Audit Specialist at Federal Reserve Bank (FRB) in New York City, New York

Job Description:

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence an academic-all combined with a passion for public service.

What we do:
The Internal Audit Horizontal Team executes Internal Audit coverage on a three year cycle comprised of a combination of monitoring, firm-specific examinations, common scope horizontal examinations, and team horizontal examinations. The audit horizontal team combines a periodic assessment of the audit methodology with annual assessments of how well the internal audit team executes its responsibilities and of how well internal audit's activities are governed by the board's audit committee.

Your role as an Audit Specialist:
The Audit Specialist assesses internal audit's processes to support the annual assessment of effectiveness on attributes, governance, audit process, and audit performance and monitoring. The basis for this assessment is SR 13-1, Supplemental Policy Statement on the Internal Audit Team and Outsourcing, and such other relevant guidance. The assessment is performed in collaboration with Dedicated Supervisory Team staff

• Develop relationships with internal audit staff (Chief Audit Executive, Head of Professional Practices) and having a deep and nuanced understanding of the strategy and methodology employed and internal audit's coverage of firm activities;
• Maintain a current understanding of developments including trends, regulatory changes, industry guidance and industry practices related to internal audit;
• Participate in horizontal audit examinations that assess effectiveness of audit process and methodology, target examinations of audit execution focused on one or more auditable entities and MAP Steering Committee approved In Depth Reviews (IDRs) across LISCC portfolio firms;
• Maintain assigned regulatory findings, including quarterly status reporting in CSCAPE, determining when firms are ready for validation of completed remediation and assessing management's responsiveness to identified issues; participating in verification reviews (RVEs) of remediation actions; vet conclusions of validation reviews and coordinating with DST on closure of remediated issues.
• Support DST and LISCC program colleagues on audit related matters to contribute to vertical and horizontal assessments of the effectiveness of internal audit at individual firms and across the portfolio;
• Developing agendas through review of Audit Committee and Key Management Reporting packages and leading meetings with the firm for ongoing monitoring and discussion of remediation status of regulatory findings and matters of concern; contribute to and participate in Monitoring and Analysis (MAP) meetings for identification of risks.;
• Work with DST members and technical experts across the LISCC program to identify issues (internal and external) and assess the effectiveness of internal audit's identification of new risks and how this impacts upon internal audit's coverage strategies to guarantee a control environment;

• Technical knowledge of internal audit practices and industry standards (Institute of Internal Auditors);
• Competence and presence to work with senior leaders at the firm, including Chief Audit Executive and IAs Senior Leadership Team;
• Ability to work with and draw upon multiple technical experts to develop a holistic view of internal audit effectiveness across the firm; and,
• Advanced degree in accounting, auditing, finance or a minimum of five years relevant work experience or supervisory experience.

Benefits:
Our organization offers benefits that are the best fit for you at every stage of your career:

• Fully paid Pension plan and 401k with Generous Match
• Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
• Subsidized Public Transportation Program
• Tuition Assistance Program
• Onsite Fitness & Wellness Center
• Flexible Work Arrangements
• And more

Please note that the position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.