Director, Market Risk Audit

SMBC Group is a top-tier global financial group headquartered in Tokyo with a 400-year history. The Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance, and operates more than 130 offices with 80,000 employees worldwide. In the Americas, SMBC Group provides commercial and investment banking services to corporate, institutional, and municipal clients, connecting them to local markets and an extensive global network.

About the role

SMBC is seeking an experienced Audit Director to lead Market Risk audits from the third line of defense (3LOD) and partner with business stakeholders to strengthen governance, risk management, and internal controls related to market risk activities across SMBC Americas Division. The role, based in Charlotte, will focus on trading and non-trading market risk, including risk measurement, stress testing, valuation, and regulatory capital frameworks.

Responsibilities

• Refine and execute the audit program covering market risk management framework audits and integrated front-to-back product audits, including trading risk, interest rate risk, valuation, capital frameworks, and new products.
• Assist the Risk Stripe Lead with delivery and execution of the Internal Audit Department’s (IAD) audit plan and assurance responsibilities, including preparation of management reports and regulatory presentations.
• Lead or execute internal audits as Auditor in Charge and perform validation activities in accordance with IIA Standards and IAD procedures within prescribed timeframes.
• Demonstrate a strong understanding of internal audit techniques, internal controls, and application of audit methodology.
• Ensure written and verbal communication of audit reports (ACRs) conforms with IAD NY methodology, including clear articulation of key risks, root causes, and remediation actions.
• Oversee and participate in quarterly and annual continuous monitoring and risk assessment processes to identify business trends, emerging risks, and changes in the risk profile, and recommend updates to audit coverage as appropriate.
• Assess market risk measurement frameworks, including VaR, stress testing, scenario analysis, and sensitivities, and evaluate underlying assumptions, data inputs, and limitations.
• Evaluate limit frameworks, including design and calibration of risk limits, monitoring processes, breach management, and escalation protocols across trading activities.
• Evaluate data governance, aggregation, and reporting processes, including reliance on end-user computing tools (e.g., spreadsheets, SQL-based processes) and third-party/vendor data sources.
• Identify business process improvement opportunities and propose practical, risk-aligned corrective actions.
• Effectively communicate with stakeholders and senior management to articulate audit strategy, testing results, and remediation actions.
• Develop and maintain strong working relationships with Front Office, Risk Management, Finance, and Regulatory stakeholders.
• Provide coaching, guidance, and oversight to junior auditors and co-sourced resources.
• Demonstrate accountability, ownership, and the ability to lead audit activities with limited supervision.

Requirements

• Minimum of 10+ years of experience in banking, financial services, or consulting, preferably within Market Risk, Capital Markets trading, or Internal Audit.
• At least 5-7 years of hands-on audit experience, including familiarity with audit methodology, workpaper standards, and regulatory expectations.
• Experience with trading businesses, risk analytics, or quantitative risk management preferred.
• Strong experience and knowledge of:
  • Market risk management frameworks (e.g., VaR, stress testing, sensitivities).
  • Capital frameworks and regulatory requirements (e.g., Basel market risk rules, FRTB concepts).
  • Banking and capital markets products, including derivatives and structured products, as well as new products and innovations.
  • Assessing and challenging risk measurement methodologies, including stress scenarios, risk aggregation approaches, and underlying assumptions and proxies.
  • Evaluating limit frameworks and risk appetite implementation, including alignment between limits, risk metrics, and business strategy.
  • Evaluating data sourcing, data quality, and aggregation processes, including risks associated with manual processes.
• Bachelor’s or advanced degree (Master’s/Ph.D.) in Finance, Economics, Mathematics, or other quantitative discipline.
• Professional certifications (e.g., FRM, CFA, CPA, CIA) are advantageous.

Schedule

SMBC’s employees participate in a hybrid workforce model, requiring employees to live within a reasonable commuting distance of their office location. Hybrid work may not be permitted for certain roles, including certain FINRA-registered positions that require in-office attendance for the entire workweek. Specific hybrid work schedules will be discussed during the interview process.