AVP, Internal Audit Operations at Foresters Financial in Toronto, Ontario

Job description

• Role Title
• AVP, Internal Audit Operations
• Purpose of role
• The role of Internal Audit is to ensure that key organizational and procedural internal controls are appropriate and operating effectively; and that policies are being complied with.
• Reporting to the SVP and Chief Internal Auditor (CIA), the AVP is responsible for providing leadership to a team of Audit Senior Manager(s), Audit Manager(s), Senior Auditor(s) and Auditor(s).
• The incumbent will be responsible for the overall management of the Operations Audit team including the planning, scheduling, assigning, coaching and mentoring staff, reviewing audit files and audit reports, as well as assist with the day to day management, administration and reporting for the Audit department, CIA and Audit Committee (as per CIA request).

Responsibilities

• Managing and overseeing the North America and UK audits. This includes, operational, compliance, and financial audits/reviews.
• Assist the SVP and CIA, in designing and creating the annual audit plans,
• Maintaining the Audit Universe and keeping it up to date
• Presenting ad-hoc to the Board/ACC
• Managing and coaching Internal Audit Operations Team
• Managing co-source arrangements
• Executing technical audits
• Executing technical data analytics on engagements/audits
• Training IA Department on best practices and enhancing Internal Audit Processes
• Internal Control Training - Develop and update the Internal Control Training module for HR to use as the annual training requirement for Foresters North America and UK staff on internal controls and risk
• Benchmarking the Internal Audit Department for best practices
• Horizon scanning
• Manage, schedule and execute the annual audit plan by ensuring that audit activities are completed on time and on budget
• Ensure audit engagements run efficiently and manage audit engagements as necessary.
• Review of audits to ensure that they are completed in accordance with IIA’s generally accepted audit practices and procedures and are conducted rigorously and consistently, following the IA Manual standards
• Review and approve the audit plans for all audits
• Review the data analytics performed on all audit engagements
• Review of the draft audit report, ensuring the timely distribution of the final report to Foresters Management
• Evaluation of audit findings and recommendations to senior management for changes to process and systems that will minimize risk, improve performance and productivity and ensure that the organization complies with all relevant regulations, laws, and standards as well as suggestions to improve the organization’s controls
• Review the completeness and accuracy of all audit reports (including ensuring the findings are correctly stated in the reports)
• Work with the AVP IT Audit in reviewing integrated (IT/Operational) audits
• Provide leadership, direction and guidance to the team, to consistently maintain high levels of integrity and morale
• Conducting a review of their performance, at the end of each audit
• Conducting a formal annual performance review
• Coach and develop team on the job to improve skills and career training including helping them resolve problems and develop training programs (in areas of development)
• Assist the SVP and CIA in the development of the annual department budget
• Annual review of the IA Manual, update audit programs (including risks assessments, developing the audit approach and scope of audit testing) and guidelines that document methods and routines followed
• As assigned, work on audit engagements, including IT Audits, and special projects (e.g. special reviews, consultations, and other assignments) independently
• On a quarterly basis report on “follow-up” testing of management action items established in previous audits
• Assist the SVP and CIA in the preparation of the quarterly reports to the Audit Committee of the Board
• Manage the Quality Assessment reviews and Improvement Program, review and update the Audit Universe, and lead the annual IA training week
• Time reporting on a weekly basis
• Develop working relationships with business units leaders (AVP or higher), such as Operations, IT, Legal and Compliance, Finance, Risk and Actuarial
• As assigned, participate as one of Internal Audit’s representatives on Foresters strategic, operational and information systems projects or committees
• As assigned, conduct or participate in on-site audits of North American (Canada and US) or UK subsidiaries and Third Party Administrators
• As assigned, participate in external audit assistance or other regulatory work assignments
• As assigned, conduct data analytics or support work assignments or special projects
• As assigned, conduct quality reviews of the audit files
• As assigned, conduct internal control education and manage the training program
• As assigned, review the target operating model
• Other responsibilities such as special projects, investigations or other activities under the direction of the SVP and CIA
• As needed, perform the responsibilities/accountabilities of the Audit Senior Manager or other audit staff
• Develop a culture assessment – complete IA benchmarking analytics
• Develop IA reporting on themes and audit results for presentation to the Executive Committee.
• Stay current with new and developing approaches to audit and provide recommendations for changes.

Requirements

• Minimum university degree or community college diploma in accounting, finance or business
• Professional designation e.g. CPA (CA, CGA, CMA), CIA or equivalent
• Minimum 10 years’ experience in external and/or internal auditing in the financial services industry (insurance and/or asset management preferred). This experience should include risk-based audit planning, execution, file completion, reporting and supervision/management of audit staff.
• Familiarity with the Institute of Internal Auditors (IIA) International Standards of Practice and must be considering or be in the process of pursuing a CIA designation
• General understanding of regulatory environment in North America and the United Kingdom
• Excellent verbal and written communication, specifically audit report writing and should be technically proficient with personal computing, Microsoft Office Applications (Word, Excel, PowerPoint, Access and Visio)
• Experience with IDEA, ACL or similar data analysis software would be an asset
• Experience with Xcellerator software would be an asset
• Experience with TeamMate audit management software would be an asset
• Strong risk assessment, evaluation and negotiation skills
• Strong interpersonal, coaching, leadership skills and a commitment to talent development
• Must have excellent planning, project management and organizational skills
• Must have an ability to travel, as required, within Canada, US and the UK within 1-2 weeks’ notice
• Must have a valid passport and unrestricted access to enter the US and the UK
• Up to 30% travel per year within North American and/or to the United Kingdom may be required
• FLMI or CISA designation an asset
• Experience with IT audits an asset
• LOMA or life insurance experience an asset

Skills

Preferred

• Experience with Xcellerator software
• FLMI or CISA designation
• Experience with IT audits
• LOMA or life insurance experience

Benefits

• $150,000.00 - $190,000.00
• The actual base salary for this position will depend on several factors, including job-related skills, experience, and education. In addition to base pay, eligible employees may participate in a discretionary variable incentive plan, results are subject to both individual and company performance.
• Please note that this posting is intended to fill an existing vacancy; however, there may be instances where more than one vacancy is available for the same role.