Description: We are looking for more than just an employee, we are looking for a true team member dedicated to enhancing the member experience! Come join the credit union movement and Discover Banking With Heart at NIHFCU!Be a part of our team where commitment to members with exceptional service and banking solutions that enhances their lives is our mission. If helping people and making a difference appeals to you, this is the place for you! At NIHFCU, one of our core values is investing in our employees, which is why we offer perks like these: • Benefit Package for all Full time employees includes health, dental, vision, Life insurance benefits • 401(K) and profit sharing • Tuition Reimbursement • Career Advancement and development • Credit Union Membership with discounted services and productsGENERAL SUMMARY
The Vice President (VP) of Internal Audit is a critical position on the NIH Federal Credit Union's (NIHFCU) team with overall responsibility for leading a robust internal audit function that reports to the Board of Directors appointed Supervisory Committee. This individual will lead, develop, and drive a successful Internal Audit Department through strategic and tactical initiatives and is responsible for providing independent assurance that the NIHFCU's risk management, governance, and internal control processes are operating effectively.
The VP of Internal Audit supports the Board of Directors' responsibility to establish and maintain a system of internal controls consistent with the National Credit Union Administration (NCUA) regulations by developing internal audit strategies and policies that ensure that the NIHFCU's internal controls are designed and operating effectively to support the NIHFCU's operations and its ability to serve its membership. The VP of Internal Audit initiates and oversees internal audits of the operations of NIHFCU, using a risk-based approach, to ensure that the Board of Directors and the NIHFCU's leadership have established practices and procedures sufficient to safeguard members' assets and comply with laws and regulations, and to safeguard against error, conflict of interest, self-dealing and internal fraud. The Internal Audit Department leads the preparation and submission of the results of these audits to various stakeholders. The VP of Internal Audit presents the results of these audits and any recommended improvements in policies and procedures to the Supervisory Committee, Board of Directors, and/or Management as appropriate. The VP of Internal Audit ensures that all functions of the Internal Audit Department are in compliance with the practices, guidelines, and standards of the Institute of Internal Auditors (IIA). The VP of Internal Audit is the primary NIHFCU liaison with the external auditors and the NCUA in all audits. MAJOR DUTIES AND RESPONSIBILITIES
- Develops and implements a risk-based annual internal audit plan that includes input from stakeholders. Obtains approval from the Supervisory Committee, which makes this information available to the Board of Directors. Oversees internal and external audits. Determines audit scope, prioritizes assignments, and allocates resources (including internal and external) to evaluate and minimize the risk of loss or internal fraud. Designs audit programs that evaluate the effectiveness of internal controls. Ensures that the audit plan includes testing of compliance with appropriate laws and regulations and NIHFCU policies. The NCUA examiners and external auditors annually review the work of the Internal Audit Department to evaluate its audit abilities to determine the competency of the staff.
- Leads the recruitment, selection, and retention of a high-performing Internal Audit Department staff. The VP of Internal Audit oversees the training, coaching, and development of staff to ensure a high level of professionalism consistent with the standards for the professional practice of internal auditing.
- Develops and executes an internal audit strategic plan that aligns with the goals and objectives outlined in the broader NIHFCU Strategic Plan. Gathers critical stakeholder input during the development of the audit strategic plan. Establishes measurable objectives for the Internal Audit Department that align with the strategic plan. Assesses progress towards achieving goals and adjusts accordingly. The VP of Internal Audit reports on the progress and accomplishments of the audit strategic plan to the Supervisory Committee and Board of Directors.
- Ensures the efficient execution of audits while not impeding the NIHFCU's high standard of quality service to its members. Ensures Internal Audit Department employees have the proper tools and resources to perform successfully the requirements of their job.
- Leads the development of external audit contracts, including the Request for Proposal process, in accordance with NIHFCU procurement policy. Manages contractual relationship with NIHFCU's external audit firm(s) and other firms used when outsourcing audits. Balances resources and leverages external contractors to obtain specialized audit and evaluation capabilities as appropriate in accordance with risk and complexity requirements.
- Keeps abreast of, monitors, and analyzes developing trends and changes in internal audit practices and NCUA regulatory examinations; advises NIHFCU management and the Board of Directors of the financial and operational impacts of such trends and changes; develops appropriate revisions to audit policies, procedures and processes when necessitated by new legislation and regulations.
- Capture and communicate audit risk management best practices, lessons learned, tips and tools to improve service and efficiency to the Supervisory Committee and Board of Directors.
- Identifies needed resources to staff the Internal Audit Department and anticipate expenses; prepares the annual budget for review and approval by the Board of Directors; manages expenses consistent with established NIHFCU policy and procedures.
- Provides the NIHFCU's Executive Leadership Team, the Board of Directors, and the Supervisory Committee with an independent and objective evaluation of the control environment.
- Possesses expert knowledge and audit skills to make appropriate recommendations that provide preventative or detective controls to safeguard assets and minimize the risk of loss or internal fraud and reviews new functions, systems or products being implemented in the NIHFCU and makes appropriate recommendations to strengthen internal controls.
- Ensures the maintenance of the Ethics Point Hotline and promptly oversees investigations and reports on employee irregularities.
- As requested by the Board of Directors or Supervisory Committee, researches, analyzes and make recommendations on complex and high level operational, compliance and business activities.
- Perform analyses, research, and evaluate alternative courses of action and develop effective conclusions and recommendations as it relates to audit responsibilities and the Internal Audit Department.
- Provides support to management in conjunction with their investigations of NIHFCU members, which includes performing thorough, well-documented internal investigations as required, and maintaining objectivity and confidentiality to ensure a high level of professionalism and risk management.
- Performs special reviews or investigations at the request of the Board of Directors and/or the Supervisory Committee. The NIHFCU's Executive Leadership Team may ask either the Board of Directors or the Supervisory Committee to allow the VP of Internal Audit to conduct special investigations or audits.
- Oversees the annual audit of NIHFCU's financial statements. The VP of Internal Audit manages the periodic bid process for the selection of external auditors, including conducting related contract negotiations.
- The VP of Internal Audit serves as the primary liaison with the NCUA for any of its examinations including coordination of related documentation requests and exit meetings. The VP of Internal Audit apprises the Supervisory Committee of any issues that have implications for, or resulting from, the NCUA examination
- The VP of Internal Audit is responsible for ensuring proper work papers and documentation are completed when an audit is conducted and that the results are communicated to the Supervisory Committee and appropriate members of management. The VP of Internal Audit reviews and approves the audit reports before they are presented to management and the Supervisory Committee. The VP of Internal Audit evaluates existing policies and procedures and recommends additions and/or revisions to ensure legal compliance and appropriate monitoring of controls.
- The VP of Internal Audit verifies the nature of deficiencies identified during an audit and evaluates the adequacy of corrective action plans. The VP of Internal Audit monitors the status of corrective action plans and communicates concerns to management and the Supervisory Committee.
- The VP of Internal Audit provides monthly reporting and serves as the primary liaison between management and the Supervisory Committee. The VP of Internal Audit provides appropriate reporting to both the Supervisory Committee and the Board of Directors, and attends, monthly Board of Directors meetings and Board of Directors planning conferences when requested.
- Based on professional, audit and compliance association contacts, the VP of Internal Audit provides advice and assistance on compliance matters to the Supervisory Committee..... click apply for full job details