Vertical Head - Functional Audit - BFSI/Consulting Firm - CA

Job Title : Vertical Head Functional Audit

Name of the company : Our client is one of the leading BFSI company.

Job Location Thane

Educational Qualification Post Graduate

Desired Profile : CA qualified/ 10+ years of experience in BFSI Industry/Big 4 Consulting Firms in Functional audit

Job purpose :

- Purpose of this role is to develop and manage execution of the Audit Strategy and Plan for Functional

- Audits covering all the key areas across corporate, risk management and control functions including Compliance, Risk Management Function covering the management of various risks such as Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Liquidity risk, Financial risk, Reputational risk etc.

- The primary function of the role will be to develop and manage the audit strategy and plan for proactively and qualitatively conducting the functional audits across the corporate, risk management and control functions, level and direction of risk, scale of operations, level of digitalisation and use of technology, use and involvement of third party vendors/partners, applicable laws and regulations, the organization strategy, culture and maturity.

- Plan and conduct functional audits .Develop audit strategies for identification and assessment of various risks in corporate, risk management and control functions.

- Develop processes for adequate and effective audit coverage of various risks in corporate, risk management and control functions including Compliance risk, Legal risk, Fraud risk, Operational risk,

- Third party risk/Outsourcing risk, Liquidity risk, Financial risk, People risk, Reputational risk etc. and various applicable laws and regulatory circulars / guidelines across various regulators. Keep audit procedures and checklists current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/regulatory changes and evolving industry best practices and meet with all audit documentation and reporting requirements as per audit policy and procedures

- Develop specialised audit team for timely and quality execution of complex and specialised audit reviews covering all the key areas of corporate functions including risk management functions and control functions.

- Implement a continuous monitoring process for ongoing assessment of various risks arising from and managed by the corporate functions (including corporate, risk management and control functions) and resolution of significant risk and control issues.

- Active and Proactive Engagement with the Functional leaders for each of the corporate functions benchmarking with the leading best practices

Key responsibilities:

- Development of Audit Strategy and Plan

- Develop audit strategies for identification and assessment of various risks in corporate, risk management and control functions including Compliance risk, Legal risk, Fraud risk, Operational risk,

Third party risk/Outsourcing risk, Liquidity risk, Financial risk, People risk, Reputational risk etc., and current maturity level of controls in these functions.

- Develop audit plans based on risk assessment and regulatory framework; ensure use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives

- Develop specialised audit team for timely and quality execution of complex and specialised audit reviews covering all the key areas of corporate functions including risk management functions and control functions

- Execution of Audit Strategy and Plan

- Effective management and execution of the audit plan in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices for proactive identification and remediation of various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Liquidity risk, Financial risk, People risk, Reputational risk etc.

- Conduct functional audits (including audits of risk management functions and control functions) to provide independent and objective assurance on the adequacy and effectiveness of risk management and controls, and adherence to or compliance with the internal policies, standards and procedures as well as applicable laws and regulations

- Conduct review of application controls (automated business process controls) in the applications used by corporate, risk management and control functions and management information systems to assess adequacy and effectiveness of the controls

- Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks

- Develop processes for adequate and effective audit coverage of various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Liquidity risk, Financial risk, People risk, Reputational risk etc. and various applicable laws and regulatory circulars / guidelines across various regulators

Continuous Monitoring:

- Develop strategies for identification of triggers / risk hotspots and conduct unplanned reviews / investigations based on various triggers/ hot spots, directives received from regulators, board committees and senior management

- Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives

Communication and Stakeholder Engagement:

- Effective communication and reporting to various stakeholders including regulators, board committee and senior management

- Proactive engagement with regulators on internal audit related matters to meet the regulatory expectations from internal audit

People Management:

- Develop specialised audit team for execution of complex and specialised audit reviews covering risk management and controls across various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc.

- Develop, nurture and grow talent through effective employee engagement and management

- Continuous development of self and the team through regular learning and sharing of knowledge / best practices.