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Bank Examiner


Description

Bank examiners investigate financial institutions concerning compliance with government regulations governing the institutions operations and solvency. Examiners schedule audits to protect the institutions shareholders and the interests of depositors. Therefore, they are external auditors specifically hired by banks to perform audits in various companies and organizations. They recommend acceptance or rejection of applications for mergers and acquisitions, and testify to the viability of chartering new institutions.

Bank examiners are professionals qualified to audit accounts, issue financial reports or to conduct a financial audit of an entire department or organization. They verify the accuracy of a company's financial records while checking for fraud, mismanagement and waste. More specifically, they investigate and evaluate an organization's finances, information systems, management procedures and internal controls in order to ensure that all records are accurate and protected against fraud.

Nowadays, financial institutions need to add extra security within their organizations due to increased computer hacking, virus and worm spreading and internal fraud. Bank examiners try not to play the threatening role of police officer or watch dog, however due to the reality that criminal practices occur within companies, examiners play an important evaluative role within most organizations. Bank examiners work under the guidance of controls which refer to ethical values, consistency in meeting goals and performance measures, to name a few.

Bank examiners work with a high level of integrity and commitment. Their goal is to help a financial institution function to the best of its ability, while constantly scrutinizing for signs of trouble and glitches. Constant improvements are made, while the examiner problem solves for optimal solutions to any company problems. Bank examiners are, to a large extent, key to an organization's success in today's fast-paced business world. They help prevent future catastrophes which result in both saving time and money.
 
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See yourself succeed at Southern New Hampshire University.
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  Interests and Skills  
Bank examiners subscribe to a professional code of ethics and must therefore work with a high level of ethical standards, use sound judgment, strong initiative, have the ability to think analytically and creatively and be excellent communicators who listen attentively, speak effectively and write clearly. Successful examiners are methodical and persistent, enjoy finding innovative solutions to problems and can direct and advise others.
 

  Typical Tasks  
  • Research and gather information about bank policies and practices
  • Identify risks to efficiency, economy, effectiveness and corporate values
  • Determine factors affecting bank and company performance and report and effectively monitor those factors
  • Examine whether employees understand the objectives of their organization
  • Conduct "pre-implementation" audits to determine if systems and programs under development will work as planned
  • Ensure appropriate controls are in place to minimize risks
  • Closely examine each department's financial records and statements
  • Identify high-risk areas in an organization and research solutions to prevent future problems
  • Bank examiners usually work standard office hours, however longer hours may be required during specific peak seasons and in order to meet specific deadlines. To perform detailed audits, bank examiners must travel to the locations of the offices or branches being audited. This travel may include traveling across the city or even across the country, depending on the organization. Otherwise, the rest of the work is usually computer, desk work and reporting findings to management professionals.

  Workplaces, Employers and Industries  
  • Bank examiners are usually employed in the private sector with banks or other financial institutions. Due to the nature of the profession, bank examiners are sometimes set up in temporary offices within an organization and perform contract work.

  Long Term Career Potential  
Advancement opportunities for bank examiners are very good because they get a high quality overall perspective of an organization's financial operations. Bank examiners often report directly to senior management and have access to the Board of Directors through the audit committee. Some organizations use bank examiners as a training ground for management, particularly in the finance sector.
 

  Educational Paths  
Most bank examiners are accountants, therefore the minimum requirements are a university degree along with certification of a designated, certified accountant: CA, CGA or CMA. Examiners come from diverse backgrounds including business, information systems, engineering and economics, however, they do require an academic background that directly relates to the banking and financial industry. The position of bank examiner is closely related to an auditor in terms of the duties and functions performed daily. Therefore some bank examiners may get certified as auditors, if required by the financial institution.
 

Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm

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For more information about our graduation rates, the median debt of students who completed the program, and other important information, please visit our website at www.iot.edu/disclosure

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