Internal Audit Compliance Manager

Job Description

First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $8+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century.  First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.

The Internal Audit Compliance Manager leads and performs risk-based internal audit activities focused on regulatory compliance across the Bank. The position develops and executes the compliance portion of the annual internal audit plan, evaluates the design and effectiveness of compliance controls and adherence to banking laws and regulations, and provides independent assurance on the management of compliance risk. The Manager applies professional judgment and subject matter expertise to oversee compliance audit engagements, evaluate complex regulatory requirements, identify control weaknesses and emerging risks, and develop practical recommendations. The position collaborates with Internal Audit leadership, the Compliance Department, business units, co-sourced providers, external auditors, and regulatory examiners while maintaining the independence and objectivity of the internal audit function. 

DUTIES & RESPONSIBILITIES:

Audit Planning and Risk Assessment 

• Develop and maintain the risk-based compliance portion of the annual internal audit plan, coordinating with Internal Audit leadership and considering relevant work performed by Compliance, Risk Management, external auditors, regulators, and other assurance providers. 
• Assess compliance risks associated with the Bank’s products, services, operations, systems, and regulatory obligations. 
• Ensure appropriate audit coverage of key compliance areas, including BSA/AML, OFAC, consumer lending and deposit regulations, fair lending, and the Community Reinvestment Act. 
• Update audit coverage and priorities in response to state and federal regulatory changes, emerging risks, examination results, and changes in the Bank’s business activities. 

Audit Execution and Oversight 

• Lead, plan, perform, and oversee compliance-focused audit engagements in accordance with the approved audit plan, established audit procedures, applicable professional standards, and Internal Audit methodology, ensuring timely completion. 
• Define audit objectives, scope, testing strategies, resource requirements, and engagement timelines based on the assessed level of risk. 
• Conduct and oversee audit fieldwork through interviews, document reviews, transaction testing, process walkthroughs, and data analysis. 
• Evaluate the design and operating effectiveness of compliance controls, policies, procedures, monitoring activities, and governance processes. 
• Review workpapers and support documentation to determine whether audit conclusions are accurate, complete, and supported by sufficient evidence.
• Oversee co-sourced or third-party audit resources engaged to perform specialized compliance audit work. 

 Regulatory Compliance

• Evaluate compliance with applicable federal and state banking laws and regulations and related internal policies and procedures and perform or oversee audits of compliance programs and processes, including BSA/AML, consumer protection, fair lending, CRA, and other applicable regulatory areas. 
• Monitor relevant regulatory developments, supervisory guidance, enforcement actions, and industry trends to identify potential audit implications, and assess their potential effect on the Bank’s control environment and internal audit coverage. 
• Communicate significant compliance risks, control deficiencies, or regulatory concerns to Internal Audit leadership and other appropriate stakeholders. 
• Reporting and Communication Prepare and review audit reports and executive summaries that clearly communicate audit objectives, scope, observations, risks, recommendations, and conclusions. 
• Present significant audit results, emerging risks, and remediation status to senior management and the Audit Committee, as requested, and communicate significant issues promptly to Internal Audit leadership and relevant stakeholders to support timely decision-making. 
• Discuss audit observations with management, evaluate management responses, and obtain appropriate corrective action plans. 
• Maintain complete, accurate, and well-organized audit documentation that supports audit conclusions and reporting. Issue Management and Follow-Up 
• Monitor compliance-related audit findings and management corrective action plans, conduct follow-up reviews, and maintain accurate status reporting for open compliance audit issues. 
• Validate that corrective actions have been effectively implemented and adequately address the underlying root causes and related risks.
• Escalate overdue, high-risk, or inadequately remediated issues to Internal Audit leadership and other appropriate stakeholders. 

