Internal Auditor - Life Insurance at Absa Group Limited (Absa)

Job Summary

• The Absa Financial Services (AFS) Insurance Group Internal Audit team seeks a detail-oriented team player with an interest in insurance who aims to gain insight into the bank’s bancassurance strategy and operations. The Insurance businesses provide short-term and life insurance products to Absa customers. Additionally, the broader AFS Insurance Group offers stockbroking, trusts, wills, estates, and financial management services, with which the incumbent must be familiar. The insurance environment is fast-paced and dynamic, offering extensive learning opportunities.

Job Description

Audit planning

• Participate in the 6+6 audit planning cycle, provide input by taking into account the risk and control profile, business strategy and material risks affecting the business.

Assurance

• Develop an in-depth knowledge of Absa and the various business areas and use this knowledge to execute on assurance responsibilities.
• Actively participate in all the audit phases - planning and scoping (identification of risks and controls), fieldwork (execution of design and operating effectiveness assessments) and re porting (ensure audit observations and planned actions are agreed with management for factual accuracy).
• Ensure delivery adheres to the audit methodology and quality standards.
• Identify opportunities for using Data Analytics and enhanced automated auditing techniques.
• Prepare audit observations and make sure that they are concise, factually accurate and cover all of the significant issues. The observations must be insightful, address the root causes, and have agreed actions that fully mitigate the risk.
• Issue Validation: Update all issue statuses by the end of the month and follow up on all issue closure packs according to the agreed deadlines. Validate audit-raised issues through testing and document validation workpapers as needed, and draft closure or reopening emails. Close issues on audit systems as required.

Teamwork

• Engage proactively with Absa Internal Audit (IA) colleagues during assignments and request technical assistance where required and based on knowledge of business areas, provide guidance to other auditors and peers by sharing best practice so that their work meets and sometimes exceeds quality standards.

Culture / Values:

• Values/Culture: Demonstration of Absa and IIA code of conduct values/behaviours in all aspects of work. Playing a positive role in team effectiveness sessions.
• Team Player: Positive team engagement, helping build the desired culture for IA. Measure of success - all survey scores and feedback from stakeholders to be within target ranges.
• Relationship and Portfolio management
• Business Monitoring and stakeholder engagement - Develop and maintain relationships with business (including 1and 2 Line of Defense) and actively monitor the risk profile of the business to inform audit planning, reporting and audit delivery. Support the Combined Assurance effort across the 3 LOD to strengthen the control environment.
• Provide input into Risk and Committee reporting, clear messaging and impact on the risk and control environment of the business.

Knowledge Management

• Display professional skepticism and apply a residual risk lens to potential audit issues with management and in final reporting.
• Continuous upskilling on both technical and other core competencies.
• Keeping up to date with industry trends, regulatory changes and professional standards.
• Based on knowledge of business areas, provide guidance to other auditors and peers by sharing best practice so that their work meets and sometimes exceeds quality standards

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.
• 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.
• New Ways of Work: Timely adoption and role modelling of all new ways of work and enabling technology i.e. strategic initiatives/platforms/tools/solutions i.e. on effective date to ensure it supports implementation and embedment across function.

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 and Experience:

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
• Preferred professional qualifications as appropriate (e.g. CA, CIA, CISA)
• Three to four years’ experience in Internal/External audit or commensurate experience in a major financial institution or Big 4.
• Insurance audit experience preferred

Education

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