Head of U.S. Audit Services
Malvern, PA, US
April 8, 2019
About the Audit Group:
Vanguard’s Internal Audit Department is comprised of approximately 135 crew globally. Within the organization, the Internal Audit department is seen as a critical line of defense for the organization and is valued as a partner and trusted resource. The team is comprised of collaborative, hard-working, highly motivated, and technically skilled professionals who consistently deliver high-quality work in a challenging and dynamic environment. Internal Audit promotes a flexible and well-balanced work environment. Across the enterprise, Internal Audit is viewed as a key talent feeder for the broader Risk and Finance organizations of Vanguard. The audit group brings a consultative approach to their work and the collaborative and collegial environment has created a culture that recognizes the value in building trust in the relationship to effectively make change.
About the Head of U.S. Audit Services role:
Vanguard seeks a Head of U.S. Audit Services to help identify and manage risk to its business and investors. As a direct report to the Chief Audit Executive this position would lead a team of 20-30 individuals, including 3-4 direct reports with 8-15 years of experience, dedicated to audit coverage of Vanguard’s largest lines of business. In addition to mentoring and leading the team, the Head of U.S Audit Services will be responsible for setting the audit plan and strategy for the Internal Audit department’s coverage of product distribution, investment advice, client services, and account operations across three divisions aligned to serve retail, intermediary and institutional clients. In addition, this role is responsible for maintaining primary relationships with divisional leadership and risk partners, have ultimate responsibility for all engagements, and will impact the future shape of the audit organization.
The U.S. Audit Services Group is located in Malvern, PA and also covers business operations in Scottsdale, AZ and Charlotte, NC. With a number of strategic initiatives underway in the Retail, Financial Advisor Services, and Institutional Investor Group Divisions, the Head of US. Audit services will be expected to effectively liaise with senior leadership sponsors of strategic programs and guide audit teams, risk groups, and business leaders to help them understand risk and control implications and propose solutions to potential business risk challenges. A successful candidate will bring a consultative approach and solutions-oriented mindset to this role as it relates to supporting ongoing operations and change initiatives. This leader’s knowledge, experience and understanding of leading practices in investment and wealth management businesses with be extremely useful in delivering value to Vanguard and Internal Audit’s business partners.
Individuals in this role must demonstrate strong leadership skills, professional curiosity, have a continuous improvement mindset, possess the desire and aptitude to question the status quo and drive innovation and exemplify the highest degree of credibility and integrity.
Primary duties and responsibilities:
- Manage and develop a team by providing guidance, training, and motivation necessary to develop staff. Hires, terminates, evaluates, and counsels personnel. Sets performance standards.
- Manages a portfolio of audit coverage and relationships with senior staff and other senior executives. Scope of responsibility includes audit coverage of Vanguard’s primary U.S. businesses (Financial Advisor Services, Institutional Investor Group, and Retail Investor Group) for domestic Exchange Traded Fund, Mutual Fund, and other investment product distribution, client services, and brokerage, transfer agent, and retirement plan recordkeeping operations.
- Oversees audit reports and other communications to senior management. Assists the Chief Audit Executive in preparing communications to the audit committee of the board of directors. Communicates insights and reporting audit committees of the boards of directors, with specific responsibility for reporting to the Affiliates Audit Committee that governs entities including Vanguard’s broker-dealer, registered investment advisor, nationally chartered trust company, and Pennsylvania chartered trust company.
- Develops the annual audit plan for areas of responsibility to achieve departmental and corporate objectives, and commensurate with risk level. Demonstrates initiative and creativity in influencing, recommending and implementing solutions. Audit plan includes coverage of operations, specific work to meet expectations of regulators, assistance with external auditors in completing control attestation reports and coverage of large-scale, strategic business changes.
- Consults with key management personnel to assist in developing the strategy of the audit plan and overall audit coverage for U.S. retail, intermediary, and institutional client facing businesses.
- Coordinates with Risk Partners (i.e., Enterprise Risk, Compliance, Information Security, Fraud team, etc.) to assess corporate initiatives, issues, strategic decisions, and the top risk focus areas of the company.
- Represents Internal Audit through participation of various business committees, providing proactive feedback on corporate risk management, internal controls, and governance efforts.
- Establishes and maintains strong working relationships with peers, divisional management, as well as PricewaterhouseCoopers and other strategic internal and external business partners.
- Develops staff and ensures that audit professionals have sufficient expertise in mutual fund transfer agent and brokerage operations, mutual fund and ETF distribution processes, wealth management and client services, and retirement plan services; and are able to assess and advise on complex operational risk topics, including applying an understanding of operational and regulatory expectations of applicable governance bodies, especially FINRA, SEC, DOL.
- Manages staff. Provides guidance, training and motivation as necessary to develop staff. Manages resource requirements. Hires, evaluates and counsels personnel. Follows corporate disciplinary procedures per established Vanguard standards as required. Sets performance standards, reviews performance, provides feedback, and recommends wage increases in accordance with all applicable Human Resources policies and procedures.
- Participates in the development of departmental and project budgets. Reviews expenses and ensures that the team is operating within budgetary guidelines.
- Ensures operational efficiency and effectiveness within the unit. Sets measurable goals and examines ways to raise standards, to increase quality and to improve overall performance of the unit.
- Accepts overall responsibility for the team’s progress and measures success in completing the annual audit plan for the division, and in meeting departmental objectives.
- Manages multiple projects, both Departmental and Divisional, and performs other related duties as assigned.
- Participates in special projects and performs other duties as assigned.
The ideal candidate should possess:
- Undergraduate degree or equivalent combination of training and experience. (BS or BA in a business related field of concentration. Professional certification or advanced degree (e.g., CPA, CIA, MBA preferred).
- Minimum of ten to fifteen years of business experience, with four to six years of previous management experience. Seven or more years of internal audit or risk management experience with four to six years of previous audit management experience preferred.
- Knowledge and experience of investment management or wealth management business and operations.
- Excellent leadership, interpersonal, verbal and written communication, presentation, and problem solving skills.
- Experience in situations requiring diplomacy, influencing and negotiation.
- Strong Client/Focus and relationship skills.
- Advance Organization Integration.
- Strong negotiation skills.
- Ability to travel.