Internal Audit Director

Position Title: Internal Audit Director

Reports To: Board Audit Committee, dotted line to Chief Legal Officer and Corporate Secretary

Department: Internal Audit

Purpose: Reporting to the Audit Committee of the Boards of Directors of Financial Institutions, Inc. and Five Star Bank, the Internal Audit Director has overall responsibility for the internal audit function, including developing, maintaining, and administering an Audit Program that is reflective of the evolving risk profile of the enterprise, industry best practices, and regulatory expectations.

As a senior leader, the Internal Audit Director will be charged with managing internal resources and engaging and managing needed external resources to maintain an effective audit function. Operating with independence, the role will help to ensure that the enterprise complies with the letter and spirit of all laws and regulations that govern enterprise operations, including applying audit functions to key operational and finance activities and internal controls expected of a publicly traded company.

Supervisory Responsibilities:

Degree of Supervision Received: The position will operate with independence of management influence and report to the Audit Committee of the Boards of Directors. The Chief Legal Officer and Corporate Secretary will provide executive related support, as needed, to help to ensure that the internal audit function maintains appropriate visibility and support from business unit leaders.

Degree of Supervision Given: Moderate

• Supervision Given to (Titles): Internal Audit Manager, Senior Internal Auditors

Essential Functions:

1. Provide strategic and visionary leadership to ensure that the Internal Audit Plan is based on a sound risk assessment that is reflective of regulatory expectations, the risk profile of the enterprise, and strategic tactics that will impact the risk profile.
2. Manage internal and external resources to ensure sound, timely, and cost-effective execution of the Audit Plan, ensuring that individual audits are appropriately scoped, conducted, and documented, and in compliance with regulatory requirements and relevant professional standards including documents testing results and conclusions are in accordance with FSB Internal Audit Methodology and Institute of Internal Auditor (IAA) standards.
3. Maintain close communication with the Chair of the Boards’ Audit Committee and report material developments relative to execution of the Audit Plan.
4. Deliver sound and proactive reporting to Management and to the Board’s Audit Committee concerning execution of the Audit Plan and relevant findings that need to be addressed, collaborate with Management to ensure that audit findings are timely and appropriately addressed, elevating to senior and executive management as needed and to the Audit Committee.
5. Board Audit Committee reporting should include reporting on the status, progress, and results of Internal Audit’s ongoing monitoring and testing activities, and educate and inform the Committee on emerging risks and exposures, serving as a “thought” leader with respect to risk management and internal control best practices.
6. Develop and lead a high performing Audit Team, reviewing work and delivering coaching and training to ensure sound internal control practices, ensuring the team is evolving their skillsets and knowledge in line with a changing external environment, and otherwise Manage performance of the internal audit function to ensure staff has the skills and resources to be successful.
7. Engage with business process owners relative to all aspects of the audit function, including developing requisite knowledge of business unit operations and strategic plans to ensure that the risk assessment is sound, and issuing reports that are clear, concise, identify root causes with practical solutions, and ultimately add value to management; actively participate in management and management committee meetings to ensure that Internal Audit is well-informed of key business developments that could have an impact on audit priorities or audit plans.
8. Work closely with Management and external auditors to develop testing to identify control gaps and opportunities for improvement, and concludes on the design and effectiveness of the control environment, proactively inform senior management of significant risks or exposures related to internal controls, compliance and or regulatory requirements, and ensure appropriate attention and awareness of items requiring prompt attention.
9. Ensure that Internal Audit is performing its work in accordance with established professional standards and remain abreast of emerging trends and best practices that can be incorporated into the function.
10. Ensure and oversee Internal Audit’s participation in critical business and technology initiatives and projects, ensuring that audit’s perspective is effectively voiced, and appropriate controls are designed and implemented on a practical basis.
11. Maintain audit technology platform leveraging support from information systems as needed.
12. Serve as the key point person on all regulatory exams relative to the audit function and third-party audits.
13. Participates in any special projects, investigations, or ad-hoc assignments as required.
14. Demonstrates the standards and principles of the Five Star experience in every interaction with internal and external customers and associates. Incorporates the high-performance behaviors of teamwork, leading by example and service in every facet of work.

Job Related Qualifications – Education and Prior Experience:

Required:

• Education: Bachelor’s Degree in Risk Management, Accounting, Finance, or related field
• Prior Experience: 8+ years of Audit experience in Financial Services industry. 5+ year's experience in a management role.
• Licenses or Accreditation: Certified Internal Auditor (CIA)

Preferred:

• Education: Bachelor’s Degree in Risk Management, Accounting, Finance, or related field.
• Prior Experience: 10+ years of Audit experience in Financial Services industry.
• Licenses or Accreditation: One or more of the following:
  1. Certified Public Accountant (CPA)
  2. Certified Internal Auditor (CIA)
  3. Certified Bank Auditor (CBA)
  4. Certified Financial Services Auditor (CFSA)
  5. Certified Information Systems Auditor (CISA)
  6. Certified Community Bank Internal Auditor (CCBIA)

Competencies:

1. Deep knowledge of Generally Accepted Auditing Standards and practical experience applying them to a public company.
2. Deep knowledge of Accounting and Finance principles and practices.
3. Knowledge of laws and regulations applicable to a financial institution, or capacity to quickly develop knowledge needed to perform audit functions.
4. Strategic leadership and proven experience to develop and administer an Audit Plan that is reflective of evolving risk.
5. High level of attention to detail with the ability to also understand and support the overall strategy.
6. Working knowledge of Microsoft Office applications with the ability to learn and utilize new and existing banking software.
7. Able to maintain confidentiality at all times.
8. Knowledge of banking/financial business operations and risk-based auditing; Thorough understanding of audit principles, practices and methodologies.
9. Strong understanding of operational, compliance and credit risk management processes.
10. Ability to lead projects effectively, as well the ability to manage team participation within various project assignments.
11. Ability to stay abreast of applicable laws and regulations and understand relevant industry trends and events.
12. Excellent organizational skills with the ability to manage multiple priorities and meet established deadlines.
13. Excellent verbal and written communication skills with the ability to interact and build relationships with all levels of staff and management.
14. Able to effectively coach, mentor and develop staff in areas of expertise.

Physical Requirements:

1. Able to regularly sit for prolonged periods of time.
2. Extensive computer usage is required
3. Occasional travel within corporate footprint

This job description is not exhaustive. The Internal Audit Director may be required to perform other duties as assigned.

The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.