Head - Internal Audit - BFSI

Job Title: Head of Internal Audit

Grade: EVP

Department: Audit

Location: Bangalore

Reports To: Audit/Risk Committee of the board and dotted line to MD/CEO.

Reporting Into: National Audit Manager - (Central Functions, Credit Audit, Branch banking Audit, Information Security and Concurrent Audit), Lead- Audit Services.

Role Purpose & Objective:

- This role will build, manage and control a robust Internal Audit function, that will assess and make appropriate recommendations to improve the governance processes on business decision making, risk management and control promote appropriate ethics and values within the organization and ensure effective performance management and staff accountability, etc.

- Provide timely information to the Top Management and to the Audit Committee of the Board.

- Further, in addition to compliance to RBI regulation, this information should also cover compliance to Bank's laid down Policies and procedures.

- Develop and maintain a well-defined Risk Based Audit policy and framework as per the RBI guidelines for Internal Audit department of a Bank.

Size Of The Role:

- Financial Size

- Book size of the Bank of 50,000 Cr.+

Non-Financial Size:

- Team of 150+ Employees.

- Managing 5+ Concurrent Audit Firms.

Key Duties & Responsibilities Of The Role:

Business:

- Formulate the Risk Based Internal Audit Policy & framework for bank, in consultation with and as per the directive of the Audit Committee of the board.

- Based on regulatory environment changes, suggest suitable amendments to the Internal Audit framework.

- Formulate risk based annual audit plan in consultation with the Audit Committee and senior management.

- Monitor the execution of the annual audit plan by conducting periodic reviews with the Regional Audit Managers and National Audit Manager - Central Functions.

- Review critical audit reports with significant findings, discuss the report with concerned HOD for causes; report the results to Audit committee and the management.

- Communicate audit results and provide required assurance in line with Audit Committee expectations.

- Develop key performance indicators (KPIs) for assessing performance of Internal Audit Department and report against these to the Audit Committee.

- Leveraging MIS reports to pick early warnings and drawing a suitable audit plan to cover such branches/ business at the earliest.

- Undertake vetting of responses pertaining to RBI AFI audit address matters thereof in coordination with respective functional/business heads.

- Support in any special assignments or investigations that may be required.

- Proactively identify areas that need controls and processes to be strengthened.

Customer:

- Discuss the queries raised with HODs and Business Heads on the details of the audit findings and resolution mechanisms

- Interact with the CRCO, obtain information on the key trends observed as a result of compliance monitoring and testing and accordingly formulate the audits around the inputs received.

Internal Process:

- Review the MIS dashboard of audit completion, reporting statuses and list of findings with timelines for closure.

- Escalate critical cases in which Audit findings are not closed within timelines.

- Develop an audit methodology for risk assessment and manual aligned to the audit plan.

- Review and monitor the concurrent and management audit activities of the Bank and any other external audit required to be carried out from time to time.

- Review action plan for improvement in the risk-based ratings of such branches.

- Facilitate the Heads of Department to arrive at appropriate action plans involving the identification of new controls, process changes and remediation of existing ineffective or weak controls and follow-up on the action taken.

- Issue periodic reports (on a timely basis) to the Audit Committee Board and Senior Management summarizing results of audit activities.

- Inform the Compliance Team of any suspicion of material regulatory non-compliances and assist in the investigation of suspected fraudulent activities which has not been brought to light

- Discuss with the CRCO on the continued violations, non-compliances or breaches observed and accordingly highlight those to the Audit Committee.

- Ensure compliance to the regulatory guidelines in audit of central functions & branches.

- Review the reports prepared by the Concurrent Audit firms and discuss along with the Head of Business on the appropriateness of the issues.

- Drive use of automated tools to enhance the quality of audit and enable a larger volume of audit more cost effectively.

- Ensure adherence to SLAs on timelines for completion of the audit across all branches & central functions.

- Approve the RBI/statutory/board compliance notes and ensure adherence to timelines for presenting the same to the concerned authorities.

Learning & Performance:

- Maintain adequate audit staff strength with sufficient knowledge, experience, professional qualifications and appropriately skilled resources to deliver as per the plan.

- Supervise the performance of the direct reportees and conduct their annual performance appraisal.

- As a skip level supervisor oversee the performance of second level managers, identify their training and development needs.

- Ensure adherence to training man-days/ mandatory training programs for self & reportees.

- Ensure goal-setting, midyear review and annual appraisal process happens within specified timelines for self and reportees.

- Developing the audit team on familiarity with automated audit tools and make the process more efficient and technology based.

Minimum Requirements Of Knowledge & Skills:
Educational:

Qualifications: CA (preferably CISA/ DISA certified) / CS/ ICWA or ICFAI or MBA

Experience (Years and Core Experience Type):

- 15+ years of experience in financial services with 8+ years of experience internal audit/operations/compliance etc.

- Must have at least 5+ years' experience in senior management roles and managing large teams.

Certifications:

- Preferred to have DISA certification.

Functional Skills:

- Knowledge of operating model of Banks, NBFCs.

- Knowledge of Bank Branch Audits, Functional Audits, Concurrent Audits and Management Audits.