Head of Internal Audit
Shawbrook is a specialist UK lending and savings bank founded in 2011 to serve the needs of SMEs and individuals in the UK with a range of lending and savings products.
We differentiate ourselves by concentrating on markets where our specialist knowledge and personalised approach to underwriting offer us a competitive advantage. This supports attractive stable returns and sustainable growth and benefits businesses and consumers in parts of the market which continue to be poorly served by traditional high street banks. Fundamental to our success is a relationship focus which puts the interests of our customers and business partners at the heart of everything we do, built on a culture which stresses the use of our experience and judgement to make decisions that balance risk, return and customer need.
We are currently looking to recruit a Head of Internal Audit to join Shawbrook. The Head of Internal Audit is responsible for the design and implementation of an effective internal audit function at Shawbrook, including oversight of the co-source service providers, design and approval of the annual internal audit plan, and effective operation of the internal audit function. You will also be responsible for co-source provider selection, as well as the effective delivery of the internal audit plan including early escalation of findings and recommendation of any additional reviews outside of the approved plan as appropriate.
· Ensure the internal audit function and associated internal audit plan challenges the customer facing areas of the bank in accurately identifying customer behaviour and needs
· Challenge and contribute to the development of short, medium and long-term strategies for the internal audit function for agreement by EXCO and BAC, in line with the defined vision, mission, risk appetite and objectives of the Bank. Ensure implementation of the internal audit plan and associated priorities for function once approved by BAC.
· Account to the CEO on a monthly basis, and to BAC at each meeting, for the performance of the function, any outsource service providers, and the execution of board strategies, plans and key decisions through collective responsibility.
· Use expertise to support corporate activities undertaken by the bank relating to acquisitions, financial investments, risk management, liquidity, strategic planning, balance sheet structure, new products, profit projections as well as optimal use of capital and resources, plus the structuring and negotiation of any transaction.
· Review and challenge planning process and delivery of major investments or divestments, operational changes or major capital expenditure for the function
· Ensure that the internal audit functions viability and cost structure is regularly analysed. Take appropriate actions to monitor and obtain the optimal value for money from the co-source providers in terms of any services provided.
· Review the data used by the bank to assess its and identify risks and consider whether it is fit for purpose in terms of quality, quantity and breadth and provide oversight and validation of this data and its use in reporting the bank’s risks both internally to board committees and externally.
· Review and report to the board audit committee on the broader operation of the governance framework including the robustness of regulatory reporting and the suite of regulatory documents. Ensure the principal risks of the bank are assessed and are then monitored, managed and controlled effectively and reported to CEO/EXCO using appropriate internal controls aligned to board risk appetite.
· An academic background in a numerate discipline with excellent knowledge of banking/financial services and risk-based auditing through 10 years + of relevant work experience
· Ideally at least a secondary degree in business or finance, and member of the chartered institute of internal auditor status.
· ACA/CIMA/ACCA designation or equivalent highly desirable.
· Excellent understanding of the standards of the institute of internal auditors (IIA) and ability to fully comply with the IIA standards.
· Demonstrated ability to work and lead an internal audit function using the 3 lines of defence model in a commercial environment.
· Experience of senior committee membership, financial services experience, board level participation and significant PRA/FCA interaction in prior roles.
· Excellent capability in strategic thinking developing solutions and effective business planning
· Excellent auditing and financial acumen
· Understanding of the UK corporate governance code and remuneration code
· Ability to operate effectively on committees
· In depth understanding of the financial services sector with specific focus on the role of Internal Audit
· Understanding of risk appetite and risk management frameworks
· Excellent understanding of Conduct Risk and how to deliver fair customer outcomes
· Excellent understanding of Compliance and Banking regulations
· Understands the importance of succession planning and developing team members in the organization.
· Goal oriented and able to operate in a challenging environment, deliver on time and able to cope with ambiguity.
· Working in partnership to achieve goals, prior management of an Internal Audit team and application of IIA standards.
· Demonstrating excellence, frankness, openness and transparency
· Developing people to support them to be the best that they can be, a team player.
· Demonstrated ability to achieve results, even when faced with obstacles or setbacks and the ability to work through ambiguity.
· Adopting the values and behaviours that exemplify the corporate culture
· Ability to develop excellent working relationships with management colleagues, direct reports and key stakeholders across the Bank.
· Inspire respect, trust and commitment to business targets with well-developed leadership and people management skills.
· Demonstrates sound business/professional judgement through strength of character, independence of thought risk awareness and good values and behaviours.
· Works well under pressure and has the ability to prioritise and manage multiple and complex projects simultaneously
· High levels of drive, energy and personal commitment to success.
· Creativity and innovation.
· Excellent influencing skills with the ability to package and present ideas and gain agreement at a senior executive level.
This role is an SB1 within Shawbrook's internal banding structure