Coordinator / Internal Auditor

Lake Region Bank   New London, MN   Full-time     Accounting
Posted on August 24, 2023

Location: Willmar Office/New London/Sunburg Office/Hybrid Remote. Visit all offices as needed

This position includes both Compliance Officer and Internal Auditor. The job duties are described in detail below, split up by duty set.

Primary Job Purpose:
To ensure that the Bank complies with all applicable consumer protection laws and regulations, including federal laws, state usury, and property laws. To oversee ongoing education and training for all bank employees in compliance related issues. Regularly exercises independent judgement and discretion about matters of significance.

Position Responsibilities/Essential Functions:

Continually perform Compliance Risk Assessments based on current environment.
Maintain proficient knowledge of the regulations.
Present to Board of Directors updates and revisions of policies and procedures addressing each regulation.
Provide compliance training for Bank personnel.
Monitor/audit the Bank for compliance.
Disseminate information regarding new or amended regulations to appropriate personnel.
Coordinate the implementation of changes required by new or amended regulations.
Coordinate regulatory compliance examinations.
Monitor and respond to consumer complaints.
Monitor changes regarding compliance forms, policies & procedures, employee practices, information systems, error corrections.
Coordinate all compliance activities: organizing, planning, directing, monitoring, controlling, supervising staff performance.
Coordinate compliance file reviews - working with department heads and outside audit firms on a scheduled basis.
Monitor all promotional materials for compliance including advertisements, brochures, lobby notices, and signs.
Coordinate and oversee correction of compliance violations, tracking violations and remediation in a reportable format.
Attend training seminars and meetings pertaining to compliance when offered by Minnesota Bankers Association and/or regulators or other providers as deemed appropriate.
Attendance at various community functions, some outside of normal work hours may be required.

As regulations change in the future related to compliance the compliance audit program and audit procedures will be modified to verify that the bank is compliant with new regulations.

Primary Job Purpose
Maintain, implement, and manage Bank's written Internal/External Audit Program with the purpose of evaluating the adequacy, accuracy, effectiveness, and efficiency of the Internal Control System, which has been established by Bank Management. Perform periodic examinations of all bank records relating to all banking activities and document all audit findings. Report directly to the Board of Directors the results of audit findings.

Specific Duties
Perform audit risk assessments to determine current bank risks and schedule audits accordingly.
Perform internal audit examinations of all of the Bank's books, records, properties, securities, and accounting procedures.
Conduct all audits based on current risk assessment, with time for each audit established by Internal Auditor
Maintain complete independence from the rest of the bank- the goal is to maintain complete independence from Bank Management and when that is not possible then the audit of certain areas will be outsourced so that the audit will be conducted by someone who is independent of the audit.
Maintain an adequate and accurate system of work papers to facilitate the preparation of audit reports and to provide evidence of audit work performed.
Performing internal audit work related to meeting the requirements of a directors exam for Department of Commerce bank regulations.
Make recommendations to Bank Management from time to time regarding internal controls and safeguards, the Bank's accounting system, regulatory and legal compliance, and changes to Bank's policy and procedures manuals.
Prepare written Internal Audit reports that summarize audit work and include any recommendations regarding significant internal control deficiencies and weaknesses or deviations from legal, regulatory, and bank policies.
Coordinate and oversee correction of audit violations, tracking violations and remediation in a reportable format.
Attend Board of Directors meetings at least quarterly for the purpose of reviewing written reports.
Remain informed on all aspects of Internal/External auditing, including any changes in rules pertaining to auditing.
Maintain confidentiality of any and all information acquired through audits and examinations.
Refrain from engaging in activities or relationships that may impair the independence or objectivity of audits or any activities that conflict with the interest of the bank.
Present changes in the Bank's written Internal/External Audit Program to the Board for their review and approval at least annually.
Attend training seminars and meetings pertaining to auditing when offered by Minnesota Bankers Association and/or regulators or other providers as deemed appropriate.
Maintain adequate set of tools and material to conduct audit requirements.

General Position Requirements

Additional Duties:
Must be willing to accept additional duties as assigned.

Committees
Compliance Committee - Lead
Audit Committee - Lead
Marketing committee
Attendance at other committee meetings as determined by the Board and/or requested by other department heads.

Physical Working Conditions:

Inside working environment, low noise level.
The nature of the responsibilities and essential functions, along with the areas requiring special emphasis, allows this position to be done remotely.

Physical Demands:

Primarily requires sitting at desk, high degree of finger dexterity. Terminal/PC work requires good eyesight/ability to focus quickly.

Mental Demands/Skill Requirements:

Position requires reading a large volume of printed and electronic material. Attention to detail is critical along with good problem-solving skills and ability to reason. Position requires time management ability, ability to work independently, managerial skills necessary to balance time requirements of the position, regulatory requirements, and the interest of the Bank. Position requires organizational skills and good written and verbal communication skills along with ability to multitask.

Relationships:

Incumbent will be responsible to the President and the Board of Directors for fulfillment of duties, responsibilities, authority, and proper interpretation. Incumbent also coordinates and leads the Compliance Committee.

Professionalism:

Demonstrate professional knowledge, service, appearance, and communication. Uphold confidentiality for customer's records at all times. Provide training and assistance to bank staff in a professional manner.

Position Qualification Requirements:

Education: Minimum of 4-year college degree
Experience: Minimum of 3 years overall banking experience in a wide range of areas within a bank and at least 2 years of compliance experience would be essential for this position. Supervisory experience would also be helpful.
Must have a valid driver's license and proof of insurance.
Must be proficient in all Microsoft Office products including Outlook, Word, Excel, and PowerPoint.
Must be able to travel about between branches and to attend training outside of Kandiyohi County.

Skills needed to perform this position:

Reading, writing, calculating, detail, and reasoning abilities; excellent social interaction skills; ensure confidentiality security, and safekeeping of all information; computer keyboard proficiency; advanced computer word-processing; experienced internet user; ten-key calculator skills; working knowledge of office equipment, including phones, copier, etc.; excellent listening skills.
Time management ability and ability to exercise good judgment and common sense.
Organizational skills and good communication skills, including written and verbal; ability to communicate and work well with bank employees, management, and the Board of Directors.
Ability to work independently and objectively.
Analytical and mathematical skills
Ability, authority, and willingness to follow through on findings.
Ability to maintain confidentiality.
Willingness to pursue on-going education and training to enhance the Audit Program
Several years of experience in a wide range of areas within the bank would be essential for this position.
Ability to research and comprehend laws and regulations.
Advanced Accounting Principles knowledge.
Proven ability to multi-task with good attention to detail.
Must be comfortable giving presentations and facilitating discussion groups.

Annual Salary Range: $55,000-$85,000 based on experience.

Member FDIC. Lake Region Bank is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, age, gender, sexual preference or orientation, gender identity, national origin, disability, protected veteran status, and all other protected statuses.