Vertical Head - Offsite Audit & Continuous Control Monitoring - Mutual Fund - CA

Vertical Head(Mutual Fund) Offsite Audit and Continuous Control Monitoring

Role: Vertical Head(MF) - Offsite Audit and Continuous Control Monitoring

Location : Lower Parel, Mumbai

Qualification : CA (Preferred)

Job Purpose / Description:

- This is a diversified Asset Management Company (AMC) with wide spectrum of Mutual Fund and Asset Management businesses catering to diverse customer segments through variety of products including Mutual Fund products, Asset Management products/services including Portfolio Management Services, Alternative Investment Funds, Real Estate Investment Advisory. This also has various subsidiaries in India (Gujarat GIFC) as well as overseas (such as Dubai, Singapore).

- Purpose of this role is to develop and manage execution of the Strategy and Plan for Offsite Audits and Continuous Control Monitoring (CCM) covering all areas including Mutual Fund and AMC businesses and products/services (such as mutual funds, portfolio management services, real estate investment advisory, alternative investment funds), investments, fund accounting and custodial services, corporate functions, risk management and control functions, information systems, technology and security across lines of business, customer segments, products and channels in this for providing continuous independent and objective assurance on adequacy and effectiveness of risk management and controls, and adherence to internal policies and procedures as well as applicable laws and regulations, through use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives.

- The primary function of the role is to develop and manage execution of the Strategy and Plan for Offsite Audits and CCM factoring the nature of business, level and direction of risk, extent and nature of collateral, large scale of operations, level of digitalisation and use of technology, use and involvement of third party vendors/partners, complexity & diversity of the assets under management across the lines of business/customer segments/products, the organization strategy, culture and maturity.

- Develop strategies for Offsite Audits and CCM for identification and assessment of various risks including key risks such as regulatory and reputational risks, information technology and security risk, financial risk, Fraud risk, Operational risks, market risk, etc. across various lines of businesses/customer segments/products/channels in this company, factoring in the scale of operations and complexities of the business and current maturity level of controls.

- Develop Offsite Audit and CCM plan 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

- Plan, develop and conduct ~3000+ Offsite Audit and CCM checks across this businesses and functions in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices

- Develop processes for adequate and effective Offsite audit and CCM coverage.

- Set up and develop specialized team to develop and execute complex and specialized Offsite Audit and CCM checks covering all businesses and functions across the organization.

- Keep audit procedures and checks for Offsite Audits and CCM current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/regulatory changes and evolving industry best practices.

- Ensure timely completion of Offsite Audit and CCM plan with quality of audit; and Meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

- Implement a continuous monitoring process for ongoing assessment of all key risks and control areas across businesses, operations, corporate, risk management and control functions of this; Identify and develop ~3000+ automated tests for monitoring effectiveness of controls on an ongoing basis to ensure timely identification and resolution of significant control issues.

- Develop strategies and establish programs for enhancing the skill sets towards developing techno functional capabilities within the audit function

- Active and Proactive Engagement with the Internal audit leaders and auditors as well as Business and Functional leaders across lines of business/customer segment/product/channel on developing and enhancing the maturity level of the controls through Offsite Audit and CCM based on the leading practices.

Key Responsibilities :

Development of Audit Strategy and Plan:

- Develop strategies for Offsite Audits and CCM for identification and assessment of various risks including key risks such as regulatory and reputational risks, information technology and security risk, financial risk, Fraud risk, Operational risks, market risk, etc. across various lines of businesses/customer segments/products/channels in this, factoring in the scale of operations and complexities of the business and current maturity level of controls

- Develop Offsite Audit and CCM plan 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 processes for adequate and effective Offsite audit and CCM coverage across areas including Mutual Fund and AMC businesses and products/services (such as mutual funds, portfolio management services, real estate investment advisory, alternative investment funds), investments, fund accounting and custodial services, corporate functions, risk management and control functions, information systems, technology and security across lines of business, customer segments, products and channels in this.

- Set up and develop specialised team to develop and execute complex and specialised Offsite Audit and CCM checks covering all businesses and functions across this, including business, operations, corporate functions, risk management and control functions, information systems, technology and security

- Develop and drive strategies for efficiency in audit through use of technology [including Artificial Intelligence/ Machine Learning (AI/ML)] and establish continuous control monitoring framework at this.

Execution of Audit Strategy and Plan:

- Conduct ~3000+ Offsite Audit and CCM checks across this businesses and functions in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices

- Effectively manage and execute Offsite Audit and CCM plan for proactive identification and remediation of significant control issues; Develop strategies for timely generation of offsite audit and CCM reports for conducting data-based tests of controls across this..

- Ensure timely completion of Offsite Audit and CCM plan along with quality of audit; and Meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

- Design the infrastructure and develop the framework for audit data mart at this.

- Develop and catalogue scripts/algorithms used for conducting data-based tests as part of Offsite audit and CCM

- Develop project plan and monitor the implementation of the key initiatives for use of technology (AI/ML) and continuous monitoring framework in this.

Continuous Monitoring:

- Implement a continuous monitoring process for ongoing assessment of all key risks and control areas across businesses, operations, corporate, risk management and control functions of this; Identify and develop ~3000+ automated tests for monitoring effectiveness of controls on an ongoing basis to ensure timely identification and resolution of significant control issues.

Communication and Stakeholder Engagement

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

- Active and Proactive Engagement with the Internal audit leaders and auditors as well as Business and Functional leaders across lines of business/customer segment/product/channel on developing and enhancing the maturity level of the controls through Offsite Audit and CCM based on the leading practices

People Management

- Develop specialised audit team for execution of complex and specialised Offsite Audit and CCM reviews and checks

- Keep abreast of the emerging technology and trends for use of technology in audit; Drive the audit initiatives for use of Artificial Intelligence / Machine Learning (AI/ML) at this.

- Develop methodology for assessment and conducting trainings for building techno functional capabilities within the audit function of this; Drive certification and training programs related to data science, data analytics, data visualization, AI/ML, emerging technologies, emerging risks.

- 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.