Internal Audit Director at CNA
Job Description – 2021
At CNA, we focus on what we do best - providing insurance solutions that allow our customers to better manage their risks and grow profitably. We use our expertise to continually evolve our products and services to anticipate and address our customers' needs. Our broad portfolio enables us to respond to a wide range of business risks while focusing on the specialized needs of our insureds in construction, manufacturing, technology, healthcare, professional services, financial institutions and small business.
About Internal Audit
The Global Internal Audit Division supports CNA's corporate strategy of becoming a top quartile underwriting company by enhancing and protecting organizational value through risk-based and objective assurance, advisory and investigation engagements. We are analysts, problem-solvers, reporters, explorers and trusted advisors and catalysts. We strive to maintain an agile and responsive audit program that focuses on our company's highest risks and builds trust with all of our stakeholders. We invest in our people, are strengthened by diversity and are committed to inclusion. As the third line of defense for CNA, the scope of our work spans across all types of risk: financial, compliance, reputational and operational.
We are searching for an Audit Director to join our team who thrives in a collaborative environment and shares our commitment to providing valuable risk management, governance and control insights to our business partners. The role will interact with leaders throughout the Company and may lead special projects. Responsibilities include determining internal audit scope, reviewing audit workpapers and preparing communications reflecting the results of the work performed for review by management and the Audit Committee. This role will also mentor, coach and direct the work of junior members of the team.
Essential Duties & Responsibilities
Performs a combination of duties in accordance with departmental guidelines:
1. Leads audit projects involving functions, product areas or locations, which may encompass complex financial, compliance and operational processes. Acts as a resource for less experienced staff.
2. Directs the work activities and has day-to-day responsibility for the performance and development of junior staff in accordance with corporate strategic direction.
3. Plans, schedules and assigns resources to audit projects and manages activities by audit teams in timely and effective completion of reviews on multiple, concurrent projects.
4. Takes a lead role in the preparation and maintenance of annual audit plans for assigned areas, including determination of budgets for projects.
5. Directs the effective execution of all phases of audits, including creation of audit scope through an assessment of risks, evaluating the design of existing controls, developing and executing test programs to assess adherence with established controls and documenting test results.
6. Reviews the thoroughness of work papers and updates team and management on progress.
7. Structures and writes major sections of audit reports and other outputs intended for customers. Participates in discussions and presents audit results to management responsible for the audited area.
8. Monitors business unit efforts to resolve identified control issues and assesses the effectiveness of remediation efforts through follow-up reviews. Candidly discusses open control issues with management and escalates unresolved exposures to senior management as needed.
9. Responsible for being aware and proactive regarding developments, trends and challenges within assigned business units / functions and within the insurance industry.
10. Models the appropriate use of 'partner/challenger' relationship with audited entities – know when to pivot and when to persist. Takes an active role in delivering valuable services to assigned areas, enhancing operations, identifying gaps and sharing best practices.
11. Review c ontrol testing performed in conjunction with our external auditors in support of the annual financial statement audit and other assurance engagements.
May perform additional duties as assigned.
AVP or above
Skills, Knowledge & Abilities
1. Senior level knowledge of internal audit principles, practices and procedures.
2. Strongknowledge of insurance industry, accounting principles, regulatory compliance and related financial services fields highly desirable.
3. Ability to effectively lead, coach and develop an audit staff.
4. Ability to achieve results by taking a proactive long-term view of business goals and objectives.
5. Excellent analytical and problem solving skills, with the ability to effectively plan and direct multiple projects and project work teams.
6. Excellent interpersonal, presentation, verbal and written communication skills, with the ability to effectively interact with internal and external business partners.
7. Ability to exercise professional judgement and assume responsibility for decisions which have an impact on people and quality of service.
Education & Experience
1. Bachelor's Degree in accounting preferred or equivalent. Advanced degree or professional designation (CPA, CIA) preferred.
2. Typically eight to twelve years of relevant experience in the Property & Casualty insurance industry.