Internal Controls Associate

Job description

The Internal Controls Associate position involves providing analytical support to the Internal Controls department to evaluate complex and diverse processes, risks, and controls and ensure their security and reliability in order to ensure compliance with laws and internal policies and prevent errors or irregularities.

Tasks and responsibilities

- Collaborate with various business partners to facilitate the completion of risk assessments and targeted operational risk assessment projects. - Support principal risk owners and principal risk coordinators in identifying key risks and mitigation measures in their business areas and in developing action plans to address any gaps in mitigation measures. - Conduct assessments focused on the anti-money laundering process to ensure it complies with company policies and regulatory requirements, as well as design and perform tests to identify potential control weaknesses and prepare appropriate documentation (working papers) on the assessment performed. - Collaborate with business units to develop action plans to address any gaps in mitigation measures. - Investigate and assess the cause of a loss/gain event and assist business partners in remedying control deficiencies that have arisen as a result of such an event. - Review new product proposals to ensure they are supported by internal policies, suitability process, documentation, and compliance with laws and regulations, and provide feedback and comments to the product committee. - Test self-assessments/controls to identify potential control weaknesses in departments and functions as well as other operational areas and recommend changes to minimize these weaknesses. - Assist third parties throughout the assessment process and ongoing monitoring of open items that require follow-up and clarification. - Conduct regulatory research, disseminate regulatory information, and provide opinions and advice on regulatory matters. - Reviewing policies, procedures, and practices to ensure they comply with laws and regulations and implementing necessary changes. - Monitoring the completion of all assigned activities by business partners to ensure that agreed-upon changes have been implemented to address identified control weaknesses. - Preparing reports on assessments performed and materials for committees. - Assist areas in developing key risk indicators, when applicable. - Perform duties and responsibilities specific to department functions and activities. - Compliance with BSA/AML laws, regulations, and guidelines, as well as the Bank's BSA/AML policies and procedures, is part of the performance evaluation of all employees. - Compliance with anti-money laundering and banking secrecy principles, laws, regulations, and guidelines, as well as Itaú's corresponding policies and procedures. - Coordinate and participate in squad and community reviews to ensure they are in line with government f