About CLS:
CLS is the trusted party at the centre of the global FX ecosystem. Utilized by thousands of counterparties, CLS makes FX safer, smoother and more cost effective. Trillions of dollars’ worth of currency flows through our systems each day.
Created by the market for the market, our unrivalled global settlement infrastructure reduces systemic risk and provides standardization for participants in many of the world’s most actively traded currencies. We deliver huge efficiencies and savings for our clients: in fact, our approach to multilateral netting shrinks funding requirements by over 96% on average, so clients can put their capital and resources to better use.
CLS products are designed to enable clients to manage risk most effectively across the full FX lifecycle – whether through more efficient processing tools or market intelligence derived from the largest single source of FX executed data available to the market.
Our ambition to make a positive difference starts with our people. Our values underpin everything that we do at CLS and define our working environment:
- Pivotal purpose
- Trusted guardian
- Targeted innovation
- Facilitate connections
- Delivering excellence
- Inclusive culture
Job information:
- Functional title – Business Audit
- Department – Internal Audit
- Corporate level - Vice President
- Report to – Executive Director, Corporate Functions Audit
- Location – New Jersey, on-site two days per week
- Expected full-time salary range between $ 180,000 - $200,000 + variable compensation + 401(k) match + benefits
The Vice President will primarily support the Executive Director (Corporate Functions Audit) in providing risk-based integrated audit coverage and independent assessment of the effectiveness of key processes, controls and risk management across CLS. IA's ways of working reflect the requirements of CLS's designation as a Strategically Important Financial Market Utility (SIFMU). The requirements of the Audit Plan are diverse and challenging. The candidate will support a portfolio of audits. It is important that the candidate be versatile and flexible so equally at home conducting a complex audit standalone, as line managing and guiding a small team. Importantly, the candidate will be expected to have a sound understanding of financial services business practices and will be able to contribute to integrated audits of CLS’s various business divisions.
What you will be doing:
Audit Management and Execution: (60%)
- Support and provide input into the Internal Audit risk assessment process to inform the Audit Plan
- Execution of planning and testing for complex audits and high-level reviews, including designing test strategies, audit test papers and drafting of audit findings & executive summary.
- Oversee and prioritize audit delivery across a small portfolio of audits.
- Review and mentoring of more junior IA members’ work on relevant methodology and tools to meet audit objectives.
- Lead on validation and tracking (with Director/Executive Director oversight) to confirm management’s remediation of audit and regulatory issues.
- Actively contributing to the ongoing improvement of audit practices and methodology.
Stakeholder Management / Strategic: (15%)
- Develop and maintain working relationships with peers and senior management across the organization.
- Where required, lead/contribute to the use of data analytics by Business Audit.
- To monitor strategic developments within CLS to highlight any unidentified risks or potential control issues.
- Perform continuous monitoring of the business through frequent stakeholder engagement, under the direction of senior audit management, to identify emerging risks and issues and report to audit management.
- Identify areas for improvement within Internal Audit and play a leading role on department improvement initiatives.
- Supporting MI and reporting to executive management, AFC, and senior IA management.
People Management: (20%)
- Manage direct reports, or other members of the Internal Audit team (including co-source resources), for the applicable portfolio audits.
- Performance management of direct reports (including coaching and performance reviews)
- Recruitment and retention of talent.
Professional Development (5%)
- Proactively maintain knowledge, skills, and disciplines, with on-going professional development.
- Identify and share useful learning opportunities for other Internal Audit team members.
- Maintain the professional standard of the Internal Audit function and work within its agreed Terms of Reference and IIA standards/guidelines, Charter, and Mandate.
- Demonstrate adaptability to ensure that the audit focus is maintained on key issues, under the guidance of audit senior management.
What we’re looking for:
- Extensive experience working within Internal Audit in a financial services environment (ideally banking) and / or strong financial and operational audit experience across a range of business audits in a financial institution.
- Ability to provide technical subject matter expertise during integrated audits.
- Strong analytical skills.
- Experience of dealing with all levels of management; ability to influence at all levels.
- Excellent communication skills, both written and verbal.
- Experience and understanding of regulatory requirements, e.g., FRBNY.
- Experience of managing and developing junior colleagues.
- Working experience in auditing third-party risk management, finance, or compliance is desirable but not essential.
