Head of Audit
Jobs at:Standard Chartered Bank
Deadline of this Job:
Friday, August 18 2023
Date Posted: Tuesday, August 08 2023, Base Salary: Not Disclosed
About Standard Chartered
We are a leading international bank focused on helping people and companies prosper across Asia, Africa and the Middle East. The people and businesses we serve are the engines of trade and innovation, and central to the transition to a fair, sustainable future. With 83,000 employees and a presence in 57 markets, our network serves customers in over 120 markets worldwide.
To us, good performance is about much more than turning a profit. It’s about showing how you embody our valued behaviours – do the right thing, better together and never settle – as well as our brand promise, Here for Good.
We’re committed to promoting equality in the workplace and creating an inclusive and flexible culture – one where everyone can realise their full potential and make a positive contribution to our organisation. This in turn helps us to provide better support to our broad client base.
About Standard Chartered Zambia
Standard Charted Zambia Plc (SCBZM) is a subsidiary of Standard Chartered Holdings (Africa) BV , a company incorporated in Netherlands. Standard Chartered Holdings Africa is a wholly owned subsidiary of Standard Chartered Bank (SCB) which is a UK regulated banking entity. SCBZM Board of directors is responsible for providing the strategic direction of the organization which also includes capital management. The operations of the Bank are conducted in accordance with the Banking license granted by the BoZ under the Banking and Financial Services Amend Act no 7 of 2020.
SCBZM has two subsidiaries (that are 100% owned), Standard Chartered Zambia Securities Services Nominees Limited, whose principal activity is securities services and a dormant company, Standard Chartered Zambia Nominees Limited whose principal activity was holding shares and dividends on behalf of customers and listed companies. The Bank also holds shares in Zambia Electronic Clearing House Ltd.
What is the Opportunity?
The role is Country Head of Audit Zabia, with responsibility for management of the Group’s Internal Audit function (“GIA”) in Zambia, in accordance with the Group’s Audit Charter. The role reports directly to thel Head of Audit, Southern Africa and also has key interaction with the CEO Zambia and members of the Management Teams for Zambia, the Chairman of the Zambian Audit Committee for Standard Chartered Bank Zambia Plc and other members of GIA Audit Executive Team, including the Group Head, Internal Audit.
The role also represents the Internal Audit and regulatory requirements from the Bank of Zambia.
What will you do?
• Oversee the Zambia GIA team in providing independent assurance of the effectiveness of management’s control of business activities (the first line) and of the processes maintained by the Risk Control Functions (the second line). This includes ongoing monitoring and risk assessment of the business and functions in Zambia, then the development and delivery of an Audit Plan of coverage, and meeting the coverage required by regulators.
• Ensure early anticipation, identification and escalation of risks, issues, trends and developments to relevant stakeholders, including deviations from the Group’s Valued Behaviours and Code of Conduct. Be prepared to raise issues/concerns outside the normal audit or credit review processes.
• Ensure the Zambia audit team is adequately structured and resourced by an appropriate number of diverse and competent staff, who are sufficiently independent to perform their duties objectively. Support relevant training and learning programmes and individual growth plans, including the GIA methodologies and technology tools and understanding current peer industry practices.
• Meet GIA budget requirements and seek opportunities for GIA process innovations and efficiencies, within the bounds of the GIA methodology, without compromising on the effectiveness of audit processes.
• Provide key insights from a risk, control and strategic perspective to the SCB Zambia Management Team, Risk Committees and other forums.
What do you need to succeed?
• An experienced, self-directing career auditor (internal and external), or a business person who has a breadth of experience in either audit, credit review or governance. A professional audit certification is preferred.
• Demonstrable understanding of the regulatory landscape and current expectations for audit in Zambia
• Strong leadership qualities, interpersonal and people management skills.
• Strong written and verbal communicator, with personal courage, a change mindset and the ability to influence and to gain the respect of senior management, stakeholders, peers and their teams.
• Live the Valued Behaviours of “Do the right thing”, “Never settle” and “Better Together” on a day-to-day basis whilst seeking opportunities for self-development and growth.
• Be an inspirational people leader who looks for opportunities to grow others, develop talent, give clarity and guidance, drive purpose, and enhance decision quality across the team.
• Be a leader who helps to grow the Bank, harnessing a strategic mindset and the ability to navigate complex situations and ambiguity.
What’s in it for you?
• There is regular and extensive connection with the Zambia regulators and external auditors, with various annual regulatory examinations and supervisory meetings. The performance of GIA and influence on management are key topics of interest and a major contributor to our regulatory standing.
• SCB has built strong connection with the peer bank internal audit community in Zambia, which enables exposure for the CHOA to the peer group and the exchange of ideas and insight for continuous improvement of GIA. SCB are also notable in the peer audit industry as a prominent foreign bank with the unique network of strong links to Asia, Africa and the Middle East and the diversity of business that brings to the Southern Africa franchise
• Contribute to the GIA risk assessment and design the subsequent risk-based audit plan for the assigned portfolio – an assessment of the appropriateness of the audit plans from a country perspective;
• Audits assigned to the individual in the GIA audit plan should address the key risks identified in the detailed risk assessment and in the audit planning process, and meet relevant regulatory requirements and expectations that are required to be covered by GIA;
• Consider whether the assigned audit plan remains relevant throughout the year as the risk profile of the business changes. Propose changes as appropriate; and
• Ensure that audit team operates in line with the Audit Charter during engagements, remains independent from management and free from interference.
