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With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
The Absa Financial Services (AFS) Insurance Group Internal Audit (IA) team is seeking a meticulous and collaborative professional with an interest in Short-term Insurance (Non-Life). This role offers the opportunity to gain comprehensive insight into the bank’s bancassurance strategy and operations. We are currently looking for an experienced Head of Audit/Principal (Director) to lead our Short-Term Insurance audit team. This role requires the candidate to be fit and proper and registered with the Prudential Authority as a Head of Control Function Key Person.
Our Short-Term Insurance business offers short-term insurance products to Absa customers. The AFS Insurance Group is characterized by its dynamic and fast-paced environment, presenting extensive learning opportunities. The successful candidate will also need to possess a thorough understanding of banking to effectively support the Bank’s bancassurance strategy, which involves cross-selling between retail and insurance products.
The Head of Audit: Non-life Insurance South Africa will provide end to end audit support to the Non-life Insurance Business. This role is responsible for defining the audit plan for this portfolio and is part of the IA Extended Leadership team, ensuring the delivery of the audit plan and compliance with the relevant IA assurance methodology. The incumbent will be accountable for the quality of the audit work performed, as well as the efficiency and effectiveness of the audit team. Excellent communication skills, both written and verbal, are essential. Additionally, the ability to manage multiple senior stakeholders including the Board and Regulator while delivering on commitments is required. This position is ideal for individuals seeking to enhance their bancassurance experience within a dynamic, risk-based environment.
Job Description
Leadership and People Management:
Leadership/Values/Culture: Demonstration of Absa and IIA code of conduct values/behaviours in all aspects of work. Playing a positive role in team effectiveness sessions and in the unpacking of Colleague Experience Survey results.
Promote a positive team culture and enhance employee engagement
Lead a team of professional and subject matter experts, who may be line managers themselves.
Embed the performance culture and role model Group values and behaviours.
Manage and lead teams through change, both individually and as a function.
Actively contribute to the wider talent development of the function through coaching, mentoring, providing constructive feedback.
Promote continuous learning and development among internal auditors to enhance their skills and knowledge.
Attract and retain talented individuals who can contribute to the Audit Function of the future, building a strong pipeline of skills and capabilities.
Stakeholder Management:
The key stakeholders will be the Non-Life Insurance SA Board, Managing Executives and their Exco teams. With emphasis on:
Build and maintain strong relationships with key stakeholders, including senior management, governance committees, and regulators.
Possess excellent communication skills (verbal and written) to effectively communicate to stakeholders.
Build relationships with the business on key initiatives, attending key committees and sharing their view of the business’ control assessments.
Know our clients/customers and understand how the team’s work benefits them.
Develop an in-depth knowledge of Absa and the various business areas and use this knowledge to execute on assurance responsibilities.
Foster positive engagement with stakeholders to enhance the value of the audit function.
Develop and maintain relationships with all assurance partners and actively monitor the risk profile of the business to inform audit planning, reporting and audit delivery. Support the Combined Assurance effort across the three lines of defence to strengthen the control environment.
Strategic Initiatives:
Digitally and Technology enable: Contribute to the development of the Digital Book of Work of the IA Function.
Stakeholder engagement model: aligned to IA overall principles for driving a professional, value adding, service oriented, digitally savvy owner led stakeholder engagement approach for the portfolio.
Contribute to the overall Absa IA Brand, Positioning and Communication Initiatives.
Audit Delivery and Continuous Monitoring Activities:
Ensure the delivery of high-quality and timely audit reports, governance reports and issue validations that add value to the group that adheres to the audit methodology and quality standards.
Define and maintain a risk based internal audit plan for the Non-Life Insurance SA and Advice & Investment businesses that supports the achievement of Absa's objectives that is completed in a timely manner in line with approved phasing.
Use of digital assets and /or data analytics in audits, continuous auditing and portfolio reviews.
Provide high-quality, relevant, simple and valuable reports that are easy to understand and actionable to key stakeholders including senior management, governance committees and regulators.
Display professional skepticism and apply a residual risk lens to potential audit issues with management and in final reporting.
Knowledge Management
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 audit team and peers by sharing best practice so that their work meets and sometimes exceeds quality standards
Ensure that the internal audit function complies with all relevant regulatory requirements, including those set by the Prudential Authority.
Preferred Education
Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
Relevant professional qualifications as appropriate (e.g. CA, CIA, CISA)
Preferred Experience
Fifteen years’ experience in Internal/External audit or commensurate experience in a major financial institution or Big 4
Financial services industry knowledge especially Banking, Insurance, Bancassurance, etc.
Knowledge about new and emerging financial products and services.
Knowledge of prevailing legislation requirements, the insurance industry and bancassurance practices will be an added advantage.
Knowledge and Skills
Proven experience of managing teams in a complex, matrix environment; adaptable leadership style
Extensive experience in risk-based auditing or risk/control activities
Thought leadership
Evidence of driving change, leading business initiatives and setting direction and strategy
Ability to communicate and influence at very senior levels in the organisation
Passionate about developing talent and performance management
Ability to think and operate in an enterprise wide capacity, contributing to the main effort of the Function over the demands of individual silos
Fit and Proper Requirements:
Registration: The candidate must be registered with the Prudential Authority as a key person.
Integrity: Demonstrate the highest level of integrity and ethical behavior.
Competence: Possess the necessary qualifications, experience, and skills to perform the role effectively.
Financial Soundness: Maintain financial soundness and stability.
Technical Competencies
· Insurance and Investments Industry knowledge
· Regulatory Compliance
· Commercial Acumen
· Financial Analysis
· Risk Management
· Audit Methodology
Internal Controls
Behavioural Competencies
· Leadership
· Stakeholder Engagement
· Influence
· Resilience
· Effective negotiation
· Strong verbal and written communication
Attention to detail
Cognitive Competencies
· Analytical Thinking
· Problem Solving
· Strategic thinking
· Decision Making
Risk Perception
Education
Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required), Postgraduate Degrees and Professional Qualifications: Statistics (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
Head of Audit: Non-Life Insurance SA