Senior Internal Auditor - Insurance
Market leading specialty insurer and reinsurer currently seeking a Senior Internal Auditor to assist Audit Management in ensuring that the Board and Executive Management protect the assets and reputation of the company and to help management improve the effectiveness of risk management, control and governance processes in a maintainable manner.
To assist Audit Management in ensuring that the Board and Executive Management protect the assets and reputation of the company and to help management improve the effectiveness of risk management, control and governance processes in a maintainable manner.
This is to be achieved by:
- Supporting Audit Management providing an independent and objective assessment that all significant risks are identified and appropriately reported by management and the Risk function to the Board and Executive Management
- Working with Audit Management and management to assess whether the significant risks are adequately controlled
- Support Audit Management to challenge Executive Management to improve the effectiveness of governance, risk management and internal controls
- Annual Internal Audit Planning: Participate in the annual Internal Audit planning process, by providing input at the direction of Audit Management. Furthermore, have an awareness of how a risk focussed audit plan is collated.
- Engagement Planning: Carry out the scoping and planning of audits that have been assigned in line with the audit methodology, standards, and required timelines specifically:
- Complete the scope and planning of internal audit reviews with the support of Audit Management.
- Produce draft terms of reference and audit work programmes for Audit. Management review, ensuring that key risks have been addressed by the testing approach and methodology.
- Execution: Working either independently or in a team to execute assigned audits specifically:
- Able to execute audits from start to finish with limited instructions from Audit Management.
- Ensure that testing is sufficient, appropriate and robust. This includes ensuring that all appropriate evidence has been retained in TeamMate and that testing is in compliance with Internal Audit's methodology.
- Accurately interpret audit results ensuring they are relevant, accurate, and focussed on the risks to the business.
- Reporting and follow-up: Produce draft audit reports for review by Audit Management:
- Ensure draft audit reports are clear, concise and business relevant, focussed on root causes, and have valid risk impact statements.
- Track and follow up on the implementation of Internal Audit findings for audits assigned. Ensuring timely and appropriate implementation of management actions or escalation where this has not occurred.
- Internal Audit Practice Development: Support Audit Management to develop and maintain the IA methodology and policies and procedures, including:
- Maintain up-to-date technical and subject knowledge of the insurance industry.
- Identify improvements to audit processes and internal audit methodology for discussion and agreement with Audit Management.
- Partake in the quality assurance review process.
- Undertake other tasks in support of the Internal Audit function as directed by Audit Management.
- To operate as an effective team member by supporting colleagues and contributing to the delivery and achievement of the overall team and business objectives.
- Act as a role model and leader within the team.
- The role is predominately based in London but will require occasional travel to offices worldwide throughout the year.
- Develop and maintain relationships with business contacts to establish, support and maintain business relationships and organisational effectiveness.
- Maintain awareness of relevant regulatory requirements (Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), National Association of Insurance Commissioners (NAIC), Bermuda Monetary Authority (BMA), U.S. Securities Exchange Commission (SEC)), practice guidance from Chartered Institute of Internal Auditors (CIIA) and other internal policies.
- Apply this knowledge during audit engagements.
- Comply with external and internal regulatory and statutory policies, procedures and regulations.
Skills & experience
- Degree (or equivalent)
- CMIIA, Consultative Committee of Accountancy Bodies (CCAB), or Chartered Institute of Insurers (CII) qualified
- Internal / External Audit experience for at least 36 month (Big 4 experience preferred).
- Knowledge / experience of Sarbanes-Oxley framework (preferred)
- Experience of the London market, or Insurance sector
- Solvency II and Internal model awareness / audit experience (preferred)
- Experience of project / change management audit (preferred)
- Understanding of the principles and application of good corporate governance, business and operational risk and control processes and procedures.
- Knowledge of audit procedures, including risk driven audit planning techniques and methods, design of testing approaches for controls and the requirements of the Standards for the Professional Practice of Internal Auditing of the Chartered Institute of Internal Auditors.
- Good knowledge of the principles of computer technology, systems analysis and data analytics
- Ability to gain the confidence and respect of management and staff through attributes such as professionalism and positive attitude.
- Ability to communicate clearly and effectively, both orally and in writing.
- Ability to gather, analyse, and evaluate facts, and prepare and present concise oral and written reports.
- Ability to establish and maintain effective working relationships throughout the organisation.
- Excellent communication skills both verbal and written communication
- Strong interpersonal & influencing skills
- Adaptable to change in a fluid commercial environment
- Self-confidence/maturity, demonstrates commercial acumen