The job holder will be responsible for conducting internal audits as well as in establishing internal audit processes and controls for the Company.
Developing compliance framework and ensuring ongoing compliance with internal and external rules and regulations including but not limited to AML policies, Solvency requirements, Authority matrix, policies and procedures, etc.
To ensure Corporate Governance frame work is in place.
Develop internal audit and compliance framework, Audit and Compliance Charter and ensure ongoing compliance.
- Conduct audits as per the audit plan, covering all aspects of business operations, with specific emphasis on processes and controls.
- Assist in the design and administration of audit policy and procedure within the organization.
- Review the functions that are carried out by the divisions within the Company and determine whether they are performing their tasks according to the management’s instruction and Company's objectives, policies and procedures.
- Review and assess materials to identify possible deviations from acceptable practice, duplicated effort, deficient controls, extravagance, fraud or non-compliance with laws, regulations and management policies.
- Identify opportunities to improve operating performance and recommend solutions to problems where appropriate.
- Develop audit reports for submission to Audit Committee / Board of Directors for approval of recommend changes in operations and financial activities.
- Monitor compliance with audit recommendations.
- Ensure adherence to overall KPIs and internal and external SLAs of the department.
- Ensure implementation and maintenance of relevant management information systems, quality controls.
- From time to time special assignments to be undertaken from CEO/CFO subject to approval from Audit Committee.
- Compliance with the Corporate Governance requirements of the company
- Provision of information required by the regulators such as SCA, Insurance Authority, UAE Central Bank, etc.
- Determine compliance violations and recommend remedial action.
- Implement AML policy and audit compliance with relevant regulations
- Identify, monitor and control the compliance risks of the company
- Assist in the preparation of Corporate Governance report, to disclose the extent of efficiency of internal control systems adopted in the company.
- Confer with company officials about financial and regulatory matters.
Key Accountabilities with KPI's:
- Adherence to processes and quality checks - Internal quality assessment results, error rate sampling outputs.
- Execution of audit and compliance plan - Timely completion of audit.
- Issuance of Query slips/Audit memo - No. Of memo/query slip issued.
- Preparation and presentation of audit reports - Adherence to timelines.
- Compliance with Internal and external regulations, particularly AML policies, etc. Company procedures - As per the internal audit charter.
- Must have Strong Knowledge of accounting principles, techniques, legal and statutory requirements.
- Excellent Customer service orientation.
- Excellent Analytical ability and attention to detail.
- Excellent Interpersonal skills.
- Excellent Leadership skills and team building ability.
- Excellent Written and verbal communication skills in English.
- Qualified Accountant preferably with a qualification in Auditing.
- Insurance Qualification is essential but not mandatory
Minimum 5 to 6 years’ experience in a similar capacity in the Life and General Insurance industry.