Asset Management Internal Audit Director, PL

Your Opportunity

Your opportunity

We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified location(s).

At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together.

The Internal Audit Department of The Charles Schwab Corporation provides independent and objective assessments to figure out whether all significant risks are identified and appropriately reported by management and risk functions to the Board and Executive Management, to evaluate whether risks are adequately controlled, and to challenge Executive Management to improve the efficiency of governance processes, risk management, and internal controls.

The Broker-Dealer/Asset Management team is seeking an Internal Audit Director, responsible for overseeing the team’s audit coverage of asset management functions, products, and services across the company, including registered investment companies, separately managed accounts, unregistered private funds, and other asset management products. Specifically, the scope of the asset management audit activities covers business practices, fiduciary and regulatory compliance, investment and product governance, portfolio management, trading, valuation, distribution, and operations.  In addition, the Internal Audit Director will also support other Broker-Dealer/Asset Management functions: (i) wealth management, (ii) alternative investments and strategies, (iii) private markets, (iv) client-facing activities and digital platforms supporting the broker-dealer, (v) product market solutions and market expertise, (vi) workplace services, (vii) disclosures and relevant compliance obligations, and (viii) middle and back office operational functions.

Reporting to the Managing Director responsible for Asset and Wealth Management within the Broker-Dealer/Asset Management team, the Internal Audit Director will lead independent, objective assurance activities designed to strengthen operations, risk management, governance, and compliance with applicable fiduciary, securities, investment company, and investment adviser requirements. The Internal Audit Director will develop and maintain a risk-based coverage approach to address existing and emerging risks, driving high-quality audit results and work product, managing stakeholder relationships, and developing and retaining talent. The role requires deep knowledge of asset management activities, investment products and platforms, and the key regulations supporting asset management activities (e.g., Investment Company Act of 1940, Advisers Act of 1940).

Role Responsibilities:

• Audit Leadership and Execution:
  • Lead the planning, execution, and reporting of internal audit assignments audits across multiple business functions, with a focus on application control testing and digital experiences;  
  • Ensure audit scope adequately addresses key risks, controls, and dependencies across business and technology environments, including regulatory considerations;
  • Support the use of data analytics and AI, when possible, to delver audit effectiveness and efficiencies;
  • Provide oversight of audit testing, issue development, root cause analysis, and report drafting to effectively identify and communicate meaningful risks and control gaps, including issue and overall report ratings, and the appropriateness of management action plans;
  • Deliver high-quality audit deliverables, including the review and sign-off on audit workpapers and deliverables to ensure adherence to professional standards and internal methodology;
  • Support the audit team in meetings with key business partners during audit execution; and
  • Oversee and manage audit timelines, budget, and resourcing consistent with agreed-upon expectations.
• Issue Management and Validation:
  • Oversight for the completion of issue validation testing and closure, including service level agreement adherence, for issues in the audit portfolio, including the review and challenge of issue validation testing results.
• Risk Assessment:
  • Oversight for the Internal Audit risk assessment and audit planning processes, including responsibility to:
    • Evaluate business processes, supporting applications, and technology controls to identify emerging and existing risks;
    • Identify and drive integrated audit coverage that considers both business outcomes and underlying technology dependencies, including providing guidance on audit approach for complex processes;
    • Monitor industry trends, regulatory developments, and emerging risks to ensure audit coverage remains relevant and effective;
    • Support the resourcing for integrated and digital experience audit coverage.
• Continuous Improvement:
  • Promote consistent application of audit methodology, standards, and quality expectations.
  • Identify opportunities to leverage data analytics, automation, and emerging technologies within the audit process.
  • Monitor industry trends, regulatory developments, and emerging risks to ensure audit approaches remain relevant and effective.
  • Success Measures
• Business and Project Monitoring:
  • Oversight for business and project monitoring program execution to identify emerging risks;
  • Participate or lead business and project monitoring meetings including key driver of the agenda/talking points; and
  • Update Internal Audit risk assessment and audit planning based on the business and project monitoring conducted.
• Stakeholder Management:
  • Build and maintain strong relationships with executive and senior leadership, business management, risk functions, compliance, and technology organizations to deliver a high-level of stakeholder satisfaction and credibility with senior leadership as a trusted advisor;
  • Communicate audit issues and recommendations clearly and effectively to stakeholders; and
  • Facilitate issue discussions and achieve alignment on action plans and remediation strategies.
• Team Leadership and Talent Development:
  • Lead, coach, and develop high-performing audit talent, including supporting recruitment and onboarding efforts, as needed;
  • Drive a culture of collaboration, accountability, professional growth, and continuous improvement;
  • Support workforce planning, resource allocation, succession planning, and performance management; and
  • Foster integrated teaming across business, data analytics, and technology audit functions.
• Regulatory:
  • Evaluate the appropriateness of management draft responses to regulatory findings impacting the audit portfolio and oversee the completion of issue validation testing and closure, including service level agreement adherence, for the regulatory findings; and
  • Participate in regulatory meetings as needed and provide responses to regulatory questions during exams.
• Administration/Training:
  • Completion of firm-wide and departmental administration and training requirements.
• Strategic Initiatives and Special Projects:
  • Voluntary participation in department and team strategic initiatives.

