Main Purpose of the Job
- The establishment and maintenance of an effective third line oversight function to support the insurance client’s Board, the Risk Management and Audit Committee (RMAC) and Senior Management.
- To Advise on, evaluate and report on the insurance client’s internal control arrangements in accordance with regulatory requirements and industry best practice.
- To effectively manage the insurance client Internal Audit to Client Internal Audit relationships.
- In performing the role, the postholder will seek to take into account the interests of the insurance client’s key stakeholders, acting in line with the insurance client’s stated risk appetite and seeking to achieve positive outcomes in respect of Clients, Regulators and Employees.
Key tasks & responsibilities
- Develop and obtain agreement to the future strategy of the insurance client’s Internal Audit function.
- Establish, implement and maintain an annual audit plan in accordance with the Strategy, obtaining the insurance client Senior Management and RMAC approval, and consensus from Clients.
- Maintain, manage and motivate a small Internal Audit function which delivers independent audit reviews on the adequacy and effectiveness of the internal controls and conduct risk requirements.
- Attendance and presentation to Senior Management Meetings on Internal Audit matters and updates, including added value and challenge to wider issues and topics as discussed.
- Prepare and present an Internal Audit update on reports and progress to the quarterly RMAC’s
- Contribute to the development of the insurance client’s control culture and awareness.
- Work Closely with the second line Compliance and Risk functions to ensure a ‘joined up’ approach over risk management and internal control review.
- Ensure rigorous challenge and monitoring of conclusions and recommendations arising from audit activities, including adequacy of management responses and closure actions
- Ensure all audit activities are performed in accordance with professional audit standards and codes of ethics.
- Prepare an annual control opinion reports over the control environment operating across all areas of the business.
- Maintain and develop relationships with counterparts in clients’ assurance and management roles including, where relevant, client external auditors
- Attend and present updates on Internal Audit matters to Client Assurance Committees and other appropriate forums as required
- Provide management information, co-ordinate activities and work collaboratively with our clients to support an effective combined assurance framework.
- Carry out special investigations as required.
- Work with the business to ensure the Audit Function is seen by management as an intrinsic and valued part of the business.
- Operate and manage the Internal Audit function in accordance with Internal Financial Budgets and targets as agreed.
Knowledge and Skills Requirements:
- Good working knowledge of IIA practices, principles, and standards.
- Good understanding of Financial Services Regulatory obligations.
- Good understanding of contract-based service delivery in a regulated financial services environment
- Understanding of Life & Pensions outsourcing business model
- Experience of multi-shore outsourcing environment
- Any Graduation (essential).
- Professional Audit / Accountancy / Business Qualifications (desirable).
- Extensive Internal Audit management experience gained within Financial Services (essential).
- Experienced in developing formal Internal Audit plans / Scoping reviews / reviewing test programmes, controls and Internal Audit reports (essential).
- Familiarity with complex distributed IT environments, including data protection and management (desirable).
- Displays an adaptable and flexible working style, remaining calm under pressure, adjusting comfortably to changing conditions / priorities,
- Proven planning and organisation skills,
- Demonstrates excellent communication skills, a confident and articulate presenter to internal / external audiences.
- Effective report writing skills, ability to develop and present ideas and reasoned arguments clearly and concisely to various audiences
Interested candidates need to send their updated resume to email@example.com with the following details:
* Total Years of experience:
* Years of experience in Internal Audit management in Financial Services:
* Current Annual CTC (Lacs per annum):
* Expected Annual CTC (Lacs per annum):
* Notice Period (pls specify if it is negotiable):
* Are you willing to work in Chennai (Yes/No)?: