Main function of Job
Approved SMF 5, provides independent assurance on whether all significant risks are identified and appropriately reported to the Board and ExCo; assessing whether
they are adequately controlled; and by challenging ExCo to improve the effectiveness of governance, risk management and internal controls.
SMF5 Responsibilities ‘C’
The Head of Internal Audit function (SMF5) is the function of having responsibility for management of the internal audit function of the Bank and for reporting
directly to the BAC on the internal audit function.
Invitee of all management and governance executive committees.
To manage, supervise and develop members of the Internal Audit team.
- To prepare a risk-based annual audit plan covering all operations in the United Kingdom incorporating audits of
all branches, and head office departments including IT, Central Operations, HR, Compliance, Risk as well as business areas, Treasury, and Credit areas, and obtain approval of the plan from the Board
- To conduct audits in accordance with the agreed plan and against requirements of the IIA Standards, FCA and PRA as
well as other relevant regulations.
- To produce audit reports containing observations and recommendations to the Chief Executive Officer and Board
Audit Committee which includes:
- Details of any significant control weaknesses and breakdowns together with a robust root-cause
- Any thematic issues identified across the Bank;
- An independent view of management’s risk reporting, including a view on management’s remediation
- A view on any post-mortem and ‘lessons learned’ analysis if a significant adverse event has occurred;
- At least annually, an assessment of the overall effectiveness of the governance, and risk and control framework of
the Bank, and its conclusions on whether the Bank’s risk appetite framework is being adhered to, together with an analysis of themes and trends emerging from internal audit work and their impact on
the Bank’s risk profile.
- To produce quarterly summary audit reports to the Board Audit Committee.
- To select and manage co-sourced audit partners
- To control the audit administrative functions of the Internal Audit Department to ensure that timely departmental
responses are submitted.
- To assess the adequacy of implementation progress of recommendations made by the departments.
- To undertake ad hoc troubleshooting/investigation assignments providing these do not compromise the independence
of the audit function.
- To promote the department’s activities throughout the Bank as well as the UK branches and determine how Internal
Audit can assist in new systems and process development to ensure that appropriate internal controls are incorporated.
- To recommend/suggest methods of improving current procedures, systems and controls
Other Job Requirements
- Approval of the individual for the role by the Regulator
- An In-depth knowledge of retail banking and ancillary products.
- Internal audit experience in banking.
- Excellent command of MS Office; Data sources;
- The ability to train staff and explain changes to management.
- Knowledge of statutory/legal regulations relating to retail banking to be supplemented by attendance at seminars,
conferences and training courses as new Job Description developments evolve.
- Strong analytical and judgement skills – evidenced by a track record
- To be precise and succinct in both written and oral communication
- Audit qualification such as ACCA, ACA, CIA
Conduct rules for all staff: Responsibilities:
- To act with integrity, respect and trustworthiness
- To act with the due skill, are and diligence
- To be open and cooperative with the Bank, the FCA, the PRA and other regulators
- To observe proper standards of market conduct and business conduct
- To take reasonable steps to ensure that the business of the firm for which are responsible is controlled
- To take reasonable steps to ensure that the business of the firm for which you are responsible complies with the
relevant requirements and standards of the regulatory system
- To take reasonable steps to ensure that any delegation of your responsibilities to an appropriate person and that
you oversee them effectively
- To disclose appropriately any information of which the FCA or PRA would reasonably expect
- To ensure you are trained and comply with the Bank's Policy and Procedures regarding Money Laundering detection
and reporting, and that any weaknesses identified in AML Procedures and Compliance is promptly addressed
- To ensure you are trained and comply with the Bank’s Policy and Procedures regarding Consumer Duty and Treating
Customers Fairly, and ensure good customer outcomes
Our client is an equal opportunities employer and ensures that no applicant is subject to less favourable treatment on the grounds of gender, marital status, race,
colour, nationality, ethnic or national origins, age, sexual orientation, responsibilities for dependants, physical or mental disability. Candidates are selected for interview based on their skills,
qualifications and experience.
Please note that we can only consider candidates who are eligible to work in the UK and are able to provide relevant supporting documentation.
For further information, please contact:
Enrico Castagnetti, Wintermann Search & Selection Limited
Mobile: +44 (0)7711 267500