Internal Audit:IFC Team

Job Description

Internal Audit:IFC Team INTERNAL USAGE: No. of Vacancies: Reports to: Is a Team leader? No Team Size: Grade: Business: Department: Sub-Department: Location: About Department Internal Audit function of the Bank operates independently under the supervision of the Audit Committee of the Board and is responsible for providing an independent view to the Board of Directors and Senior Management on the quality and efficacy of the internal controls, risk management systems, governance systems and processes in place on an on-going basis. This is provided to primarily ensure that the business and support functions are in compliance with both internal and regulatory guidelines. About the Role Primary objective of Internal Financial Control (IFC) team is to provide an independent assurance on the effectiveness of the internal controls over financial reporting. The IFC team shall also identify opportunities for improvement and provide recommendations to develop or strengthen the Bank s internal control systems and enhance the reliability of the Banks s financial statements. Key Responsibilities Conduct effective risk assessment and assessment of controls relating to financial reporting at the organization level Drawing up the plan for conducting the IFC testing post identification of the universe of processes / controls pertaining to financial reporting, developing clear and concise risk/control matrices and testing programs, and reporting Ensuring timely commencement / completion of IFC testing, adhering to given schedules, and ensuring adherence to regulatory guidelines and applicable standards. Keep abreast of the regulatory requirements, applicable standards, knowledge of the Bank/ industry / sector, latest developments / media news and the potential risks relating to financial reporting Driving Innovation and automation through effective use technology Ensure comprehensiveness and quality of testing to ensure mitigation of risks Ensure timely conclusion of the testing results including ongoing engagement with Key Stakeholders Effective engagement with internal / external stakeholder Qualifications Optimal qualification for success on the job is: CA/MBA (finance) 0-10 Years of Banking Domain Experience preferred Experience in internal audits / statutory audits / IFC testing is preferred Role Proficiencies Ability to have effective communication with Senior Management, Executive Directors and Audit Committee. Ability to provide insights to Senior Management based on deep understanding of the business, processes and industry trends for remediation of the risk and strengthening the control environment. Ability to have effective communication with the Regulator/ external stakeholders e.g. statutory auditors, etc. Technically proficient with strong analytical abilities, conversant with Risk Strategies and process, wholesale and retail banking products and the related processes and controls, network environment and various data analysis software tools.