PERM - AD - Audit Manager - Vice President 1
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Section 1 - Details
Job Title / Corporate Title: Audit Manager / VP
Department / Group: Audit Department/Internal Audit Group
Responsible to / Line Manager: Director or Executive Director
Direct Reports: None
Location: London
Date Prepared: June 2019, updated July 2021, updated April 2022, updated July 2023, updated August 2024
Certification regime: Out of scope
Section 2 - Purpose of Job
This role exists to deliver an independent view and assurance over the control environment in operation in EMEA business entities (SMBC Bank International plc (SMBC BI), SMBC Branches, and other subsidiaries in EMEA Region). It undertakes and manages audits across a range of activities and supports teams of auditors to deliver in-depth testing and review to support audit opinions. It contributes to the Audit opinion provided to the EMEA Region Management and SMBC Group Audit Committee in Tokyo.
Section 3 - Background
* Internal Audit is asked for an independent opinion on the changes and controls implemented by the organizations within EMEA Region. This role aims to provide insight and opinion on the key controls in operation in the business areas under review and therefore must have the expertise to provide advice and consultancy services as required.
* This role is responsible for managing the delivery of the planning, fieldwork, and reporting for audit assignments as Auditor in Charge (AIC), under direction from an Audit Partner. This will include highlighting key areas of risk, assessing established and new controls in operation over a range of activities in any business in EMEA Region.
* With particular expertise or experience, the Audit Manager should be able to undertake detailed testing and oversee the work of others, providing coaching to team members.
* This role will promote an effective control environment throughout the organization through assurance work and being available to management for advice and guidance on risk and control issues.
Section 4 - Facts / Scale
ADIA is responsible for the delivery of around 100 internal audit reports per year across the EMEA region. Due to the nature of each business and the three-year audit cycle, the number of audits each Audit Manager is responsible for can vary from year to year. On average, an Audit Manager would be responsible for the delivery of around 6-8 audits per year and contribute to other audit assignments through the delivery of fieldwork for other Audit Managers. This may include technically complex and highly regulated areas, large assignments, including theme audits across more than one jurisdiction/business. These are scheduled so that some will overlap, allowing an Audit Manager to manage both successfully.
While the Audit Manager has no direct line reports, they are responsible for the work performed by team members of audits for which they are assigned as AIC, usually between 2 and 6 members, occasionally more, who may be located across different areas or have particular expertise requiring coaching and/or guidance.
The Audit Manager can be assigned the role as AIC in any of the businesses for which ADIA has internal audit responsibility. This is an EMEA-wide role covering: SMBC BI, SMBC Branches, SMBC Nikko CM Ltd, SMBC Aviation Capital, SMBC Bank EU AG, Sumitomo Nikko Bank Luxembourg (SNBL), and SMBC Leasing (UK) Ltd.
Provide feedback to Line Managers on work performed by the team.
There is no monetary budget, but time budgets for the completion of each audit are established, and the Audit Manager is expected to deliver the completed audit within the budgeted timeframe.
The Audit Manager interfaces with AD Management, ADIA team members, and line Management up to SED/ED level, although meetings are held with General Managers in other business areas.
Section 5 - Accountabilities & Responsibilities
The Audit Manager is primarily accountable and responsible for the timely delivery of an internal audit assignment. This includes:
* Preparation of planning material to ensure that the internal controls covering the key risks are appropriately tested to provide reasonable assurance to the Board, Group Management, Entity Management, and other stakeholders, including regulators, that an effective internal control environment exists.
* Overseeing the work performed for the audit assignment by other team members, providing guidance and support as necessary.
* Directing testing to cover key areas of risk and determining the scope and focus in agreement with the Audit Partner of the review, sharing expertise in their area with other team members.
* Preparing draft Audit Control Recommendations for review by AD Management. The ACRs must be factually accurate and clearly communicate the findings and recommendations. The Audit Manager must communicate the issues to AD Management and then to business Management, including senior stakeholders. In doing so, the Audit Manager may experience significant challenges and must therefore be resilient and articulate in their presentation of the issues.
* Preparing the final internal audit report, which must clearly communicate areas of positive assurance as well as areas where improvement in the internal control environment is required.
* Undertaking follow-up and closure of internal audit recommendations. This process requires the validation of action taken by line Management for the closure of all High and Moderate Priority recommendations and the provision of assistance and guidance to Management.
The Audit Manager may also be asked to assist the Audit Partner with maintaining relationships with Senior Management (D, ED, and SED level) in a nominated area of responsibility, having insight into business activities and being able to comment on key areas of risk for those business areas.
The Audit Manager will also be expected to contribute to Audit Department initiatives and work collaboratively across EMEA.
Section 6 - Knowledge, Skills, Experience & Qualifications
Educated to degree standard and holder of a professional qualification (usually CIA, ACCA, etc.) with strong numerical and financial skills and understanding of the regulatory environment.
The ability to clearly communicate to senior Management both verbally and in writing audit issues and to gain the confidence and trust of Management in their relationship management role.
The role holder needs to have a good operational knowledge of Trading and Capital Markets activities to enable them to identify control weaknesses and advise on best practice/process improvements. They should have technical expertise in Bank products and local regulations, along with a clear understanding of the risk and internal control environment relevant to the business being audited.
Attention to detail is essential, as well as the ability to apply knowledge and skills to other areas and interpret these in the wider context. The candidate should be a trusted advisor to the business and undertake problem-solving in their own role, advising the business on possible control solutions and being able to balance competing demands.
Previous internal audit experience is required to demonstrate a track record in effective internal audit delivery and management.
Section 7 - Challenges
The main challenges the role will face are:
* The broad range of business areas subject to internal audit.
* Tight timelines for the delivery of internal audit assignments and managing conflicting priorities.
* Challenge from AD Management and line Management and the ability to successfully articulate issues identified.
* The need to manage different groups of ADIA staff assigned to each audit assignment.
Section 8 - Dual-Hatting
1. Dual-Hat Details (only required if different from the employing entity details)
Dual-Hat Job Title:
Dual-Hat Line Manager:
Dual-Hat Direct Reports:
Dual-Hat Certification Regime:
2. Dual-Hat Roles and Responsibilities
You will be required, from time to time, to undertake tasks on behalf of the dual-hat entity, as necessary.
3. Dual-Hat Conflict of Interest
* You will have responsibilities for both SMBC BI and Nikko CM.
* You will be required to perform your duties and responsibilities on an entity-neutral basis, without favor.
* You are required to follow regulatory requirements applicable to ensure each business is appropriately supported and to maintain the legal entity integrity of each of SMBC BI and Nikko CM.
* Working terms are dictated by functional mandates in place between SMBC BI and Nikko CM and any other relevant agreements entered into between SMBC BI and Nikko CM.
* You have responsibility for identifying and resolving where there may be a difference or conflict in needs between SMBC BI and Nikko CM, escalating to your manager/Compliance officer where required.
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