Vice President - Internal Audit

Job Profile:

- The candidate should be a proven audit and risk professional who will help develop and drive a clearly defined audit strategy with complete responsibility for the function.

- S/he will be responsible for assessing and making appropriate recommendations to provide assurance and improve the governance processes on business decision making, risk management and control. S/he will promote appropriate ethics and values within the organization and ensure staff accountability

Primary Job Duties/Responsibilities:

The key job duties/responsibilities are enumerated below:

- Develop Risk based Internal Audit and Concurrent Audit Plan covering credit, Treasury, Risk Management, Compliance, information systems, payments, and all other departments.

- Ensure that the governance, risk management and control concerns of the management are considered in the planning, and plan updates, and that Internal Audit provides suitable, prompt assurance in respect of the areas of concern identified.

- Assist HIA in execution and management of the whole audit cycle, including risk management and control management over the efficiency of operations, the stability of the financial position, and adherence to all relevant rules and laws.

- Conduct an independent risk analysis to create a risk-based audit plan. This risk assessment would cover risks at various levels/areas, the portfolio, information systems, and individual transactions, etc. as also the associated processes.

- Focus on material risk areas and prioritize the audit work.

- Conduct risk assessment on a regular basis, considering changes in business environment, activities, and work processes, etc.

- Document process and prepare audit findings memorandum.

- Conduct follow up audits to monitor management's interventions.

- Plan for internal audit assignments including the scope, objectives, timelines, and resource allocation.

- Prepare internal audit report based on appropriate analysis and evaluation covering areas such as objectives, scope, and results of the audit assignment and make appropriate recommendations and / or action plans.

- Identify the inherent business risks in various activities undertaken; evaluate the effectiveness of the control systems for monitoring the inherent risks of the business ('control risk') and draw-up a risk-matrix for both the factors viz., inherent business risks and control risks.

- Define and implement the basis for determination of the level (high, medium, low) and trend (increasing, stable, decreasing) of inherent business risks and control risks.

- Serve as a neutral source of unbiased guidance to assure accuracy, legality, and goal accomplishment.

- Prepare and present reports that reflect audit results and document process.

- Identify loopholes and recommend risk mitigation measures and cost savings.

- Report the pending high and medium risk areas and persisting irregularities

- Define and implement a system to monitor compliance to the observations made by internal audit.

- To remain abreast of emerging trends and successful practices in Internal Auditing. Track the latest development on sector rules, regulations, best practices, tools, techniques, and performance standards.

- Emphasize on and leverage both existing & new technologies for reduction in errors and enhancement of operations.

- Assist in the investigation of any significant suspected fraudulent activities within the company.

- Develop approaches to promote knowledge sharing and promulgate management best practices across Internal Audit in the bank.

- Data Analysis and submission of MIS/information to top management and other stakeholders.

- Conduct staff accountability reviews

- Any other assignment as may be assigned by the Bank from time to time.

Professional Experience:

- Minimum 12 years of experience in banking/corporate sector of which minimum 6 years in financial services. The candidate should have minimum 3 years of audit experience in areas like Banking / Accounting / IT / Credit (in RBI regulated entity)

- Should have a good understanding of industry and risk management, knowledge of regulations, legal framework, and sensitivity to supervisors' expectations.

- Should have the ability to independently exercise judgement and should have the freedom and sufficient authority to interact with regulators/supervisors directly and ensure compliance.

- Sound understanding of laws and statutory regulations pertaining to financial management, operations, audit, and compliance.

- Should have a proven track record of influencing individuals to drive results.

Good communication and presentation skills:

- Knowledge of information technology, data analytics, forensic investigation, among others will be preferred.

Educational Qualifications:

- Graduate / Postgraduate in any discipline from a recognized University / Institution

- Preferred: CA, CFA, CWA, MBA Finance, Certified Internal Auditor (CIA), CAIIB, Certificate in Audit & Accounts from IIBF, CISA (Certified Information Security Auditor).