Chief Internal Auditor at Coronation Insurance Plc

Coronation Insurance Plc. is a leading West African full line insurance company offering a diverse range of products and services covering life, general and special risk businesses. Founded in 1958, Coronation Insurance Plc is licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.

We are recruiting to fill the position below:

Job Title: Chief Internal Auditor

Location: Lagos
Employment Type: Full-time

Job Summary

• The job holder will be responsible for Coronation’s strategic risk-based internal audit plan and managing the internal audit function to provide reasonable assurance on the effectiveness of the organization’s risk management and the strength of internal controls.

Principal Duties & Responsibilities
Internal Audit Strategy:

• Develop Internal Audit strategies for Coronation
• Develop tools/ methodologies/ procedures for efficient performance of Audit functions
• Develop and implement methodologies for identifying, assessing, monitoring, controlling and reporting compliance risks. Agree on the type and frequency of monitoring in relation to Coronation’s scale of the activity.
• Design and implement processes that ensures company-wide compliance with established controls (including NAICOM’s regulations) and ensure all violations are thoroughly investigated

Internal Audit Process:

• Ensure methodical documentation of work plans, testing results, conclusions and recommendations. Ensure follow up on findings and corrective actions.
• Provide technical assistance with investigations, special audits, and provide subject-matter expertise as needed.
• Ensure that Internal Audit is performing its work in accordance with established professional standards and remain abreast of emerging trends and best practices that can be incorporated into the function
• Oversee Internal Audit’s participation in critical business and technology initiatives and projects ensuring that audit’s perspective is effectively voiced and appropriate controls are designed and implemented on a proactive basis
• Maintain audit technology platform leveraging support from the information systems group as needed.

Risk Management:

• Oversee Identification and categorisation of risks into high and low-risk areas and put procedures in place to examine and monitor continually the high-risk areas.
• Oversee organization-wide risk assessments to identify significant risks or exposure related to internal controls or compliance with Coronation’s policies and procedures, laws and regulations, sponsored contract and regulatory requirements, efficiency of operations, and accuracy of programmatic and financial reporting
• Provide feedback and recommendations on business risks and improving operational efficiencies and processes where appropriate.

Stakeholder Management:

• Direct the work of external auditors on select audits, as directed by the Audit Committee and senior management, to ensure the audit work remains within the prescribed guidelines.
• Coordinate the activities of external auditors including how best to leverage the work performed and results produced from Internal Audit’s work.
• Serve as the key point person on all regulatory exams and other third-party audits.

Regulatory Compliance and Reporting:

• Issue all Internal Audit reports ensuring the reports are clear, concise, identify root causes with practical solutions, and ultimately provide value to management.
• Meet regularly with the Audit Committee to report the status of Internal Audit’s ongoing monitoring activities, educate/inform the committee of emerging risks and/or exposures (whether internal or external to the company) that should be considered, and serve as a “thought leader” with respect to risk management and internal control best practices.

People Management:

• Recommend staffing requirement for the unit to achieve business objectives
• Set KPIs for internal audit team and evaluate their performance
• Recommend learning and development programmes required to build the capabilities of employees within the unit to ensure effective and efficient service delivery

Minimum Qualifications

• Bachelor’s Degree in Finance, Accounting or any related discipline.
• Master’s Degree in Accounting or related discipline
• Professional certification such as CISA, ACCA, ICAN or relevant qualification
• 13-15 years’ relevant experience
• Experience in the insurance industry will be an added advantage

Competency & Skill Requirements:

• Strong Business Acumen.
• Excellent understanding of the local and global financial services industry.
• Excellent understanding of trends and recent developments in insurance industry.
• Extensive knowledge of MS Office tools.
• Excellent analytical and problem-solving skills
• Strong strategic orientation, creativity and innovation.
• Strong stakeholder management skills
• Exceptional communication skills – written, oral, interpersonal, and business presentation skills and the ability to effectively interface with senior management, and staff.
• Demonstrated commitment to ethical standards and high level of integrity.
• Strong risk management skills
• Strong knowledge of company’s insurance policies
• Strong understanding of insurance principles and practices
• Excellent mathematical and statistical skills
• Strong understanding of legal obligations and regulatory compliance
• Excellent leadership and people management skills
• Excellent finance and accounting skills
• Strong knowledge of Accounting Standards
• Strong knowledge of Generally Accepted Auditing Standards
• Strong internal audit skills.

Application Closing Date
Not Specified.