Head of Audit, Traded Risk

Job Description

*About Standard Chartered We are a leading international bank focused on helping people and companies prosper across Asia, Africa and the Middle East. To us, good performance is about much more than turning a profit. Its about showing how you embody our valued behaviours - do the right thing, better together and never settle - as well as our brand promise, Here for good. The Role ResponsibilitiesThe Head of Audit, Traded Risk executes the Bank s strategy for the audit coverage of Traded Risk. What do you need to succeed

• An experienced, self-directing Traded Risk career auditor (internal and external), or a Traded Risk professional who has a breadth of experience in either audit or governance. A professional audit certification is preferred.
• A good understanding of the both the current and developments in the regulatory landscape.
• Strong leadership qualities, interpersonal and people management skills.
• Strong written and verbal communicator, with personal courage, a change mindset and the ability to influence and to gain the respect of senior management, stakeholders, peers and their teams.
• Live the Bank s Valued Behaviours of Do the right thing , Never settle and Better Together on a day-to-day basis whilst seeking opportunities for self-development and growth.
• Be an inspirational people leader who looks for opportunities to grow others, develop talent, give clarity and guidance, drive purpose, and enhance decision quality across the team.

What s in it for you

• You will have the opportunity to manage a diverse audit team across geographic locations.
• Have direct responsibility over the audit coverage of Traded Risk Management in diverse in the product offerings, and a rapidly evolving business.
• Have direct responsibility over the audit coverage for one of the Group s 9 Principle Risk Types, which is material (over USD22bn) in terms of Risk Weighted Assets (regulatory capital).
• Own and build the function s relationship with our key regulator, the Prudential Regulation Authority, through engagements, regulatory examinations and supervisory meetings.
• The role will have extensive opportunities for engagements with diverse senior stakeholders across the bank.

Traded Risk is one of the Group s 9 Principal Risk Types, and includes Traded Market Risk and Traded Credit Risk, and has become increasingly material in terms of Risk Weighted Assets (regulatory capital). The Group now has permission to apply its internal models to estimate regulatory capital for both market and traded credit risk. The role has direct responsibility for traded risk audit coverage Group-wide, with two sets of Bank stakeholders that further defines scope of responsibility:

1. Internal GIA stakeholders (MD-level; Functional Heads of Audit, Product Heads of Audit, Country Heads of Audit) providing guidance and support to Client Segment, Product and Country audit teams to enable consistent coverage of Traded Risk at levels below the Group. This includes support in risk assessment and design of audit test programs.
2. Internal non-GIA stakeholders (MD-level; Risk Framework Owner for Traded Risk and MD direct reports) providing audit service through direct assessment of risk and periodic delivery of audits of controls and governance.

In addition to the responsibilities defined in the Audit Charter to protect the assets, reputation and sustainability of the group. The PHOA will lead on the delivery of the GIA Strategy for their relevant portfolio focusing on:

1. 1. Customer experience
   2. Effective Group change
   3. Identifying Group efficiencies and avoiding disruption from audit

• To act as Team Manager, as necessary, and take responsibility for overseeing the delivery of high quality audits, the performance of which cause minimal disruption to the business. Responsible, where serving as Team Manager, for the finalisation of audit issues and the audit report;

To role model the valued behaviours and develop an environment in which positive behaviours are celebrated and poor culture is challenged

• Assigned audit work, as well as the work carried out by the team, should be executed in an efficient and effective manner, within the given budget and timelines, and in line with GIA methodology standards.
• To clearly identify the risks and impact of issues during issue writing, agreeing these issues with management and obtaining quality management action plans to mitigate the risks raised;
• To lead continuous monitoring of assigned portfolio areas, and to build and maintain engagement with stakeholders;
• To take responsibility for the implementation and support of department-wide exercises such as annual planning, risk assessment and training;
• To support GIA audit teams by providing product knowledge and expertise for their audits relating to the individual s area of responsibility;
• To attend and represent GIA at formal committees and Group meetings, providing meaningful challenge and data-driven insights, as required, e.g. Governance Committees and Country Non-Financial Risk Committees; and
• Serve as the GIA portfolio subject matter expert proactively engage with peers and stakeholders to maintain, build and share knowledge.
• Issue validation: All audit issue action plans agreed during audit fieldwork should be tracked through to completion in accordance with methodology requirements

Strategy

• Contribute to the GIA risk assessment and design the subsequent risk-based audit plan for the assigned portfolio;
• Audits assigned to the individual in the GIA audit plan should address the key risks identified in the detailed risk assessment and in the audit planning process, and meet relevant regulatory requirements and expectations that are required to be covered by GIA;
• Consider whether the assigned audit plan remains relevant throughout the year as the risk profile of the business changes. Propose changes as appropriate; and
• Ensure that audit team operates in line with the Audit Charter during engagements, remains independent from management and free from interference.

Business (Budget)

• Effectively manage the cost of assigned audits within the allocated budget for audit engagements; and
• Identify and implement opportunities for cost savings and optimal productivity of assigned audit engagements.

Audit Delivery

• To act as Team Manager, as required, on assigned audit work involving Traded Risk across the Group. This will entail managing the Team Leader and junior colleagues working on the audit to deliver the Audit Planning Memo, Process Risks Controls Matrix, agree issues and action plans with management and submission of draft report to the Team Manager for review;
• Provide clear guidance, detailed review and supervision of the audit team s work so that audit deliverables meet quality standards and timelines in line with the GIA methodology;
• Provide guidance on business/audit technical knowledge and management skills to team leaders and team members to enable them to effectively deliver their assigned contributions for an audit;
• Provide technical input and challenge on audit work being undertaken within the scope of assigned product area of responsibility. This will include working with the audit team to produce outputs of high quality which address the areas of greatest risk;
• Support adherence to the GIA methodology in all areas of the audit engagement, as well as raising awareness and understanding of the methodology;
• Demonstrate sound knowledge of both business/technical areas and expert knowledge in the audit process, including the GIA system, so that audit work is carried out to a high standard that meets all methodology and GIA system requirements;
• Take the lead in presenting the draft report in the GIA report review process (to the tollgate or report approver); and
• Monitor the implementation/delivery of the agreed issues/audit plans for the audits assigned, understanding the key risks arising, provide advice on resolution of issues to auditees/action plan owners and escalate audit findings that remain unresolved.

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Keyskills :
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