Head of Internal Audit

Job Description

Title: Head of Internal Audit

Company Name: Chartered Life Insurance Company Ltd.

Vacancy: --

Age: At most 40 years

Job Location: Dhaka

Salary: Negotiable

Experience:

• At least 5 years

Chartered Accountant (ACA/ FCA) with Master’s/ MBA in Accounting or Finance.

• At least 5 years

• Age At most 40 years

• At least 5 years of related work experience in Life Insurance Companies & minimum 2-year experience as Head of Internal Audit or Head of Accounts.

• The incumbent must have experience in the field of Financial Audit, Internal Auditing, Financial Analysis, Financial Reporting.

• Excellent written & verbal communication skills in both English & Bengali languages.

• The incumbent must have sound knowledge in details about operational process of Insurance company.

Chartered Life Insurance Company Ltd. has started its journey with a commitment to reach people of all classes with global standard services ensuring their life financially secured. The company has been presenting innovative products and services and engaged in development of the insurance industry. Chartered Life Insurance Company Ltd. is inviting applications for the mentioned post:

Role Summary:

The Head of Internal Audit is responsible for strategic risk-based internal audit plan and managing the internal audit function. Responsibilities include providing reasonable assurance on the effectiveness of the organization’s risk management and the strength of internal controls. The position assesses organization-wide compliance with ISA’s internal policies and procedures, laws and regulations, contractual terms and conditions. The Head of Internal Audit reports directly to the Board Audit Committee as per guideline of BSEC.

KEY RESPONSIBILITIES:

• Developing and implementing an annual internal audit plan based on risk assessment and regulatory requirements.

• Leading and managing internal audit teams, assigning audit engagements, and providing necessary training & guidance.

• Conducting audits of various business areas and processes, including underwriting, claims processing, investments, finance, and compliance.

• Evaluating the effectiveness of internal controls, identify potential risk & non-compliance, governance processes and promote a culture of compliance, integrity and continuous improvement.

• Reviewing and assessing financial statements, transactions, and accounting practices to ensure accuracy and compliance with applicable standards.

• Monitoring changes in regulatory requirements and industry best practices to ensure the internal audit function remains current and effective.

• Communicating audit findings and recommendations to the board audit committee and the board of directors.

• Participating in special projects, investigations, or initiatives as assigned by the board audit committee and the board of directors.

• Providing strategical support to the Director of the Board, External Audit & Management Audit and conducting audits using audit guidelines to assess controls, company’s IT process & efficiencies, business operations, and compliance.

• Confirming the accuracy of financial statement whether it is made time to time according to abide by IAS, IFRS, Insurance Act & Rule, BSEC etc.

• Maintaining CAMLCO related activities and liaison with BFIU.

ACCOUNTABILITY:

The incumbent will accountable to prepare and submit:

• Yearly internal audit planning to the audit committee by January each year

• Quarterly variance report with depth analysis and commentary by 2nd week of the following quarter

• Monthly reconciliation & non-compliance report by 1st week of the following month

• Management reports as required within two weeks’ time form the work assigned.

As per company policy.