You will act as the “third line of defence” to protect the assets of the Group by independently and objectively assessing the quality and effectiveness of the corporate governance framework and the risk management system, including the internal controls system. Engage with stakeholders at all levels to ensure successful production of relevant reports (along with tracking any agreed actions) that are shared with the Board and external parties, as required.
Reporting to the BOC in respect of the annual internal audit program and internal audit findings and the Chief Operating Officer.
The role will include fulfilling the controlled function of Head of Internal Audit (R14) for the Group’s Isle of Man regulated companies. As such, the appointment will require approval of a fit and proper application by the Isle of Man Financial Services Authority.
– Devise, implement and conduct an internal audit program appropriate to the nature and complexity of the Group
– Identify any areas of the Group requiring a review of process/controls as part of the agreed internal audit program
– Provide an annual internal audit program to the BOC and regular internal audit reports following the completion of internal audits
– Attend BOC meetings
– Act as an independent, objective assurance and consulting function designed to add value and improve the control environment of the Group in delivering upon its strategic objectives
– Systematically evaluate the effectiveness and adequacy of the Group’s policies, processes and procedures
– Prepare clear internal audit planning memorandums for each business area ahead of the start of the audit, clearly setting out the objective, information required and the time frames for the audit
– Prepare objective and balanced internal audit reports clearly setting out any findings together with recommendations and management comments
– Conduct the annual and bi-annual Clients’ Asset Reports (“CAR”) in accordance with IOM FSA regulations
= Conduct the bi-annual Audit and Assurance Faculty (“AAF”) audits (or similar frameworks) as required by customers of the Group, from time to time
– Conduct the annual stock broking audit in accordance with IOM FSA regulations
– Conduct the annual SWIFT Attestation review in line with the Customer Security Controls framework (“CSCF”)
– Where required, provide audit support in preparation for external audits and/or regulatory audits
= Provide internal audit follow-up reports to the Risk and Compliance Committee (“RiskCo”), to track management’s progress with any agreed internal audit action points
Skills & Experience Required:
– Chartered Internal Auditor of the IIA, ACCA or an equivalent qualification
– IT Audit related qualification such as CISA, CISM, CRISC would be advantageous
– At least 5 years’ experience in financial services (preferably including the banking sector) with a proven ability and experience in assessing the quality and effectiveness of corporate governance frameworks and the risk management systems, including the internal control systems
– Have a thorough understanding of the banking, investments and stock broking industries and the regulatory framework applicable to theses financial industries
– Digital auditing capabilities would be advantageous