Nature & Scope of the Role
The position holder will review the various operations of the departments both in life and general business to ensure compliance with the set controls, report any short falls and give recommendations to the audit committee. For day-to-day operations, the internal auditor will report to the Managing Director.
Principal Accountabilities:
Internal Controls - 50%
Carry out periodic and continuous internal audit exercises on all functions and assets of the organization to minimise the risk of loss
Continuously evaluate internal control systems in line with changing demands and ensure that the systems are appropriately designed to serve the best interest of the organization at all times
Ensure that operations in various departments are conducted in compliance with laid down policy, procedure, work instructions and statutory regulations
Evaluate audit findings, draw comparisons and analytical reviews and advise the audit committee on continuous improvement measures
Risk Management – 40%
Identify and profile various risks inherent in specific audit assignments, discuss them with the audit committee and jointly agree on actions to be implemented for risk mitigation
Analyse the issues identified during audits, to so as to point out the risks they pose on the company
Understand the company's strategy and business objectives so as to focus Audit's work on the highest risks
Develop knowledge of specific business, industry, technical and environmental risks so as to draw sound recommendations
Continuously review operating policies, procedures and work instructions and make recommendations to the audit committee on the necessary improvements
Evaluate, and examine policies and procedures and systems that are in place so as to protect assets of the company
Reporting Responsibilities – 10%
Regularly report to the Board audit committee on activities, issues and related recommendations
Review any other reports the company issues that relate to committee responsibilities
Review reports from Accounts, Underwriting, Life and Pension and Claims departments
Special assignments from the MD's office and audit committee
Education & Experience:
B. Com Degree with Accounting or Finance option
CPA (K) or equivalent
At least 5 years' experience in a similar role
Knowledge:
Good knowledge of industry program policies, procedures, regulations, and laws
Good knowledge of and skill in applying internal auditing principles and practices
Good knowledge of the standards for the professional practice of internal auditing and the code of ethics developed by the Institute of Internal Auditors (IIA)