Chief Internal Auditor

Mount Carmel Rural Bank Inc.; Batangas City; On-site; PHP 600,000 - 800,000; Full time

Benefits offered by this job

Telecommunication Allowance

Medical Reimbursement

Performance Bonus

Job Training

Bereavement Leave

Birthday Leave

Maternity & Paternity Leave

Solo Parent Leave

Vacation Leave

Job summary

A local financial institution seeks an Internal Audit Manager to develop and execute risk-based audit plans, ensuring compliance with regulatory standards and best practices. The role involves leadership of the internal audit function, evaluating the effectiveness of controls, and providing recommendations to enhance governance and risk mitigation. Strong communication skills and experience in banking operations are essential. This position offers professional development opportunities and various employee benefits.

Responsibilities

• Develop and implement risk-based internal audit plans.
• Evaluate the effectiveness of internal controls and governance systems.
• Ensure compliance with regulatory standards and industry best practices.
• Report on audit findings and risk assessments to the Board.

Job description

Job Description

Telecommunication Allowance, Medical Reimbursement

Employee Recognition and Rewards

Performance Bonus

Professional Development

Job Training

Bereavement Leave, Birthday Leave, Maternity & Paternity Leave, Solo Parent Leave, Vacation Leave

Key Responsibilities

Internal Audit Strategy and Leadership

• Develop and implement a risk-based internal audit plan aligned with the bank’s objectives, regulatory requirements, and best practices.
• Ensure the independence and objectivity of the internal audit function while maintaining direct accountability to the Audit Committee.
• Provide leadership to the Internal Audit Office, ensuring the team's skills and expertise align with the growing complexity of banking operations.
• Promote a strong risk management and internal control culture across the bank.

Audit Execution and Risk Assessment

• Examine, evaluate, and improve the effectiveness of the bank’s internal controls, risk management, and governance systems.
• Conduct operational, financial, compliance, and IT audits to assess risk exposure and ensure adherence to regulatory requirements.
• Perform credit quality reviews, assessing the bank’s credit portfolio, risk assets, and compliance with banking laws, regulations, and internal policies to minimize credit losses.
• Assess and complement operational risk management, compliance, and other control functions.

Compliance with Regulatory Standards and Industry Best Practices

• Ensure the internal audit function adheres to the Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing (ISPPIA), Global Internal Audit Standards and other relevant regulatory requirements.
• Develop an operational audit plan based on robust risk assessment and obtain Audit Committee approval.
• Monitor the implementation of the approved audit plan, reporting any necessary revisions or significant changes to the Audit Committee.

Reporting and Communication

• Submit periodic reports to the Board through the Audit Committee on audit findings, risk assessments, and the status of corrective actions implemented by concerned business units.
• Provide recommendations to senior management and the Board to enhance internal controls, governance, and risk mitigation strategies.
• Act as the Secretary of the Audit Committee, ensuring proper documentation and communication of audit-related matters.

Resource and Budget Management

• Assess and monitor the skills and qualifications of the internal audit team and ensure an adequate training and development program is in place.
• Propose and oversee the division’s budget, ensuring compliance with the bank’s policies and efficient use of resources.