Internal Audit Manager

Job Purpose

Job Purpose Description

Job Context & Major Challenges

Job Context: Job Challenges:
The role needs to maintain appropriate balance and objectivity in the audit role, while working together with the functions and the audit firm team members. The role has to be aligned with internal audit standards and methodology in the audit role, as well as periodically highlight issues internally to management in the ORM role. Regular updates on ORM and Internal Audit to ABC senior management as directed. Thus there are several challenges in meeting multiple, diverse expectation of several stakeholders, across Board, Management, ABC Management, Regulators and Auditors.

The role of internal audit also governs the roll-out of regulatory requirements to the business and operating functions and monitoring the self-assessments related to compliance as indicated in the process of Quarterly Compliance Certifications. The role directly engages with a very diverse set of critical stakeholders, such as ABC senior management (especially the Compliance, Audit, ERM, ORM and Risk Monitoring function), ABHFL function heads, Directors, Internal Audit firm team that provides the IA services, Stat. Audit team, Risk Management Committee and several key linkages amongst the internal management functions etc.

We have products across the range of lending in terms of size and complexity including digital offerings and the organisation uses multiple systems each with its nuances of complexity and evolution, like SAP, A3S, Data ware house etc. The business is increasingly dependent on the technology infusions and the audit, risk monitoring and operational risk role is required to be on top of the system deficiencies and strengths, and to be able to conduct assessments of new systems and /or new products launched.

The IFC / ICFR framework as is applicable for the organisation places a lot of weight on both the controls that are automated (i.e. systems driven) and the overall governance of Information Technology General Controls. The coverage for Digital business for instance is a key example of the vast enhancement of coverage of internal audit. Also, the NHB draft circular on IT and Information Security will be placing several enhanced responsibilities on the Internal Audit framework including creating a specific Info-sec audit framework.

Key Challenges:
The range necessitates the internal audit role to be sufficiently capable of dealing with the diversity of processes, collaborating with the management governance hierarchy and the kinds of risk specific to each line of business and systems in use. The types of customers and the nuances of the documentation related to each are inherent challenges to absorb and overcome in normal course of work.
The role is critical to ensuring the entire set of RCMs (Risk Control Matrices) are refreshed every year with intensive engagement with the auditor/consultant and the respective functions, and further reviewed by the statutory auditor. Further, the Operational Risk Management Framework is a new introduction in the entity and carries significant challenges of implementation ranging from function's prioritization, resourcing, understanding, convergence of objectives, system implementation, testing oversight, intensive follow-up etc.
The role needs to maintain appropriate balance and objectivity in the audit role, while working together with the functions and the audit firm team members. The role has to be aligned with internal audit standards and methodology in the audit role, as well as periodically highlight issues internally to management in the ORM role. Regular updates on ORM and Internal Audit to ABC senior management as directed. Thus there are several challenges in meeting multiple, diverse expectation of several stakeholders, across Board, Management, ABC Management, Regulators and Auditors.

Key Result Areas KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)KRA1Partnering the execution of Internal /Concurrent/Regulatory/Statutory Audits and issues.Liaise with auditors and all relevant stakeholders for timely commencement of all audits.
Support in ensuring all requirements are provided to the auditors.KRA22. Closure of Internal /Concurrent/Regulatory/Statutory Audits and issues.Liaise with auditors and all relevant stakeholders for timely responses for all the open audits observations.
Support in ensuring all closure requirements are provided to the auditors.
Ensure timely closures of all actionable arising from the audits.
Timely update to the Audit Committee on the status of Internal & Regulatory Audits.KRA33. Ensure timely completion of RCM's updation and testing for the year.Ensure timely updation of RCM's as and when there is a change in the process/system.
Liaise with all the functions to ensure the updated RCM's testing by the end of the year.
Support in ensuring all closure requirements are provided to the Statutory auditors.
Timely updation to the Audit Committee on the status of RCM updation and testing.KRA44. Execution of IFC/ICFR on an annual basis2 Liaise with all the functions to ensure the IFC testing is completed on time for the FY and shared with the Statutory Auditors.
3. Support in ensuring all closure requirements are provided to the Statutory auditors.
4. Timely updation to the Audit Committee on the status of IFC/ICFR.

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