Internal Audit Risk and Compliance Manager

Job Title

Internal Audit Risk and Compliance Manager

Reports Functionally To:

Audit Committee of the Board

Department

Internal Audit

Reports Administratively To:

Chief Executive Officer

Supervisors:

Senior Information Systems Auditor, Senior Risk and Compliance Officer, Senior Internal Auditor

JOB PURPOSE

Our client is a leading and fast-growing Sacco. They are seeking to hire an Internal Audit, Risk & Compliance Manager to provide independent, risk-based assurance on the effectiveness and efficiency of the Sacco’s internal controls. The role involves planning and executing internal audits in line with the annual audit plan, identifying key risks and control gaps, and providing practical recommendations to strengthen the Sacco’s governance, risk management, and control the environment. The role also requires a professional with strong analytical, audit, risk management, and reporting skills, with the ability to work closely with Management and the Supervisory/Audit Committees.

KEY RESPONSIBILITIES

1.       Strategic Planning

• Champion the review of the strategic plan.
  

2.       Managing Audit Assignments

• Prepare a risk-based annual audit plan for the Sacco.
  
• Execute the audit assignments planned for in the annual plan based on the adopted methodology and report to Management and the Supervisory/Audit Committees.
  
• Perform consulting engagements requested by management to ensure improved risk management and improve the organization's operations without compromising the objectivity of Internal Audit.
  
• Track and monitor for closure all audit recommendations to ensure identified control gaps are promptly addressed.
  
• Review implemented management actions for relevance, efficiency and effectiveness in addressing the identified control gaps and raise to management any emerging risks for timely resolution.
  
• Periodically report to management on the progress of closure of audit recommendations and any emerging risks from implementation of the agreed actions.
  

3.       Enterprise Risk Management

• Conduct annual risk assessment of all the Sacco's operations.
  
• Maintain an updated operational risk register for the Sacco.
  
• Perform risk assessments for all new products of the Sacco and ensure critical risks are closed before launch.
  
• Champion risk awareness and integration of risk considerations in all the Sacco's initiatives and process designs.
  

4.       Policies and Compliance

• Review all the Sacco's policies and procedures to determine consistency, adequacy of purpose and compliance with the statutory regulations.
  
• Audit and report on compliance with the relevant regulatory framework, including tax and SASRA requirements.
  
• Monitor, evaluate and report on implementation of regulatory compliance programs.
  
• Ensure compliance with statutory deductions and remittances within the stipulated timelines.
  

5.       Statutory Audits

• Liaise with external auditors to ensure timely and effective statutory audits.
  
• Monitor, evaluate and report on implementation of statutory management letter recommendations.
  

6.       Capacity Building

• Ensure internal audit is properly understood and supported by staff and the Board.
  
• Communicate the internal audit activity's plans and resource requirements to the Sacco Management for review and approval.
  

7.       Corporate Governance

• Promote the Sacco's corporate governance to facilitate effective and prudent management that can deliver the long-term success of the company.
  

8.       Stakeholder Engagement

• Ensure efficient flow of information to and from members and other stakeholders as and when required.
  
• Ensure member and stakeholder queries relating to audit, risk and compliance matters are directed to the relevant officers and that feedback is promptly given.
  
• Uphold the Sacco's reputation in all engagements with members and stakeholders.
  
• Promote an environment founded on the Sacco's values of customer focus, integrity, reliability and innovation.
  
• Act as an advocate for the Sacco's in all dealings with members, staff and the public, maintaining professional standards of presentation and conduct.
  
  

Requirements

KEY COMPETENCIES

• Advanced knowledge in Microsoft Office packages (MS Word, Excel, etc.) and good knowledge of core banking systems.
  
• Interpersonal/formal communication (oral and written) skills.
  
• Leadership and managerial skills.
  
• Planning and organizing skills / quality orientation.
  
• Relationship building skills.
  
• Ability to work under minimum supervision.
  
• Ability to review data, identify and adjust discrepancies.
  
• Ability to handle a large volume of work, possibly under time constraints.
  
• Good knowledge of administrative rules and regulations.
  
• Ability to organize and complete multiple tasks by establishing priorities.
  
  

QUALIFICATIONS AND EXPERIENCE

•  Bachelor's degree in accounting or finance; an MBA is an added advantage.
  
•  ICPAK membership and CISA/CIA certification.
  
• A minimum of eight (8) years' working experience, five (5) of which must be in a similar position, preferably within the cooperative movement.