 Leadership and Collaboration 

• Provide direction, coaching, and technical guidance to audit team members assigned to compliance engagements, and review the work of team members and co-sourced resources to promote consistent quality and sound audit conclusions 
• Collaborate with the Compliance Department, Risk Management, Legal, Operations, and other business areas while preserving Internal Audit independence 
• Serve as a compliance audit subject matter resource and provide advisory input on control practices without assuming management responsibility. 
• Coordinate with external auditors and regulatory examiners during compliance audits and examinations, as assigned. 
• Promote constructive working relationships and clear communication across all levels of the Bank.

Continuous Improvement 

• Identify opportunities to improve audit methodology, documentation quality, engagement efficiency, and the use of data analytics, and support the consistent application of Internal Audit standards, procedures, quality expectations, and approved technology. 
• Remain current on banking regulations, auditing standards, internal control frameworks, industry practices, and emerging compliance risks. 
• Participate in special projects, investigations, consulting engagements, and other audit activities as assigned. 
• Maintain objectivity, independence, integrity, and confidentiality in all audit activities. 
• Conduct and complete additional assignments/projects as designated by management. 

Supervisory Responsibilities 

The Internal Audit Compliance Manager is responsible for staff mentorship, development and reviewing the work of audit team members assigned to ensure high-quality results. The Manager will also oversee any co-sourced or third-party audit resources engaged for specialized compliance audits. 

Qualifications: 

• Minimum of seven years of experience in internal audit, regulatory compliance, risk management, or a related field within banking or financial services required. 
• Experience performing or overseeing compliance-focused audits, including BSA/AML, consumer compliance, fair lending, CRA, or other applicable banking regulations required. 
• Experience leading audit engagements, reviewing workpapers, evaluating findings, communicating results to senior management, and providing direction, coaching, or technical oversight to audit staff or co-sourced service providers required. 
• In-depth knowledge of banking laws and regulations, internal audit practices, risk assessment techniques, and internal control frameworks required. 
• Experience interacting with banking regulators or examiners during compliance examinations or regulatory audits preferred. 
• Professional certification such as Certified Internal Auditor (CIA), Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or Certified Public Accountant (CPA) preferred. 
• Excellent written and verbal communication skills, with the ability to explain complex regulatory and audit matters clearly and succinctly in emails, reports, letters, and electronic platforms while maintaining professional standards of spelling and grammar. 
• Ability to communicate professionally with internal and external contacts, tailoring messages to the audience and situation, and to present audit results and recommendations to management, executive leadership, and the Audit Committee. 
• Strong analytical, organizational, project management, and problem-solving skills, with the ability to manage multiple audit engagements and priorities while meeting deadlines and maintaining audit quality. 
• Maintain credibility through professional demeanor, appearance, and presence by modeling standards appropriate to the Bank’s environment and industry.
• Maintain effective working relationships with internal partners through strong interpersonal skills and a constructive, solutions-focused approach. 
• Use sound professional judgment to balance the interests of the Bank and its stakeholders, understanding and using available resources to identify and mitigate risk. 
• Proficiency in Microsoft 365 products and applications, including Word, Excel, PowerPoint, Teams, SharePoint, OneNote, and Copilot or other approved AI-enabled productivity tools, including the ability to effectively prepare and review documents, workpapers, procedures, reports, and presentations. 
• Working knowledge of audit management software, Governance, Risk and Compliance tools, and data analysis techniques. 
• Demonstrates an understanding of Artificial Intelligence (AI) and its use as a productivity and business-support tool. Willingly learns and adopts approved AI-enabled tools to enhance efficiency, accuracy, and effectiveness in daily work activities. 
• Exercises professional judgment when using AI-enabled tools by validating outputs for accuracy and relevance and complying with organizational AI policies and guidelines. 
• Demonstrated ability to learn new systems and applications and to adapt responsibilities and workflows in response to system upgrades or process changes. 
• Occasional travel to other First American Bank locations to assist other branches, Bank functions, and training facilities required. 
• Typical schedule is Monday through Friday 8:00 a.m. to 5:00 p.m. Additional hours may be required depending upon business need.  
• Punctuality is required to maintain First American Bank’s customer service standards.