As an internal auditor, you will advise senior management on business risk and controls. You will analyze and document risks, escalate issues to appropriate stakeholders, and develop processes and procedures for managing exception alerts and cases. In addition to oversight, you will ensure compliance with laws and regulations. And as the primary resource for the team, you will work with others to improve governance practices and reduce risk. In this role, you will help to develop a culture of business integrity and a high standard of control.
There are many types of risks that a company may face. Some of them are industry-specific, such as the level of concentration, barriers to entry, or threat of disruption. Others are company-specific, such as ineffective management, reputation, customer or supplier concentration, or a toxic corporate culture. Understanding your business’ life cycle can help you quantify risk relative to the level of the various components. As your company advances through its lifecycle, debt becomes a larger source of funding.
Incorporate business risk and control into your business model. You should consider implementing both internal and external controls. For instance, consider incorporating an internal audit process. Internal audit teams have to be staffed with a risk management team. This team oversees the entire company’s risk management program. And, in addition to external audits, they are expected to perform a risk assessment as part of their annual review. And, they should also be tasked with providing a risk assessment and analysis of your business.
The size of your risk function is not limited by the size of your organization. A company like Hydro One has a small risk function, but it manages risks throughout the organization and advises the executive team on risk-based resource allocations. Smaller organizations may have to rely on multiple project-level review boards and embedded risk management teams to get a grip on key risks. In either case, good risk management starts with the human side of the equation.
USAA is seeking an experienced Business Risk and Controls Analyst to join their team. This position supports exam/audit management and control governance. It may also include oversight of various risk programs and processes. If you are passionate about risk management, you should consider this opportunity. There are many opportunities at USAA. You will be challenged by your unique work style, but a strong interest in compliance and risk management will allow you to achieve your goals.
As a Business Risk and Controls Analyst, you will work on remediating operational risks, facilitating controls, and monitoring control effectiveness. Typically, you’ll be working on issues with a large business impact, and your role will be varied. In addition to strong analytical skills, you should have excellent communication skills and have experience using advanced Excel and PowerPoint. Plus, Citi is an equal opportunity employer. If you are passionate about reducing risk, consider a career in Business Risk and Controls.