Head of Internal Audit

2 weeks ago

Riyadh, Ar Riyāḑ, Saudi Arabia HSBC Full time

About HSBC:

HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors, including public companies; private companies and establishments; funds; government agencies; and family businesses and offices.

Role Purpose:

The role holder is responsible for planning, conducting and monitoring the comprehensive evaluation of internal controls, asset quality and operational efficiency with the aim to ensure execution of an independent, cost effective and efficient internal audit service to specific lines/businesses of the bank's operations and providing a fair and objective assessment of control and risk levels in HSBC SA. The objective assurance to management and the Audit Committees as to whether the framework of control, and governance processes, as designed and represented to management, is adequate and functioning. The role holder, as Head of Audit for Saudi Arabia, undertakes a role as Team Leader for Saudi Arabia internal audit function.

Principal Accountabilities: Key activities and decision making areas:

Impact on the Business

Managerial Responsibilities

  • Consolidate the annual budget for the Unit and oversee the preparation of budgets for the reporting sections in alignment with the organizational plans.
  • Manage logistics and administration matters for the Unit.
  • Measure performance against set targets for the Unit and provide guidance for achievement of targets to Chairman of the Audit Committee.
  • Execute the directions and orders of the Chairman of the Audit Committee.
  • Adjudicate on issues that have been escalated, and escalate those issues that need higher resolution.
  • Ensure continuous improvement of internal procedures and methods of work of the Unit.

Audit Strategy and Planning

  • Establish the internal audit strategy in line with the articulated HSBC SA's strategy.
  • Set the strategy for the internal audit function by establishing an audit charter in line with the organization's objectives and the board mandate.
  • Direct audit planning in order to establish and review reliability and integrity of financial and operating information.
  • Ensure compliance with policies, plans, standards, laws, and regulations that could have significant impact on operations.
  • Monitor measures taken to safeguard assets, including tests of existence and ownership as appropriate.
  • Monitor overall risk associated with HSBC SA's businesses.
  • Ensure adequacy and effectiveness of the organization's systems of internal control.
  • Establish specific auditable areas by identifying key business areas, key functional areas across HSBC SA, key risk areas across all business units and technology systems which support the business strategy.
  • Develop and implement tailor-made audit programs and audit tools and methodology for the organization's to test key business processes and controls.
  • Ensure adequate resources for internal audit (as required under the plan) in consultation with the management board and audit committee.
  • Protect the assets, reputation and sustainability of HSBC SA.
  • Audit the design and oversee the operational effectiveness of HSBC SA's framework of risk management, control and governance processes.
  • Audit and evaluate the risk management around service delivery and payment capabilities of HSBC SA.
  • Direct the audit team to conduct ad-hoc projects / reviews as required by the board and the audit committee.
  • Monitor the audit progress and review quarterly progress reports on planned audits and implementation of corrective actions.

Audit Reporting & and Evaluation

  • Direct audit team to produce clear and concise executive summaries and detailed reports which provide an independent review of their internal control systems.
  • Evaluate the impact and relevance of results on the audited organization.
  • Develop recommendations which embody direct benefit to the business and can be applied practically.
  • Present key findings on a periodic basis to audit committee and the board.
  • Keep the audit committee and management informed about the status, key concern areas observed during audit execution, etc.
  • Develop, review, and approve revisions before submitting reports to the board and the audit committee
  • Authorize the publication of reports on the results of reviews, including appropriate recommendation for improvement

Audit Review & and Supervision

  • Supervise internal audit assignments in accordance with the annual internal audit plan.
  • Ensure quality standards in internal audit review and reports.
  • Extend overall supervision to ensure completion of audit assignments within the allotted timelines.
  • Review and finalize internal audit report according to the required standards.
  • Ensure adequate follow-up with audit team & and auditee to enable timely finalization of audit reports and track implementation status.

Experience / Qualifications:

Qualifications:

At least one of the following:

  • Bachelor's Degree in Business Administration/Accounting/Finance Chartered Accountancy or equivalent is required
  • Master's Degree in Business Administration/Accounting/Finance Chartered Accountancy or equivalent is preferred
  • Professional certification in Accounting/Audit from internationally recognised bodies such as CFA/CPA/ACA/CIA is preferred

Experience:

  • 8 – 14 years of relevant experience with at least 5 years in a similar role
  • Experience in Investment Banking (e.g. DCM, ECM) or Securities Services (e.g. Custody), within Audit capacity or in Risk/ Compliance

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