Data analytics and careers in Internal Audit

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Data analytics and careers in Internal Audit

In this series, crew members in Internal Audit share their perspectives on the role data analytics is playing in their field.

Chris V's portrait Chris V.
Director
Auditor Services Technology

A graduate of the Rochester Institute of Technology, Chris began his career with Vanguard’s Information Technology (IT) Division as a systems administrator, providing front line support for critical business infrastructure. He transitioned to a role in IT Audit, where he is currently a Director on the Global Technology Audit Services team, leading the Integrated Audit and Data Analytics functions.

Jeff O's portrait Jeff O.
Data Analytics Technical Lead
Internal Audit

After completing a graduate degree in analytics, Jeff worked at a media and technology company for several years. While there, he was a developer and thought leader in analytics, with projects spanning consultation, visualization, business intelligence, and machine learning. After joining Vanguard, Jeff supported the Institutional Audit Services team before moving into the Data Analytics Technical Lead role. He is tasked with operational leadership of the data analytics team in providing insight, efficiency, and coverage gains to Internal Audit, contributing to our overall goal of protecting Vanguard investors.

Kelly C's portrait Kelly C.
Project Manager
Audit Services

With an undergraduate degree in Accounting from Saint Francis University, Kelly started her career at Vanguard as a Client Services Specialist within Retail Services. During this time she obtained her Series 7 and 63 licenses, assisting retail clients to meet their investment needs. She moved on to become a Corporate Actions Specialist within Fund Financial Services for several years. In this role, she captured and accounted for corporate actions for Vanguard funds. She has spent the past four years as a Project Manager within Internal Audit, partnering with business units around the globe to identify and mitigate risks to Vanguard. During her time at Vanguard, Kelly successfully obtained an MBA from West Chester University and her CIA (Certified Internal Audit) designation.

Why is data analysis so critical to the future of Internal Audit and Vanguard overall?

Chris: A challenge for the Internal Audit department is being able to keep pace with changes taking place in the business. New products and client service offerings, technology transformations, continued global expansion, and an evolving regulatory landscape are contributing to an unprecedented velocity of change at Vanguard. With this in mind, how do we, as Internal Audit, continue to provide coverage over an evolving risk landscape that grows proportionally to the rate of change?

One of the ways Internal Audit can scale to meet this growing demand is through the effective and efficient use of data analysis. If used properly, it can allow us to make smarter, better informed decisions on where to allocate our resources, automate manual processes, test full populations of data in minutes, not days, and monitor the health of our control environment with minimal effort. Data analysis provides us the opportunity to work smarter and make more efficient use of our finite resources which is critical in carrying out our mission of protecting Vanguard’s investors.

How is Internal Audit using data analysis today?

Jeff: In a shared partnership of analysts and auditors, the department uses data analytics by augmenting the audit process with population-level insights and tests. Both reactive and proactive projects are completed currently. As advisory and assurance engagements conduct their reviews, data analytics is leveraged to better understand business practices and identify risk-based exceptions. From the successful use of data analytics during those engagements, automated monitors can be developed afterward to assist the department in reviewing the risk landscape in future. A variety of approaches are used, including independent analysis from source systems, visual analytics to better understand populations, and statistics and algorithms to identify hard-to-find insights.

Kelly: Internal Audit uses data analysis in multiple phases of the audit lifecycle. For example, when establishing an annual audit plan or preparing for a specific audit, data analysis helps an auditor identify the high-risk and complex areas to target. It has also led to a shift in how typical control testing can be performed. Audit teams can assess complete populations of a data set rather than merely inspecting a small sample selection by using analytical tools and techniques. This helps provide better assurance on how effectively a control is operating and gives the team better insights into the holistic control environment of the respective area.

What are the hallmark traits of a successful data analyst?

Jeff: I once heard it said that, “…the analysis isn’t complete until the results are accepted.” Deriving interesting and valuable insights, which depend on persistent curiosity is key. It is not just about asking a good question, but about asking the right series of questions that drive deep into a subject. However, great analyses can be of no value if they are misunderstood. The ability to describe the methods and the value of the results in a clear and concise manner creates the return on investment. Further, a great analyst must be able to build excitement around the use of data.

How can a data analytics skillset benefit one’s career?

