A bank auditor oversees the operations of her institution to ensure compliance with industry standards and the implementation of fraud-prevention measures. Her job generally requires her to create and stick to a schedule for checking the appropriateness of all business activities on a regular basis. She could work for a large or small financial firm.
A bank auditor reviews the general and specific aspects of daily practices to ensure her bank remains competitive and maintains the integrity expected by its customers in a highly competitive industry. She examines every aspect of the bank’s operations, from teller transactions to vault security and courier services. She is generally aware of competitors’ procedures as an industry professional. She is usually expected to compare her bank’s performance to that of others and to take steps to improve areas where it falls short of excellence.
A bank auditor typically prepares a list of goals for her bank on an annual basis. These primarily concern expanding the customer base, retaining existing customers, and improving lending rates to make them more appealing to clients. Other common goals include lowering transaction processing error rates, improving customer service ratings, and lowering loan default rates.
A bank auditor usually develops a plan to achieve the annual goals and presents it to the various managers for review and input once they are finalized. Each manager usually passes on the information to his or her subordinates. Those who increase product and service sales or significantly reduce accounting errors are frequently rewarded with bonuses.
Compliance with regulations and guidelines governing lending practices and disclosure procedures is another common source of concern for bank auditors. Because industry guidelines are frequently updated and revamped, it is critical for the bank to operate in complete compliance to avoid penalties and properly secure customer deposits. If infractions are discovered through third-party audits, the bank auditor typically acts as a liaison between the independent auditors and her bank’s personnel to resolve the issues.
In order to be successful in this position, you must have a positive attitude and the ability to inspire others to understand the importance of accuracy, following rules, and providing excellent customer service. In order to create reports and spreadsheets, a bank auditor must also be computer savvy. She usually has good oral and written communication skills as well.
To work as a bank auditor, you usually need a bachelor’s degree in banking, finance, business administration, or accounting. Applicants with a master’s degree in one of these concentrations have an advantage. Bank auditing certifications at the regional or national level, as well as banking or finance experience, are highly desirable.