JOBS: Head of Internal Audit at Britam
- The primary purpose of the Head of Internal Audit is to integrate audit services to provide the Britam executive management and the audit committee of the board of directors with assurance as to the adequacy and effectiveness of the system of internal control throughout the company. In this regard, the Head of Internal Audit will inform them as to the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.
- The internal audit role is part of the overall control/risk management environment established by executive management and the board of directors, which resulted in the creation of the Director, Risk, and Audit whom this position reports. The Head of Internal Audit will help ensure that business managers fulfill their responsibilities for establishing a robust internal control environment while making certain that the objectives of the organization are accomplished, and the directives of management are carried out.
- To achieve these objectives, the Head of Internal Audit will provide strategic direction and leadership in the areas of internal auditing throughout the corporation. Specifically, the Head of Internal Audit will design and implement the organization’s internal auditing programs and controls, covering the areas of business systems and processes, financial and accounting systems, IT, investigations, contracts, and business risk assessments.
- Lead audits with a high level of complexity, and assignment teams (including internal or external resources) to deliver high-quality and impactful audits. These assignments will usually be focused on high-risk audit areas which could have a significant impact on Group's performance and/or reputation.
- Be confident in sharing a clear opinion on a broad range of risks and be a clear owner of the outcome of audits, including sharing key lessons and insights with the relevant leadership population (including the Executive). Will lead peers as well as teams more junior and so will need to build rapport quickly and effectively to develop good, strong relationships with others.
- In collaboration with senior management and the audit committees, develop a comprehensive and flexible audit plan using an appropriate risk-based methodology. Where appropriate, corporate risks and priorities should be reviewed, validated, and provided to the audit committees for review and concurrence.
- Develop and implement a comprehensive audit program for evaluating the adequacy and effectiveness of the company’s system of internal control and the quality of performance in carrying out assigned responsibilities.
- Examine and evaluate the adequacy and effectiveness of the company’s system of internal control and the quality of performance in carrying out assigned responsibilities.
- Implement the audit plan, including, as appropriate, any special tasks or projects requested by management or the audit committees.
- Prepare periodic reports to management and, as appropriate, to the audit committees providing information on the status and results of the audit plan and the sufficiency of audit department resources.
- Manage, recruit and develop a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the corporation’s audit requirements.
- Issue periodic reports to the audit committees summarizing the results of audit activities and significant findings.
- Promote high levels of ethical awareness and conduct within the company and administer independent investigations of potential ethical problems or conflicts of interest. Notify management and the audit committees of the findings, as appropriate.
- Prepare periodic reports for management and, as appropriate, for the audit committee on significant issues related to internal control processes to ensure that these processes are appropriate for the current and evolving business environment and to provide information concerning such issues through resolution.
- Coordinate audit activities with those of the external auditors to ensure proper audit coverage, elimination of duplication of effort, and improvement in the efficiency and effectiveness of audit activities.
- Proactively interact with executive, business unit, and operating company management to ensure that their audit and business-risk management needs are met cost-effectively.
- Where appropriate, provide an independent assessment of business management’s view on risk and associated control effectiveness and evaluate the adequacy and effectiveness of business risk management processes and programs.
- Promote business unit and operating company ownership of internal controls and support objective business risk management within the corporation.
- Ensure the Internal Audit departments' compliance with the IIA Code of Practice and Code of Ethics.
- Develop, coordinate and provide oversight over the Annual Audit Process, the overall Audit Methodology, and the overall Audit Function Management.
- Develop, coordinate and provide leadership over the internal Quality Assurance and Improvement Program.
- Develop, grow and manage a pool of talent through the Internal Audit Competency Framework.
Key Performance Measures
- As described in your personal scorecard
Knowledge, experience, and qualifications required
- Bachelor’s Degree in Finance, Accounting, or a related field;
- MBA is an added advantage.
- Professional qualification e.g. CPA(K), ACCA, CISA. CFA or equivalent.
- 7-10 years of experience in a similar position in an insurance company; 4-5 of which should be in a managerial capacity in a busy multi-subsidiary company.
- Provide leadership and guidance to staff as a highly self-motivated individual.
- Facilitate strong analytical/quantitative skills.
- Be an intelligent, clear, and logical thinker.
- Fit well into a consultative role rather than a command-and-control role.
Change Leaders in Britam need to
- Strategically lead a function to service customers from a sustainable and growing customer base whilst increasing profit;
- Continuously configure and adapt the functional area to most effective suit the future view of the business;
- Introduce new concepts so that they are adopted appropriately at the right time (manage the rate of change);
- Be in touch with the changing industry, customer needs, and international best practices;
- Improve the efficiency of the function by appropriately challenging managers about operational and tactical issues;
- Ensure the function has the most appropriate people capability through effective inspirational leadership, people development, and optimized succession planning;
- Ensure clarity of expectations for individuals in the function and other stakeholders across the group;
- Facilitate functional integration;
- Ensure the development and establishment of appropriate behavior and values (culture) within the function that aligns with the strategic direction and values of the business;
- Coordinate between functions and divisions to ensure optimization of the value chain and resources;
- Ensure alignment of strategy, objectives, and deliverables within the function;
- Develop innovative partnerships and distribution channels to increase Britam’s market penetration;
- Ensure a seamless experience for clients;
- Appropriately allocate funds and capital to maximize shareholder value;
- Adequately manage operational risk;
- Increase operational efficiency;
- Provide access to accurate and consistent information and services across all channels;
- Improve quality and speed of decision-making across the business.
Technical/ Functional competencies
- Knowledge of internal audit procedure
- Report writing-ability to develop reports
- Decision making –ability to make strategic decisions in a timely and effective manner
- High moral and ethical standing
- Highly motivated.
Method of Application