Internal Audit Manager - Investment Banking, CIB - Sandton at Absa Group Limited (Absa)

Job Summary

• The Investment Banking Internal Audit team is looking for a detail-oriented team player with an interest in financial markets who wants gain insight into the firm’s operations and control processes. Investment Banking engages in advisory, financing, capital raising as well as trading, sales and research activities across all major asset classes and products domestically, regionally and internationally.. Investment Banking environment is a fast paced, dynamic environment with limitless learning opportunities.
• The role of internal auditor is paramount in ensuring that Absa’s residual risk is managed adequately therefore previous audit experience in Corporate and Investment banking in a risk-based environment will be advantageous. The candidate must be able to analyze vast amounts of data in a meaningful way and manage their time effectively. Good communication skills (written and verbal) are crucial Ability to manage multiple stakeholders, Willingness to drive consensus and influence outcomes Further the candidate must plan, execute and manage audit assignments in accordance with the Group Audit Plan and relevant policies, procedures and quality standards. The Audit Manager is responsible for the quality of the audit work performed and the efficiency and effectiveness of the audit team.

Job Description

Key Accountabilities:

Accountability: Audit Delivery – Planning

• Plan the delivery of assigned audits to a high quality and in line with Key Performance Indicators as per the methodology. This will include adequate resourcing scheduling, meeting key deliverables in terms of audit timelines and review of audit work to confirm that the minimum requirements as per methodology are met.
• Develop a detailed knowledge of the methodology by attending training sessions to ensure that approved audits are risk focused.
• Act as a mentor for auditors and peers to provide guidance to ensure that their work exceeds quality standards.
• Contribute to the annual planning process as requested by the Head of Audit by providing feedback and knowledge in terms of business. This will include identifying auditable entities, assessing the audit needs assessment and preparing all Management Information reports required.
• Management of the following: Audit universe, auditable entities, audit delivery, people Develop and maintain relationships with accountable stakeholder management on each audit.
• Engage with Internal Audit (IA) colleagues during assignments and request technical assistance where required. Technical assistance may include the review of key risks and controls, review of working papers and audit reports.
• Perform audits and issues assurance within Key Performance timelines and resource budget.
• Proactively provide on-the-job training to the audit team for the audit toolkit - Synergy and confirm through inspection of the audit work that the results of audit work are completed, updated and approved as required by the Quality Assurance scorecard

Accountability: Audit Delivery – Fieldwork

• Develop testing strategies for key controls within the business to adequately mitigate the risks. An example of this is to determine the sample size of the item to be tested, the period in which the sample will be selected from and then determine the applicable test to confirm that the control is operating effectively.
• Manage the execution of Design Effectiveness Testing (DEA) and Operational Effectiveness Testing (OET) of the audit team in line with methodology requirements and as per the requirements of the QA scorecard.
• Review the DEA and OET working papers of controls tested.
• Based on the reviews performed, provide effective feedback to audit staff during the audit assignment to confirm that working papers are completed in line with the AIA methodology.
• Engage with management and auditors on progress of audit and to provide regular feedback on issues identified where the control has failed either at a DEA or OET level.
• Engage with Centres of Excellences (COEs) during the fieldwork stage and give oversight to COE colleagues working on the audit assignment.
• Proactively take on additional tasks as delegated by the Head of Audit.

 Accountability: Audit Delivery – Reporting

• Support the Cluster team leadership in generating value add management information for stakeholders by proactively assisting the HoA at the end of each month. This will include obtaining management information from stakeholders and preparing the management information.
• Establish effective relationships with CoE counterparts and fully engage them during audit reporting.
• Use business knowledge to assess evolving risks, write high quality reports with observations which are insightful, address the root cause, have agreed actions that fully mitigate the risk, support the Issues Assurance process and require no further audit work to support them.
• Raise observations as early as possible and agree actions before completion of fieldwork and write concise, accurate Executive Summaries.
• Deliver high quality audit reports, aligned to the AIA methodology which include all significant issues identified in the audit.
• Review management action plans to confirm that the identified risks associated to the control failure are adequately mitigated. Actions plans are to be specific, measurable, timely, achievable and realistic.

Accountability: Management & Leadership

• Mentor and coach less experienced team members by providing guidance around the methodology and audit process.
• Support AIA management team to identify, attract, develop and retain talent on an on-going basis.
• Support AIA management in measuring productivity by ensuring that Evaluation Forms are maintained for all audit assignments and monitored against assignment budgeted hours.
• Manage the teams that assigned to the audit effectively by delegating audit work to empower each individual team member.
• Provide timely feedback to address development areas and recognise quality and audit achievement.
• Provide constructive, timely and balanced feedback to audit team members, peers and Head of Audits.
• Sponsor Internal Audit people initiatives and volunteer input / feedback where requested.
• Manage an audit team to ensure effective delivery of the audit.
• Develop a high performing team by embedding formal performance development and informal coaching. Encourage frequent knowledge sharing between team members.
• Determine and analyse development needs for the team and ensure that identified training requirements are budgeted for and executed.
• Establish and maintain a succession plan for the team.
• Interview and recruit new members of the team, including determining appropriate compensation levels with input from Human Resources.
• Create effective workforce and recruitment demand plans to ensure that current and future business requirements can be met. Plans should be revised at least twice a year.
• Review and update the department’s organisation structure and role description on at least an annual basis to ensure that they are fit for purpose and contain all the accountabilities of each team member.
• Motivate to and obtain approval from the Head of Audit / Audit Director for any additional headcount for the team.
• Approve leave requests for team members and create leave plans to ensure adequate coverage.
• Monitor overtime and ensure that it is kept to a minimum. Report excessive overtime to the Head: Audit and create plans to address the issues.

Accountability: Knowledge Management

• Improve technical knowledge through self-learning or training including mandatory continuous Professional Education requirements.
• Share knowledge in area of responsibility with the team to ensure that audit activities are planned effectively and completed in line with quality standards and audit methodology.
• Present effectively at stakeholder meetings and forums (eg: Risk and Governance Forums etc.) by sharing knowledge and information, including methodology, standards, changes and new developments, with business stakeholders on an ongoing basis.
• Share knowledge with AIA colleagues and peers in the business.
• Working with colleagues in Business Units to provide requisite expertise in key areas where specific specialist knowledge is required to deliver appropriate, value-added assurance.

Perform all other duties as reasonably assigned.

Role/Person Specification
Education and Experience Required

• B Degree (Commercial, Informatics, Statistics)
• B Degree Honours (Commercial, Informatics, Statistics)
• CA (SA), CIA, CISA or relevant qualification
• Relevant banking industry qualification (e.g. SA Institute of Bankers)

Essential:

• 5 years’ experience in Internal/External audit or commensurate experience in a major financial institution
• 5 years’ experience in risk based auditing or risk/control activities.
• 3 years’ experience of managing a team

Preferred:

• Big 4 Completed Articles experience
• CIB  experience either gained through auditing or in a business role

Knowledge & Skills:

• Understand control, regulatory & risk issues Level: Do without Supervision
• Ability to articulate complex issues clearly Level: Do without Supervision
• Displays good knowledge of key business processes Level: Do without Supervision
• Manage time, resources effectively Level: Do without Supervision
• Keep stakeholders & management up to date
• Industry and product knowledge

 Competencies:

• Deciding and initiating action
• Learning and researching
• Entrepreneurial and commercial thinking
• Relating and networking
• Adapting and responding to change
• Persuading and influencing
• Creating and innovating

Education

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)