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Senior Audit Manager, Traded Risk

Keywords / Skills : Internal Audit, Traded Risk, Risk Assessment, VAR, RNiv

10 - 20 years
Posted: 2019-08-02

Nationality
Malaysia
Industry
Banking/Financial Services
Function
Banking, Insurance & Financial Services
Role
Audit
Posted On
2nd Aug 2019
Job Ref code
1900010890
Job Description
Why work at Standard Chartered?


Standard Chartered believe that every one of their colleagues plays a tangible role in delivering their purpose – "Driving commerce and prosperity through our unique diversity." They all feel strongly about living their valued behaviours – Never settle, Doing the right thing, and Better together and their culture makes this organisation special. Standard Chartered Bank have always sought continuously to improve, to challenge themselves and to drive change within the industry, the world we live in, and with themselves to live up to their brand promise - to be Here for good.

The success of the Bank and the achievement of their business strategy hinges on the way they invest in, manage and organise their people, the employee experience they create and the culture they build. Standard Chartered are building a future ready workforce enabled by digital skills, organisational adaptability and leadership at every level. They are committed to creating an inclusive and flexible environment where their diverse talent feels able and inspired to make a meaningful contribution to the prosperity of our clients.


The Role Responsibilities

The Senior Audit Manager, Traded Risk supports execution of the Bank’s strategy for the audit coverage of Traded Risk. The role also includes audit execution across other Principle Risk Types. Traded Risk includes Traded Market Risk and Traded Credit Risk, and is an increasingly material Principal Risk Type. The Group now has permission to apply its internal models to estimate regulatory capital for both market and traded credit risk. While this gives rise to significant capital savings at the Group, the PRA regulatory permissions (IMA and IMM) require mandatory audits of risk management controls and governance. The Bank’s subsidiaries are also seeking local regulatory approval to extend these regulatory capital savings. As a result, there are initial and additional annual audit requirements that demand technical (often quantitative) expertise and engagement with senior stakeholder at the Group-level.

The role has two sets of Bank stakeholders that further defines scope of responsibility:
  • Internal GIA stakeholders (Financial Markets Product Heads of Audit, Country Heads of Audit) providing guidance and support to enable consistent coverage of traded risk oversight at a product-level, or supervisory controls at levels below the Group.
  • Internal non-GIA stakeholders (Senior Managers in Group Traded Risk) providing audit service through periodic delivery of audits of controls and governance.

GIA represents the third line of defence and provides independent assurance of the effectiveness of management’s control of business activities (the first line) and of the control processes maintained by the Risk Framework Owners and Policy Owners (the second line). GIA works with the Group's other control functions, such as Finance, Risk and Compliance, but does not place unqualified reliance on their work. GIA is an independent function whose primary role is to help the Board and Executive Management to protect the assets, reputation and sustainability of the Group.

As defined in the Audit Charter, all staff in GIA must exhibit the highest level of professional objectivity in gathering, evaluating and communicating information about the activity or process being examined. They must make a balanced assessment of all the relevant circumstances and not be unduly influenced by their own interests or by others in forming judgments. GIA will adhere to the Definition of Internal Auditing, the Core Principles for the Professional Practice of Internal Auditing, Code of Ethics and the Standards for the Professional Practice of Internal Auditing that are published by the IIA. It is expected that all members of GIA strive to operate as role models for the Group’s valued behaviours. GIA methodology has defined "Habits of a Human Auditor" which are aligned to the Group’s valued behaviours and communicated across the function.

In addition to the responsibilities defined in the Audit Charter, the Senior Audit Manager is expected:

• To act as a Team Leader on assigned audit work involving Traded risk across the Group. This will entail managing the auditors working on the audit to deliver the Audit Planning Memo, Controls Document, agree issues and action plans with management and submission of draft report to the Team Manager for review;
  • To act as Team Manager and take responsibility for overseeing the delivery of high quality audits, including finalising of audit issues and the audit report;
  • To confirm that assigned audit work, as well as the work carried out by team members is executed in an efficient and effective manner, within the given budget and timelines, and in line with GIA methodology standards.
  • To clearly identify the risks and impact of issues during issue writing, agreeing these issues with management and obtaining quality management action plans to mitigate the risks raised;
  • To lead continuous monitoring of assigned countries / portfolio areas, and to build and maintain engagement with stakeholders;
  • To take responsibility for the design and implementation of department wide exercises such as annual planning, risk assessment and training;
  • To support GIA audit teams by providing product/country knowledge and expertise for their audits relating to the individual’s area of responsibility;
  • To attend and present at formal committees and Group meetings on behalf of the HOA or for their own area of responsibility, as required, e.g. Governance Committees and Country Non-Financial Risk Committees; and
  • The individual will support the HOA in their role as the GIA portfolio/country subject matter expert, depending on the skills of the individual.
  • Issue validation: all audit issue action plans agreed during audit fieldwork should be tracked through to completion in accordance with methodology requirements
Strategy
  • Support the HOA where required, in the development of the GIA risk assessment and development of an appropriate audit plan for the HOA’s assigned portfolio;
  • Support the HOA to confirm that audits assigned to the individual in the GIA audit plan address the key risks identified in the detailed risk assessment and in the audit planning process, and meet relevant regulatory requirements and expectations that are required to be covered by GIA;
  • Support the HOA to assess the assigned audit plan to confirm that it remains relevant throughout the year as the risk profile of the business changes. Propose changes as appropriate; and
  • Ensure that audit team operates in line with the Audit Charter during engagements, remains independent from management and free from interference.

