Senior Manager - Internal Audit - Life Insurance - CA

Our client is one of the leading private sector Life Insurance Company. It is listed on National stock exchange (NSE) and Bombay stock exchange (BSE)

Job role : Sr Manager - Internal Audit

Reporting : AVP

Location : Mumbai

Experience : 8 Years To 10 Years

JOB SUMMARY : 

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

- To provide assurance to the Board (via its 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 

 - Identify new risk areas and conduct risk based audits and ensure quality of reviews and effective reporting of observations.

- 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.

- 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 : 

- Provide timely and periodical update to Senior Leadership Team and Executive Management Committee 

- Provide timely update and contribute towards Quarterly Audit Committee by preparing updated presentation.

Team management : 

- Build a strong, highly engaged and performing IA team 

- Prepare and adherence to development plan for team members 

Measures of Success : 

- Correct identification of the key risk areas and timely approval by the AC of the IA plan. 

- Ensure quality of reviews and effective reporting of observations. 

- Results of other external audits consistent with the Internal Audit work (performed by the in-house team) with minimum material differences 

- Provide specific and practicable recommendation for effective closure of the issues and mitigation of risks. 

- Provide timely update to management and contribute towards Quarterly Audit Committee and Management Risk Committee. 

- 100% adherence to 'Audit Plan' for the Internal Audits assigned as per timelines and defined process in IA manual. 

- Provide timely update and contribute towards Quarterly Audit Committee and Management Risk Committee. 

- Improvement in Employee Engagement score for the team 

Key competencies/skills required : 

- Domain knowledge of Insurance Industry 

- Stakeholder Management 

- Team Management 

- Negotiation skill 

- Collaborative approach 

Desired qualification and experience : 

- CA 

- 8 - 10 years of post qualification experience 

- IA experience of Insurance Industry