Head of Audit: Product Solutions Cluster

2 weeks ago

Johannesburg, South Africa Absa Bank Limited Full time

Bring your possibility to life Define your career with us
- With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.Job Summary

An opportunity has become available for an experienced Head of Audit/ Director to join our Insurance South Africa (Short Term and Life Insurance) Absa Internal Audit (IA) team, which is part of the Absa Financial Services (AFS) Group. The Insurance SA business provides short term and life insurance products to our Absa customers. In addition, the wider AFS Group also provides stockbroking, trusts, wills, estates and financial management services, of which the incumbent must be familiar with. The incumbent is required to also have a solid understanding of Banking, in order to support the Bank’s bancassurance strategy (cross-sell between secured lending products (Home loans and Vehicle and Asset Finance) and insurance products).

The Head of Audit: Insurance SA will provide end to end audit support to the Insurance Businesses. Accountable for defining the audit plan for this relevant portfolio and part of IA Extended Leadership team responsible for the delivery of the audit plan and to ensure that audit assignments are executed in compliance with the relevant IA assurance methodology. Be responsible and accountable for the quality of the audit work performed and the efficiency and effectiveness of the audit team.

**Job Description**:
Key Accountabilities:
Strategic Initiatives:

- Digitally and Technology enable: Contribute to the Digital Book of Work of the IA Function. Use of Tools and Technology in the portfolio.
- New Ways of Work Operating Model: Build skills that are future fit, self-sufficient audit teams, load balancing for thinking versus execution time, flatter/less hierarchy in structures.
- Stakeholder engagement model: aligned to IA overall principles for driving a profession, value adding, service oriented, digitally savvy owner led stakeholder engagement approach for the portfolio.
- Contribute to the overall Absa IA Brand, Positioning and Communication Initiatives.

Audit Delivery:

- Budget/Finance Management - cost for the Audit portfolio to be optimised and tracked against budget. Timesheet completion for self and team to be done on time each week applicable period; Timesheet completion for self and team to be done on time each week applicable period.
- Customer interaction and business monitoring: Manage relationships with senior stakeholders across each portfolio, and participation at key Risk/governance committees to inform view of overall BU/Function Risk profile. Review and approval of Reporting - which BU/Function IA attends. Reporting Ensure high quality factually accurate, complete and insightful Reporting - Enterprise Risk Committee (ERC), Group Audit and Compliance Committee (GACC), Regulators et al.
- Annual Audit Planning: Accountable for formulation of the Portfolio Annual Audit Plan and contribution to the BU/Function Portfolio's audit plan. Responsible for the "top-down" approach to planning whereby he/she will communicate the key strategic focus areas and emerging risks and topics noted as part of business monitoring and ensure they are appropriately included in the audit plan.
- Audit Delivery aligned to the agreed phasing principles Risk identification and input into audit planning/scoping and reporting for both Control Environment and Management Control Approach. Ensure adherence to Quality assurance requirements and manage audit risk throughout the audit. Manage stakeholder relationships at an accountable executive level for audit assignments.
- Audit Delivery: Accountability for overall Portfolio Management i.e. managing quality of review in line with QA standards and the agile management of the BU/Function team to ensure efficient and valuable delivery of the BU/Function Audit plan. Manage ongoing communication with audit stakeholders including control owners etc.
- Review and approval of Planning documents, sample work papers and audit issues and draft/final audit report. Clearance of audit report with the accountable executive.
- Issue Validation: Ownership of issue validation process i.e. ensuring high quality and timely validation of audit issues (within stipulated KPIs). Approval of Issue validation work performed and sending out issue closure or re-open communication.
- Prepare monthly and quarterly combined assurance submissions, where relevant.
- Proactive management and reporting of open, long-overdue, re-opened issues and other audit results to internal and external stakeholder in order to play a role in ensuring a healthy control environment. Quarterly analysis of assurance delivered, with results classified into themes, root causes and insights. Actively contribute towards IA's contribution at the Group Con

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