Manager & Credit Finance & Market Risk Audit

Commercial Bank International; Sharjah; On-site; AED 120,000 - 200,000; Full time

Job summary

A leading financial institution in Sharjah is seeking a Team Leader to oversee and manage the auditing processes. The chosen candidate will be responsible for conducting comprehensive audits, leading a team of internal auditors, and ensuring compliance with industry standards. This role requires exceptional analytical skills and recognized auditing qualifications. The position promises a dynamic work environment with opportunities for professional development and significant independence in decision-making.

Qualifications

• Bachelor’s degree in accounting/computer science and/or Management.
• Internationally recognized accounting/auditing qualifications like CPA, CIA, CBA.
• Exceptional analytical and interpersonal skills required.

Responsibilities

• Manage and supervise the complete audit cycle, encompassing risk management and compliance.
• Coordinate and lead regular audit meetings to review findings.
• Prepare and submit comprehensive audit reports.

Skills

Exceptional analytical skills

In-depth knowledge of business fundamentals

Proficient in accounting and business operations

Sharp critical thinking skills

Exceptional interpersonal skills

Education

Bachelor’s degree in accounting/computer science and/or Management

Internationally recognized accounting/auditing qualifications like CPA, CIA, CBA

Job description

Job Purpose

This position entails performing advanced and managerial auditing tasks. Responsibilities include planning, scheduling, and coordinating comprehensive audits, overseeing audit processes, and reporting findings. The role functions as a Team Leader, spearheading special projects and participating in task forces as required. Reporting directly to the Senior Managers or Head of Audit, this role also involves delegating tasks and leading the work of others. The position requires minimal supervision, offering substantial freedom for initiative and independent decision-making.

Main Responsibilities and Accountabilities

Audit Planning / Design

• Execute, manage, and supervise the complete audit cycle, encompassing risk management and control management to enhance operational effectiveness, financial integrity, and compliance with all relevant directives and regulations.
• Maintains the Internal Audit Manual and spearheads the updating of audit methodologies and templates to align with evolving standards.
• Contributes to the development of training curricula and delivers formal training sessions on Internal Audit practices and procedures. Actively engages in ongoing professional development to stay abreast of industry regulations, best practices, methodologies, and performance benchmarks.
• Coordinates and leads regular audit meetings to review findings and discuss improvements, ensuring all team members are aligned with the latest auditing standards and strategies.

Conducting Audits

• Accurately defines and determines the comprehensive scope of audits, specifically tailored to assess, and improve business processes.
• Strategically plans and executes highly complex audits, ensuring thorough scrutiny and analysis of critical business functions.
• Facilitates open lines of communication between the audit department and senior management, providing regular updates and strategic recommendations to enhance organizational practices.
• Serves as an impartial source of independent advice, guaranteeing the validity, legality, and achievement of organizational goals.
• Leads cross-departmental collaboration initiatives to ensure a holistic approach to risk management and compliance across all levels of the organization.
• Estimates and communicates expected timelines for audit completion, meticulously maintains records of work performed and time spent. Responsible for the comprehensive preparation and submission of audit reports, which includes drafting, internal reviews, and client consultations. Incorporates client feedback appropriately into the final reports and submits them for final review.
• Analyzes market risk exposures to evaluate the effectiveness of risk mitigation strategies and adherence to risk appetite frameworks.
• Reviews ICAAP (Internal Capital Adequacy Assessment Process) reports to ensure accuracy, completeness, and compliance with regulatory guidelines.
• Reviews Basel Pillar III disclosures, ensuring transparent and accurate reporting of risk exposures, capital adequacy, and risk management practices.
• Assists in the calibration of risk parameters used in stress testing frameworks, ensuring they are robust and reflective of current economic scenarios.
• Reviews the risk management, credit, and other Bank policies and procedures to incorporate changes in market conditions and regulatory requirements.
• Reviews risk models to ensure they accurately reflect the organization’s credit and market risk profiles and comply with regulatory standards.
• Reviews testing and validation of risk models to ensure accuracy, reliability, and compliance with regulatory requirements.
• Reviews documentation of risk models, including model methodologies, assumptions, limitations, and validation results.
• Evaluates management operations, internal control systems, and accounting records to assess their adequacy and effectiveness.
• Advises management on enhancements to business processes, accounting practices, and management procedures. Actively participates in workgroup committees to facilitate collaborative improvement initiatives.
• Gathers and documents a detailed understanding of business requirements, associated risks, and pertinent control measures. Evaluates compliance by conducting tests to verify that the established controls are functioning as intended, consistently and effectively.
• Reviews and evaluates the effectiveness, efficiency, confidentiality, integrity, availability, compliance, and reliability of information, as well as the accuracy of the data utilized in various processes.
• Develops and adheres to detailed audit programs, ensuring that all audit objectives are achieved, and key risk areas are thoroughly addressed.
• Conducts follow-up audits to assess the implementation and effectiveness of recommendations made in previous audit reports.
• Collaborates with internal and external auditors to address findings and recommendations related to credit and market risk management during regulatory reviews.
• Creates detailed flowcharts of operations as required to enhance process understanding and analysis.
• Regularly briefs management on the progress and status of reviews and projects, ensuring transparency and informed decision-making.

Reporting

• Ensures the timely completion and prompt reporting of audit assignments to both the Head of Internal Audit and Senior Management, fostering transparency and enabling informed decision-making.
• Thoroughly evaluates that significant risk exposures and control issues, including those related to fraud risk and governance, are comprehensively addressed in the final engagement communication.
• Conducts thorough appraisals, evaluations, and reporting to management on the presence, effectiveness, and necessity for enhancements in internal controls.

People Management & Development

• Lead and manage a team of internal auditors, providing guidance, support, and mentorship to ensure effective performance and professional development.
• Collaborate with the audit team in crafting comprehensive audit reports, and present findings and recommendations to senior management as required.
• Oversee day-to-day operations and provide direction to the audit team, including setting work priorities, monitoring progress, and ensuring alignment with organizational objectives.
• Allocate and balance workload among audit staff, coordinating assignments and activities to optimize efficiency and meet project deadlines.
• Contribute insights and feedback on team member performance to support ongoing evaluation and development efforts.
• Implement and maintain a robust system of quality control to uphold compliance with relevant auditing standards and facilitate peer review processes.

Improving the Practice of Audits

• Maintain transparent and open communication channels with management and key committees, facilitating effective collaboration and decision-making processes.
• Stay updated on emerging trends and advancements in Corporate Governance practices, providing informed guidance and recommendations to the business for continuous improvement.
• Facilitate regular communication with management and relevant committees to ensure alignment with organizational goals and objectives.
• Stay informed about evolving Corporate Governance standards and regulations, offering proactive advice and insights to support strategic decision-making.
• Foster a culture of transparency and accountability through ongoing dialogue with management and key stakeholders.
• Monitor industry best practices for Corporate Governance and provides proactive guidance to enhance organizational governance frameworks.

General

• Maintain awareness of and adhere to the security responsibilities outlined in the Bank's Policies, ensuring strict compliance with all security protocols and procedures.

Education & Technical Qualifications:

• Bachelor’s degree in accounting/computer science and/or Management.
• Internationally recognized accounting / auditing qualifications like CPA, CIA, CBA.

Other Skills Required for the Job:

• Exceptional analytical skills.
• In-depth knowledge of business fundamentals.
• Proficient in accounting, business operations, credit processes, good knowledge of best practice standards for Business operations.
• Sharp critical thinking skills, capability of evaluating problems and scenarios to determine optimal solutions.
• Exceptional interpersonal & communications skills (both verbal and written).