Internal Controls & Compliance - L10 - Chennai

Job Description:

worked for an US client in the commercial lending space, with good communication skills.

While transition experience is not mandatory, any candidate coming in with transition experience will have an added advantage.

Accountability/Scope:

• Assigned and accountable for specific areas of responsibility/deliverables.
• May prioritize and oversee activities of others to meet deadlines and quality standards.
• Assists in the identification, assessment and resolutions of complex issues/problems.
• Required to assess and resolve non-standard/standard issues/problem largely on own initiative
• Decides within and available ranges of solutions/practices, which are the most applicable.
• Makes decisions within parameters set by manager, using job/specialist experience.
• Seeks advice and escalates issues when faced with tasks/problems outside normal scope of job.
• Subject to general direction and guidance from manager as appropriate.
• Interacts with client/users around specific work efforts/deliverables.

Role Details:

Knowledge/Skills Requirements:

Job Description:

• Minimum 5 Years of experience in performing internal audit work that involves conducting operational and compliance audits

• Banking experience with sound knowledge in policies &procedures, regulatory requirements and compliance testing. Knowledge of banking products like Insurance, Annuities, Brokerage Accounts, Mortgages, loans, credit cards etc. is an advantage
• Knowledge of regulations like Banking Secrecy Act, USA patriot act, OFAC regulations, FinCEN ,FATCA,HMDA etc. is needed

• Demonstrated ability to interpret and understand laws and regulations, identifying requirements and related controls and developing test plans

• Experience in designing and executing appropriate tests to verify the effectiveness of controls
• Identify controls in place at the line of business and develop comprehensive test plan to assess the adequacy of each control
• Develop and execute compliance testing and report results in accordance with the Compliance Testing Program; ensuring effective processes and controls are in place
• Lead discussions with Compliance business partners, Audit, Operational Risk, line of business Quality Control teams, and line of business management to communicate compliance testing scope and test plan. Review control weaknesses or excessive risks identified from testing
• Assist in communication of Compliance related management issues requiring management attention
• Ensure adherence to the Compliance Issues Management Program including timely and accurate action plan and remediation updates
• Stay apprised of regulatory matters and developments through reading, research, and training through appropriate sources
• Assist in preparation of Compliance related management reports
• Ability to learn new processes, systems and controls quickly
• Attention to detail and superior written and oral communication skills with a proven ability to communicate and influence effectively at all levels of the organization

Key Questions

1. Would you know the different lines of defense acting in the Risk Management of a Bank? Or What is the difference b/t 1^st,2^nd and 3^rd line of defense?
2. What is a COSO Framework or What are the 5 components of COSO Framework
3. What do you know about RCSA or CRA ( Compliance Risk Assessment )
4. Name few Banking Regulations that you are aware of

( BSA AML, HMDA,TILA,FATCA,SCRA,FCRA,HMDA, Reg B, Reg Z, Reb C etc. )