- Experience in supporting Internal Audit MI and reporting is desirable, including preparing reporting for IA managementand the AFC on IA internal metrics and performance, and thematic reporting to senior management/AFC on assurance outcomes.
Success Factors:
- Confident in managing and leading a portfolio of audits.
- Proven success in building, developing, and managing a team of auditors.
- Excellent interpersonal and communications skills (verbal and written).
- Must be a strong team player but also be able to work independently.
- Proactive, self-motivated - ability to plan, organize, perform and manage work with minimal supervision.
- Results oriented – able to deliver high-quality results in an environment of changing demands, variable workloads and tight timescales.
- Ability to engage and influence senior stakeholders.
- Innovative problem-solving approach. Able to think on a broad scale about issues affecting the company, not just those related to IA or the control environment.
- Able to interpret internal and external issues and recommend solutions/best practices.
- Ability to travel (if needed) abroad and manage audits and direct reports (approx. 1–2 trips per annum).
Professional qualifications / certifications
- Degree level education (required)
- Audit Certifications (desirable) – CMIIA (UK), CIA (US)
- Qualified Accountant (desirable) - ACA / ACCA (UK), CPA (US)
Our commitment to employees:
At CLS, we celebrate inclusion and consider this to be one of our strongest assets. We are committed to fostering an environment in which everyone feels comfortable to be who they are, and inclusion is valued. All employees have access to our inclusive benefits, including:
- Holiday - UK/Asia: 25 holiday days and 3 ‘life days’ (in addition to bank holidays). US: 23 holiday days.
- 2 paid volunteer days so that you can actively support causes within your community that are important to you.
- Generous parental leave policies to ensure you can enjoy valuable time with your family.
- Parental transition coaching programmes and support services.
- Wellbeing and mental health support resources to ensure you are looking after yourself, and able to support others.
- Employee Networks (including our Women’s Forum, Black Employee Network and Pride Network) in support of our organisational commitment to embrace and always be learning more about inclusivity.
- Hybrid working to promote a healthy work/life balance, enabling employees to work collaboratively in the office when needed and work from home when they don’t.
- Active support of flexible working for all employees where possible.
- Monthly ‘Heads Down Days’ with no meetings across the whole company.
- Generous non-contributory pension provision for UK/Asia employees, and 401K match from CLS for US employees.
- Private medical insurance and dental coverage.
- Social events that give you opportunities to meet new people and broaden your network across the organisation.
- Annual flu vaccinations.
- Discounts and savings and cashback across a wide range of categories including health and retail for UK employees.
- Discounted Gym membership – Complete Body Gym Discount/Sweat equity program for US employees.
- All employees have access to Discover – our comprehensive learning platform with 1000+ courses from LinkedIn Learning.
- Access to frequent development sessions on a number of topics to help you be successful and develop your career at CLS.
Skills Required
- Extensive internal audit experience in a financial services or banking environment
- Strong financial and operational audit experience across business audits in a financial institution
- Experience managing a portfolio of internal audit assignments
- Ability to provide technical subject matter expertise during integrated operational audits
- Strong analytical skills
- Experience working with all levels of management and influencing stakeholders
- Excellent written and verbal communication skills
- Understanding of regulatory requirements, including FRBNY requirements
- Extensive experience managing and developing junior colleagues
- Experience auditing third-party risk management, finance, or compliance
- Experience supporting internal audit management information and reporting
- Qualified Accountant certification such as ACA, ACCA, or CPA
- Audit certification such as CMIIA or CIA
- Ability to travel approximately one to two times per year
What We Do
In 2022, we celebrate 20 years of delivering unprecedented levels of risk mitigation, liquidity optimization and operational efficiencies. Trusted by thousands of counterparties within the global FX ecosystem, CLS makes FX safer, smoother and more cost effective. Trillions of dollars worth of currency flows through our systems each day. Created by the market for the market, our unrivaled global settlement infrastructure reduces systemic risk and provides standardization for participants in many of the world’s most actively traded currencies. We deliver huge efficiencies and savings for our clients: in fact, our approach to multilateral netting shrinks funding requirements by over 96% on average, so you can put your capital and resources to better use. Our complementary products are designed to enable you to manage your risk most effectively across the full FX lifecycle – whether through more efficient processing tools or market intelligence derived from the largest single source of FX executed data available to the market.
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