Audit Manager, Varo
BSA/AML
$120-150k
Fee-free online banking platform
Be an early applicant
Fee-free online banking platform
501-1000 employees
Be an early applicant
$120-150k
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- We are looking for someone who is well organized, analytical, a quick learner, and can adapt and work across different areas of the business
- We are looking for someone with a blend of technical knowledge, analytical skills, and critical thinking skills to assess the bank’s BSA/AML program, provide recommendations, and partner with stakeholders to enhance processes
- Minimum of 6 years of experience in internal audit, compliance, or risk management, with a focus on BSA/AML in the financial services industry; experience in digital banking or fintech is a plus
- In-depth knowledge of BSA/AML regulations, including the USA PATRIOT Act, OFAC sanctions, and FFIEC guidelines
- Demonstrated experience in conducting BSA/AML audits, risk assessments, and control testing
- Ability to work independently in a fast-paced environment, demonstrating flexibility and adaptability to cover diverse audit areas
- Strong analytical and problem-solving skills, with the ability to evaluate complex regulatory requirements and their impact on business processes
- Exceptional written and verbal communication skills, with the ability to effectively convey complex audit findings to both technical and non-technical audiences
- Business acumen reflecting insight/understanding of business concepts, tools, systems, and processes needed for making sound decisions in Varo’s business
- Professional designations such as Certified Public Accountant (CPA), Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE) or equivalent are preferred
- Bachelor or Master's degree from an accredited university in Accounting, Finance, Business Administration, or a related field
What the job involves
- As Varo is the first consumer fintech to get a national bank charter in the United States, we are seeking skilled and highly motivated professionals who want to be part of building a new audit function for a technology and data-driven business model in a regulated financial services sector
- As Audit Manager you will assist in the planning, design, and performance of audit programs covering various functions of the bank, with a focus on audits for BSA/AML and sanctions compliance, ensuring effective risk management and compliance with applicable regulations
- Develop and maintain a comprehensive audit plan for BSA/AML compliance, ensuring alignment with regulatory changes, emerging risks, and industry best practices
- Lead and execute audits focused on BSA/AML and sanctions compliance, including risk assessments, testing of controls, and evaluation of remediation actions
- Collaborate with Compliance, Risk, Operations, and Technology teams to understand business processes and offer guidance on BSA/AML controls
- Communicate audit findings, recommendations, and action plans to senior management and relevant stakeholders
- Monitor progress of management's committed action plans and validate closure of remediated audit issues and regulatory findings
- Contribute to the continuous improvement of our audit methodology and development of the annual plan
- Stay informed about industry trends, regulations, and emerging risks to tailor audit activities accordingly
- Develop and maintain productive client and team relationships
- Conduct all audit work in accordance with Internal Audit policies and procedures, the Institute of Internal Auditors (IIA) “International Professional Practices Framework” (IPPF), and applicable regulatory guidelines
Our take
The traditional banking system leaves many US citizens underserved, with some minority groups struggling to access accounts. Varo is one of many companies offering no-fee, high-interest accounts, as it takes on the traditional banks - with additional features such as a rewards program and access to early paychecks.
With many young customers distrustful of traditional banks, Varo has capitalised on this sentiment and grown to serve more than 7 million customers. It has a number of competitors such as Chime and Step, and it's also in competition with established traditional brick-and-mortar banks. However, as the first consumer fintech to be granted a national bank charter in the US, the company is at the front of the fintech revolution with a path to future success.
In response to economic uncertainty, the bank was forced to take cost-reduction measures throughout 2022. The effect has been positive, with a drastic reduction in its burn rate, which had been a primary concern. One point of interest is a shift in marketing strategy that has seen Varo focus more on growing the number of customers using it as their main bank, as opposed to growing overall user numbers. The company also has a new tech unit named "Varo Tech".
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Few candidates hear
back within 2 weeks
-12% employee growth in 12 months
Company
Funding (last 2 of 7 rounds)
Feb 2023
$50m
LATE VC
Sep 2021
$515m
SERIES E
Total funding: $1.0bn
Company benefits
- Health, dental, vision insurance
- Free life coaching and counseling
- 401k
- Office snacks and drinks
- Flexible PTO
- Company and team outings
Company values
- Customer first: Understand problems our customers are trying to solve. Respond with a sense of urgency. Build relationships that result in loyalty. Be data and insights-driven. Test everything. Achieve results through strong execution. Build a product people love.
- Take ownership: Have a bias toward action and high standards. Be accountable for the results of your work and our product. Trust others to own it.
- Stay curious: Ask why. Dare to make things better. Learn something new each day (even from mistakes). Be open to growth. Develop creative solutions.
- Make it better: Think big. Set high goals. Work toward long-term value rather than short-term wins. Create change. Be resilient.
- Respect: Treat others how you want to be treated. Listen first before being heard. Speak the truth even when it’s not easy. Assume best intentions. Bring your full self to work.
Company HQ
Financial District, San Francisco, CA
Articles
Leadership
Colin Walsh
(CEO)Former EVP at American Express. Has also worked in banking at Wells Fargo, Visa, Executive Networks, and Lloyds.
Diversity, Equity & Inclusion at Varo
- Varo takes a long-term, strategic approach to Diversity and Inclusion. We’re committed to building long term awareness and engagement with employees at all levels, our customers, and our communities. We grow and strengthen the Varo team by acquiring, developing, promoting, and retaining exceptional and diverse talent.
- Voluntary employee-led resource groups let us connect with each other, boost engagement, and keep important conversations going. Our groups include; "Women", that aims to increase women’s leadership roles, hiring and retention; "Adept", that sustains Varo’s efforts to support employees with physical, mental, and emotional disabilities; "Unity", that works to advance representation and opportunity for Black and African American employees; and "Pride", that helps us build a fully inclusive workplace offering education, support, and networking for LGBTQ employees.
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