Senior Audit Manager - Operational Risk Management

The Corporate Audit Services (CAS) Senior Audit Manager supports internal audit leadership in providing the Audit Committee and senior management with independent assurance and advisory services designed to evaluate and improve the effectiveness of risk management, control, and governance processes of U.S. Bancorp (USB), affiliates, wholly owned subsidiaries, and entities where USB owns a majority (controlling) interest. This position supports the Risk Management & Compliance (RM&C) team within CAS, specifically focusing on the following risk management topics: operational risk frameworks, operational loss data collection, scenario analysis and stress testing approaches (SR 15-19), escalated adverse events, and risk identification

The RM&C division within U.S. Bank is the company's independent risk management organization.RM&C makes up most of the company's second line of defense, which helps translate risk appetite and strategy into actionable risk limits and policies. RM&C helps monitor conformity with limits and policies and provides reporting and escalation of emerging risks and other concerns to senior management, operating committees, the Executive Risk Committee as well as the Risk Management Committee of the Board of Directors

The Senior Audit Manager will lead a team of audit professionals in accordance with U.S. Bank Human Resources and internal audit policies and procedures in completing the annual audit plan. The Senior Audit Manager will recruit, hire, and develop staff and is responsible for subject matter expertise for the products/services supported, knowledge of the applicable compliance requirements, key technology dependencies, and ensuring appropriate risk coverage

Primary Responsibility

• Support Audit leadership in developing an appropriate risk-based audit plan for Risk Management focusing on operational risk. This includes identifying auditable entities and assessing risk within the auditable entities; determining appropriate audit cycles and audit strategy; and determining necessary audit resources and estimated expenses associated with completion of a forward looking 12-18-month audit plan

• Performing continuous monitoring activities (working closely with senior management and risk management) and adjusting the audit plan when appropriate

• Supervising audit staff in the completion of audit engagements, ensuring the highest quality work delivered timely. Supervision includes planning audit engagements; assessing work performed by lead auditors; performing sufficient reviews to ensure work contains relevant facts to support audit scope and conclusions and adheres to internal audit policies and procedures; drafting audit reports which communicate audit opinions and audit issues in a timely, clear, and concise manner; and monitoring progress of audit engagements against plan and schedule and making necessary adjustments

• Preparing and reviewing board, committee, and other stakeholder reporting for completeness, consistency with other internal audit materials, and accuracy of the most up-to-date information, not limited to information internal audit is reporting

• Interacting regularly with business line and risk management leaders, regulators, and external subject matter experts

• Collaborating across the three lines of defense regarding business processes, risks, and controls. Coordinating risk management audit activities by integrating with internal audit subject matter teams (primarily process auditable entity owners) to ensure appropriate coverage of operational risk

• Managing direct team s workload to assist other audit teams when resources are needed for areas of higher risk

• Managing, motivating, and developing assigned personnel in accordance with U.S. Bank Human Resources and internal audit policies and procedures. These duties include active participation in recruiting activities; establishing and managing development plans for assigned personnel; and providing ongoing performance feedback, including annual performance evaluations for assigned personnel. The Senior Audit Manager must also address performance problems promptly

This role is hybrid. Team members who are in a hybrid role typically spend three days a week at a U.S. Bank location, while having flexibility on their work location for the other working days

Basic Qualifications

- Bachelor's degree, or equivalent work experience
- Typically, more than 10 years of applicable experience

Preferred Skills/Experience

• Advanced knowledge of applicable laws, regulations, financial services, and regulatory trends that impact their assigned line of business

• Advanced understanding of the business line s operations, products/services, systems, and associated risks/controls

• Thorough knowledge of Risk/Compliance/Audit competencies

• Strong leadership and management skills of processes, projects, and people

• Effective written and verbal communication skills

• Strong analytical, problem-solving and negotiation skills

• Proficient computer skills, especially Microsoft Office applications

• Applicable professional certifications

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