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Internal Audit Manager: Distribution & Fiduciary Services

Employer
Absa Bank Limited
Location
Johannesburg Johannesburg Gauteng, South Africa
Salary
Competitive
Closing date
Apr 30, 2023

View more

Job Role
Internal Auditor
Sector
Finance
Contract Type
Permanent
Hours
Full Time
Bring your possibility to life! Define your career with us With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group. Job Summary An opportunity has become available for an experienced Internal Audit Manager to join our Non-Banking Financial Services (NBFS) Internal Audit (IA) team, which is part of the Absa Financial Services (AFS) Group. The NBFS business provides stockbroking, trusts, wills, estates and financial management services to our Absa customers. In addition, the wider AFS Group also offers short term and life insurance products, of which the incumbent must be familiar with. The incumbent is required to also have a solid understanding of Banking, in order to support the Bank's bancassurance strategy (cross-sell between secured lending products (Home loans and Vehicle and Asset Finance) and insurance products).

The Internal Audit Manager: Distribution & Fiduciary Services will plan, execute and manage audit assignments in accordance with the Group Audit plan and relevant policies, procedures and quality standards. The Audit Manager is responsible for the quality of the audit work performed and the efficiency and effectiveness of the audit team. Job Description Key Accountabilities Strategic Initiatives:
  • Digitally and Technology enable: Contribute to the Digital Book of Work of the IA Function. Use of Tools and Technology in the portfolio.
  • New Ways of Work Operating Model: Build skills that are future fit, self-sufficient audit teams, load balancing for thinking versus execution time, flatter/less hierarchy in structures.
  • Stakeholder engagement model: aligned to IA overall principles for driving a professional, value adding, service oriented, digitally savvy owner led stakeholder engagement approach for the portfolio.
  • Contribute to the overall Absa IA Brand, Positioning and Communication Initiatives.
Audit Delivery:
  • Budget/Finance Management - cost for the Audit portfolio to be optimised and tracked against budget. Timesheet completion for self and team to be done on time each week applicable period.
  • Customer interaction and business monitoring: Manage relationships with senior stakeholders across each portfolio, and participation at key Risk/governance committees to inform view of overall Business Unit (BU)/Function Risk profile. Review the Business Monitoring workpaper. Compilation of various reporting packs - which BU/Function IA attends.
  • Annual Audit Planning: Assist in formulation of the Portfolio Annual Audit Plan and contribution to the BU/Function Portfolio's audit plan. Audit Lead (AL) is responsible for the "bottom-up" approach to audit planning whereby he/she performs auditable entity key risk assessments on an ongoing basis and assesses the results to determine what needs to be included in the audit plan. In addition, the AL will also consider emerging risks identified as part of business monitoring. AL will be responsible for key Annual planning deliverables i.e., supply and demand calculations, resource scheduling, auditable entity assessments and assisting in putting together the Portfolio Head (PH) presentation.
  • Audit Delivery aligned to the agreed phasing principles. Accountability for overall "project management" of the audit - planning/scoping, fieldwork and reporting - high quality and on time delivery, escalate any blockers on the audit to PH/Engagement Lead (EL) and the client. Ensure adherence to Quality assurance requirements and manage audit risk throughout the audit. Manage ongoing communication with audit stakeholders including control owners etc.
  • Audit Delivery: Perform the Management Control Approach (MCA) assessment i.e., annual audit and quarterly Continuous Monitoring, documentation of the work papers through to reporting (including audit issues clearance).
  • Audit Execution: Review and approval of planning documents, workpapers, issues and audit file. Drafting audit reports and the ensure an appropriate level of quality prior to EL review. Clearance of audit report and issues with action owners. Completion of Sign Off checklist (SOL), Reporting Documents and Attestations tabs. Perform a quality review of the file as per the Quality Assurance (QA) checklist prior to closing audit file.
  • Issue Validation: Ownership of issue validation process i.e. ensuring high quality and timely validation of audit issues (within stipulated KPIs). Oversee Issue Validation process and ensure that issues are issue validated and updated on AuditBond timeously. This includes assigning the issue to be validated to the relevant auditor, review of issue validation workpaper and issue closure email prior to submission to EL.
