The purpose of the position is to have a strong and experienced internal control manager in the risk department who will be responsible for designing and implementing internal control procedures as well as processes to ensure the bank operates under a robust and versatile control environment.
Key Job Objectives
Ensuring a system of internal controls encompassing the bank’s significant activities is clearly defined and documented.
Ensuring a risk-based and systematic approach to the testing of these controls is in place.
Allocating resources and setting frequencies, selecting subjects, determining scope of work and application of necessary techniques to ensure adequate controls are in effect bank-wide.
Manage / mitigate asset losses in the group from fraud, negligent activities and fines from regulatory authorities.
Ensure accurate recognition of Income with regard to financial reporting.
The successful candidate will be responsible for :
Creating and updating control policies and procedures in line with the developments in the industry (especially from regulatory authorities);
ensure bank-wide compliance with policies and procedures
Drive control functions to ensure strict compliance with oversight of and approved timetable for correction of exceptions
Maintain a culture within the bank that emphasizes and demonstrates the importance of internal control to build strong awareness in staff on policy and procedures issues
Ensure adequate protection of the Bank’s assets : financial, physical etc. through appropriate monitoring
Review transaction tickets where applicable to ensure compliance in transactions processing and authorization and investigate processing errors
Conduct independent spot checks on various units and identifying problem areas and offering recommendations to improve the control environment
Ensure effective compliance with agreed limits of authority, levels of access to systems / information and provide assurance of a strong compliance environment to ensure zero operational losses and no policy / regulatory infractions.
Keep track of sensitive processes to ensure compliance with regulatory directives across key units within the Bank.
Liaise with business stakeholders in ensuring that regulatory, group policy standards, minimum operating procedures regulatory & routine controls are observed effectively to minimise the Bank’s exposure to risk.
Review of past Internal & External audit / Control recommendations / regulatory reports / fraud trends to identify exceptions raised and key lessons learnt in order to track remedial action / compliance within agreed timelines and ensure adequate controls to prevent repeat findings
Review of Head Office GL / Income a / cs to ensure that all entries are processed promptly and no income leakages.
Prompt Rendition of control activity report weekly / monthly to CRO / Designated Manager
Ensure that all routine controls relating to new products developments and business developments are applied effectively, with particular emphasis on routine compliance.
Ensure the strict compliance to the Internal Control plan / chart for the year
Coordinate adhoc investigation at the instance of the CRO / CFO / CEO
Generation of Internal Control initiatives to drive process efficiency and effectiveness.
Qualifications and Experience
5 7 years internal audit and internal control experience in the banking or financial sector and strong technical skills.
Qualified Chartered Accountant, ACCA, ACA, or its equivalent will be an added advantage
An appreciation of regulatory and legal requirements across different products and business lines
Strong academic record.
Technical and General Skills :
Knowledge of CBN banking regulations, Basel 2 / 3, SEC regulations, AML / CFT Regulations and any other regulatory policy pertaining to banks and other financial institutions
Knowledge of the workings of the banking sector, and merchant banking in particular
A good understanding of typical merchant banking transactions.
A high competence in risk assessment
Good writing abilities with a high level of competence in clear communication
Computer literate (MS Office / e-mail)
A high level of pragmatism tempered with the strength to stand firm where necessary
Strong decision making and interpersonal skills
Additional competencies (will serve as strong recommendation)
Post-graduate studies / qualifications in banking, finance / financial markets.
Human Relations Profile :
Strong character & integrity paramount
High degree of self-confidence; pleasant personality; well presented
Well organised / good time management skills / disciplined
Self-starter able to work with minimal supervision
Able to deal with criticism
Ability to work under pressure.