Audit Manager, Varo Bank
BSA/AML
$120-150k
Fee-free online banking platform
Job no longer available
Fee-free online banking platform
201-500 employees
Job no longer available
$120-150k
201-500 employees
Company mission
To bring financial inclusion and opportunity to all.
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 Bank 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 capitalized on this sentiment and grown to serve more than 7M customers. It does have a number of competitors, including 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 ongoing economic uncertainty, the bank implemented cost-reduction measures throughout 2022, delivering a meaningful turnaround. These actions significantly reduced its burn rate, addressing a key area of concern. Notably, a refined marketing strategy has also emerged, with Varo prioritizing customers who use the platform as their primary bank rather than simply expanding overall user numbers, putting the company in a position for more sustainable, long-term growth.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
-12% employee growth in 12 months
Company
Funding (last 2 of 8 rounds)
Feb 2025
$29m
SERIES G
Feb 2023
$50m
LATE VC
Total funding: $1.1bn
Company benefits
- Employee stock plan
- Mental health resources
- Volunteer time-off
- PerkSpot discounts
- Flexible time off
- Comprehensive health plans
- Parental and family leave
- Retirement savings plan
- Education stipend
Company HQ
Financial District, San Francisco, CA
Leadership
Gavin Michael
(CEO)Prior to Varo Bank, Gavin spent 5 years at Bakkt as a Senior Advisor and CEO. He was also the Head of Technology, at Citi, Head of Digital at Chase, and CIO at Accenture.
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