Business (Budget)
  • Assist the HOA to effectively manage the cost of assigned audits within the allocated budget for audit engagements; and
  • Identify and implement opportunities for cost savings and optimal productivity of assigned audit engagements.

Audit Delivery
  • To act as a Team Lead or Team Manager on assigned audit work involving Traded risk across the Group. This will entail managing the auditors working on the audit to deliver the Audit Planning Memo, Controls Document, agree issues and action plans with management and submission of draft report to the Team Manager for review;
  • Provide clear guidance, detailed review and supervision of the audit team’s work so that audit deliverables meet quality standards and timelines in line with the GIA methodology;
  • Provide guidance on business/audit technical knowledge and management skills to team leaders and team members to enable them to effectively deliver their assigned contributions for an audit;
  • Provide technical input and challenge on audit work being undertaken within the scope of assigned product / country area of responsibility. This will include working with the audit team to produce high quality outputs which address the risk;
  • GIA methodology should be adhered to in all areas of the audit engagement, as well as raising team members’ awareness and understanding of the methodology;
  • Demonstrate sound knowledge of both business/technical areas and expert knowledge in the audit process, including the GIA system, to ensure that audit work is carried out to a high standard that meets all methodology and GIA system requirements;
  • Take the lead in presenting the draft report in the GIA report review process (to the tollgate or report approver); and
  • Have a thorough understanding of the regulatory landscape and to ensure that all key regulatory concerns are covered in the audit scope.
  • Monitor the implementation/delivery of the agreed issues/audit plans for the audits assigned, understanding the key risks arising, provide advice on resolution of issues to auditees/action plan owners and escalate audit findings that remain unresolved.

Risk Assessment
  • Support the HOA to update the relevant assigned risk assessments as part of the Continuous Risk Assessment on a regular basis so that changes in risk profiles are identified in a timely manner, proposing changes to the assigned audit plan to the HOA, as appropriate;
  • Promote early identification and escalation of risks, issues, trends and developments to relevant stakeholders. Be prepared to raise issues/concerns outside the normal audit process;
  • Attend relevant meetings relevant to assigned country / product area (e.g. Management Groups and Committees) at the request of the HOA to keep up-to-date on key business matters and provide the right challenge to ensure risks are appropriately identified, discussed and timely remediation plans are put in place;
  • Adopt an anticipatory approach to risk assessment through stakeholder engagement and monitoring of the external environment to improve audit planning; and
  • Review MI and reports regularly to keep up-to-date with key trends within the business.

Stakeholder Management
  • Establish and maintain effective working relationships with the management of business units which fall under risk assessment responsibility.
People and Talent
  • Demonstrate strong leadership and ability to motivate and guide audit team leaders and members
  • Influence change within the department by highlighting potential enhancements;
  • Identify growth areas at the start of each audit, and discuss with the Team Manager on how best to develop them during the work;
  • Provide written performance feedback to team members at the end of an audit. Review and agree the feedback provided with the Team Manager;
  • Identify and successfully complete key internal training for self-development;
  • Facilitate the development of audit team members by providing on the job training and recommending formal training to support GIA activities; and
  • Support the HOA to proactively spot talent for GIA.
Governance:
  • Assist the HOA to manage the relevant Product/Country clients, and establish good working relationships to help the businesses improve the control environment and keep updated with changes in the business impacting their risk profile;
  • Propose changes to audit plans to the HOA, as appropriate, so that the audit plan remains relevant;
  • Lead by example on how to communicate audit-related matters and resolve any conflict between auditors and auditees during the course of an audit. Use networks and relationships to build engagement and achieve results;
  • Delays in the execution of audit work should be escalated in a timely manner, both to auditee management and GIA management;
  • Be able to clearly explain issues identified along with the risks and root causes to GIA and business management, using language designed to be understood by non-experts; and
  • Assist the HOA/ to manage the relevant Product/Country stakeholders, as appropriate, and establish good working relationships to help the businesses improve the control environment and keep updated with changes in the business impacting their risk profile.
Regulatory & Business Conduct
  • Display exemplary conduct and live by the Group’s Values and Code of Conduct.
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
  • Support GIA to achieve the outcomes set out in the Bank’s Conduct Principles
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key Stakeholders
  • Designated business stakeholders, typically related to individual audit assignments and the assigned portfolio; and
  • GIA stakeholders – team leaders, team members, team managers, Product, Functional, Country and Regional Heads of Audit.

Other Responsibilities
  • Embed Here for good and Group’s brand and values in GIA; and
  • Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.


Our Ideal Candidate
  • Experienced career internal (or external) auditor, or traded risk practitioner.
  • Professional audit certification preferred.
  • Core knowledge across a range of risk types, though advanced knowledge in traded risk.
  • Advanced understanding of regulatory guidance and requirements around Market and Traded Credit Risk management.
  • Core understanding of VAR, RNiV, IMM quantitative risk models.




About Company

Established in 1997, Resource Solutions is a provider of Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) solutions.
As part of the Robert Walters Group – a world-leading specialist professional recruitment consultancy, our business has considerable resources at its disposal. With a global footprint across 25 countries, we’re able to work in close partnership with organisations and manage everything from global accounts with demanding resourcing strategies to single sites with lower recruitment volumes.
We currently source and recruit for clients in over 40 countries, manage a recruitment budget of over £2 billion and hire tens of thousands of employees each year. We’re in a strong position in the market, and aim to build on that further still – developing quality solutions and driving service improvement, innovation and value in order to continuously exceed client expectations.
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