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VP & Head of Audit, Market & Operational Risk (UAE NATIONALS)

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Audit
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HEA002615 Requisition #

Now it’s your time to join the #1 bank in the Middle East and one of the most prestigious financial companies in the region. Shaking up the world of banking requires a lot of smarts and skill. We’re looking for the brightest and best to help us reach our goals and we’ll also help you reach yours. Your success is our success as you grow stronger in your career. Join us and leave a legacy of your own, as a pioneer in both the company and the industry. Now it’s your time to join the #1 bank in the Middle East and one of the most prestigious financial companies in the region. Shaking up the world of banking requires a lot of smarts and skill. We’re looking for the brightest and best to help us reach our goals and we’ll also help you reach yours. Your success is our success as you grow stronger in your career. Join us and leave a legacy of your own, as a pioneer in both the company and the industry.

JOB PURPOSE:

A subject matter expert responsible for planning and executing audits covering the activities and processes of Enterprise Risk Management, Corporate Governance and Legal activities across the FAB Group. Thorough understanding of business/ relationship aspects, product dynamics, Market and Operational risk management and ICAAP processes and the regulatory environment, both in UAE and other relevant jurisdictions where FAB operates, provide assurance to Management by identifying weaknesses; reporting and escalating significant Audit findings in a timely manner; and agreeing action plans to address the issues raised.

Act as the day to day contact with Management in Risk Management Department influencing change through providing advice. As part of the GIA Extended Management Team (EMT), provide input to GIA on issues that have impact to the FAB Group as a whole. Conduct special investigations, reviews, additional tasks as and when required by Head of Audit ERM/GCAO.

KEY ACCOUNTABILITIES:

Strategy Development and Implementation

  • Directly responsible for the audit of FAB Group’s ERM, Corporate Governance & Legal functions and related activities in the UAE and across the international network (functional).
  • Develop Annual Audit Plan for ERM, CG & Legal. Prioritize as per the Risk Assessment and determine skills of Auditors required to support the Audit Plan. Ensure that assignment of auditors is based on their expertise to handle special assignments/investigations.
  • Ensure that related audits are conducted in accordance with the objectives laid down in the Annual Plan and ensure that the work program is completed in an efficient and effective manner on or ahead of schedule. Inform Head of Audit of any potential delays and/or changes to the Annual Plan.

Leadership

In undertaking audits:

  • Manage the effective achievement of functional objectives through effective leadership and by setting of individual objectives, managing performance, developing and motivating team to maximise performance.
  • Lead the talent development initiatives for the assigned team, collaborating with discipline experts and thereby ensure the availability of talent to fit business requirements.
  • Act as a role model and drive adherence to organisational values and ethics by employees of the assigned team to ensure the establishment of a value driven culture within the Group/GIA.
  • Supervision, training and guidance is provided to relevant Audit staff.
  • Responsibilities are assigned to audit team members for covering field work as per audit requirement.
  • Team members’ working papers are reviewed and valid review points raised to GIA management for discussion, if needed.
  • Feedback is provided on the performance of the audit staff under supervision.
  • All interactions with the team and Unit staff are conducted in a professional and objective manner.                                                                                                                                                                                                           

 Budgeting and Financial Performance

  • Recommend and oversee the preparation of the functional budget and monitor financial performance versus the budget so that the business is aware of anticipated costs, areas of unsatisfactory performance are identified and potential areas of cost reduction or performance improvement opportunities are capitalised upon.

