Internal Audit’s mission is to provide independent, objective assurance and advisory services to assist the enterprise in maintaining an effective system of internal controls.
Internal Audit supports the Boards of Directors in their oversight of the governance, risk and control framework, and will achieve and maintain the highest level of professional standards, while furthering the development of our employees.
The Risk & Control Advisor (RCA) is predominantly focused on audit projects, participating in planning, driving fieldwork, and assisting with report clearance. The RCA’s primary measure of success is identifying meaningful potential issues about the design and effectiveness of controls, and creating reliable documentation to support his or her work. The RCA must manage a number of auditee relationships, be a good team player, and take accountability for his or her personal growth and professional development. The RCA in Financial and Operations (FinOps) audit team will primarily focus on controls of audits covering all aspects of Over The Counter (OTC) derivatives regulatory reporting requirements such as Dodd-Frank, ESMA, and MAS within the Global Trade Repositories.
Strategic Control Impact
- Identify meaningful issues from audit fieldwork
- Work closely with auditors to achieve timely progress on agreed action plans
- Build advisory relationships with middle managers outside the context of IAD’s routine audits
- Support risk management priorities:
- Take ownership for identifying risk, such as credit, market, liquidity, operational, legal, compliance, technology, and systemic, within his or her assigned area of responsibility
- Adhere to departmental risk policies, procedures and best practices
- Identify opportunities for improving existing processes or creating new ones that more effectively anticipate, manage and reduce risk
- Maintain awareness of regulatory issues and comply with regulatory requirements
- Comply with corporate initiatives, such as the New Initiatives Process (NIC), Management Self Identification of Audit Issues, Management Control Awareness & Responsiveness (MCAR), Operational Risk & Control Self Assessments (RCSA), etc.
- Demonstrate the behaviors of and build competency with creating a risk management mindset
- Consistently demonstrate an ability to complete risk-focused fieldwork on time and on budget, notifying the audit manager promptly of any possible impediments to success or when budgets might be exceeded
- Fully resolve review notes and apply learning from those review notes to future projects
- Lead projects from time to time as experience grows
- Demonstrate a strong knowledge of IAD’s policies and procedures—particularly work paper documentation standards
- Participate in continuous improvement initiatives
Individual & Team Development
Demonstrate a strong commitment to teamwork, helping peers wherever possible
Identify and seize opportunities to grow skills, talents, and knowledge about audit planning, reporting, and the products and functions he or she audits
3-7 years of experience; Previous internal or external audit experience is helpful, but not required.
Previous job experience for RCAs can and should vary greatly to meet the department’s goal of having a team with diverse perspectives and work experiences.
An applicant will benefit from having experience identifying; assessing and advising on risks for OTC related products.
Leadership Model sets out the core behaviors required of all employees. Each RCA position is unique and may require the incumbent to have or build specific knowledge of the businesses, products, functions, and processes within his or her coverage responsibilities.
More broadly, successful RCAs typically demonstrate the following skills and behaviors:
Good written and oral communication skill
- Strong analytical and problem solving skill
- Self-starter, with the ability to work independently and in teams
- A high degree of responsibility in balancing multiple commitments and meeting aggressive deadlines and commitments to stakeholders
- Have strong analytical skills, be organized, detail oriented and must be able to handle multiple tasks with tight deadlines.
- Knowledge of products and services or equivalent financial services products, most notably OTC.
- Ability to identify key risks and assess effectiveness of controls
- Knowledge of OTC regulatory reporting requirements (e.g., ESMA, FCA, Dodd-Frank, JFSA, MAS, HKMA, SEC) is strongly desired