Head – Internal Audit (Functional & Risk)

A leading life insurance company is seeking a highly skilled Head of Internal Audit – Functional & Risk to lead its audit strategy and execution. In this senior role, you will develop and manage the audit plan for all key areas across corporate, risk management, and control functions. Furthermore, you will assess the adequacy and effectiveness of risk management frameworks to ensure adherence to internal policies and applicable regulations. Consequently, this position is vital for maintaining a robust control environment across the organization’s diverse operations.

The Head of Internal Audit will focus on identifying and assessing various risks, including compliance, fraud, operational, and reputational risks. Additionally, you will drive digital transformation by developing approximately 7,000 automated tests for continuous monitoring of effectiveness. Therefore, the company is looking for a strategic leader who can implement advanced integrated auditing concepts and extensive data analysis. If you have a proven track record in managing complex audit reviews and nurturing specialized teams, this role offers a significant leadership opportunity.

Key Responsibilities

• Develop and manage a comprehensive audit strategy and plan covering corporate, risk management, and control functions.
• Plan and conduct functional audits testing over 5,000 controls across the organization in accordance with leading best practices.
• Conduct risk-based and thematic reviews to assess legal, compliance, fraud, and third-party risk management.
• Implement a continuous monitoring framework for ongoing assessment of inherent risks across business segments and products.
• Identify and develop approximately 7,000 automated tests to monitor control effectiveness on an ongoing basis.
• Provide independent assurance on the adequacy of risk management and adherence to statutory and regulatory requirements.
• Develop and manage a specialized audit team for the timely and quality execution of complex audit reviews.
• Review application controls and management information systems to evaluate the effectiveness of automated business processes.
• Actively engage with functional leaders and regulators to enhance control maturity and meet regulatory expectations.
• Maintain updated audit procedures and checklists aligned with evolving industry practices and legal changes.

Requirements and Qualifications

Experience and Leadership

• Extensive experience in developing audit plans based on risk assessment and regulatory frameworks.
• Proven track record in managing large-scale functional audits within the life insurance or financial services sector.
• Demonstrated ability to lead specialized teams and nurture talent through effective engagement and knowledge sharing.
• Experience in identifying risk hotspots and conducting unplanned investigations based on regulatory or management directives.

Technical Skills and Competencies

• Deep understanding of Compliance, Legal, Fraud, Operational, and Liquidity risk management.
• Expertise in advanced integrated auditing concepts and the extensive use of technology and data analysis.
• Strong knowledge of internal audit standards, legal requirements, and regulatory circulars across various regulators.
• Excellent communication and reporting skills for engaging with board committees and senior management.
• Ability to keep abreast of emerging audit trends and drive initiatives for efficient audit achievement.

What the Company Looks For

• A strategic thinker who can align audit strategies with the organization’s overall maturity and culture.
• A proactive professional dedicated to enhancing the maturity level of controls benchmarking with best practices.
• An innovative leader committed to the use of technology and automation in audit processes.

If you are an audit expert ready to drive risk management excellence for a premier life insurance organization, we encourage you to apply for this leadership position today!