Policies, Systems, Processes & Procedures

  • Execute to established GIA Policies, Guidance Notes, Procedures and Practice Notes in undertaking all tasks. Provide input to the development of GIA practices as per industry standards and regulatory expectations.
  • Review all the activities of the Units within ERM and the related risk management activities in all the jurisdictions in which the Group operates to define and maintain the Audit Universe. Coordinate with other teams to ensure efficient and effective coverage.
  • Prepare and maintain a Risk Assessment of each of the Process Streams within ERM, CG & Legal as identified in the Audit Universe. In this respect, work with the businesses to promote periodic self-assessment of risks and controls.
  • Establish/update and maintain Audit programs in the central audit management tool.
  • Conduct audits of the Processes within the ERM, CG & Legal  space and assess if:
  1. Divisional/Unit Line management have identified and classified the risks in their activities.
  2. Governance, risk management and control procedures are adequate, effective and efficient to reduce risks of errors, omissions and loss to acceptable levels at an acceptable cost.
  3. Improvements/enhancements to the governance, risk management and internal control structure are required.
  4. Data and transaction processing meet the required standards of reliability, integrity and availability.
  5. The Division’s/Unit’s assets are being safeguarded.                                                      
  6. The use of resources is efficient and effective.
  7. Draft audit report submitted by auditors are properly reviewed and finalized.
  8. Audit report is discussed and finalized with GIA management/client within 3 weeks of completion of fieldwork. Negotiate with Unit management to agree a documented Management Action Plan to resolve the issues raised.

Change Management

  • Lead the management of change through continuous improvement of processes and practices considering global standards and changes in the business environment which demand proactive action plans.

Relationship Management

  • Develop and maintain effective business relationships with all relevant external/internal entities and stakeholders with the highest standards of business ethics, whilst promptly attending to all critical issues in-order to ensure the services required by the organisation are delivered in the most effective manner.       
  • Act as the Audit Business Partner for Line Managers within ERM, CG & Legal teams and actively manage the relationship through regular meetings with Line Managers to promote this concept and identify emerging risks. Such meetings should also be used to discuss any material gaps between audit assessment or risks and controls and the businesses’ self-assessment.
  • Ongoing consultancy/advice is provided to Unit management from a governance, risk management and control perspective for improvements in their processes to ensure effective and efficient controls, on the basis of market best practices.
  • On an ongoing basis, ensure pending audit issues are followed up with Unit management and that all corrective actions are fully and properly implemented. 
  • Conduct any investigations/special reviews assigned by Head of Audit/GCAO.   

Reporting

  • Ensure that all functional reports are prepared timely and accurately and meet Group requirements, policies and quality standards.

Specific Accountability

  • Safeguarding against potential loss and contributing to the Units/Departments systems and procedures, by reporting whether Operational controls of FAB standards are effectively carried out and are efficient in the units/departments audited
  • Reviewing the ERM function of the bank end to end and identifying areas of correction / improvement
  • Review ICAAP submissions of the Group (including international locations) to respective regulatory authorities and provide assurance over Group’s compliance both with respective regulations and Group/local policy requirements.
  • Examine and comment on the process for the early recognition of problems (if any) and their remedial management to minimise the loss.
  • Preparation / Review  of Audit MIS/ dash Boards including audit committee presentation slides relating to audit conducted in the ERM space.
  • Maintain up to date knowledge and understanding of key product, processes and regulatory developments,; drive necessary changes in Audit plan/working programs;
  • Contributing towards the enhancement of relationship between GIA and stakeholders
  • Keeping abreast of the local and international economic trends, banking practices and regulatory prescriptions

FRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY:

  • Functions within the framework and boundaries of Group Internal Audit policies as well as overall organisational and governance frameworks.
  • Authorised to take decisions as per the approved authorisation matrix.

 

 

Minimum Qualification

  • Bachelor’s degree.
  • FRM, CFA, CIA and similar Certifications

Minimum Experience

  • Minimum 10 years’ relevant experience with an International Bank or Big 4. Internal Audit experience preferred (but not mandatory). At least 5 years in similar responsibilities in risk management or Audit function.
  • Expert knowledge of market and operational risk management activities and ICAAP processes and associated risks.
  • Strong leadership capability and team-oriented with highly developed problem-solving skills.
  • Self-directed, able to manage multiple tasks and ability to work under pressure.
  • Excellent analytical skills.
  • Excellent verbal and written communication skills.

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