Job Role : Head of Audit - Market &Operational Risk
A subject matterexpert responsible for planning and executing audits covering theactivities and processes of Enterprise Risk Management, CorporateGovernance and Legal activities across the FAB Group.
Thoroughunderstanding of business / relationship aspects, product dynamics,Market and Operational risk management and ICAAP processes and theregulatory environment, both in UAE and other relevantjurisdictions where FAB operates, provide assurance to Managementby identifying weaknesses;
reporting and escalating significantAudit findings in a timely manner; and agreeing action plans toaddress the issues raised.
Act as the dayto day contact with Management in Risk Management Departmentinfluencing change through providing advice. As part of the GIAExtended Management Team (EMT), provide input to GIA on issues thathave impact to the FAB Group as a whole.
Conduct specialinvestigations, reviews, additional tasks as and when required byHead of Audit ERM / GCAO.
Strategy Development andImplementation
Directly responsible for the audit of FABGroup’s ERM, Corporate Governance & Legalfunctions and related activities in the UAE and across theinternational network (functional).
DevelopAnnual Audit Plan for ERM, CG & Legal. Prioritize as perthe Risk Assessment and determine skills of Auditors required tosupport the Audit Plan.
Ensure that assignment of auditors is basedon their expertise to handle specialassignments / investigations.
Ensure thatrelated audits are conducted in accordance with the objectives laiddown in the Annual Plan and ensure that the work program iscompleted in an efficient and effective manner on or ahead ofschedule.
Inform Head of Audit of any potential delays and / orchanges to the Annual Plan.
In Undertaking Audits
Manage the effective achievement of functionalobjectives through effective leadership and by setting ofindividual objectives, managing performance, developing andmotivating team to maximise performance.
Leadthe talent development initiatives for the assigned team,collaborating with discipline experts and thereby ensure theavailability of talent to fit business requirements.
Act as a role model and drive adherence to organisationalvalues and ethics by employees of the assigned team to ensure theestablishment of a value driven culture within theGroup / GIA.
Supervision, training and guidanceis provided to relevant Audit staff.
Responsibilities are assigned to audit team members forcovering field work as per audit requirement.
Team members’ working papers are reviewed andvalid review points raised to GIA management for discussion, ifneeded.
Feedback is provided on theperformance of the audit staff under supervision.
All interactions with the team and Unit staff areconducted in a professional and objective manner.
Budgetingand Financial Performance
Recommend and oversee the preparation of the functionalbudget and monitor financial performance versus the budget so thatthe business is aware of anticipated costs, areas of unsatisfactoryperformance are identified and potential areas of cost reduction orperformance improvement opportunities are capitalisedupon.
Policies,Systems, Processes & Procedures
Execute to established GIA Policies, GuidanceNotes, Procedures and Practice Notes in undertaking all tasks.Provide input to the development of GIA practices as per industrystandards and regulatory expectations.
Reviewall the activities of the Units within ERM and the related riskmanagement activities in all the jurisdictions in which the Groupoperates to define and maintain the Audit Universe.
Coordinate withother teams to ensure efficient and effective coverage.
Prepare and maintain a Risk Assessment of each of theProcess Streams within ERM, CG & Legal as identified in theAudit Universe.
In this respect, work with the businesses topromote periodic self-assessment of risks and controls.
Establish / update and maintain Audit programs in thecentral audit management tool.
Conduct auditsof the Processes within the ERM, CG & Legal space andassess if :
Divisional / Unit Line managementhave identified and classified the risks in theiractivities.
Governance, risk management andcontrol procedures are adequate, effective and efficient to reducerisks of errors, omissions and loss to acceptable levels at anacceptable cost.
Improvements / enhancements tothe governance, risk management and internal control structure arerequired.
Data and transaction processing meetthe required standards of reliability, integrity andavailability.
TheDivision’s / Unit’s assets are beingsafeguarded.
The use of resources is efficientand effective.
Draft audit report submitted byauditors are properly reviewed and finalized.
Audit report is discussed and finalized with GIAmanagement / client within 3 weeks of completion of fieldwork.Negotiate with Unit management to agree a documented ManagementAction Plan to resolve the issues raised.
Lead themanagement of change through continuous improvement of processesand practices considering global standards and changes in thebusiness environment which demand proactive action plans.
Developand maintain effective business relationships with all relevantexternal / internal entities and stakeholders with the higheststandards of business ethics, whilst promptly attending to allcritical issues in-order to ensure the services required by theorganisation are delivered in the most effective manner.
Act as the Audit Business Partner for Line Managerswithin ERM, CG & Legal teams and actively manage therelationship through regular meetings with Line Managers to promotethis concept and identify emerging risks.
Such meetings should alsobe used to discuss any material gaps between audit assessment orrisks and controls and the businesses’self-assessment.
Ongoing consultancy / advice isprovided to Unit management from a governance, risk management andcontrol perspective for improvements in their processes to ensureeffective and efficient controls, on the basis of market bestpractices.
On an ongoing basis, ensure pendingaudit issues are followed up with Unit management and that allcorrective actions are fully and properly implemented.
Conduct any investigations / special reviews assigned byHead of Audit / GCAO.
Ensure that all functional reports are prepared timely andaccurately and meet Group requirements, policies and qualitystandards.
FRM, CFA, CIA and similar Certifications
Minimum 10years’ relevant experience with an International Bank orBig 4. Internal Audit experience preferred (but not mandatory).
Atleast 5 years in similar responsibilities in risk management orAudit function.
Expert knowledge of market andoperational risk management activities and ICAAP processes andassociated risks.
Strong leadership capabilityand team-oriented with highly developed problem-solvingskills.
Self-directed, able to manage multipletasks and ability to work under pressure.
Excellent analytical skills.
Excellent verbal and written communicationskills.