Head of Internal Controls

This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.

Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we are bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.

The Ascot Way guides our people and our organisation. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.

Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world-class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.

Job Purpose:

Ascot UK is seeking a motivated internal controls professional to head the Internal Controls unit, providing support to the UK Finance leadership team and to the Senior Vice President, Group Head of Internal Audit & Advisory, in the performance of Ascot UK’s quarterly and annual control testing. The Head of Internal Controls owns the Internal Control over Financial Reporting (ICFR) programme, leads the development and continual enhancement of the internal control framework, and provides leadership to the UK finance team on internal control matters via the UK Technical Accounting Group (“TAG”). The role leads the Internal Controls team, including the Technical Accountant, and works closely with the external audit team and with local, regional and global leaders of the Company while maintaining objectivity.

Detailed Duties:

• Lead the development and continual enhancement of the internal control framework, aligning it with organizational needs and evolving risk profiles.
• Assess departmental needs, establish priorities, and assist in the design and management of the annual control testing plan.
• Own the Internal Control over Financial Reporting (ICFR) programme, ensuring compliance with standards such as SOX 404 and the UK Corporate Governance Code.
• Develop and deliver control testing programmes for financial, reporting, operational and compliance controls, and establish methodologies (e.g. walkthroughs, sample testing) to assess control design and effectiveness.
• Document new or changed business processes, map end-to-end workflows, and identify internal controls to cover identified risks. Where unmitigated risks are identified, assist management in the design and implementation of appropriate controls.
• Become actively engaged within the Ascot UK processes to fully understand and contemplate the company’s risks and business activities.
• Provide leadership to the UK finance team on internal control matters via the UK Technical Accounting Group (“TAG”), including the recommendation of any remediation actions should they be required. This will include the production of memos regarding specific internal control topics (e.g. risk of fraud).
• Coordinate with the external audit team during the annual year-end audit planning process.
• Develop strong relationships with local, regional and global leaders of the Company while maintaining objectivity.
• Lead special project engagements as requested by company management.
• Update annually (at a minimum) the materiality thresholds for Global Specialty (both collectively and as individual companies).
• Remain current on and continuously develop knowledge of control guidance, accounting standards, trending issues and best practices through available literature and attendance at appropriate conferences and seminars.
• Line manage, develop and set objectives for the Internal Controls function, including the Technical Accountant, and review the output of the duties set out below.