Head of Group Internal Audit
The Head of Group Internal Audit is responsible for leading the Internal Audit function across the Group, developing and effecting the internal audit strategy. The Head of Group Internal Audit will provide the Board and Executive Management with independent, risk-based and objective assurance, advice, insight, and foresight. This will be achieved through the assessment and evaluation of the adequacy and effectiveness of governance, risk management and control processes.
The role holder will be required to manage and develop the Internal Audit team, maintain audit standards in line with professional and regulatory expectations and act as a key driver of continuous improvement and risk awareness across the Group.
Regulatory accountability includes designation under SMF5 (UK), PCF13 (Ireland) and equivalent roles in Malta and Bermuda, with adherence to Conduct Rules and Fit and Proper standards.
The role holder will be required to manage and develop the Internal Audit team, maintain audit standards in line with professional and regulatory expectations and act as a key driver of continuous improvement and risk awareness across the Group.
Regulatory accountability includes designation under SMF5 (UK), PCF13 (Ireland) and equivalent roles in Malta and Bermuda, with adherence to Conduct Rules and Fit and Proper standards.
Responsibilities
- Ensuring the Internal Audit (IA) function fulfils its primary obligations as set out in the Internal Audit Charter, namely:
- assessing whether all significant risks are identified and appropriately reported by management (and the Risk Function) to the Board and Executive Management.
- assessing the adequacy and effectiveness of the system of risk management and internal controls.
- challenging Executive Management to improve the effectiveness of governance, risk management and internal controls.
- Establishing a risk-based annual internal audit plan for approval by each of the Audit Committees.
- Overseeing end-to-end delivery of the annual internal audit plan (i.e. from planning through to reporting, and tracking progress made by management against agreed actions).
- Meeting management and Audit Committees to discuss audit plans, results and recommendations to resolve audit findings requiring corrective action.
- Meeting relevant stakeholders, External Auditors, Lloyd’s, and other regulators (as required) to discuss audit plans, results and recommendations to resolve audit findings requiring corrective action.
- Carrying out other assignments as prescribed by the Audit Committees or CEO (on a strictly ad-hoc basis and taking into account, on a case-by-case basis, the ongoing need for independence).
- Setting and maintaining appropriate internal audit procedures (in line with requirements from relevant professional standards).
- Supporting a learning & development programme for members of the IA team.
- Managing other administrative responsibilities with regards to the IA function.
Employee Development and Coaching
- Facilitate the growth and development of your team members. This includes providing regular feedback, identifying their strengths and areas for improvement, and creating individual development plans. Help them acquire new skills and knowledge to excel in their roles.
Performance Management
- Monitor and managing the performance of your team members including setting clear performance expectations, providing feedback and conducting regular performance reviews
Team Building and Engagement
- Build strong, cohesive teams by promoting collaboration, communication and a sense of belonging and motivation. Create a work culture that promotes employee well-being and job satisfaction
- Have an awareness of the Treating Customers Fairly (“TCF”) and Conduct Risk strategies
- Have an awareness of Data Protection legislation, including the Data Protection Act and the General Data Protection Regulations
Requirements
Experience
- Operating as a Head of Internal Audit (SMF5) or as an Audit Director in a large IA function.
- A track record of working in the insurance or financial services sector within IA (experience in general insurance and/or the Lloyd’s market is preferable).
- Qualified as an accounting or internal audit professional (e. g. ACA, ACCA, CIA).
- Managing and leading teams (including internationally).
- Interacting with a wide range of stakeholders and working closely with Audit Committees.
- Experience of providing consultancy, advisory and assurance feedback to senior management (as reflects the need of the organisation).
Knowledge
- Advanced knowledge of internal auditing procedures, the requirements of the IIA’s Standards for the Professional Practice of Internal Auditing, and the IA Financial Services Code.
- Firm understanding and application of the principles of good corporate governance, business and operational risk and control processes/procedures.
- A good working knowledge of general insurance and the Lloyd’s market (insurance run-off also desirable).
- Awareness of current and emerging risks on core areas of typical/potential IA focus. For example: conduct risk (Consumer Duty); information security and data protection; Artificial Intelligence.
- Knowledge and experience of working in a Sarbanes Oxley environment (desirable).
Benefits
We believe in taking care of our team and helping our employees thrive both professionally and personally.
Our benefits include:
- Private Medical and Dental cover – Comprehensive Private Medical and Dental Insurance schemes
- with Bupa
- Health and Wellness –including access to our Employee Assistance Programme, Headspacesubscription, Mental Health First aiders at each site, up to five funded counselling sessions per year,
- annual health check-up and eye test voucher
- Wellbeing Allowance – Can be used towards either physical or mental health wellbeing activities
- Generous holiday allowance – plus bank holidays and office closure on Christmas Eve.
- Bonus scheme – dependent on achieving individual, department and company goals
- Pension – a non-contributory defined contribution pension scheme
- Life Assurance – provides a lump sum 10 x your salary
- Permanent Health Insurance Scheme – scheme pays benefits during a prolonged period of illness or disability lasting more than 26 weeks
- Parental Leave – Enhanced Maternity, Paternity and Shared Parental Leave policy
- Training and development – Company funding for professional qualifications that would be beneficial for your role
- Volunteering and charity – triple matching donations made independently or via our Give As You Earn scheme, and two paid volunteering days per year to help give back to our local communities
- Cycle To Work Scheme – a tax efficient way to purchase a bicycle
- Interest Free Travel Loan – to assist with commuting costs
- Travel Insurance – business and personal travel
- Sports and Social – active sports and social committee that organizes subsidised events
RiverStone International is an established global non-life run-off insurance business specialist with more than 25 years of experience. Operating in the UK company and Lloyd’s of London markets, Bermuda, U.S., and Europe, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring over $17.7 billion of gross liabilities since 2010 and with around $6.7 billion of liabilities currently under management.