Senior Internal Auditor at Jubilee Insurance

Job Ref. No: JLIL 314

Role Purpose

The role holder will play a crucial role in ensuring the organization's compliance with regulatory requirements, identifying risks, and enhancing operational efficiency. The role holder will be responsible for conducting comprehensive internal audits, evaluating controls, and providing recommendations to improve processes, mitigate risks, and enhance the overall effectiveness of the internal audit function.

Main Responsibilities
Strategy

• Strategic Decision Support. The role holder will provide valuable insights and data analysis to support strategic decision-making by management and other stakeholders. These insights contribute to informed choices that align with the organization's strategic direction.
• Process Optimization. Through their in-depth understanding of various processes, the Senior Internal Auditor identifies opportunities for process optimization and efficiency improvements. These recommendations contribute to streamlining operations and supporting the organization's strategic initiatives.
• Governance Enhancements. The Senior Internal Auditor assesses the effectiveness of corporate governance practices and provides insights to enhance governance structures. This helps in aligning the organization's governance framework with its strategic objectives.
• Performance Evaluation. Through their evaluations, Senior Internal Auditors assess the performance of various departments and functions, providing feedback to management to support strategic performance management and improvement efforts.

Operational

• Plan and Execute Audits:
  • Develop risk-based audit plans and programs for Life Insurance operations.
  • Execute audits by conducting fieldwork, gathering and analyzing data, and documenting findings.
  • Evaluate the adequacy and effectiveness of internal controls and identify areas of improvement.
• Risk Assessment:
  • Identify potential risks in Life Insurance processes and operations.
  • Assess the impact of identified risks on the company's financial health and compliance.
  • Recommend risk mitigation strategies to relevant stakeholders.
• Compliance and Regulatory Review:
  • Ensure compliance with relevant laws, regulations, and industry standards
  • Stay updated with changes in regulations that impact Life Insurance operations.
  • Advise management on compliance-related matters.
• Financial Reporting Analysis:
  • Review financial statements, budgets, and accounting records of Life Insurance operations.
  • Analyze financial data for accuracy and identify any discrepancies or irregularities.
• Process Improvement:
  • Suggest process improvements to enhance operational efficiency and reduce risks.
  • Assist in implementing recommendations and monitor their effectiveness.
• Internal Control Assessment:
  • Evaluate the adequacy and efficiency of internal control systems.
  • Recommend enhancements to strengthen controls and minimize risks.
• Audit Reporting:
  • Prepare clear and concise audit reports outlining findings and recommendations.
  • Present audit results to management and stakeholders effectively.
• Fraud Detection:
  • Work with the Internal Audit Manager to detect and prevent fraud within Life Insurance operations.
  • Coordinate with relevant parties to investigate and report on suspected fraudulent activities.

Corporate Governance

• Adhere to regulatory requirements and internal policies, ensuring compliance in all aspects of insurance servicing.
• Compliance: Stay updated with insurance regulations and best practices to ensure compliance with industry standards
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

People & Culture

• Cross-Functional Collaboration. Actively participate in cross-functional project teams to drive collaboration, innovation, and accountability across departments and the Group.
• Employee Collaboration Index. Participate in a minimum of 2 company projects per year with an 80% success rate and engage in at least 1 Group-wide project per year.
• Skills and Competency Development Index. 100% compliance with your training plan annually to support personal and professional growth, ensuring alignment with career paths and future challenges.
• Cultural Alignment Index (CAI). Attain the Company’s CAI target score by embedding Jubilee’s values (e.g., innovation, teamwork, excellence) into project execution and team dynamics.
• Conflict Resolution. Address interpersonal or project-related conflicts constructively, maintaining team morale and focus on shared goals.
• Resource Advocacy. Communicate needs (e.g., tools, training, support) to supervisors to ensure personal and team success.

Key Competencies

• Analytical Thinking. The Senior Internal Auditor must possess strong analytical skills to assess complex data, identify patterns, and draw meaningful conclusions from the information gathered during audits.
• Communication and Presentation. Effective communication is crucial for articulating audit findings and recommendations to management and stakeholders in a clear and concise manner.
• Attention to Detail. A keen eye for detail is necessary to ensure accuracy in audits and to identify potential issues or discrepancies.
• Problem-Solving. The ability to identify problems, analyze root causes, and develop practical solutions is essential for addressing challenges encountered during audits.
• Independence and Integrity. Senior Internal Auditors must demonstrate independence in their judgment and remain objective and impartial throughout the auditing process.
• Collaboration. Working effectively within a team and engaging with various stakeholders is essential to obtain relevant information and ensure a collaborative approach to risk management.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Business, Finance or any other related course
• CPA-K/ACCA Qualification
• Relevant audit-related certifications such as CIA, CISA and CFE will be an added advantage
• Minimum 4-5 years’ experience in a similar role in the Financial Sector, an Insurance Company or “Big 4”
• Good knowledge of life insurance products, processes, policies, and regulations
• Advanced skills in data analysis will be a plus