Unit Head Subsidiaries Audit

Job Purpose

To manage internal audit of Subsidiaries audits to ensure compliance in the functioning 

Key Responsibility Areas

Actionable

Audit life cycle monitoring 

• Identify key areas for audit based on risk assessment, regulatory requirements, and internal control frameworks. 
• Review audit procedures, Risk Control Matrix (RCM), standard audit report template and audit scoring module for the assigned audit areas. 
• Review allocation of audits based on expertise and mandays available.  
• Ensure achievement of audit calendar within the stipulated timelines and adherence to timelines for report release. 
• Review of audit scope and quality of audit (including sampling process). 
• Review risk grading and opinion formation 

Audit reporting 

• Prepare comprehensive audit reports highlighting the findings, risks, their potential impact and recommend appropriate actions to address the identified issues. 
• Audit finalisation, discussion & closure (including visits to subsidiaries) 
• Present audit findings and recommendations to Senior Management, Regional Head-Internal Audit, Head-Internal Audit. 
• Handle Regulatory Inspection / Regulatory requirements / ACB reporting and Investigations 

Audit compliance 

• Monitor the progress on remediation of audit observations and recommendations by the auditee management. 
• Evaluate the effectiveness of controls implemented towards the resolution of audit issues. 

Team management 

• Ensure resource planning and talent development. 
• Supervise and mentor audit staff, provide guidance / assist in the professional development of junior staff. 
• Monitoring team performance, providing constructive feedback, and identifying areas for improvement 

Key Skills

Domain knowledge Knowledge of bank audit / audits of financial sector 

• Audit expertise  A strong background in auditing principles, practices and methodologies is essential. Thorough understanding of financial and operational audits, risk management and internal controls. 
• Regulatory knowledge Up-to-date knowledge of banking laws, regulations and industry standards. 
• Analytical skills – Strong analytical skills to analyse complex data, identify trends and assess the effectiveness of controls. 
• Communication skills – Excellent verbal and written communication skills 
• Leadership skills – Leadership and teamwork abilities are essential to co-ordinate and manage audit projects effectively. 
• Problem solving skills – Able to identify issues, propose practical solutions and work collaboratively with the relevant departments. 
• IT proficiency – Advanced knowledge of MS Word, MS Excel and Power Point is a must. 
• Time management – Ability to manage multiple assignments, prioritize tasks and meet deadlines. 

Experience Required

• Min. 15-20 years of experience in internal audit of Banks/ NBFCs / large financial institutions  
• Prior exposure to internal audit of subsidiaries of banks is preferred 
• Team management 

Major Stakeholders

Senior management of Subsidiaries, Head of Internal audits of Subsidiaries, CA firms, Compliance team, Group Oversight Department, Operations