Head, Professional Practice and Governance Audit

Job Description - Head, Professional Practice and Governance Audit (240001PI)

Roles and Responsibilities:

Strategic Management:

• Establish strategies to ensure that the Professional Practice and Governance team adopts and implements leading practices to aid Group Audit in delivering its mission and vision.
• Develop and maintain the Internal Audit Charter to establish the terms of reference for Group Audit by defining the purpose, authority and responsibility of the internal audit function within OCBC Banking Group.
• Ensure Group Audit’s stature, organization, strategy and resources are aligned with the Banking Group’s strategic objectives and corporate governance, considering changes in stakeholders’ expectations, emerging trends, and leading practices in internal auditing.

People Management:

• Lead, motivate and manage department to ensure they have sufficient knowledge, skills and experience, fulfilling the key attributes of internal audit profession, i.e. professional ethics, professional competence, due professional care, independence and objectivity.
• Set measurable key performance indicators for audit teams that will enable the Division to meet or exceed its mission and goals.
• Develop guest auditor programs to provide learning opportunities for guest auditors to better understand audit requirements and processes as well as strengthen their risk awareness and control consciousness; and conversely to encourage the guest auditors to contribute business perspectives and practical balanced approaches to OCBC’s auditing process.
• Lead by example by modeling bank desired behaviors, inspiring staff to do the same.
• Champion a prudent risk and compliance culture that promotes good ethics, accountability and good conduct among staff.
• Cultivate a conducive environment that allows staff to learn, grow and consistently exhibit the core values of the Bank.
• Formulate an annual audit plan, using an appropriate risk-based audit methodology, including key risks and emerging requirements associated with the Banking Group’s corporate strategy, business model and activities, and operating environment.
• Monitor the execution of the audit plan, manage it within budget, and report the status and results of executing the audit plan.
• Make necessary changes to the audit plan to address any emerging risks and concerns, regulatory developments or shifts in the Banking Group’s corporate strategy.
• Report, on a periodic basis, any significant issues related to the governance, risk management and internal control processes of the Banking Group, including potential improvements to the processes, and provide information concerning such issues through to resolution.
• Provide, at least annually, a report on the state of internal controls by assessing the adequacy and effectiveness of the Banking Group’s governance, risk management and internal control processes.
• Develop, track and report Division’s Key Performance Indicators and Objectives and Key Results.

Internal Audit Practice Management:

• Develop and maintain audit methodology, standards and practices that are relevant to the Banking Group, considering leading practices in internal auditing.
• Continuously benchmark Internal Audit practices to ensure leading practices are established.
• Develop and implement a quality assurance and improvement program to assess Group Audit’s conformance with the Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing, and the effectiveness and efficiency of audit execution, putting in place measures to address any gaps and enhance the internal audit practices.

Stakeholders Management:

• Prepare and propose an annual audit plan, financial budget and key performance indicators for review by the CEO and approval by the Audit Committee.
• Report on a periodic basis to the Audit Committee and the CEO the results of audit activities, any significant issues or concerns, insights, the progress in execution of the audit plan and status of meeting key performance indicators. Ensure that the reporting process is streamlined and automated.
• Assist in the engagement with the regulator on a periodic basis to discuss Group Audit’s organization, audit plan, key audit themes and any significant concerns, ensuring that the requested reports and information are provided to the regulator according to the agreed frequency.
• Assist in the engagement with Divisional Management periodically to discuss business developments, organizational changes, key initiatives, state of internal controls, emerging developments/risks and culture/conduct concerns to facilitate proactive decision-making and foster a strong risk and control culture.
• Assist to coordinate and work with external auditors.

Qualifications and Experience:

• Bachelor's degree in Commerce, Business Administration, Accounting, or a related field.
• Minimum of 10 years of experience in an internal audit role, in financial services, preferably in Professional Practices, Audit Methodology, Quality Assurance, Planning and Governance Reporting.
• Excellent communication and interpersonal skills.
• Ability to build and maintain strong relationships with stakeholders at all levels of the organization.
• Strong analytical and problem-solving skills.

Primary Location

Job

Job:

Audit

Organization

Organization:

Group Strategy, Innovation, and Business Management