Position

Manager

Incumbent

Department

Internal Audit

Function

Internal Audit

Reporting to

AVP - Internal Audit

Band

3

Location

Gurgaon

Team size (D/I)

Job Summary

. Designing risk-based internal audit plan and strategically managing the internal audit function in accordance with internal audit charter and the professional standards for internal auditing.

• Leads & directs the strategic and operational development of internal audit & assurance services

. Provide assurance on the effectiveness of the organization's risk management and internal controls to the Board (vide Audit Committee) on the effective internal audit and controls

• Reviewing and assessing the adequacy and effectiveness of internal controls as well as reporting on its strategies, policies and procedures.

Key Responsibilities

Internal Audit Plan

• Prepare comprehensive Internal Audit plan by correct identification of the key risk areas and timely approval by the AC of the IA plan.
• Identify new themes which can be added as part of proposed Internal Audit (IA) plan and identify new risk areas and conduct risk based audits to ensure quality of reviews and effective reporting of observations.
• Manage the audit to ensure that overall audit is performed in accordance to the steps as defined in Internal Audit manual including methodical documentation of work plans, testing results, conclusions and recommendations.
• Ensure results of other external audits consistent with the Internal Audit work (performed by the in-house team) with minimum material differences
• Provide recommendations for process improvement in order to mitigate associated risks, to ensure compliance, adequacy and reliability of internal controls & procedures.
• Ensure follow up on findings and corrective actions and assist process owners in practical implementation of recommendation to improve operational efficiencies and overall control posture for the organization.

Revenue assurance model and automation in audits

• Preparation of a comprehensive product and revenue assurance model and ensure quality of reviews, effective reporting of observations and its timely completion and implementation.
• Prepare plan for concurrent audit of different types of payouts, functionalities through automation.
• Drive automation in selected areas of audit which are of recurring nature and increasing the level of accuracy while reducing the processing timelines.
• Active participation and contribute towards assurance reviews as per the requirement of Senior Management and Audit Committee.

Stakeholder Management

• Lead audit closure meetings with process owners and provide update / reporting exceptions to functional leaders.
• Provide timely and periodical update to Senior Leadership Team and Quarterly Audit Committee by preparing updated presentation.

Team Management

• Provide technical assistance and subject-matter expertise to team members in designing risk universe
• Responsible for coaching, mentoring, and developing career paths for direct reports.

Measures of Success

• Correct identification of the key risk areas and timely approval of IA plan by the Audit Committee (AC)
• Ensure documentation in accordance with the defined audit methodology
• Managing team and successful delivery of internal audit plan within defined timelines
• Lead audit closure meetings and exception reporting to functional leaders / SLTs.
• Ensure results of other external audits is consistent with the work performed by Corporate Audit team with minimum material differences to safeguard reputational risk of the organization (penalties etc.).
• Continuous improvement in employee engagement score for the team
• Identify opportunities and increasing efficiency of Corporate Audit team as a whole.
• Ensure quality of reviews and effective reporting of observations.
• 100% adherence to Audit Plan for the Internal Audits assigned as per timelines and defined process in IA manual.
• Improvement in Employee Engagement score for the team

Key Relationships (Internal /External)

• Senior Management (Functional leaders / SLTs) including CRO / CCO
• Cross functional teams
• Process Owners
• Outsourced Vendors
• Team members including specialized staff (3-4 team members)

Key competencies/skills required

• Collaboration and Stakeholder Management
• Team Management and development
• Coaching new joiners and existing team members and making them future ready
• Strategic and Analytical mindset
• Problem solving ability
• Willing to take multiple priorities (multi-tasking)
• Growth Mindset
• Domain knowledge of Insurance Industry
• Negotiation skill

Desired qualification and experience

• CA having 8 years of rich experience working in auditing environment
• IA experience of Insurance Industry
• Experience of managing team members (including co-sourced partners) with varied experiences for specialized audits.
• Ability to effectively communicate with external stakeholders and senior management
• Technically proficient in audit, assurance and risk assessment area.
• Experience of participating in cross functional projects and contributing for overall success of project.

