A bank auditor ensures compliance with industry guidelines and prevents fraud, evaluating practices from cash transactions to security. They prepare annual goals, develop plans, and ensure compliance with regulations, requiring a positive attitude and computer literacy. A bachelor’s degree in banking, finance, business administration or accounting is required.
A bank auditor monitors the bank’s operations to ensure compliance with industry guidelines and adherence to measures that prevent fraud. Her job often requires her to establish and follow a schedule to regularly verify the appropriateness of all business activities. She can work at a large or small financial institution.
In an industry often considered highly competitive, a bank auditor reviews the general and specific aspects of day-to-day practices to ensure your bank remains competitive and maintains the integrity expected by its customers. It examines all practices, from cash transactions to the security of bank vaults and courier services. As an industry professional, she is generally familiar with competitors’ procedures. She is expected to objectively evaluate her bank’s performance against others and take steps to improve areas that fall short of excellence.
Usually, annually, a bank auditor prepares a list of goals for your bank. They usually relate to increasing the customer base, retaining existing customers, and improving loan rates to make them more attractive to customers. Other goals often include reducing transaction processing error rates, improving customer service ratings, and decreasing bad debt rates.
Once the annual targets are finalized, the bank auditor usually develops a plan for achieving them and presents them to the various managers for review and input. Each manager generally communicates the information to their respective employees. Incentives are often offered to anyone who increases sales of products and services or significantly reduces accounting errors.
Another typical area of concern for bank auditors is compliance with regulations and guidelines governing lending practices and disclosure procedures. As industry guidelines are frequently updated and renewed, it is important for the bank to be fully compliant in its operations to avoid fines and properly guarantee customer deposits. If breaches are discovered through third-party assessments, the bank auditor traditionally acts as the liaison between the independent auditors and bank personnel to resolve them.
Success in this position often requires a positive attitude and the ability to inspire others to appreciate the importance of accuracy, following the rules, and optimal customer satisfaction. A bank auditor also needs to be computer literate to create reports and spreadsheets. She also typically benefits from good oral and written communication skills.
A bachelor’s degree in banking, finance, business administration or accounting is usually required to be a bank auditor. A master’s degree in one of these concentrations is an asset for applicants. Regional or national certifications in bank auditing, along with banking or finance experience, are highly preferred.
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