Internal Auditor - Market Risk

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Job Summary

To monitor the risk profile of the business and execute audit assignments in accordance with the Group Audit Plan and Internal Audit methodology, relevant policies, procedures and quality standards.

Job Description

The Internal Audit Market Risk AVP role is responsible for assurance of Market Risk which includes risk type strategy and framework, group-wide governance to effectively enable risk type appetite, aggregation of risk type profiles, oversight and challenge processes.

The position is a technical Market Risk specialist as well as SME role in Internal Audit and is required to provide assurance on:

• Market Risk Function: The application and the effectiveness of the risk management practices, methodologies and systems.
• Regulatory Framework: The provisions of the regulatory framework and in particular the bank’s system for identifying and measuring its regulatory capital and assessing the adequacy of its capital resources in relation to the bank’s credit risk exposures and established minimum ratios as well as Pillar 3 disclosures.
• Support the Audit manager in the identification of risks to be tested by participating in planning sessions. Develop testing strategies for key controls within the business to adequately mitigate the risks. Manage the execution of Design Effectiveness Testing (DEA) and Operational Effectiveness Testing (OET) of the audit team in line with methodology requirements.
• Develop an in-depth knowledge of Absa and the various business areas and use the knowledge to assess risks and controls through identifying, assessing and documenting risks and controls within these processes. Engage proactively with Internal Audit colleagues during assignments and request technical assistance where required and based on knowledge of business areas, provide guidance to other auditors and peers by sharing best practice so that their work meets and sometimes exceeds quality standards.
• Develop and maintain relationships with key audit contacts on each audit by attending continuous stakeholder meetings. In addition, engage closely with stakeholders during assignments and encourage open discussion and interaction with business on the risks associated in their environment.

 

Audit planning :

• Participate in the 6+6 audit planning cycle, provide input by taking into account the risk and control profile, business strategy and material risks affecting the business.

Assurance

• Develop an in-depth knowledge of Absa and the various business areas and use this knowledge to execute on assurance responsibilities.

• Actively participate in all the audit phases - planning and scoping (identification of risks and controls), fieldwork (execution of design and operating effectiveness assessments) and reporting (ensure audit observations and planned actions are agreed with management for factual accuracy).

• Ensure delivery adheres to the audit methodology and quality standards.

• Identify opportunities for using Data Analytics and enhanced automated auditing techniques.

• Prepare audit observations and make sure that they are concise, factually accurate and cover all of the significant issues. The observations must be insightful, address the root causes, and have agreed actions that fully mitigate the risk.

Teamwork

• Engage proactively with Internal Audit colleagues during assignments and request technical assistance where required and based on knowledge of business areas, provide guidance to other auditors and peers by sharing best practice so that their work meets and sometimes exceeds quality standards

Relationship and Portfolio management

• Business Monitoring and stakeholder engagement - Develop and maintain relationships with business (including 1and 2 Line of Defense) and actively monitor the risk profile of the business to inform audit planning, reporting and audit delivery. Support the Combined Assurance effort across the 3 LOD to strengthen the control environment.

• Provide input into Risk and Committee reporting, clear messaging and impact on the risk and control environment of the business.

Knowledge Management

• Display professional skepticism and apply a residual risk lens to potential audit issues with management and in final reporting.

• Continuous upskilling on both technical and other core competencies.

• Keeping up to date with industry trends, regulatory changes and professional standards.

• Based on knowledge of business areas, provide guidance to other auditors and peers by sharing best practice so that their work meets and sometimes exceeds quality standards

Education and Experience:

• Quantitative degree

• Minimum 4 years experience

• Market Risk background

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised