Head of Internal Audit

Tenable at Head Office, Lilongwe

Job Profile:

The role is accountable for assessing, monitoring and help mitigating both internal and external risks across Centenary Bank; and providing effective challenge to the quality of management oversight on key functions within the Bank. Supporting senior management teams by evaluating adequacy and effectiveness of the governance, risk management and control systems. The postholder works closely with function/department leads and other senior staff, ensuring effective monitoring and response to risks and compliance with policy and regulations. They are responsible for overseeing internal audits and monitoring and reporting on the implementation of audit findings. They are responsible for fraud management and prevention. The postholder will also ensure that high quality, effective systems are in place to monitor and respond to internal risks.

Key Responsibilities:

1. As a member of the Executive Management Team, contribute to:

• Strategic planning: development, implementation and monitoring and review of the overall strategy, cascade of that strategy into functional/operational strategies or plans; engagement of staff in strategy implementation through performance management; annual, mid-term and quarterly strategy implementation reviews; nurture, develop and sustain effective relationships with other management members.
• On-going development and implementation of long-term strategy for their function and/or business unit. Manages the overall policy and procedures to ensure the successful long-term performance and the satisfaction of customers and shareholders.
• Development of an organizational culture that reflects Centenary Bank’s values, promotes accountability and high performance, and enables staff to deliver outstanding results for customers and our shareholders.

2. Audit Management

• Ensure the internal control and compliance environment is sufficient and internal policies are being maintained and followed.
• Evaluate key systems for effective internal checks and procedures in all areas and for safeguarding Centenary Bank assets.
• Assess adequacy of appropriate controls on collection, storage and access to important financial and other data and sensitive information.
• Plan and carry out internal audits to measure performance against budgets, plans, policies and key deliverables in all areas and standard procedures.
• Analyze and report audit findings, reasons for deviations, impact of deviations and recommendations for corrective measures.
• Based upon the outcome of the audit procedures, suggest improvements in existing policies and procedures and identify alternate measures for effective management and safeguarding of Bank resources.
• Provide internal audit reports to executive management – identifying critical control weakness or other audit queries.
• Contribute to systems development work within the Bank, providing independent advice regarding appropriate levels of internal controls and facilitating effective management of risks.

3. Fraud Awareness and Investigation

• Work closely with executive management to conduct investigations into cases of alleged fraud and/or serious negligence; provide advice to management on corrective action, as appropriate and in accordance with Centenary Bank’s policies and procedures.
• Provide fraud updates to executive management – identifying possible controlweaknesses
• Support the development of a fraud and risk steer. This includes helping EXCO acquire tools to effectively categorize the degree of risks in the Bank.4. People Management
• Manage performance of all direct reporters:
• Setting of performance goals, delivery of performance appraisals and consequence management for any performance outcomes.
• coaching and mentoring direct reporters;
• Provide on the job training and development to staff.
• Carry out performance appraisals for staff in the department.

Qualifications:

• Master’s degree in Finance, Accounting, Business Administration, public administration, or professional certification in internal auditing following a bachelor’s degree.
• Candidates should possess a Bachelor’s degree from a recognized university in the areas highlighted under Masters.
• Professional qualification as Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA). Certified Public Accountant (CPA), Association of Chartered Certified Accountants (ACCA), Certified Fraud Examiner (CFE).

Experience:

• 8 years’ experience at manager level and above; or any combination of head level experience and manager level experience in a busy organisation preferably in the financial services sector.
• Proficient with the IPPF (International Professional Practices Framework).
• Experience in evaluating systems and processes, identifying weaknesses and improvementareas.
• Experience in countering fraud, fraud awareness and case investigation management.
• Computer fluency; highly competent using MS Word, Excel, Powerpoint and experience working in complex financial systems.
• Experience of IT audits

Applications for the Position:

Applications with Curriculum Vitae (both cover letter and CV should be saved in one PDF file) should be emailed to: [email protected]

Please indicate on the email subject line the position you are applying for.The closing date for the receipt of applications is Wednesday, 5th February, 2025.

Only shortlisted applicants will be acknowledged.