Kelly: I think that having a proficient data analytics skillset pays dividends throughout any career path. Being able to successfully identify and analyze the necessary data and information needed to make a well-informed decision are essential skills that will benefit an individual in any role. Personally, as I grow in my career I aspire to lead larger and more strategic projects across the organization. Analytics skills will help give me both macro and micro views into a respective book of work, information to drive data based decision-making, and a tool kit for persuasion and influence.

Chris: Having a risk and control skillset alone is no longer sufficient to be considered an effective auditor. While data analytics is very quickly becoming a required competency in our industry, the benefits aren’t solely limited to a career in audit. Data analytics skills are in-demand, very transferable across disciplines and are impactful in a number of different roles should you ever decide on a career change. Building data analytics acumen today can be a big differentiator in your future.

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Data analytics at the heart of Vanguard’s client experience

Imagine a world in which you are a detail-oriented analyst focused on results and outcomes, encouraged to ask questions, and empowered to work with a team developing innovative solutions. Within the Client Experience & Digital (CXD) group at Vanguard, our high-performing teams are doing exactly that, and the data analysts are central to this work.

I’m writing this as a new team member, having joined CXD only a few weeks ago. People have asked me to describe what it’s like to work in CXD and what makes CXD different from other groups within Vanguard and places where I had previously worked. I started my career working with large databases within IT divisions, and then moved into direct-to-consumer retail marketing and marketing technology as those solutions gained prominence in the mid-2000s. I was aware of Vanguard’s mission, and as a woman and working mother, Vanguard’s focus on doing the right thing for both investors and employees was attractive to me. Two years ago, I was fortunate to join Vanguard’s Retail Marketing Analytics group, where I led a team of data analysts, before my recent transition to CXD, where I serve as a data analytics manager.

Three things come to mind when I consider what it is like to live and breathe analytics in this specific context and, in my experience, make working within CXD unique.

1. The first is POST-IT NOTES, which are used daily in brainstorming sessions, in mapping out client journeys, and in tracking progress against goals. They are representative of the way we work and our team structure, and they also provide decorative flair to the office walls. The work we do here is very visual – after all, the journey labs are focused on improving Vanguard’s digital experiences which is, in and of itself, inherently visual. They also come in a variety of colors, shapes, and sizes optimized to get a specific job done. I see this as being symbolic of the way our teams are structured and representative of the diversity of skills and backgrounds that help make our teams high performing.

2. The second is IMPROMPTU CELEBRATIONS. We work in short sprints, rapidly iterating to consistently move forward by taking one step at a time. This leads to celebrating small wins along the way. We might applaud the automation of a process or the results of an experiment because we are happy when we can see that we are making digital experiences better for our clients, or when we can quickly learn that something did not work as we had hypothesized. These celebrations also acknowledge personal and work milestones. We take pride in the work we do, and we look for ways to recognize the fact that we are making progress both personally and within our CXD journeys.

3. The final item is a high level of PEER-TO-PEER COLLABORATION. The data analysts are embedded within a “full-stack” agile team with strategists, developers, designers, and researchers. You might think this means analysts are without the support of an analytics community. This is not the case! The analysts continue to work closely with other analysts across CXD, thinking through approaches and validating findings while sharing knowledge with their analytic peers.

I think it is interesting that our analysts come from a variety of backgrounds and work from different strengths. It shouldn’t be surprising that we have individuals with quantitative experience. However, we also have team members with degrees in communications and people who started their Vanguard careers as phone representatives. Within this context, analysts switch between the technical and non-technical to continually ground decision making in the data, design and execute experiments, and craft data stories that are meaningful to the business. All of this happens so we can improve client experiences in support of Vanguard’s mission to give investors the best chance for investment success.

– Jane M.

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Advertising…at Vanguard??

September 18, 2019/in Culture, Day in the Life, Our mission Mid-level specialist /by Ferris

Advertising…at Vanguard??

Meet Bonnie D. She is an Advertising Manager who did not expect to find herself in the financial services industry. Now after having spent a number of years in creative roles at Vanguard, one thing she says she never takes for granted: “I laugh every single day.”

If you’re seeking an environment where you can make a difference and develop professionally, learn more about our MBA programs at www.vanguardjobs.com.

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National Intern Day – Recognizing our 2019 summer Vanguard interns

To celebrate National Intern Day, we wanted to recognize some of the interns who have been participating in our College to Corporate (C2C) and MBA Internship Programs. Students from across the country joined us in our Pennsylvania, North Carolina and Arizona offices for an immersive 10 week program. During this time, they became part of a Vanguard team and supported projects and initiatives throughout the company. We asked interns from programs across the business to share what they’ve worked on and what they have taken away from this experience.

