Head of Internal Audit

Key Activities, Responsibilities and Accountabilities:

• To lead and direct the Audit Team in developing and implementing annual strategic audit plan identifying priorities for the monitoring/reviewing of risk within the company
• To protect Orient KSA from operational, financial, legal and reputational risk by recommending and gaining agreement of the Audit Committee to an appropriate risk-based audit methodology
• To oversee the compilation of the quarterly report to the Audit Committee providing an overview of the internal audit activities over the period, audit findings/recommendations and responses from management together with an update on the status of outstanding risks, issues and recommendations
• To make sure that the members of the Audit Committee are made aware of the range of risks and issues that Orient KSA faces on an ongoing basis, highlighting trends in risk and ensure that committee members are clear in their responsibility for determining the Orient KSA risk/reward balance that underpins the ongoing viability and profitability of the business
• To represent the Internal Audit Department at the Audit Committee meetings, presenting Audit Plans, Audit Reports and status with the implementation of agreed recommendations/improvements/corrective actions
• To oversee development and implementation of the Audit Programme covering the operational and financial activities of the Company in accordance with the professional standards, Audit Manual, the audit planning and regulatory requirements .
• To maintain awareness of emerging best practice in Internal Audit and risk minimisation as applied to the Insurance Market, in order to identify and highlight opportunities to further protect Orient KSA from unnecessary risk, inefficiency or fraudulent activity .
• To enhance risk control within Orient KSA through insightful analysis of the key business risks, focusing on the controls that are in place to minimise those risks, developing and improving testing methods to assess the effectiveness of internal processes and controls and recommending improvements where it is deemed beneficial to do so .
• To increase resilience in the business by enhancing vigilance amongst Internal Audit team members in the identification and minimisation of key business risks; creating a positive culture of improvement and development for both the Internal Audit team and the business as a whole.
• To ensure implementation of the Annual Strategic Audit Plan by directing and guiding audit staff in performing the audit work as per the audit plan and the audit program.
• To ensure the rigorous review of processes, procedures and records across the business for their adequacy in accomplishing intended objectives, and to appraise policies and plans of the functions being audited utilising best practice risk audit methodology.
• To oversee the challenging and improvement of efficacy of management controls and ensure proper implementation of the procedures to mitigate the risk involved, safeguard company resources, promote improvements and ensure compliance with regulations; in order to produce, after discussion with senior management, quarterly reports for the audit committee.
• To ensure implementation of “corrective measures” as agreed by the Audit Committee following consideration of both Internal Audit’s recommendations and Senior managements responses.
• To develop the effectiveness of the audit team in communicating with/persuading operational management to implement recommended improvements through coaching and sharing personal expertise.
• To protect Orient KSA’s reputation by overseeing the detailed investigation of cases of suspected fraud or impropriety whether identified internally or from external sources (by liaising with the Complaints and Litigation department) reporting all cases that cannot quickly be ruled out to the Audit Committee, Executive Management and regulators as required.
• To ensure that the audit manual and guidelines are reviewed and updated annually, obtaining approval for any changes from the audit committee.
• To liaise with external bodies, external auditors and supervisory/regulatory authorities regarding Internal Audit activities, as and when required.
• To select, direct, develop/train and motivate managers and staff within Internal Audit to deliver the highest levels of performance, further building upon their existing capabilities and enhancing performance.
• To ensure that all staff appraisals are completed and countersigned as necessary within specified timescales

Qualification & Experience Prerequisites

Experience

• Bachelor Degree in Business Administration or audit related field- e.g. accounting, finance
• Professional accounting qualification – CPA
• 10 years’ experience in internal or external audit, ideally in large corporate (bank, insurance company),
• At least 3 years’ reporting/supervisory experience in audit function
• Good knowledge of international and accounting standards (ISA/IFRS), ideally also of Insurance Authority