  • Contribute content to planning process, as directed by EL.
  • Proactive management and reporting of open, long-overdue, re-opened issues and other audit results to internal and external stakeholder in order to play a role in ensuring a healthy control environment. Quarterly analysis of assurance delivered, with results classified into themes, root causes and insights.
  • Audit File Review Results for the portfolio should be within the File Review Risk Appetite. No material exceptions raised in QA reviews or audit reports to be re-issued. Timely remediation of QA exceptions (no overdues). Positive results (no significant issues) in the annual ISA 610 report. Positive Stakeholder Feedback results per Portfolio.
  • Data analytics- all audits able to use data analytics, where possible. Re-useable scripts with a plan of demonstration of re-deployment.
  • IA submissions to any and all stakeholder forums- to be risk based, of quality, include well analysed and articulated messaging and insights and require minimal re-work from CIA feedback.
Leadership / Culture / Values:
  • Leadership/Values/Culture: Demonstration of Absa and IIA code of conduct values/behaviours in all aspects of work. Playing a positive role in team effectiveness sessions.
  • Team Player: Positive team engagement, helping build the desired culture for IA. Measure of success - all survey scores and feedback from stakeholders to be within target ranges, including Colleague Experience Survey.
  • New Ways of Work: Timely adoption and role modelling of all new ways of work and enabling technology i.e. strategic initiatives/platforms/tools/solutions i.e. on effective date to ensure it supports implementation and embedment across function.
  • Retention of talent and timely recruitment of approved roles and level of attrition within IA target range. Retention of staff: managing level of attrition within IA target range.
  • Develop, Grow and Learn (Self and Team): Timely feedback on performance, development feedback, career development planning and training and Learning and Development (L&D) for self and team; succession plans in place for key roles, individual development plans in place for all team members.
Stakeholder Management: The key clients and stakeholders will be the Product Solutions Cluster (Secured Lending and Insurance combined) and NBFS Senior Management. With emphasis on:
  • Possess excellent communication skills (verbal and written) to effectively communicate to clients.
  • Build relationships with the business on key initiatives, attending key committees and sharing their view of the business' control assessments.
  • Know our clients/customers and understand how the team's work benefits them.
  • Lead a team of professional and subject matter experts, who may be line managers themselves.
  • Embed the performance culture and role model Group values and behaviours.
  • Manage and lead teams through change, both individually and as a function.
  • Actively contribute to the wider talent development of the function through coaching, mentoring, providing constructive feedback.
  • Attract and retain talented individuals who can contribute to the Audit Function of the future, building a strong pipeline of skills and capabilities.
  • Align to IA overall principles for driving a profession, value adding, service oriented, digitally savvy owner led stakeholder engagement approach for the portfolio.
Preferred Education:
  • Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
  • Relevant professional qualifications as appropriate (e.g. CA, CIA, CISA)
Preferred Experience:
  • Four to eight years experience in Internal/External audit or commensurate experience in a major financial institution or Big 4
  • Financial services industry knowledge especially Banking, Insurance, Bancassurance, etc.
  • Knowledge about new and emerging financial products and services.
  • Knowledge of prevailing legislation requirements, the insurance industry and bancassurance practices will be an added advantage.
Knowledge and Skills:
  • Proven experience of managing teams in a complex, matrix environment; adaptable leadership style
  • Experience in risk-based auditing or risk/control activities
  • Thought leadership
  • Evidence of driving change, leading business initiatives and setting direction.
  • Ability to communicate and influence at very senior levels in the organisation
  • Passionate about developing talent and performance management
  • Ability to think and operate in an enterprise-wide capacity, contributing to the main effort of the Function over the demands of individual silos
Education Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required) Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank. Absa Bank Limited reserves the right not to make an appointment to the post as advertised

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