Arizona Intern Expo

C2C Advice – Allison F. (AZ)
My internship with Vanguard has been filled with research projects, financial advisor role plays, exploration of the company, hours of advisor shadowing, and asking about a million questions! As I’ve worked to use my time at Vanguard to the fullest, I’ve come to value curiosity more than I would have ever expected. My curiosity has driven me to connect with people and resources at Vanguard to learn more about opportunities to contribute as a fiduciary within the financial planning industry and to develop new skills such as client relationship management, market knowledge, and behavioral coaching. This connection to new knowledge and fresh perspectives has been energizing and extremely rewarding, and has opened my mind to lessons I won’t soon forget.

C2C Business – Brianna M. (AZ)
My experience in the C2C Business Internship has given me the incredible chance to develop myself personally and professionally, in an environment where I was able to take risks, challenge myself, and receive regular feedback.

The projects I worked on over the summer were focused on using Visual Management—digital, physical, and interactive—to create transparency for crew around what is taking place in the Senior Manager and Manager meetings. These projects challenged me to create visual content that aligns to Vanguard’s brand and understand what information is most important to crew. I was able to leverage my marketing background to add an outside perspective and successfully create a sustainable framework for the department. This experience gave me the chance to manage several projects, network effectively and create numerous relationships, and develop leadership skills.

I am extremely grateful to have been an intern at Vanguard. It was very easy to immerse myself into the culture here, largely because of the willingness of the many individuals I interacted with, to assist in giving me the best chance for success.

Pennsylvania Corporate Challenge

C2C Corporate Finance and Accounting – Sarah C. (PA)
I am thankful I had the opportunity to intern with the Global Investment Data Management (GIDM) team on the Equity Trading Floor this summer. I was tasked with designing a new role to combine some of the GIDM Index and Reference teams’ tasks to increase efficiency, broaden investment acumen, and free up time to improve the ways that GIDM provides security and index data to the Equity Index Group. Even in ten short weeks here, I have grown professionally and personally. I developed meaningful relationships, learned and implemented project management best practices, and deepened my knowledge of the systems that ensure accurate and timely data for stakeholders. I have made this summer count by remaining open-minded and self-reflective. The approachability of leaders and the focus on development is genuine at Vanguard, which has encouraged me to truly make the most of every experience this summer.

C2C Investment Management – Tom Z. (PA)
This summer I was placed within Vanguard’s Investment Risk team covering the Quantitative Equity Group. Working with my manager, we have managed to strike what I think is the perfect balance of learning new, intellectually challenging things while also helping solve real-world business problems. In this sense, I have made my time at Vanguard count for both my personal development and the betterment of my team. Going from minimal knowledge about quantitative equity risk management to completing and presenting projects that involve creating frameworks for advanced risk analytics (used in regular meetings, ad-hoc analysis, and presentations to the CIO) has been a truly rewarding experience. These projects have not only helped me develop my technical skills in finance, math, and programming, but have also refined my ability to effectively communicate my project concepts, challenges, and ideas. Overall, my experience at Vanguard has offered me an engaging workplace where I can form terrific professional relationships to help hone and apply the skills I learn.

MBA Internship – Nancy M. (PA)
I have spent my summer working with the International Americas team on developing a competitive intelligence framework for the region. I had the opportunity to learn about various North and South American markets and the complexities Vanguard faces in those countries. Coming from a non-finance background, I valued the opportunity to learn about the asset management industry and gain an international perspective of the company. The MBA Leadership Development Internship Program provided access to senior leadership to ask questions about Vanguard’s strategic priorities and crew member development. I’m happy to come out of my internship experience with a better understanding of how Vanguard is able to play a leading role in global finance and how much they value everyone’s voice.

North Carolina Classroom Central

C2C IT – Abby H. (NC)
This summer, I have been on the Mighty dUX team, which is part of the Enterprise Advice pillar. Our team is working to build a batch application that can check a client’s investment portfolio daily and rebalance them as necessary to best help clients meet their investment goals. I joined dUX right before its first major milestone in development, which meant that I had a very short learning period before I began working on issues vital to the team. This helped me develop my ability to think on my feet and be flexible and adaptable. I learned to take on big challenges and to collaborate with my teammates to quickly and efficiently find solutions to problems as they arose. I enjoyed my internship so much this summer that I applied for a full-time position and will join the 2019 TLP Cadre this fall, so I truly believe that I made it count!

