Head of Internal Audit

Job Description

Title: Head of Internal Audit

Company Name: Sunflower Life Insurance Company Ltd.

Vacancy: --

Age: At least 30 years

Job Location: Dhaka

Salary: Negotiable

Experience:

• 12 to 15 years
• The applicants should have experience in the following business area(s): Insurance

• Bachelor/Honors

• Minimum Bachelor's degree from a recognized university in Accounting, Finance, Business Administration, Management, Economics or a related discipline.

• Professional qualification such as CA, ACCA, CIA, CISA, CMA, CPA or equivalent is highly preferred.

• Candidates having professional qualifications relevant to Internal Audit, Risk Management, Compliance or Insurance will receive preference.

• 12 to 15 years
• The applicants should have experience in the following business area(s): Insurance

• Age At least 30 years

• Minimum 12–15 years of progressive professional experience, preferably in internal audit, risk management, compliance, financial audit or assurance functions.

• Significant experience in the insurance sector, preferably life insurance, will be highly advantageous.

• At least 5 years of experience in a managerial / senior managerial leadership position in Internal Audit or a related assurance function.

• Experience in auditing insurance operations, financial controls, branch operations, policy administration, claims, underwriting, premium collection, investments and distribution operations will be preferred.

• Candidates with experience dealing with Board Audit Committees, External Auditors and regulatory authorities will have an added advantage.

We are seeking an experienced, ethical and highly competent professional to lead our Internal Audit & Assurance function as Head of Internal Audit. The incumbent will provide independent and objective assurance on the effectiveness of the Company's governance, risk management, internal control and compliance frameworks. The position will play a critical role in identifying operational, financial, regulatory and strategic risks and recommending measures to strengthen the Company's overall control environment. The successful candidate will work closely with the Board Audit Committee, Board of Directors, CEO, senior management and regulatory/compliance functions while maintaining complete independence and professional objectivity.

Job Responsibilities:

• Develop and execute a risk-based annual internal audit plan covering key business and operational functions.

• Lead audits of Head Office, branches, regional offices, distribution channels and critical operations.

• Evaluate the effectiveness of internal controls, risk management and corporate governance frameworks.

• Audit key life insurance functions including policy administration, underwriting, claims, premium collection, investments, finance, procurement, IT, agency, bancassurance and customer service.

• Ensure compliance with applicable insurance laws, regulations, regulatory directives, policies and procedures.

• Review controls over premium income, commissions, expenses, investments, policy liabilities, claims and other financial transactions.

• Identify control weaknesses, operational risks, irregularities, process gaps and potential fraud, and lead special investigations when required.

• Prepare clear and comprehensive Internal Audit Reports with findings, risk implications, root causes and corrective recommendations.

• Monitor audit observations and ensure timely implementation and closure of audit recommendations.

• Present significant audit findings, emerging risks and remediation status to the Board Audit Committee and senior management.

• Coordinate effectively with External Auditors, Regulatory Auditors, Actuarial, Compliance and Risk Management, while maintaining audit independence.

• Review financial and management information systems, IT controls, cybersecurity, data integrity and business continuity.

• Strengthen internal controls over digital insurance operations and technology-enabled processes.

• Maintain and update the Internal Audit Charter, methodologies, policies, procedures, reporting standards and KPIs.

• Lead, mentor and develop a high-performing Internal Audit team and promote a culture of integrity, accountability, transparency and risk awareness.

• Keep the Board and management informed of significant control deficiencies, emerging risks and critical issues, and perform other duties assigned by the Board Audit Committee or competent authority.

• Attractive salary package (Negotiable based on experience and qualifications)

• Other benefits as per company policy