Woodland Partners
Head of Internal Audit - Global Insurer
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Head of Internal Audit
Woodland Partners are delighted to be working exclusively with this global Insurance group in the search for their new Head of Internal Audit. Reporting into the Group Head of Internal Audit and CEO (UK) . This role will be using a risk-based methodology develop a three year rolling UK audit plan based on the full spectrum of business risks, including concerns and issues raised by the Boards, committees, management and regulators.
Specific Responsibilities
- Discharge the role of SMF5 in the UK in line with regulatory expectations.
- Using a risk-based methodology develop a three year rolling UK audit plan based on the full spectrum of business risks, including concerns and issues raised by the Boards, committees, management and regulators.
- Review and update the audit universe and plan to reflect the Company’s evolving risk landscape and needs.
- Supported by Company internal resources and external co-sourcing partners, maintain professional staff with sufficient skills, knowledge, and experience necessary to achieve the requirements set out in the Internal Audit charter.
Be Responsible for the Delivery of the Annual UK Audit Plan:
- Review processes and controls to identify and assess potential areas of risk, including, but not limited to, safeguarding of assets, reliability of financial and management reporting, compliance with laws and regulations and effectiveness and efficiency of operations.
- Discuss findings of internal audit reviews with management in order to support them to develop the most appropriate, proportionate and effective solutions to issues arising.
- Report the results of internal audit reviews, including management proposed action plans, to the Audit Committee, Chief Executive Officer and management.
- Perform follow-up work ensuring management effectively progress actions within the agreed time scales.
- Coordinate internal audit work with other resources from within the group or with the co-source partners.
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Leading and/or Contributing to the Shared Group Function Audits:
- Support the Group Head of Internal Audit in completing the risk-based audit plan for the Group, this will include performing audits of shared group functions and services and supporting in the delivery of audits of other operating entities across the Group.
- Conduct internal audits and other assurance activities of the UK Group and other subsidiaries including ad hoc investigations and reviews at the request of management and/or the Audit Committee.
- Support the Group Head of Internal Audit in drafting Board, Committee, Exco etc presentations / reports.
- Identify and facilitate opportunities for improvement of effectiveness and efficiency of operations, process and controls as part of the internal audit work.
- Provide counsel for improving controls, processes and procedures, performance and risk management.
- Stay current with changes in the industry and the regulatory frameworks and analyse impact of those changes on the business.
- Oversee and manage any internal audit staff, providing guidance, direction, and support, where required, to ensure staff meet their objectives. This will include, but not be limited to, objective setting, motivating, monitoring and analysing performance, both on an ongoing basis.
- Comply with IIA Standards, compliance policies, procedures and processes, attend and support compliance training. Participate in compliance training as required, and identify and communicate compliance risks in the Internal Audit function.
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Candidate Profile, Qualifications and Experience:
- CCAB Qualified Auditor (internal Audit, financial audit or similar internationally recognised qualification).
- At least 7 years post qualification internal auditing experience, some with non-life insurance, life reinsurance and / or investment management.
- Certification relating to or experience of some of the following areas is also desired: claims management, investment management, risk management, compliance and/or business integration within the life or non-life (re)insurance industry.
- Capability to work independently with minimal supervision on defined audit projects.
- Experience in drafting an audit risk and control matrix as the basis of an audit program from a blank template.
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