Head of Internal Audit - #31363


Date: 13/10/2021
City: Muscat, Muscat
Contract type: Full time

Role Purpose

The primary role of the Country Head of Internal Audit (INA) is to help the Oman Board and Executive Management to protect the assets, reputation and sustainability of the Bank. The Head of INA is expected to provide independent and objective assurance as to whether the design and operational effectiveness of the Bank’s framework of risk management, control and governance processes, as designed and represented by management, is adequate

The Head of INA is a member of the Executive Management team in Oman and is responsible for providing an independent and robust view during key forums. They are expected to challenge Management whilst collaborating on how best to improve the control environment at the bank

In addition, the Head of INA is responsible for presenting the quarterly audit results at the Board Audit Committee highlighting key messages, emerging risks and other relevant material. They will be required to implement an internal audit strategy in the context of the country and regulatory requirements, taking into account the approach of Regional and Global INA teams

Furthermore, they will be expected to devise and implement an Annual Audit Plan which, together with the Regional and Global INA supporting coverage, satisfies the needs of regulators and takes account of key risks in the country. The role holder is responsible for initiating and leading the delivery of audits, based on specific regulatory requirements and/or a critical assessment of the business, and the governance, risk and internal control frameworks

The Head of INA must lead and drive the delivery of a consistent audit product within country that is aligned to the overall Global INA methodology, engaging and collaborating with Global Businesses, Global Functions and Regional Audit Teams and providing strategic advice to them and other internal stakeholders by utilising knowledge of both the country and the applicable governance, risk and regulatory frameworks. They must manage the interface between internal and external stakeholders to ensure a clear understanding of key deliverables

Impact on the Business/Function

  • Understand and keep abreast of how changes in the Country and Regulatory environment impact the HSBC governance framework
  • Critically analyse and assess the impact of audit findings and recommendations on the current business model and the future operating environment, providing proactive input to management and Global Audit teams to influence outcomes
  • Develop, maintain, align and deploy audit department resources in accordance with the current and future needs of the business and/or regulatory requirements
  • Critically analyse and determine the key drivers of change for HSBC and the wider banking industry and assess how these will impact Global INA in both the medium and longer term
  • Clearly communicate issues and associated risks to management and to regional audit teams as well as identifying the root cause and the possible strategic implications
  • Set and implement appropriate internal audit strategy in the context of the country and regulatory requirements
  • Act as the primary interface with Risk and Audit Committees, as appropriate, submitting timely and effective reports which summarise audit plans, audit findings and the extent of management action
  • Strategic advisor to the business who works with senior management to identify as well as anticipate risk and operating requirements of the business
  • Actively manages the relationship between Global INA, the regulators and external audit, ensuring that all relevant requirements are being incorporated into audit plans and suitably acted upon by the business
  • Provide professional guidance on the interaction of clients, products and markets and their overall impact on HSBC's risk, operating and regulatory environment
  • Ensure that Global INA standards are implemented within country and monitor performance in accordance with those standards

Customers / Stakeholders

  • Maintain dialogue and communication with senior management on the major plans, projects and structural changes that will impact their business
  • Ensure that HSBC senior management and stakeholders fully comprehend the governance, risk, regulatory and internal control implications of major changes and advise them accordingly
  • Promote and assist in facilitating a strong risk management and risk awareness culture amongst internal stakeholders
  • Critically assess which issues must be prioritised, addressed and resolved at the highest levels of senior management
  • Establish and maintain good relationships with external auditors and regulators in order to ensure a coordinated and integrated approach to the management of HSBC's regulatory and reporting requirements

Leadership & Teamwork

  • Ensure that relevant information obtained from senior stakeholders relating to major and/or significant changes in the business environment and the internal control framework is disseminated in a timely manner to Global INA management
  • Promote and facilitate a culture of continuous learning and development within audit, encompassing both technical and non-technical skills and capabilities
  • Promote and facilitate the use of HSBC standards, sharing of knowledge and industry best practices across audit teams as the basis for improving teamwork
  • Undertake consistent critical and strategic analysis of own leadership, team and organisational goals and objectives and their impacts on the work to be performed
  • Actively promote collaboration and sharing of ideas across Global INA departments and units

Operational Effectiveness & Control:

  • Devise, develop and champion the use of relevant audit techniques and approaches in order to drive alignment with the overall audit function, operational effectiveness and improve the overall management of audit assignments
  • Regularly perform reviews of audit plans and schedules to ensure that they are in the context of regulatory requirements, and that the Country Audit Plan is targeting resources effectively at the areas of the business representing the greatest risk
  • Effectively execute and manage Global INA audit units and teams in accordance with annual plans, budgets and allocated resources

Management of Risk

  • Consistently update and maintain knowledge of the legal, compliance and regulatory issues in respect of HSBC's key strategic challenges
  • Where relevant, develop a clear understanding of HSBC's customer focus, business proposition and the stakeholder context, in order to ensure that the Bank is delivering the right products to the right customers in the right way-thus safeguarding its reputation and franchise
  • Consistently review and challenge the effectiveness of the HSBC governance framework and its impact on the internal controls framework

Major Challenges

  • Engage with Regulators to understand their expectations and plans, complete and report audit work which satisfies their requirements
  • Planning and executing audit engagements where the operating, governance, risk and regulatory environments are all constantly changing
  • Aligning and maintaining audit engagements where there may be constant changes in the operating, governance, risk, operations and regulatory environments
  • The seamless integration of audit assignments in a dynamic and complex environment
  • Ascertaining and assessing the extent to which the HSBC governance, risk and internal control frameworks remain suitable for the changing environment and ensuring that audit is responding accordingly
  • Finding, developing and retaining appropriately qualified staff
  • Challenging senior management and internal and external stakeholders on effecting significant change


Role Requirements/Qualifications & Experience

To be successful in the role, you should meet the following requirements :

  • 10 years proven experience of auditing in Financial Institutions is required
  • Bachelor’s degree, preferably in a business discipline such as accounting, finance, management, public administration or computer information systems
  • ACA, ACCA, CPA, CA, CISA or other equivalent Finance, IT and auditing qualifications
  • Experience of auditing across all significant risks (Financial Crime, Information and Cyber Security, Credit Risk, Technology Risk, Liquidity and Operational risk as a minimum) within the Financial Services industry is essential
  • Mobility and ability to travel between different Company’s offices and branches.

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