Role: AVP- Mutual Fund Audits

Job Purpose / Description:

- AMC is a diversified with wide spectrum of Mutual Fund and Asset Management businesses catering to diverse customer segments through variety of products including Mutual Fund products, Asset Management products/services including Portfolio Management Services, Alternative Investment Funds, Real Estate Investment Advisory. AMC also has various subsidiaries in India (Gujarat GIFC) as well as overseas (such as Dubai, Singapore).

- Purpose of this role is to drive the Audit Strategy and Plan for Mutual Fund business covering all areas across products, sales and distribution, investments, fund accounting and custodial services, risk management, compliance and other corporate / control functions. Objective is to provide timely and quality, independent and objective assurance on adequacy and effectiveness of risk management and controls across key risks including Legal and regulatory compliance risk, Financial crime risk, Operational risk, Third party /Outsourcing risk, Market and Liquidity risk, Financial risk, Reputational risk etc. and adherence to internal policies and procedures, applicable laws and regulations.

- The primary function of the role will be to drive the execution of the audit strategy and plan commensurate with the nature and scale of the business and operations, level and direction of risk, level of digitalisation and use of technology, use and involvement of third party vendors/partners, applicable laws and regulations, the organization strategy, culture and maturity.

- Drive audit strategies for identification and assessment of various key risks and current maturity level of controls in various auditable entities.

- Manage audit plans based on risk and control assessment, and regulatory framework; ensure use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives

- Plan and conduct risk-based audits testing ~3000+ controls across Mutual Fund functions in AMC in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices

- Check & execute processes for adequate and effective audit coverage of various risks including Legal and regulatory compliance risk, Financial crime risk, Operational risk, Third party /Outsourcing risk, Market and Liquidity risk, Financial risk, Reputational risk etc. and adherence to various applicable laws and regulations across applicable regulators.

- Ensure alignment with industry best practices and regulatory requirements. Keep audit procedures and checklists current and updated aligned with changes in internal policies/guidelines as well as legal/regulatory changes and industry best practices.

- Supporting in development of specialised audit team for timely and quality execution of complex and specialised audit reviews covering all the key areas across business/operations/corporate/risk management/control functions.

- Ensure timely completion of audit plan and projects along with quality of audits, and meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

- Implement a continuous monitoring process for ongoing assessment of various risks arising from and managed by the Mutual Fund functions in AMCto ensure, timely identification and resolution of significant risk and control issues; Identify and develop ~1000+ automated tests for monitoring effectiveness of controls on an ongoing basis.

- Active and Proactive Engagement with the Functional leaders for each of the Mutual Fund functions (including risk management functions and control functions) on developing and enhancing the maturity level of the controls relating to various risks benchmarking with the leading best practices

Key Responsibilities:

Execution of Audit Plan:

- Manage and Execute Audits: Conduct audits in accordance with Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and best practices.

- Audit Mutual Fund Functions: Perform audits covering key areas such as risk management, compliance, and control functions, testing approximately 3000+ controls.

- Risk-Based Reviews: Conduct risk-based, thematic, and specialized audit reviews to assess the adequacy and effectiveness of risk management and controls in various activities like sales, investments, fund accounting, and more.

- Application Controls Review: Review application controls in systems used by Mutual Fund functions to ensure their adequacy and effectiveness.

- In-House and Co-Sourced Audits: Execute audits through in-house or co-sourced professional services, ensuring suitable coverage based on the business's scale and complexity.

- Audit Documentation: Ensure timely completion of audit projects with high-quality documentation and reporting as per audit policies and procedures.

Continuous Monitoring:

- Identify Risk Hotspots: Execute strategies to identify triggers and conduct unplanned reviews or investigations based on these triggers, directives from regulators, or senior management.

- Stay Updated: Keep abreast of emerging audit trends and drive key audit initiatives for efficient and effective achievement of audit objectives.

- Ongoing Monitoring: Implement a continuous monitoring framework for ongoing risk assessment across various business segments, products, channels, processes, and units. Develop automated tests for ongoing monitoring of key risks.

Communication and Stakeholder Engagement:

- Effective Communication: Communicate and report effectively to various stakeholders, including regulators, board committees, and senior management.

- Regulatory Engagement: Engage proactively with regulators on internal audit-related matters to meet regulatory expectations.

People Management:

- Team Development: Assist in developing a specialized audit team for timely and quality execution of complex and specialized audit reviews.

- Talent Management: Support the development, nurturing, and growth of talent through effective employee engagement and management.

- Continuous Learning: Participate in regular learning and sharing of knowledge and best practices to ensure continuous development of self and the team