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U.S. Bank Quantitative Audit Project Manager - Model Risk in Minneapolis, Minnesota

At U.S. Bank, we're passionate about helping customers and the communities where we live and work. The fifth-largest bank in the United States, we’re one of the country's most respected, innovative and successful financial institutions. U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors.

Job Description

The Corporate Audit Services Quantitative Audit Project Manager supports internal audit leadership by providing independent assurance and advisory services designed to evaluate and improve the effectiveness of model risk management, control, and governance processes of U.S. Bancorp (USB), affiliates, wholly owned subsidiaries and entities where USB owns a majority (controlling) interest. The Quantitative Audit Project Manager is primarily responsible for model risk related audit engagements and should be able to work independently with minimal supervision from managers. The Quantitative Audit Project Manager is expected to monitor progress of audit engagements against plan and schedule, assess work performed by the audit engagement team, and provide coaching and on-the-job training for team members to ensure engagements are completed in conformance with internal audit policies and procedures.


  1. Performing testing of development, implementation, monitoring, and validation of quantitative models and tools, making appropriate conclusions, and recommending necessary action where needed including vetting issues.

  2. Providing quantitative expertise to assist in completion of the audit plan, including collaborating with audit teams regarding models and other quantitative methods.

  3. Interacting regularly with business line and risk management leaders, and internal and external subject matter experts. Assist in adjusting the audit plan where appropriate based on those interactions.

  4. Supervising audit staff in the completion of audit engagements, ensuring the highest quality work delivered timely. Supervision includes:

a. Completing or assisting managers in planning audit engagements.

b. Assessing work performed by more junior employees.

c. Coordinating work performed by external providers.

d. Performing sufficient reviews to ensure work contains relevant facts to support audit scope and conclusions and adhere to internal audit policies and procedures.

e. Drafting audit reports which communicate audit opinions and audit issues in a timely, clear and concise manner.

f. Monitoring progress of audit engagements against plan and schedule and making necessary adjustments.

  1. Performing other duties as requested by management.

Basic Qualifications

  • Bachelor's degree, or equivalent work experience

  • 10 or more years of applicable experience

Preferred Skills/Experience

  1. Providing effective challenge to model development/validation of various statistical models such as balance sheet, treasury, interest rate, machine learning, pricing/valuation, PPNR, credit loss, economic capital, regulatory capital, acquisition, account management, collection, AML and fraud

  2. Advanced understanding of model risk concepts such as governance, inventories, documentation, validation and use

  3. Proficient with a range of statistical tools like SAS, R, Python, etc. and sound knowledge of new and emerging analytic tools.

  4. Excellent verbal and written communication skills

  5. Ability to manage multiple tasks and deadlines simultaneously

  6. Proven adaptability to changing priorities

  7. Experience auditing risk functions

  8. MA/MS/MBA/PhD or comparable advanced degree

  9. Ability to build and continuously improve working relationships with internal audit peers, business line leaders, and partners (risk and compliance)

  10. Understanding of Institute of Internal Auditors (IIA) Standards and the common definition of internal controls.

  11. Experience in Banking or Financial Service industry.

Salary range reflected is an estimate of base pay and is for the primary location. Base pay range may vary if an offer is made for work in a different location.


Take care of yourself and your family with U.S. Bank employee benefits. We know that healthy employees are happy employees, and we believe that work/life balance should be easy to achieve. That's why we share the cost of benefits and offer a variety of programs, resources and support you need to bring your full self to work and stay present and committed to the people who matter most - your family.

Learn all about U.S. Bank employee benefits, including tuition reimbursement, retirement plans and more, by visiting usbank.com/careers (https://www.usbank.com/careers/index.html) .

EEO is the Law

Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) poster.


U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program (https://www.usbank.com/careers/verification-of-eligibility-for-employment.html) .

Pay Range: $105,400.00 - $124,000.00 - $136,400.00

Our 74,000 employees work across departments to help our millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world turn their dreams into reality. Our employees are empowered to create change and drive our future, and we pride ourselves on diligently and ethically upholding U.S. Bank’s best-in-class financial record and legacy of more than 150 years in banking. Most importantly, we put people first, cultivating and treasuring meaningful relationships with the customers we serve, the colleagues we support and the communities where we live and work.