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Vanguard Strong Start for Kids Giving Program

From preschool teacher to program officer

June 19, 2019/in Day in the Life, In the community /by manjunath

From preschool teacher to program officer

“Vanguard?! You mean the company that manages my retirement savings?” This is the usual response I hear when I tell people where I work now. I have to admit, starting my career as a preschool teacher and social worker seems like a long way from being a crew member at Vanguard. However it’s exactly the base of knowledge and skills I need to serve in my current role as a Program Officer, co-leading the Vanguard Strong Start for Kids™ grant making portfolio.

Vanguard Strong Start for Kids Giving Program

Where I Started

It was 1996, and I was entering the fall semester of my junior year in college. I’d spent the summer before as a camp counselor at a local child care center in my hometown, and I was just entering my major in early childhood education. I’d gotten a job as a preschool assistant teacher at a child care center not far from my college campus, and I LOVED it. I loved working with the lead teacher to plan lessons that used play as a learning tool, working with families to understand their child’s progress and development, and using what I was learning in my teacher training program to guide how I interacted with the children in my care. I didn’t know then, but those first days in that classroom would set the foundation for my professional career across multiple settings.

After graduating and teaching pre-kindergarten for a while, I moved into one-on-one case management helping low-income families’ access public dollars for child care. From there, I spent several years working at child advocacy organizations helping to shape public policies that benefitted young children and families at the state and federal level. While not exactly the same as a teacher-student relationship, these positions continued to build the foundation of understanding that’s needed to steward philanthropic dollars into the early learning sector.

Vanguard Strong Start for Kids Giving Program

Vanguard Strong Start for Kids Program

While it seems like my experiences might be far from the core business of Vanguard, they’re actually quite similar. Vanguard’s crew are charged with acting as stewards of our clients’ hopes and dreams through smart, sensible, and aligned investment management. And we also are encouraged to be stewards within our communities, so it made sense that the signature crew and corporate philanthropic program would employ Vanguard’s long-held strategy: investing early pays off later. The Strong Start for Kids mission is to boost kindergarten-readiness for low income young children, primarily within Philadelphia, PA, Charlotte, NC, and Phoenix, AZ (our biggest U.S. sites). Empirical evidence shows that investing in high-quality programs for young children and families in the 0-5 years is necessary for developing educated, healthy, productive citizens that thrive in a global economy.

Equally as important as a long-term societal benefit is the fact that high quality early learning opportunities change the trajectory of individual lives and families. I have seen the impact of high-quality opportunities as an early learning professional and I also see it every day as the parent of two young daughters. Children develop the foundation of their cognitive abilities and character during their first five years. Their brains are literally being built by all of the experiences happening in their lives – good or bad! Nurturing relationships that make children feel safe and loved, while enabling them to experience the world around them, builds stronger brains. By supporting organizations and projects that enhance parent/caregiver skills, improve learning opportunities outside of homes, and coordinate services so that families have easier access, the Strong Start for Kids program works to help young children build the foundation for learning they need to thrive.

Vanguard Strong Start for Kids Giving Program

I always knew that my life’s calling had to do with educating, empowering, and uplifting young children and their families. I didn’t know that calling would play out like it has and, ultimately, lead me to Vanguard. I’m lucky to work at an organization where my passion for building community aligns with company values.

-Rashanda P.

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That company down the street that doesn’t give advice? Think again.

May 15, 2019/in Advice from crew, Career opportunities, Crew benefits, Culture, Day in the Life, Our mission advisor, crew /by manjunath

That company down the street that doesn’t give advice? Think again.

Meet Deji A. He is a Financial Advisor Manager who shares how he found the right fit in Vanguard. Deji’s strong client focus and passion for developing his crew have remained a priority throughout his career.

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Connecting with the Vanguard mission

April 2, 2019/in Advice from crew, Culture, Day in the Life, Our mission career, client, client services, services /by manjunath

Connecting with the Vanguard mission

Meet Tiamoy W. She learned about Vanguard at a job fair and shortly after launched her career in Client Services. “I think what excites me the most is getting on the phone and knowing that you’re going to change someone’s life.”

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