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Job Description
What is the opportunity?
The Chief Control Office is a 2nd line of defense assurance team reporting into Finance designed to add value and improve RBC’s financial control environment and reporting process. It provides SME advice, enabling RBC to achieve its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes around across the Bank which impacts the financial statements. The incumbent will lead these activities across the organization, with responsibilities split by line of business (e.g., P&CB, WM, Ins and Tax versus Capital Markets and Corporate Treasury) and areas of specialty (e.g., Financial Control Transformation versus enterprise education and training).
The incumbent will be responsible for leading all aspects of RBC’s internal financial controls by providing subject matter expertise (SME) on control matters with a primary focus on Sarbanes-Oxley Section 404 and 302 compliance. The incumbent will also lead in other control-related projects, as necessary, and enhance company-wide control standards, including for IT system upgrades / implementations. This role also necessitates staying abreast of key financial reporting control issues to understand the impact on the consolidated financial statements and footnote disclosures and develop solutions / process improvements regarding the issues identified.
What you will do?
- Enhance the RBC SOX 404 / NI 52-109 methodology, program and documentation (including: testing, enterprise oversight of financial reporting risk assessments and maintenance of data, oversight of testing progress and status of financial reporting control deficiencies; and data analysis related to the management of the conclusion of financial reporting of control deficiencies).
- Provide strategic advice as it relates to trends in risk and control issues to senior management on the results of ongoing reviews of relevant areas.
- Critically assess and challenge the key risks and controls identified to ensure RBC has the appropriate level of risk mitigation for financial reporting purposes in order to create efficiency while maintaining solid controls.
- Lead a SOX team that is recognized as thought leaders and subject matter experts regarding SOX and the evolving regulatory/environmental requirements.
- Oversee the annual scoping exercise for SOX Compliance using materiality thresholds and the principles of AS5 to apply a top-down approach and identify significant account balances, entity level controls, significant business unit locations and cycles, and the relevant key controls to be tested that mitigate financial statement risk to an acceptable level - for areas of significant risk
- Interpret and provide guidance based on SEC guidance and Public Company Accounting Oversight Board (“PCAOB”) standards to different control groups across lines of business and Corporate functional areas.
- Oversee the quarterly SOX certification process
- As a subject matter expert, oversee the design and maintenance of the SOX methodology, policy, guidance and tools
- Provide strategic advice to the broader Enterprise Financial Control function by elevating RBC’s global capability and awareness of risk identification related to financial reporting (includes regulatory reporting, legal entity reports, and external financials
- Identifying and building opportunities to streamline and standardize RBC’s risk and control structure as it pertains to financial reporting through standardized process documentation and common tools especially in regards to change management projects.
- Building and implementing a financial control framework for data that leverages the CDO’s enterprise framework, tailored to address financial reporting risk (including SOX)
- Providing best practices in the industry for SOX office oversight and governance to identify and implement opportunities to improve our policies, procedures, training and education and governance as well as issue management practices.
What you need to succeed?
Must Have
- CPA/CA and graduate degree in business or related discipline
- 10+ years Financial Services related experience
- Strong technical knowledge of Sarbanes Oxley requirements
- Strong knowledge on and broad experience in financial products, risk management, with specialization in banking and business processes, internal controls, and industry best practices and regulatory requirements
- Deep understanding of operational risk, governance, and the control environment
- Deep knowledge of key financial metrics, operational risk, the control environment, and regulatory policies
- Proven drive for impact and transformation through leading a team of subject matter experts
- Strong leadership and team building skills
- Proven project & business execution skills
Nice to Have
- MBA
Job Skills
Business Perspective, Consulting, Data Gathering Analysis, Decision Making, Internal Controls, Organizational Governance, Process Management, Risk Management, Strategic Change, Strategic Thinking, Taking InitiativeAdditional Job Details
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