BASIC FUNCTION
The Internal Audit Manager, reporting to both the President/CEO and the Supervisory Committee, is responsible for designing and implementing a comprehensive internal audit program for WEOKIE Federal Credit Union (WFCU) that balances strong operating control with efficiency, employee experience and member experience. This includes providing independent reviews and evaluations of WFCU’s operations, information and accounting systems, controls, major business processes, records, and reporting functions and providing recommendations to Management, external auditors, and the Supervisory Committee as appropriate.
MAJOR ACTIVITIES
- Preparing three-year risk assessments and developing annual risk-based audit plans for ensuring WFCU remains under sound operating control.
- Oversees audit reviews of WFCU operations in accordance with the annual audit plan, working collaboratively with credit union personnel to identify material risks and recommend efficient and effective mitigation strategies.
- Directs preparation of final internal audit reports and communicates key findings to the Supervisory Committee and WFCU management.
- Oversees special audits and internal investigations as requested by the Supervisory Committee or Management.
- Coordinates Supervisory Committee Meetings and participates on other committees as assigned. Attends WEOKIE Management meetings to understand strategies, processes and potential areas for future review and/or audit.
- Supervises employees in the Internal Audit department through liberating leadership and as a role model for WEOKIE’s values and principles.
- Ensure assigned business units are operating efficiently and reliably; comply with applicable laws, regulations, and rules; have appropriate operating controls to mitigate risk; and are performing at high level.
CRITICAL RESULTS
- An internal audit plan that regularly tests the design and operating effectiveness of WFCU’s key controls is in place and actively followed. Individual audit scopes and procedures are relevant and sufficient to identify any material control weaknesses or significant control deficiencies.
- The internal audit risk assessment should be robust and comprehensive, including consideration of the following: NCUA exam findings, previous external and internal audit findings, Management questionnaires and discussions, analytical procedures, industry trends, and direction from the Supervisory Committee.
- Individual audits, whether performed by in-house auditors or outside audit firms are performed in a professional and timely manner and in a way that is respectful of the departments and/or individuals being audited.
- Potential audit findings are discussed with Management and all relevant complementary and compensating controls are identified and considered when assessing the likelihood, severity and extent of the related risk(s) to the credit union, members, and/or employees. Internal Audit’s assessment of these risks should be well documented.
- Audit reports are documented in writing and are clear, concise, with findings clearly noted. Each finding should identify the associated material risk(s) to the credit union, members, and/or employees and should include a reasonable recommendation for resolution.
- Regular meetings with Management and Supervisory Committee are held to report and discuss findings in a timely manner.
- Audit findings should be tracked until either Management has elected to accept the remaining risk or the identified risk has been sufficiently mitigated. Any remaining material risks should be documented in order to inform the audit risk assessment.
- The Internal Audit department’s knowledge, skills, and abilities are developed through pertinent continuing education.
- WFCU’s audit staff remain abreast of industry developments including changes in regulations, accounting and audit standards, technology, etc.
- Employees within the chain of command are provided with a positive working environment that encourages individual growth and success.
- Assigned business units operate efficiently, under appropriate operating controls and are compliant with applicable state and federal laws/regulations.
QUALIFICATIONS
Specialized or Technical Knowledge and Skills:
- Member Focus (internal and external) - Builds confidence, is committed to increasing member satisfaction, sets achievable member expectations, assumes responsibility for solving member problems, ensures commitments to members are met, solicits opinions and ideas from members, responds to internal members.
- Dependability - Meets commitments, works independently, accepts accountability, handles change, sets personal standards, stays focused under pressure, meets attendance/punctuality requirements.
- Integrity/Ethics - Deals with others in a straightforward and honest manner, is accountable for actions, maintains confidentiality, supports company values, conveys good news and bad.
- Managing Mission and Purpose - Communicates a compelling and inspired mission of core purpose; talks beyond today; talks about possibilities, is optimistic, creates mileposts and symbols to rally support behind the vision; makes the vision sharable by everyone, can inspire and motivate entire units or organizations.
- Strategic Agility - Sees ahead clearly, can anticipate future consequences and trends accurately, has broad knowledge and perspective; is future oriented; can articulately paint credible pictures and visions of possibilities and likelihoods; can create competitive and breakthrough strategies and plans.
- Oriented Towards Serving Others - Is predisposed to servant leadership and passionately striving for others’ highest possible good.
- Command Skills - Relishes leading, takes unpopular stands if necessary; encourages direct and tough debate but isn’t afraid to end it and move on; is looked to for direction in a crisis; faces adversity head on; energized by tough challenges.
- Intellectual Horsepower - Is bright and intelligent; deals with concepts and complexity comfortably; described as intellectually sharp, capable and agile. Is able to communicate and teach complex concepts effectively to others with a wide array of base knowledge.
- Innovation Management - Is good at bringing the creative ideas of others to market; has good judgement about which creative ideas and suggestions will work; has a sense about managing the creative process of others; can facilitate effective brainstorming; can project how potential ideas may play out in the marketplace.
- Composure - Is cool under pressure; does not become defensive or irritated when times are tough; is considered mature; can be counted on to hold things together during tough times; can handle stress; is not knocked off balance by the unexpected; doesn’t show frustration when resisted or blocked; is a settling influence in crisis.
- Political Savvy - Can maneuver through complex political situations effectively and quietly; is sensitive to how people and organizations function; anticipates where the land mines are and plans his/her approach accordingly; views corporate politics as a necessary part of organizational life and works to adjust to that reality.
- Must be bondable.
Education and Experience: The Internal Audit Manager must possess a high degree of demonstrated knowledge in internal auditing. The following are also required:
- A Bachelor’s Degree in Accounting, Finance, Business or related field.
- At least five years of internal audit, compliance or risk management experience with at least three years in a management, lead auditing or risk management role. Depository financial institution experience is preferred.
- Designation as a Certified Public Accountant or Certified Internal Auditor is required within one year of starting in the position.
- Excellent writing and presentation skills.
- Prior supervisory/leadership experience of an accounting, auditing, compliance or risk management department.
Physical Demands: The physical demands described here are representative of those required of an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This position does not require substantial physical abilities and is well suited for candidates with disabilities.
Work Environment: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The worker is not substantially exposed to adverse environmental conditions. The noise level in the work environment is usually moderate.
EQUAL EMPLOYMENT OPPORTUNITY/AFFIRMATIVE ACTION EMPLOYER
WEOKIE does not and shall not discriminate on the basis of Protected Status, marital status, and political belief or any other status or condition protected by applicable federal and/or state law. Bona fide occupational qualifications will be applied impartially. These activities include, but are not limited to, hiring of staff, selection of volunteers and vendors, and provision of services. We are committed to providing an inclusive and welcoming environment for all our members, our staff, clients, volunteers, subcontractors, vendors, and clients.
