• Chief Internal Auditor or equivalent

    • Core Competencies

      The Chief Internal Auditor /Head of Internal Audit should have:

      (a) A clear understanding of the role and responsibilities associated with the position;
      (b) A good understanding of financial services activity relevant to the licensee and the wider industry and its regulatory environment;
      (c) Strong understanding of internal or external audit;
      (d) Ability to design comprehensive audit plans, including risk assessments, internal control evaluations, and identifying areas of potential financial, operational, or compliance risk;
      (e) Ability to lead audits across various departments such as credit, operations, IT, and finance;
      (f) Proficiency in evaluating and improving internal controls and risk management frameworks, ensuring alignment with organisational risk appetite and regulatory requirements;
      (g) Familiarity with regulatory standards (e.g., Basel III for banking, Solvency modeling for insurance) and their impact on risk controls;
      (h) Expertise in assessing the effectiveness of internal controls, identifying control deficiencies, and recommending remediation strategies;
      (i) Understanding the control frameworks like COSO (Committee of Sponsoring Organizations) or COBIT (Control Objectives for Information Technologies);
      (j) Strong knowledge of IFRS (International Financial Reporting Standards) and other regulatory accounting standards;
      (k) Ability to assess compliance with key regulations;
      (l) Competence in forensic auditing techniques, identifying fraudulent activities, and implementing fraud prevention frameworks;
      (m) Use of data analytics and continuous auditing to spot anomalies or risks that indicate potential fraud;
      (n) Strong analytical skills to evaluate audit evidence, discern root causes of control deficiencies, and develop practical, risk-based solutions; and
      (o) Ability to think critically when encountering complex or ambiguous issues and to provide clear, well-justified conclusions.
      Added: March 2025

    • Experience and Qualifications

      (i) A minimum experience of 5 to 7 years experience in internal audit function or external audit; and
      (ii) Hold a relevant academic/professional qualification which include but are not limited to:
      (iii) Certified Internal Auditor (CIA), IIA;
      (iv) Certified Information Systems Auditor, ISACA;
      (v) Association of Chartered Certified Accountants (ACCA);
      (vi) Certified Public Accountant (CPA), US, Canada, Philippines or equivalent;
      (vii) Members of the institutes of chartered accountancy (ACA or FCA qualifications) of UK, Australia, New Zealand, India, Pakistan, Sri Lanka etc
      (viii) Chartered Financial Analyst (CFA), USA.
      Added: March 2025