Head, Internal Audit (784) [Wildey St. Michael]
POSTED BY: Caribbean Development Bank
Date Published:01 June 2023
Date of Expiration:28 November 2023 EXPIRED
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|LOCATION OF THIS JOB
| Barbados | WILDEY, ST. MICHAEL in Barbados
|DEVELOPMENT FINANCE INSTITUTIONS
|MAIN JOB DESCRIPTION
|Requisition ID 784
The Caribbean Development Bank (CDB/the Bank) seeks to attract a Head, Internal Audit (HIA). The HIA will contribute to CDB responsibly growing its business by anticipating new and emerging risks and developing an assurance framework that covers and effectively mitigates those risks.
Internal Audit is critical to CDB's control and risk management infrastructure. It is an independent function providing assurance and advisory services covering all the Bank’s businesses and operations. The Division is responsible for ensuring the internal control systems maintained by the Bank are adequate and effective in safeguarding its assets, the reliability, accuracy and integrity of management information systems and related strategies, policies, plans, procedures, and records and their adequacy to effectively accomplish intended objectives. To ensure the independence of the internal auditing function, the HIA reports functionally to the Oversight and Assurance Committee (OAC) of the Board and administratively to the President.
1. The HIA contributes to OAC fulfilling its oversight responsibilities by assuring the effectiveness of critical internal control systems, particularly in high-risk areas of the Bank's operations.
2. As the HIA, you will have the opportunity to lead a team of auditors to assess the adequacy and effective functioning of the Bank's processes for managing and controlling risks.
3. The HIA will serve on committees that support the Bank’s risk management activities.
The responsibilities of the HIA include the following:
1. Developing and communicating the annual audit plan, audit project results and audit recommendations, ensuring that the Division’s work is risk-based and aligned with the Bank’s strategic objectives.
2. Identifying and assessing the impact of changing business and emerging risks and suggesting changes to controls, audit plans, and/or in-scope processes to address those risks.
3. Identifying and socialising issues and improvement opportunities with appropriate stakeholders, ensuring that managers implement process and control improvements.
4. Establishing and implementing Internal Audit standards and processes, ensuring that they are in conformance with the Internal Auditing Standards as set out by the Institute of Internal Auditors (IIA) in the International Professional Practice Framework.
5. Liaising with the external auditors as appropriate to provide optimal audit coverage to the Bank.
6. Building successful client management relationships to provide value-added consultation to influence and strengthen operational efficiencies and effectiveness.
7. Maintaining an ongoing system of monitoring the adequacy of the actions taken by management in implementing internal and external audit recommendations and reporting on the implementation status.
8. Supporting the investigative processes led by the Office of Integrity & Compliance & Accountability or other offices in the Bank.
9. Maintaining the audit policies and procedures manual and continually updating it to improve the efficiency and effectiveness of the audit life cycle.
10. Preparing the Division’s annual budget proposal, including estimates of costs associated with assurance and advisory activities.
11. Producing an evidence-based annual internal audit report on the overall adequacy and effectiveness of the Bank’s framework of governance, risk management and control.
12. Effectively manage human resources assigned, including providing support to staff in achieving their career goals, ensuring appropriate learning and development, and actively participating in planning and assessing performance.
13. Applying best practices in evaluating the impact of the Division's work.
|REQUIREMENTS FOR THIS JOB
1. The successful candidate should demonstrate a strong understanding of strategic and operational risks in a financial institution and deliver value-added services which strengthen the risk and control environment.
2. The HIA should be sensitive in anticipating and assessing risks that can arise from implementing changes within institutions and have unquestioned integrity and the strength of character to maintain objectivity.
THE SUCCESSFUL CANDIDATE must have the following:
1. A graduate degree in Finance, Accounting or Business Administration.
2. Internationally recognised internal auditing and accounting professional qualifications (i.e., FCA, CIA, CISA, etc.).
3. At least:
1) twelve years of auditing experience in an internationally recognized audit firm, financial or multilateral organization
2) six years managing an audit function including developing and implementing audit plans and managing resources.
4. Fundamental understanding of risk management frameworks (e.g., COSO), internal control practice directives (e.g., IIA Standards).
5. The ability to monitor the application of the "due professional care" standard in performing audit activities.
6. A risk and control mindset with the ability to ask incisive questions, converge on critical matters, assess materiality, and escalate complex and sensitive issues.
7. The ability to evaluate the potential for fraud and how the Bank detects and manages fraud risks; recommend controls to prevent and detect fraud and educate to improve the Bank’s fraud awareness.
8. The ability to operate in a hands-on manner in a lean organization.
9. Strong leadership skills with the ability to establish credibility working across cross-functional teams to drive and influence change.
The HIA should demonstrate a strong proficiency in the following organizational core competencies:
Acting as a Champion for Change
The ability to identify problems and opportunities for change, implement solutions where appropriate; maintain effectiveness when experiencing major changes in work tasks or the work environment; and support people in their efforts to try new things.
Moves quickly to make decisions and commits to a straightforward course of action; comfortable making decisions based on partial information; willing to take risks to maintain momentum; shows a strong bias toward action.
Championing Customer Needs
Calls attention to issues that impact customer satisfaction; views situations from customers' perspective; encourages people to think about customers when making decisions and develops and sustains productive customer relationships.
Invests time and resources into building the capabilities of team members; helps people define career goals and establish development plans to achieve them; gives people constructive, developmental feedback and advice.
Driving for Results
Bottom-line oriented and pushes self and others to achieve results. Keeps current on project status; makes sure people are aware of project status and what they need to do to keep things moving; redirects project resources and activities to overcome setbacks; elevates project concerns to senior levels of leadership when appropriate.
Clearly defines and communicates roles and responsibilities; holds people accountable for accomplishing objectives; recognises and rewards people who achieve results and deliver on performance expectations; provides effective feedback.
Effectively balances risks and opportunities; thinks through potentially positive and negative outcomes; seeks ways to mitigate risks.
Setting a Strategic Vision
Identifies and articulates the strategic goals and direction of the company, Division, or group; establishes connections between short-term and long-term objectives and directions. Communicates the vision throughout the organisation through distinctive strategies, goals and action plans that maximise competitive advantage. Inspires and motivates entire Division (s) or department(s) to adopt the vision.
TERMS OF APPOINTMENT
This is a full-time position with the successful candidate being contracted on a five-year basis in the first instance, with the possibility of renewal. The salary is competitive and commensurate with qualifications and experience. A pension plan, life and medical insurances are included in the benefits package.
HOW TO APPLY
Before you proceed to apply, please consider the following requirements:
• You must be a national of one of CDB’s member countries.
• You will be required to produce evidence of any educational and professional qualifications to support your application if you are selected for an interview.
• All appointments are subject to satisfactory background checks and references.
CDB fully respects the need for confidentiality of the information supplied and assures you that we will not discuss your background and interest with anyone, including references, without your prior consent.
The deadline for submission of applications is June 23, 2023 at 11:59 pm AST.
The Caribbean Development Bank is an equal opportunity employer and values diversity. We encourage all qualified candidates to apply regardless of their racial, ethnic, religious, cultural background, gender, sexual orientation, or disabilities. Women are strongly encouraged to apply.
The Bank provides reasonable accommodation to individuals with disabilities participating in the job application or interview process. Please contact us to request such accommodation.