The Corporate Audit Services (CAS) Senior Audit Project Manager is responsible for supporting the strategic direction, leadership, and coordination of CAS’s Credit Risk Review cyclical risk-based audit plans. This role performs CAS’s assurance activities over U.S. Bancorp’s (USB) Credit Risk Review function. As an Independent Risk Review function, Credit Risk Review (U.S. Bancorp’s loan review function) provides independent assessment and effective challenge of the Company’s credit activities, including the quality of the Bank’s loan portfolios (e.g., commercial, corporate, counterparty, retail, etc.) and credit related processes (credit policies, underwriting, loan administration, credit rating assignments, problem loan management, etc.). This role also supports the CAS Senior Audit Manager - Credit Risk in providing the Audit Committee and senior management with independent assurance and advisory services designed to evaluate and improve the effectiveness of credit risk management, control, and governance processes of USB.

The Senior Audit Project Manager is primarily responsible for the completion of audit engagements related to credit risk (with an emphasis on loan review) with minimal supervision from senior managers. While this position may also involve supervising staff as needed, this position has no direct reports. The Senior Audit Project Manager is expected to perform and monitor progress of audit engagements against plan and schedule, assess work performed by audit engagement teams as applicable, engage in credit risk continuous monitoring activities, perform credit risk assessments, and provide business unit audit teams with advice/counsel over credit risk exposures (both wholesale and retail portfolios).

Primary Responsibilities

• Completion of audit engagements, ensuring the highest quality work delivered timely.

• Perform audits to ensure work contains relevant facts to support audit scope and conclusions while adhering to internal audit policies and procedures.

• Reviewing issues to ensure potential exposures and significance are included, root causes are identified, and operationally effective and cost-effective actions to address those causes are developed into appropriate recommendations.

• Completing or assisting managers in planning audit engagements. Includes identifying and analyzing business processes, key risks and critical controls; interviewing auditees; determining audit scope; evaluating control design adequacy; and developing audit programs which provide sufficient guidance for testing control performance effectiveness and making evaluations which effectively achieve audit objectives.

• Assisting managers in reporting and wrap-up phases of audits. Includes appropriate disposition of issues and drafting audit reports which include issues.

• Monitoring progress of audit engagements against plan and schedule. Includes making necessary adjustments and promptly completing work paper reviews on a timely basis to ensure all issues are identified and dispositioned prior to report draft issuance.

• Providing on-the-job training for staff, particularly related to credit portfolios/products. Includes business knowledge of products, services, and delivery systems; company policies and procedures; applicable laws and regulations; and formal/informal control frameworks.

• Collaborating across the three lines of defense regarding business processes, risks, and controls. Coordinating audit activities by integrating other internal audit subject matter teams to ensure appropriate and efficient coverage of the business products, services and processes. Managing the team’s workload to assist other audit teams when resources are needed for areas of higher risk.

• Performing other duties as requested by management.

Preferred Skills/Experience

• Seven or more years of large bank credit/loan review experience through: past work in credit/loan review departments, internal audit loan review coverage, commercial loan underwriting departments at large banking institutions; regulatory agency loan review experience; or loan review experience at a large consulting firm.

• Strong knowledge of complex wholesale credit structures and processes (underwriting, loan structure, loan monitoring, credit risk rating, problem loan management, etc.).

• Strong knowledge of economic and industry events impacting banking credit portfolios.

• An understanding of internal audit activities and expectations around evidence gathering and documentation, risk identification and control testing, and general audit methodologies.

• Strong understanding of applicable laws, regulations, financial services, and regulatory trends that impact credit risk management, particularly related to credit review activities.

• Demonstrable experience over the following:

  • Excellent verbal and written communication skills.

  • Strong critical thinking and analytical skills.

  • Proven leadership skills.

  • Proven adaptability to changing priorities.

  • Ability to manage multiple tasks and deadlines simultaneously.

  • Relevant Financial Service Industry knowledge and understanding of Safety and Soundness expectations for large commercial banks

  • Understanding of Institute of Internal Auditors (IIA) Standards and the common definition of internal controls.

  • CIA, CPA, CRC, or other relevant professional designation or advanced degree is not required, but beneficial.

Tag: INDMO

*This role requires working from a U.S. Bank location three (3) or more days per week.