articulated and materiality and associated impact clearly explained in accordance with the Department Audit Methodology. Recommendations build in best practices observed in other units.
– Review/edit reporting from team members and summarize issues in final audit report for assignments of higher complexity.
Present findings to line management and conducts audit closings including a discussion/presentation to management with an overview of the audit results and findings for those assignments with some assistance from more senior audit personnel.
– Follow-up for corrective action/progress against reported issues in the Audit Issues Tracking database on a quarterly basis. Escalate where necessary.
5. HR Management
– Comply with department established HR Management policies and procedures.
– Provide guidance and coaching to staff by providing direction and communicating expectations; impart specialized skills to other audit officers through peer discussions and cooperation on cross-functional audits, coaching and performance management.
– Prepare/review (for direct reports) periodic and annual performance self-assessments, personal goals and objectives for measurement of performance, a career development and training plan and monitor for achievement/completion.
– Manage self-development by/through confirming/communicating job expectations and assessing progress; identifying mentors/coaches and enquiring about training needs; ensuring timely completion of performance appraisals; recruiting, interviewing and selecting candidates
Manage assigned staff. Conduct regular team meetings.
6. Special Projects
– As directed by management, carry out specific projects or investigations of a moderate or high complexity and/or confidential nature.
– Plan, document and seek agreement in advance to the project approach and confirm conclusions upon completion in
– Assist/OIC work performed on behalf of the external auditors as assigned.
– Continue self-development to expand or maintain an understanding of the business line’s key processes and business applications.
– Provide advisory services as assigned (E.g. recommendations for procedure changes, review/advise on internal control design, etc.
– Make presentations to other staff to share information for areas of specialization or information obtained in training programs and external courses.
– Assist with the peer review Quality Assurance Program including review of documentation and reports of assigned audit project and reporting of findings to Professional Practice Group.
– Attend to conference and seminars to acquire a comprehensive update on sanctions regulations and legislation affecting the financial services industry.
The incumbent should have a Certified Anti Money Laundering designation (CAMS). Minimum of five years experience with responsibility over AML related projects or area.
Expert knowledge of:
– AML requirements and Bank policy regarding KYC and sanctions including Canadian regulatory requirements as well as FATF recommendations.
– OSFI and international regulatory compliance frameworks and requirements.
Thorough ability to write clear, concise audit reports as well as internal and external communication. Thorough knowledge of MS Word, Excel, and audit software tools.
Thorough knowledge of the Bank’s organizational structure. Expert knowledge of all audit processes and methodologies.
Ability to work independently and effectively as an individual contributor and team participant. Ability to lead staff on all engagements as required.
– University degree is required.
– A law degree, CFA, FRM designations or graduate degrees in Business, Finance or risk disciplines are preferred. AML certification completed and ongoing educational development is highly desirable.