Purpose

Provide independent, objective assurance and consulting activity designed to add value, improve the organisation’s operations, and assist Flood Re in the achievement of its aim of becoming a worldwide centre of excellence for flood risk. The role is responsible for helping Flood Re accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Principal Responsibilities

• Contribute to controls culture leadership: Take a leading role in ensuring that all stakeholders within Flood Re understand and value the importance of controls and proactively take action that demonstrate this commitment.
• Audit planning: Develop comprehensive long term and annual audit plans covering all key risk areas, regulatory requirements, key business areas while ensuring proportionality.
• Maintaining the Internal Audit process: Develop and apply internal audit processes, recommend changes to policies and procedures to ensure an efficient and effective audit function. This includes contributing to the establishment of a continuous improvement culture across the organisation.
• Managing co-source provider: Manage the relationship with our Internal Audit Co-source provider and ensure that the combination of internal and co-source resources are used proportionately.
• Carrying out audits: Carry out audits, track findings, provide commentary and insight to senior management and the function audited, to enable remedial action.
• Managing the remediation process: Ensure that all improvement actions arising out of audits are resolved timely.
• Liaising with the Audit Committee: Produce regular reports to Flood Re’s Audit and Compliance Committee, to ensure that the interests of stakeholders are properly protected in relation to financial reporting and internal control.
• Contribution to Combined Assurance: Liaise with the Second Line of Defence (Risk and Compliance) to ensure that all risks are identified, assessed, and monitored in line with Flood Re risk appetite and policies.
• Managing stakeholders: Develop and manage relationships with Management, and with external regulators and auditors, to ensure the work of internal audit is relevant and respected.
• Demonstrate appropriate values: Maintain high regard to Flood Re values or equivalent, including clear understanding of Flood Re’s purpose and ensuring that the control environment supports this purpose.

Knowledge and Experience

• Relevant professional qualification (e.g. Chartered Accountant, CPA, Chartered Insurer, Qualified Auditor, MBA).
• At least 5 years Internal Audit Leadership experience (Manager level and above).
• Extensive experience of corporate governance.
• Good understanding of IT in large complex environment.
• Familiarity with regulatory requirements in one or more relevant jurisdictions.
• Demonstrate expert business knowledge.
• Complete understanding of local insurance organisations and processes.
• Good understanding of Risk Management and Compliance and how these two combine with Internal Audit to form a strong assurance function.
• Excellent people and inter-personal skills with experience of interacting and building relationships with a wide variety of stakeholders.
• Objective approach to analysis and reporting.
• Ability to develop effective solutions in an efficient and pragmatic way.
• Ability to manage relationships at all levels while still valuing objectivity and independence.