Vice President, Internal Audit
Toronto
Internal Audit – Internal Audit /
Full Time /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.
The Work:
The role of Vice President, Internal Audit, is paramount in providing strategic expertise and participating in the execution oft he design, risk assessment, control identification, documentation, testing, findings, and recommendation process for internal audits of the highest complexity within the Bank. This includes audits such as the Internal Capital Adequacy Process, Basel AIRB Risk-Based Approach, Model Risk Management, and Second Line of Defense Effectiveness, across various business units.
The incumbent will spearhead the development and implementation of audit coverage for new products and/or services, aligning closely with the Bank’s strategic initiatives. Acting as a key subject matter expert, the Vice President will independently analyze information and lead audit projects. Additionally, the role entails providing critical support to the Chief Auditor on activities such as multi-year audit planning and quarterly reporting to the Audit Committee.
The successful candidate is expected to bring extensive specialized financial services knowledge to the table, encompassing the Bank’s business lines, internal audit standards, and a profound understanding of OSFI regulatory requirements, including the Basel Advanced Internal Risk-Based approach. Operating at a senior level, this role requires a significant degree of managerial autonomy and technical acumen in executing duties.
The Core Responsibilities Of The Job:
- Expert Support to the Chief Auditor for Execution of the Annual Audit Plan:
- Lead and direct high-complexity audits within established timeframes and budgets, focusing on pivotal topics such as Capital and Second-Line of Defense Effectiveness.
- Contribute to the quarterly reporting process for the Audit Committee of the Board.
- Oversee a portion of the audit universe, leveraging deep subject matter expertise.
- Drive follow-up testing of management actions to resolve audit findings.
- Assume a key role in overseeing effective audit coverage of the Bank’s Advanced Internal Risk-Based approach program.
- Strategic Risk Assessment:
- Collaborate closely with the Chief Auditor in developing risk-based 3-year horizon audit plans and Basel AIRB multi-year audit plans.
- Maintain an acute awareness of strategic direction, significant initiatives, emerging risks, and regulatory updates to ensure audit coverage remains pertinent and value-driven.
- Contribute actively to regular risk assessments of each auditable entity through comprehensive evaluation of the Bank’s core risks.
- Leadership in People Management:
- Provide authoritative review and guidance on the work of other staff members, offering constructive feedback for enhanced audit coverage.
- Support the chief auditor in updating and refining Internal Audit policies and procedures to steer the execution of the Bank’s internal audit activities effectively.
- Relationship Management:
- Cultivate and maintain robust communication channels with Senior Management across business lines.
- Foster positive working relationships with management of control functions to ensure seamless collaboration.
- Engage with the CEO, Audit Committee, External Auditor, Regulators, and pertinent third parties as needed, demonstrating adeptness in managing high-level interactions.
Let's Talk About You!
- Possess a post-secondary degree in a relevant field, with an Internal Audit designation considered a significant asset.
- Bring forth a minimum of 15 years of demonstrated expertise in a senior leadership capacity within Financial Services audit, coupled with extensive people management experience.
- Exhibit deep exposure to auditing/assessment of Financial Services product lines and/or control functions. Including deep knowledge of Financial Risk Management Functions, including governance processes related to topics such as Capital and Model Risk Management
- Demonstrate a profound understanding of Basel Advanced Internal Risk-Based Approach internal control expectations.
- Display exceptional written and verbal communication skills, with a proven ability to communicate effectively across all organizational levels.
- Possess a remarkable capacity to influence and impact Senior Management, driving acceptance and implementation of recommendations pertaining to identified control issues.
- Exhibit outstanding organizational, time management, and project management abilities, adept at managing multiple priorities within stringent deadlines.
- Demonstrate a track record of successful people management and coaching.
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy, personal days and even a moving day
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
