Quantitative Model Risk - Senior Auditor (Remote available)
Charles Schwab Internal Audit Department provides independent and objective assurance crafted to make valuable contributions and improve the operations of Schwab for all partners. Internal Audit assists Schwab to accomplish its objectives by using a detailed, focused approach to understand, evaluate, test and improve the effectiveness and security of business processes across the organization. Additionally, we evaluate the effectiveness of risk management, control and governance processes. Internal Audit leadership is responsible for overseeing the execution of internal audits, identifying and implementing process improvements, supervising vendor performance, and periodically report to governance committees, federal regulators and the Audit Committee. The Internal Audit Department is exposed to and communicates with all areas of the company. The department is split into six enterprise teams: Technology, Broker-Dealer, Bank, Corporate, Operations and Professional Practices.
The Corporate internal audit risk team is seeking a Senior Auditor (Senior Specialist) Model Risk. The Corporate team is responsible for execution of audits over the firm’s corporate and risk management functions including models. Corporate audits cover areas such as marketing, finance, treasury, accounting, vendor management, and human resources. Risk Management audits cover areas such as model, compliance, credit, liquidity, market, and operational risk management. The team also performs testing to confirm remediation of audit issues and regulatory issues.
Reporting to the Managing Director of the Corporate risk team, the Senior Auditor, Model risk will have responsibility for assisting in the for the independent and objective assurance activity designed to improve the organization’s operations and compliance with key regulations by evaluating and improving the efficiency of risk management, control, and governance processes.
Workplace Flexibility Program: We're proud to support our employees in a working approach that allows you to bring your best self to work – whether that’s in the office or remote.
- Most Schwabbies have the opportunity to voluntarily work in the office or at home based on their preference,
- When the firm is ready to fully r\eturn to the office, employees will have the flexibility of a hybrid work environment, spending some time working remote and some time in the office.
- Employees and managers can discuss and decide what works best for them, with additional flexibility available based on their role, business needs, and individual circumstances.
- 100% remote available for US based employees.
- Subject to change as Schwab is continually evaluating the current environment in order to best care for the safety and well-being of our employees.
*Subject to change as Schwab is continually evaluating the current environment in order to best care for the safety and well-being of our employees.
What you are good at
Audit Execution: Participate in the planning and execution of internal audit assignments that are focused on models, ensuring work is performed in accordance with IIA standards and IAD policies and procedures. Responsibilities will include scheduling and participation in audit meetings; participation in scoping discussions; drafting of audit results; design and execution of testing; and completion and review of work papers. Additionally, assist in the tracking of team operations including audit status, issue status, and budgets.
Understanding of Models: Review of model related development and validation documents along with an understanding of regulatory expectations for models.
Issues Identification:Review draft issue observations, vet issues with key partners, identify compensating controls, and evaluate the appropriateness of the management action plan prior to finalizing the audit report.
Issue Management and Validation: Monitor and review issue validation testing to ensure comprehensive testing and adherence to SLAs.
Business and Project Monitoring: Participate in the department’s business and project monitoring program execution to identify emerging risks.
Risk Assessment: Participate in the annual Risk Assessment process, including the scoring and documentation of risk ratings. Review audit universe updates after the completion of each audit.
Coaching:Provide support, coaching, and feedback to the audit team throughout the audit. Provide assistance with onboarding and ongoing support to new team members.
Regulatory:Conduct validation testing on the action plans completed by management to address MRAs. As needed, provide responses to IAD management related to regulatory questions during exams.
Administration/Training: Completion of firm-wide and departmental administration and training requirements.
Other Initiatives/Special Projects: As needed, assist with special projects related to business process improvement or department critical initiatives.
What you have
- Strong background in quantitative analysis, statistics, data analytics and linkage to systems and applications.
- Strong need to understand basic statistical concepts. Understanding of Interagency Supervisory Guidance on Model Risk Management.
- Demonstrated experience performing internal audits among a complex operational and regulatory environment,
- especially audits related to Capital, Liquidity, Model, Credit, and Market risks areas
- Demonstrated experience leading internal audits and their associated team members, among a complex operational and regulatory environment.
- 2-5+ years of financial services-related audit experience with increasing responsibility. Model Risk experience specific to internal audit and/or similar Big 4 Accounting or regulatory experience a plus.
- Ability to work as a member of a project team and cultivate a strong working relationship with external co-sourcing providers and internal lines of businesses.
- CFA or working on financial or statistical advanced degree is preferred. Other applicable financial services and/or risk management certifications considered.
- Understanding of risks and internal controls and the ability to evaluate and determine the adequacy and effectiveness of controls.
- Stays current on industry and regulatory issues and standard methodologies; imparts this knowledge to the team and the auditees.
- Excellent analytical skills, including the ability to anticipate issues and to design appropriate solutions.
- Strong verbal and written communication skills with a proven ability to articulate effectively and professionally.
- Uses relationships and insights to successfully influence others. Builds authentic and trusted relationships to create alignment and support.
- Bachelor’s degree required.
- Ability to travel 15-20%
Target Total Compensation $69,700-$125,500.
Your actual pay will be based on your skills and experience -- talk with your recruiter to learn more.
Why work for us?
Own Your Tomorrow embodies everything we do! We are committed to helping our employees ignite their potential and achieve their dreams. Our employees get to play a central role in reinventing a multi-trillion-dollar industry, creating a better, more modern way to build and manage wealth.
Benefits: A competitive and flexible package designed to empower you for today and tomorrow. We offer a competitive and flexible package designed to help you make the most of your life at work and at home—today and in the future. Explore further.
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Schwab is an affirmative action employer, focused on advancing women, racial and ethnic minorities, veterans, and individuals with disabilities in the workplace. If you have a disability and require reasonable accommodations in the application process, contact Human Resources at firstname.lastname@example.org or call 800-275-1281.
TD Ameritrade, a subsidiary of Charles Schwab, is an Equal Opportunity Employer. At TD Ameritrade we believe People Matter. We value diversity and believe that it goes beyond all protected classes, thoughts, ideas, and perspectives.