Head of Front Office Audit
Our client knows that having a diverse and inclusive workplace will support their strategic vision of growth and globalisation. That is why they strive to cultivate and practice inclusiveness for the long-term success of their business and for the benefit of their employees, clients, investors and shareholders. They have retained E2W to help them recruit a Head of Front Office Audit.
Overview of the Role
Global Internal Audit’s primary objective is to provide an independent assurance service to the Boards, Audit Committees, and Executive Management on the adequacy and effectiveness of the Group’s governance, risk management, and internal control processes, including:
- The framework for, and effectiveness of, risk management.
- Whether significant risks are appropriately being identified, reported, managed and controlled to an acceptable level as determined by the Boards.
- Whether financial and operational controls are appropriate and are consistently applied.
- The effectiveness of internal controls for the safeguarding of assets and for protecting shareholder value.
- The reliability and integrity of significant financial, managerial and operating information.
- The establishment and review of risk appetite by Executive Management and the Corporate Board Risk Committee, and embedding it within the organisation.
- The risk and control culture of the organisation.
- The adequacy of processes to ensure compliance with applicable laws and regulations and standards, policies, procedures and contracts, including the risk of poor customer outcomes.
Duties and Responsibilities
- Contribute to the success of the Global Internal Audit team and all of its endeavours.
- Lead the Front Office functional audit team in risk assessment and relationship management for the entire Investments department.
- Contribute to the creation and maintenance of the risk-rated audit universe.
- Plan and manage audit assignments to evaluate the effectiveness of the controls in operation in the business and information systems and, where appropriate, to make recommendations for their improvement.
- Maintain clear and transparent communication with the business and the Global Internal Audit team throughout all engagements and other assigned work.
- Develop, train, and coach members of the Front Office functional audit team in the skills required to perform successful audit assignments.
- Assist in the preparation of Audit Committee and other Board reports.
- Review the implementation of management agreed corrective actions.
- Contribute to an increased awareness in the business of the management of risk and the importance of sound business controls.
- Contribute to the development of the internal audit methodology and working practices operated by the department.
- Promote a positive image of Global Internal Audit throughout the business by ensuring consistent quality of work and a reliable positive Global team attitude.
- Perform reviews and quality review assessments of audit engagements performed by other auditors.
- Continuously develop own technical, commercial and personal skills.
- Carry out additional duties as assigned
Execution of Audits:
Determine the scope of work, the objectives to be met, the time table for completing the audit and the extent of audit testing that will be required is established. In addition, considerations of the auditee’s conflicting business requirements/deadlines as well as potential value adding deliverables will be considered and planned for. An engagement memo with this information will be developed and communicated to relevant stakeholders.
Oversee the execution of audit work as defined during the planning stage, which may include but is not limited to the documentation of systems and processes leading to the identification of key controls; undertaking and evaluating the results of audit testing; identifying weaknesses in controls and offering recommendations to management for their improvement. Lead or perform certain key aspects of fieldwork.
Following the closing meetings with management, a draft audit report containing findings and recommendations for corrective actions will be submitted to management to enable them to confirm their action plans, establish estimated completion dates, and confirm corrective action owners. Following Internal Audit’s assessment of whether management’s remediation action plans adequately address the risk exposure, a final audit report will be issued.
Execution of Advisory Engagements:
Advisory services may range from formal engagements, defined by written agreements, to advisory activities, such as participating in standing or temporary management committees or project teams.
Establish the scope of work, the objectives to be met, and the engagement timetable will be established. In addition, considerations of the auditee’s conflicting business requirements/deadlines as well as potential value adding deliverables will be considered and planned for.
Oversee the execution of the engagement as defined in the planning stage. Lead or perform key aspects of advisory fieldwork.
Details of advisory observations are reported to management in a format best suited for the situation, use and audience.
Monitoring of Remediation:
Contribute to the monitoring of the agreed corrective action plans to ensure that they are on track for successful and timely completion. Additionally take part in the corrective action audit which is performed annually.
- This role will directly manage two Internal Audit Managers (one in London and one in Denver) specifically focused on executing Front Office/Investments department operations.
- This role will also assess the qualifications of third party subject matter expert firms and oversee the services these SME firms provide when they are engaged to assist the in-house team as part of Global Internal Audit’s co-sourcing operating model.
Technical Skills and Qualifications
- Bachelor’s degree required or minimum educated to degree level or equivalent
- Relevant professional qualification e.g. Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Chartered Accountant (CA), Charted Financial Analyst (CFA), etc.
- Significant internal and/or external auditing experience. Experience in a similar Front Office focused Audit or Compliance role within an Asset Management firm (or a firm with an Asset Management business)
- Experience in auditing all aspects of Investment Management (Front Office) activity is required
- Experience in using Computer Assisted Audit techniques will be a distinct advantage
- Big 4 experience is desirable but not required
- Able to advise on multiple audit engagements simultaneously
- Ability and willingness to work collaboratively within the Global Internal Audit team as well as with the business areas
- Demonstrate good time management
- Excellent review, analytical, and problem solving skills
- Excellent organisational and presentation skills
- Excellent relationship and negotiation skills
- Ability to communicate clearly and concisely
- Flexible, adaptable, and ability to respond effectively to changing business needs
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