What you have

Required:

• 12+ years of direct asset management experience required, preferably within audit, compliance, or risk. 
• Demonstrated working knowledge of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and applicable federal and state securities laws, rules, and regulations.
• Experience advising on mutual funds, ETFs, or separately managed accounts, including equity, fixed income, money market or other investment strategies.
• Demonstrated experience leading internal audits involving both business and technology risks and their associated team members, amongst a complex operational and regulatory environment
• Ability to lead a project team and cultivate a strong working relationship with external co-sourcing provider, regulators, and internal lines of businesses.
• Clear understanding of regulatory expectations in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries.
• Strong understanding of risk management, internal controls, governance frameworks, and regulatory requirements, including the ability to evaluate and figure out adequacy and efficiency of controls.
• Stays current on industry and regulatory issues and standard methodologies; imparts this knowledge to the team and the auditees.
• Excellent analytical skills, including the ability to anticipate issues and to design appropriate solutions.
• Strong verbal and written communication skills with a shown ability to articulate and present effectively and authoritatively.
• Uses relationships and insights to successfully influence others, and builds authentic and positive relationships to create alignment and support.
• Proven leadership and experience leading integrated audit teams in a complex enterprise environment.
• Bachelor’s degree required.

Preferred:

• Internal audit experience in wealth management, private markets and alternative investments, and broker-dealer a plus.
• CPA, CIA, CISA strongly preferred. Other relevant certifications will be considered.  Series 7, 9/10, and/or 24 a plus.

What you are good at

What you have

Required:

• 12+ years of direct asset management experience required, preferably within audit, compliance, or risk. 
• Demonstrated working knowledge of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and applicable federal and state securities laws, rules, and regulations.
• Experience advising on mutual funds, ETFs, or separately managed accounts, including equity, fixed income, money market or other investment strategies.
• Demonstrated experience leading internal audits involving both business and technology risks and their associated team members, amongst a complex operational and regulatory environment
• Ability to lead a project team and cultivate a strong working relationship with external co-sourcing provider, regulators, and internal lines of businesses.
• Clear understanding of regulatory expectations in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries.
• Strong understanding of risk management, internal controls, governance frameworks, and regulatory requirements, including the ability to evaluate and figure out adequacy and efficiency of controls.
• Stays current on industry and regulatory issues and standard methodologies; imparts this knowledge to the team and the auditees.
• Excellent analytical skills, including the ability to anticipate issues and to design appropriate solutions.
• Strong verbal and written communication skills with a shown ability to articulate and present effectively and authoritatively.
• Uses relationships and insights to successfully influence others, and builds authentic and positive relationships to create alignment and support.
• Proven leadership and experience leading integrated audit teams in a complex enterprise environment.
• Bachelor’s degree required.

Preferred:

• Internal audit experience in wealth management, private markets and alternative investments, and broker-dealer a plus.
• CPA, CIA, CISA strongly preferred. Other relevant certifications will be considered.  Series 7, 9/10, and/or 24 a plus.