Position

Manager

Incumbent

Department

Internal Audit

Function

Internal Audit

Reporting to

AVP - Internal Audit

Band

3

Location

Gurgaon

Team size (D/I)

Job Summary

. Designing risk-based internal audit plan and strategically managing the internal audit function in accordance with internal audit charter and the professional standards for internal auditing.

• Leads & directs the strategic and operational development of internal audit & assurance services

. Provide assurance on the effectiveness of the organization's risk management and internal controls to the Board (vide Audit Committee) on the effective internal audit and controls

• Reviewing and assessing the adequacy and effectiveness of internal controls as well as reporting on its strategies, policies and procedures.

Key Responsibilities

Internal Audit Plan

• Prepare comprehensive Internal Audit plan by correct identification of the key risk areas and timely approval by the AC of the IA plan.
• Identify new themes which can be added as part of proposed Internal Audit (IA) plan and identify new risk areas and conduct risk based audits to ensure quality of reviews and effective reporting of observations.
• Manage the audit to ensure that overall audit is performed in accordance to the steps as defined in Internal Audit manual including methodical documentation of work plans, testing results, conclusions and recommendations.
• Ensure results of other external audits consistent with the Internal Audit work (performed by the in-house team) with minimum material differences
• Provide recommendations for process improvement in order to mitigate associated risks, to ensure compliance, adequacy and reliability of internal controls & procedures.
• Ensure follow up on findings and corrective actions and assist process owners in practical implementation of recommendation to improve operational efficiencies and overall control posture for the organization.

Revenue assurance model and automation in audits

• Preparation of a comprehensive product and revenue assurance model and ensure quality of reviews, effective reporting of observations and its timely completion and implementation.
• Prepare plan for concurrent audit of different types of payouts, functionalities through automation.
• Drive automation in selected areas of audit which are of recurring nature and increasing the level of accuracy while reducing the processing timelines.
• Active participation and contribute towards assurance reviews as per the requirement of Senior Management and Audit Committee.

Stakeholder Management

• Lead audit closure meetings with process owners and provide update / reporting exceptions to functional leaders.
• Provide timely and periodical update to Senior Leadership Team and Quarterly Audit Committee by preparing updated presentation.

Team Management

• Provide technical assistance and subject-matter expertise to team members in designing risk universe
• Responsible for coaching, mentoring, and developing career paths for direct reports.

Measures of Success

• Correct identification of the key risk areas and timely approval of IA plan by the Audit Committee (AC)
• Ensure documentation in accordance with the defined audit methodology
• Managing team and successful delivery of internal audit plan within defined timelines
• Lead audit closure meetings and exception reporting to functional leaders / SLTs.
• Ensure results of other external audits is consistent with the work performed by Corporate Audit team with minimum material differences to safeguard reputational risk of the organization (penalties etc.).
• Continuous improvement in employee engagement score for the team
• Identify opportunities and increasing efficiency of Corporate Audit team as a whole.
• Ensure quality of reviews and effective reporting of observations.
• 100% adherence to Audit Plan for the Internal Audits assigned as per timelines and defined process in IA manual.
• Improvement in Employee Engagement score for the team

Key Relationships (Internal /External)

• Senior Management (Functional leaders / SLTs) including CRO / CCO
• Cross functional teams
• Process Owners
• Outsourced Vendors
• Team members including specialized staff (3-4 team members)

Key competencies/skills required

• Collaboration and Stakeholder Management
• Team Management and development
• Coaching new joiners and existing team members and making them future ready
• Strategic and Analytical mindset
• Problem solving ability
• Willing to take multiple priorities (multi-tasking)
• Growth Mindset
• Domain knowledge of Insurance Industry
• Negotiation skill

Desired qualification and experience

• CA having 8 years of rich experience working in auditing environment
• IA experience of Insurance Industry
• Experience of managing team members (including co-sourced partners) with varied experiences for specialized audits.
• Ability to effectively communicate with external stakeholders and senior management
• Technically proficient in audit, assurance and risk assessment area.
• Experience of participating in cross functional projects and contributing for overall success of project.