PURPOSE OF THE JOB
This is a great opportunity to join a growing nationally recognized industry leader. The Director, Internal Audit is responsible for ensuring the operations and finances of the organization are conducted in a legal and ethical manner in alignment with industry practice and government regulation and reports results to Executive Management. This position ensures the independence and objectivity of the internal audit function and provides leadership throughout the company by promoting effective internal controls and good corporate governance.
ESSENTIAL DUTIES AND RESPONSIBILITIES.
Organizes, directs, and controls the Internal Audit department and the work of all internal audit staff.
- Conducts an internal risk assessment and develops an annual risk based internal audit plan; executes on annual plan to achieve the internal audit objectives and scope.
- Evaluates each department of the organization periodically to determine if they are performing in compliance with management's policies, procedures, goals and objectives.
- Evaluates the organization's system of internal control to ensure that it is functioning as planned and that it is updated as necessary to meet changes in operating conditions.
- Reviews existing as well as new projects, services and procedures to ensure compliance with regulatory authority and proper internal controls. Suggests policy and procedure changes or review as appropriate.
- Manages the relationship of any/all external consulting resources that are engaged to assist in the performance of any/all internal control and auditing activities
- Reviews and adjusts the annual audit plan as necessary to meet company needs and changing conditions.
Ensures the financial integrity of the organization is maintained
- Reviews the reliability and integrity of financial information and the means used to identify measure, classify and report such information.
- Verifies the existence of company assets and assure that proper safeguards are maintained to protect them from losses of all kinds.
- Coordinates the internal audit effort with those of the company's independent public accountants and acts as liaison with regulatory examiners.
- Investigates internal forgeries, embezzlements, fraud and any type of losses. Procures all evidence, files applicable reports with insurance and applicable regulatory agencies and works with investigating law enforcement agencies.
- Reviews and records plan and actions taken by management to correct conditions reported by audit findings.
- Maintains audit files by documenting the audit procedures used and each of the audit reports completed.
Communicates regularly with Executive Management and Board of Directors.
- Prepares reports and communicates status of any/all internal investigations to the CEO and Board of Directors
- Advises Board and executive management on environmental factors, industry directions and external benchmarking best practices.
- Reports the results of all internal audits to the President/CEO and COO
- Participates in and leads special projects as directed by executive management or the Board.
Promotes Best Practices
- Stays abreast of new regulations and accounting standards affecting the insurance industry and their potential effect on the company.
- Stays up to date with leading thought, practices, and developments within the internal audit profession.
- Promotes and ensures adherence to the Institute of Internal Auditors Professional Practices framework.
- Actively participates in professional organizations relevant to the internal audit field.
Develops and leads a team of Internal Audit professionals
- Provides daily direction to Internal Audit team. Communicates Mission, Values and other organization operating principles to direct and indirect reports.
- Establishes and maintains the overall work cadence and ensures performance and outcomes strive for excellence in delivery and customer experience. Ensures that the entire assigned Internal Audit team is engaged and that leadership practices for the department encourage development, recognition and retention.
- Establishes and holds team accountable to and adheres to hiring criteria, on-boarding and training requirements for incoming staff.
- Oversees the performance management and development process for the assigned Internal Audit team members and performs performance management duties, development planning and coaching for direct reports.
- Acts as a resource for assigned Internal Audit team members to answer questions and solve complex problems.
- Manages assigned Internal Audit budget, technology and other resources, workload and customer requests for Internal Audit services. Ensures adherence to all Company policies and procedures and Compliance responsibilities
- Ensures data quality, adherence to Internal Audit security guidelines, profitability and other risk-related metrics for self and members of the team.
Is responsible for the overall direction, coordination, and evaluation of this unit. Also directly supervises more than two employees. Carries out supervisory responsibilities in accordance with the organization's policies and applicable laws. Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.
EDUCATION AND EXPERIENCE
Bachelors Degree in Accounting, Finance, Business Administration or related field. MBA preferred. CIA or CPA with corporate audit experience as well as finance and accounting background.
Minimum 7-15 years of internal audit experience with at least 5 years in an internal audit management capacity.
KNOWLEDGE AND SKILLS
Broad based internal audit experience including operational, financial, compliance, and IT auditing. Strong internal controls background, including familiarity with internal controls frameworks, risk assessment methodologies, and Sarbanes-Oxley.
Strong computer skills including financial systems and databases. Proficiency in accounting and auditing computer software. High level of personal and professional ethics. Ability to manage and motivate a staff of auditing professionals.
CERTIFICATES, LICENSES, REGISTRATIONS
Certified Internal Auditor (CIA) and/or Certified Public Accountant (CPA) required. Certified Information Systems Auditor (CISA) and/or Certified Fraud Examiner (CFE) preferred.
This position maps to the Manager-level competencies. Additional competencies needed: none.
While performing the duties of this job, the employee is regularly required to sit. The employee is occasionally required to reach with hands and arms and climb or balance. The employee must frequently lift and/or move up to 5 pounds and occasionally lift and/or move up to 25 pounds. The noise level in the work environment is usually moderate. This position requires more than 80% computer use.