The Director of Regulatory and Compliance Audit oversees the Regulatory and Compliance audit strategy and business plans and scheduling of audits. Oversee the day to day operations of multiple engagements auditing the Agency’s compliance with laws, regulations, and standards applicable to the Agency.
Internal Audits Strategy
- Oversee and prepare the Internal Audit’s strategy and audit plan for the Regulatory and Compliance audit area.Develop strategies and standards to ensure the quality and quantity of audit services provided; and establish and monitor achievement of department goals, objectives, and initiatives.
- Attend audit opening and exiting meetings.
- Execute dynamic planning through continuous monitoring of areas under responsibility. Supports the identification of emerging risks and respective adjustments to the plan.
- Provide guidance to the Regulatory and Compliance Audit Manager with respect to the planning and execution of audit activities and reporting of results.
- Collaborate with the SVP, other Audit Leaders and Management in the development of the annual audit risk assessment.
- Ensure that appropriate coordination occurs on financial/operations and/or IT audits to ensure risk awareness and appropriate audit coverage.
- Collaborate with the Professional Practices, Financial Audit and IT Audit teams to support Computer Assisted Audit Techniques (CAATs) related activities and to assist with the development of continuous auditing activities.
- Ensure the audit plan and other critical audit initiatives are being conducted in accordance with applicable professional standards and reflect current business risks and audit requirements as well as emerging industry trends.
- Oversee the monitoring and ongoing analysis of Risk Management and implement measures to mitigate potential risk as appropriate.
- Ensure the team takes corrective actions in a timely manner.
- Oversee the coordination of Regulatory and Compliance delivery of assigned audits.
- Collaborate within Internal Audit to collectively assemble audit packages.
- Ensure the team maintains relationships with other audit teams to support integrated, efficient and comprehensive coverage of related key risks.
- Develop and maintain strong relationships internally to support a culture of collaboration and externally with external auditors.
- Keep up-to-date with Agency projects and current initiatives.
Supervision/Evaluation/Development of Staff
- Provide on-going guidance, mentoring, feedback and motivation to a staff to ensure competent performance while adhering to department and PHEAA policies and procedures.
- Continually look for ways to improve team’s performance by identifying and implementing work efficiencies through process improvement techniques and employee empowerment techniques.
- Interview and recommend prospective candidates for open departmental positions.
- Recommend and/or make decisions in personnel related matters (performance review, disciplinary actions, and terminations). This includes monitoring attendance, leave requests, ensure accuracy of hours worked and adherence to Agency policies and procedures.
Other Duties and Responsibilitie
- Maintain business and process knowledge and remain current with best practice, new developments and changes in the market. Ensure the knowledge is extended to the audit staff.
- Oversee that training and advisory services to other auditors on technical areas of expertise is provided.
- Other duties as assigned.
Education and Experience
- Minimum qualifications: Bachelor’s degree in accounting, finance, or any other related fields and 15+ years of experience in Regulatory and Compliance Audit and five plus years of supervisor experience, preferably with five years in a public accounting firm or internal audit department. Professional license (CPA, CISA, CIA) required and any combination of knowledge, training, and experience.
- Advanced experience, including but not limited to, auditing a variety of IT systems including Microsoft Windows, web-based activities, database operations, and technical operations.
- Knowledge of Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), and Standards for the Professional Practice of Internal Auditing.
- Knowledge of the concepts, theories, principles, and practices of accounting and auditing, including internal control concepts.
- Advanced knowledge of National Institute of Standards and Technology (NIST) and Federal Information Security Management Act (FISMA).
- Advanced knowledge of Department of Education and consumer finance laws and regulations applicable to a student loan servicer (e.g., Servicemembers Civil Relief Act (SCRA), Telephone Collections Protection Act (TCPA), Fair Credit Reporting Act (FCRA), Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), Fair Debt Collection Practices Act (FDCPA), Anti Money Laundering (AML), etc.).
- Advanced knowledge of Federal accounting and transaction process and internal control objectives.
- Understanding of financial instrument valuation concepts is desired and experience with derivatives and complex financial instruments valuation is a plus.
- Experience with Audit Control Language (ACL).
- Demonstrated ability to quickly understand and assimilate business and various processes.
- Demonstrated track record of team leadership and project management.
- Sound business perspective and business judgment; understanding of the industry and related business risks; knowledge of business processes.
- Independence and objectivity; executive-level interpersonal skills; management and leadership skills; political savvy; sound judgment personal strength; personal independence; integrity; flexibility.
- Excellent analytical, decision making, and time management skills.
- Demonstrated strong management and leadership skills.
- Mature planning, organizing and directing skills.
- Ability to collaborate and influence change at the highest levels of the organization.
- Demonstrated advanced written and verbal communication and organizational skills.
- Possesses advanced problem solving and analytical skills.
- Ability to develop and maintain effective working relationships with individuals at all levels of the organization.
- Ability to balance multiple projects at one time.
- Proven ability to meet established milestone due dates, self-imposed or otherwise.
- Proficient in Microsoft Office suite.
- Experience in a Financial Services environment, Regulatory experience with an agency preferred (e.g., OCC, FFIEC, etc.)
Essential Duties and Responsibilities
- Physical Requirements and Work Environment
- Perform work required for this position in an office environment.
- Remain sedentary for significant periods of time.
- Must be able to communicate both written and verbal (i.e. speak in front of groups of people, email, editing and discussing contracts, etc.).
- Must be able to use a personal computer.
- Must be able to conduct detailed research.
- Must be able to perform basic math skills.
- Must be able to have regular and predictable on-site attendance; highly interactive role.
Additional Knowledge, Skills, and Abilities
- Competent problem solving skills and the ability to focus attention on details.
- Demonstrated analytical, critical thinking, and organizational skills.
- Ability to work accurately, efficiently and concentrate for long periods of time in a detailed environment.
- Ability to solve problems of a moderate to complex technical nature.
- Possess strong written and verbal communication skills.
- Ability to work effectively in a team environment.
- Ability to promote and support a consistent, professional, customer focus.
- Ability to multi-task.
Candidates will enjoy our comprehensive total rewards program offering Pennsylvania Employees Benefit Trust Fund (PEBTF) health/dental insurance and defined benefit plan, as well as life insurance, flexible spending accounts, tuition reimbursement, participation in a deferred compensation program, and generous paid vacations and holidays.
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania Higher Education Assistance Agency (PHEAA) has evolved into one of the nation's leading student aid organizations. Today, PHEAA is a national provider of student financial aid services, serving millions of students and thousands of schools through its loan guaranty, loan servicing, financial aid processing, outreach, and other student aid programs.
PHEAA's earnings are used to support its public service mission and to pay its operating costs, including administration of the Pennsylvania State Grant and other state-funded student aid programs. PHEAA continues to devote its energy, resources, and imagination to developing innovative ways to ease the financial burden of higher education for students, families, schools, and taxpayers.
PHEAA conducts its student loan servicing activities nationally as American Education Services (AES) and FedLoan Servicing (FLS).
PHEAA is an Equal Opportunity Employer