Chief Audit Officer at Family Bank Ltd

Reporting to: Administratively to the Chief Executive Officer and Managing Director and functionally to the Board Audit Committee.

Job Purpose:

Chief Audit officer, has overall responsibility for the Internal Audit function. The position is responsible for ensuring Internal Audit is closely aligned with industry best practices and efficiently coordinated to ensure effective risk management, internal controls and governance of the company.

Key Responsibilities:

• Develop an annual risk-based audit plan aligned with the Bank’s strategic objectives for approval by the Board Audit Committee.
• Lead Internal Audit’s by implementing action plans related to risk assessment and annual planning, audit execution, audit reporting, staff recruiting and development, audit technology, and Audit Committee reporting.
• Oversee the execution of individual audits defined in the audit plan ensuring the highest level of service quality and client satisfaction.
• Provide an annual holistic opinion on the effectiveness and adequacy of risk management, control, and governance processes and ensure that risk assessment is done at least annually.
• Review the adequacy of internal controls established to ensure compliance with policies, plans, procedures, business objectives and regulatory requirements and advise the Board and senior management in establishing methods to improve efficiency, internal controls, risk management, geared at improving the control environment in the Bank.
• Periodically revise the annual work plan in light of changes in the needs of the organization, and in the law and policies and procedures of government and regulators;
• Ensure that internal audit is carried out to the highest levels of quality through adherence to the CBK Prudential Guidelines as well as the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA).
• Update the audit governance instruments that include Board Audit Committee and Internal Audit Committee Charter for approval by the Board. The Charter should be aligned with the requirements of the Institute of Internal Auditors as well as the CBK Prudential Guideline on Corporate Governance.
• Ensure effective cost management and operation within budget for all Internal Audit activities.
• Independently investigate and act on matters related to compliance, including the flexibility to design and coordinate internal investigations.
• Review the implementation of recommendations from audit reports both internal and external as well as board audit committee advisories and report back to the Board on status of implementation with an objective of ensuring that effective remedial action is taken.
• Meet all the regulatory requirements for Internal Audit in respect of providing Internal Audit services to the legal entity.
• Offer assurance to the Board on the ethical conduct of the Bank and consider the development of ethical standards and requirements, including effectiveness of procedures for handling and reporting complaints.
• Responsible for identifying and reporting potential and actual Money Laundering Risk, including suspicious transactions in accordance with the laid down AML/CFT policies & procedures.
• Managing internal audit function by setting key performance indicators, carrying out regular appraisals, coaching and mentoring of audit staff as well as maintaining a training program for continuous development. The head of audit is required to ensure that the department has the optimal staff capacity, well trained and experienced to execute audits that add value to the business. He is also rresponsible for driving the overall productivity and performance of the audit department.
• Any other official duty that may be allocated by the Board Audit Committee from time to time.

Key Competencies and Attributes

• Proven experience in team management, supervision or leadership within a customer facing environment, including performance management, people development, coaching or mentoring experience.
• Able to manage and influence others to achieve results.
• Experienced in taking responsibility for executing of audit assignments by producing high quality deliverables to stakeholders in line with strict timetables.
• Have thorough understanding of financial management, regulatory compliance, board reporting, as well as demonstrable commercial and business acumen.
• Solid business understanding of the entire suite of banking products including digital financial services.
• Demonstrate leadership, commercial and financial analysis and reporting skills.
• Possess strong organizational and stakeholder management skills and ability to grasp business risks and make sound decisions.
• Strong knowledge of audit/risk assessment techniques and principles.
• Ability to make sound decisions and to provide effective advice to others in areas of expertise and audit coverage.
• Effective analytical skills and critical thinking to understand processes, controls and risks of areas covered, identify root causes of issues and recommend practical solutions.
• Strong team player and ability to work within diverse teams in diverse cultural environments.
• Strong interpersonal, negotiating and problem solving skills.

Qualifications

• Be a holder of a business related Bachelor’s degree gained from a recognized institution.
• A Post Graduate Qualification in a business related field will be an added advantage;
• Possess relevant professional qualification CPA or ACCA
• A fully Certified Internal Auditor (CIA)
• Be a member in good standing of the Institute of Certified Public Accountants (ICPAK).
• Holders of Certified Information Systems Audit (CISA), Certified Fraud Examiner (CFE) will have an added advantage.
• Demonstrable knowledge of data analytics to develop and automated tests of key controls. Experience in working with audit automated tools such as Team Mate, ACL, IDEA is desirable.
• A certificate in Corporate Governance or leadership will be an added advantage.
• Sound knowledge of the Banking Act and the regulatory framework in the Financial Services Industry.
• Communicates effectively and is able to explain complex Business issues.
• Track record of motivating, managing and developing individuals and teams to achieve results.
• Proficient in the use of Banking and office management systems.
• A member of a professional body is a plus.
• Have knowledge and relevant work experience of not less than ten (10) years, with at least seven (7) years served in senior leadership position in a related role.