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VP - Enterprise Risk Stress Testing Controls

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POST DATE 8/26/2016
END DATE 11/18/2016

CIT New York, NY

New York, NY
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Full Time
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Overview: About CIT

CIT (NYSE: CIT) was born in 1908 when Henry Ittleson found a new way to make financing available to businesses in St. Louis, Missouri. Soon CIT was forging paths across the country, into Canada and overseas. But time and experience have produced innovations unimagined a century ago. True to its pioneering legacy, CIT remains an agent of opportunity, providing new resources and fresh perspectives to over one million clients across thirty industries around the globe.

CIT is a financial holding company. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

For more than 100 years, CIT has steadily innovated, providing carefully tailored financing solutions to meet the needs of a changing global economy. Along the way, CIT continually redefined what it means to be a financing partner, providing ideas as well as capital to build businesses - and relationships - that have endured for decades.

Responsibilities: Works within Enterprise Risk Management ( ERM) on the stress testing internal control function related to Comprehensive Capital and Analysis Review (CCAR). Accountable for implementing and remediating the stress testing governance and control framework that supports the end-to-end reporting process within ERM for CCAR.

Main Duties and Responsibilities

* Evaluate the required stress testing control framework for CCAR and 14A schedule development within the overall CIT CCAR Internal Controls workstream

* Test the controls supporting the end to end processes in completing FR Y-14A regulatory filings (i.e. report mappings, documentation of adjustments, referential data quality) to assess the accuracy and completeness of regulatory reports.

* Review and compare the reporting specifications for regulatory reports to the reporting instructions and assist in developing appropriate procedures.

* Prepare summary reports and produce metrics for senior management highlighting key issues and remediation status.

* Identify areas where reporting improvement is needed and monitor remediation efforts.

* Collaborate with data owners/ providers to formulate remediation steps to enhance ERM's internal control environment

* Apply knowledge of control policies, standards and guidelines to perform implementation and conformance testing

* Define the scope of spreadsheets to be monitored within ERM as part of the CCAR stress testing controls. Create and maintain an inventory of spreadsheets in scope and develop and apply standards for spreadsheet controls

* Thoroughly document ERM's stress testing control framework including policies, procedures and process flows

Qualifications: Basic Qualifications

* Bachelor's degree

* 4+ years of Public accounting experience at CCAR institution or top-tier consulting firm

Preferred Qualifications

* Experience with developing the control framework for the FRBNY stress test report submission and/or creating the Intermediate Holding Company (IHC) control framework

* Good understanding of SOX, internal controls and governance of a Finance function within a commercial bank obtained from accounting firm/audit experience/regulatory reporting/financial control experience

* Good understanding of the banking and broker dealer regulatory environment and filing requirements with FRBNY or OCC regulatory reporting experience

* Able to manage multiple pieces of work at the same time whilst keeping manager informed of progress on a regular basis

* Excellent communication (both oral and written) and interpersonal skills at all levels

* Strong analytical-thinking and problem-solving skills

* Proficient in Microsoft Excel and PowerPoint and Visio

* Team player with delivery-focus and ability to drive process forward

* Able to challenge current processes and develop recommendations for alternate solutions

* Able to work independently with limited supervision to improve and enhance a process and grasp new concepts quickly