• Effectively manage the cost of assigned audits within the allocated budget for audit engagements; and
• Identify and implement opportunities for cost savings and optimal productivity of assigned audit engagements.
• To act as Team Manager or Team Leader on assigned audit work. This will entail delivering the Audit Planning Memo, Controls Document, agree issues and action plans with management and submission of draft report to the Team Manager for review;
• Provide clear guidance, detailed review and supervision of the audit team’s work so that audit deliverables meet quality standards and timelines in line with the GIA methodology;
• Provide guidance on business/audit technical knowledge and management skills to team leaders and team members to enable them to effectively deliver their assigned contributions for an audit;
• Provide technical input and challenge on audit work being undertaken within the scope of assigned product / country area of responsibility. This will include working with the audit team to produce outputs of high quality which address the areas of greatest risk;
• Support adherence to the GIA methodology in all areas of the audit engagement, as well as raising awareness and understanding of the methodology;
• Demonstrate sound knowledge of both business/technical areas and expert knowledge in the audit process, including the GIA system, so that audit work is carried out to a high standard that meets all methodology and GIA system requirements;
• Take the lead in presenting the draft report in the GIA report review process (to the tollgate or report approver); and
• Monitor the implementation/delivery of the agreed issues/audit plans for the audits assigned, understanding the key risks arising, provide advice on resolution of issues to auditees/action plan owners and escalate audit findings that remain unresolved.
People & Talent
• Demonstrate strong leadership and ability to motivate and guide audit Team Leaders and members;
• Share knowledge to increase specialism within the function;
• Influence change within the department by highlighting potential enhancements;
• Identify growth areas on an ongoing basis and identify how best to develop them;
• Provide performance feedback, as appropriate, to Team Leaders at the end of an audit. Review and agree the feedback provided for team members with the Team Leader;
• Identify and successfully complete key internal training for self-development; proactively seek an external lens to support delivery of meaningful audit work.
• Facilitate the development of audit team members by providing on the job training and recommending formal training to support GIA activities;
• Support cost efficiency initiatives including staff location strategy in GIA; and
• Proactively spot talent for GIA.
• Update the assigned Continuous Risk Assessment on a regular basis to identify changes in risk profiles and document these in a timely manner, proposing changes to the assigned audit plan, as appropriate;
• Promote early identification and escalation of risks, issues, trends and developments to relevant stakeholders. Be prepared to raise issues/concerns outside the normal audit process;
• Attend relevant meetings relevant to assigned country / product area (e.g. Management Groups and Committees) provide insights and meaningful challenge, ensuring risks are appropriately identified, discussed and timely remediation plans are put in place;
• Adopt an anticipatory approach to risk assessment through stakeholder engagement and monitoring of the external environment to improve audit planning; and
• Review MI and reports regularly to keep up-to-date with key trends within the business and audit deliverables.
• Establish and maintain effective working relationships with the country management and business units which fall under portfolio responsibility.
• Successfully manage external stakeholders such as regulators and other reviewers.
• Manage the relevant Product/Country stakeholders, and establish good working relationships to help the businesses improve the control environment and keep updated with changes in the business impacting their risk profile;
• Propose changes to audit plans, so the audit plan remains relevant;
• Lead by example on how to communicate audit-related matters and resolve any conflict between auditors and auditees during the course of an audit. Use networks and relationships to build engagement and achieve results;
• Escalate delays in the execution of audit work, both to auditee management and GIA management; role model this behaviour to Team Leaders;
• Be able to clearly explain issues identified along with the risks and root causes to GIA and business management, using language designed to be understood by non-experts; and
• Support country stakeholders to improve the control environment and keep updated with changes in the business impacting their risk profile
Regulatory & Business Conduct
• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the Zambia GIA team to achieve the outcomes set out in the Bank’s Conduct Principles: Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
• All Country Management, Management Forum and Committee Members relevant to Zambia.
• Designated business stakeholders, typically related to assigned portfolio; and
• GIA stakeholders – team leaders, team members, team managers, Product, Functional, Country and members of the Audit Executive Team.
• Embed Here for good and Group’s brand and values in Group Internal Audit; Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures
• An experienced career auditor (internal and external) or a business person who has a breadth of experience in either audit, governance or both;
• In-depth understanding of CCIB and CPBB products, services, market developments, regulatory requirements and related risks and typical controls;
• Strong communicator, both written and verbal, with an ability to influence and an ability to gain the respect of senior management, regional stakeholders, peers and their teams;
• Confident and courageous to raise/escalate issues in a pro-active, professional and timely manner;
• Self-directed and able to work with minimum supervision;
• Demonstrate understanding of and commitment to the Group’s core values;
• Professional audit certification preferred;
• Ability to commit to >5% business travel;
• Ability to perform the role of ‘Change Leader’.
• Undergraduate/Post Graduate Degree in Finance, Accounting, Business, Audit
• Member of either a recognised Professional Accountancy Body, i.e. ZICA, and the Institute of Internal Auditors
• 10+ years of proven experience in Audit/Accountancy
Role Specific Technical Competencies
• Audit Function
• Business Acumen
• Effective Communications
• Internal Audit
• Regulatory Environment – Financial Services
• Relationship Management
• Risk Management
• It Audit And Control
• Internal Controls
• Business Ethics
• Process Management
Work Hours: 8
Experience in Months: 120
Level of Education: Bachelor Degree
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