SUMAC MICROFINANCE BANK LTD

JOB DESCRIPTION

POST TITLE Internal Audit & Risk Officer

STATUS 2 Years Contract

JOB HOLDER Vacant

REPORTING TO: Board Audit Committee

DIVISION/DEPARTMENT

Internal Audit, Risk & Compliance

POSITIONS REPORTING TO JOB HOLDER

In charge of the whole department

1. JOB PURPOSE

To provide continued assurance on the effectiveness of the SUMAC’s system of internal

controls and coordinate the process of risks identification, evaluation and mitigation so as to

make sure that SUMAC achieves its corporate goals of growth and profitability. S/he will

closely work with the Bank’s Senior Management Team in Enterprise Risk Management,

Business Continuity Management, Compliance and Fraud management

2. PRINCIPAL ACCOUNTABILITIES.

Design, implement and appraise the adequate and effective system of internal controls that meet the Bank’s control requirements especially in safeguarding its assets.

Plans and carries out regular internal audits to evaluate compliance with the system of internal controls, assess the reliability and integrity of information and compliance with Bank’s policies, procedures, laws and regulations

Ensures audit and other review findings, observations and recommendations are discussed with respective managers and agree on plan of action for improvement

Conducts continuous follow up and post implementation reviews to ensure managers and other responsible persons act on agreed action plans

Carries out special assignments ,investigations or reviews that may be requested for by the audit committee and management

Appraise the Managing Director (MD) and the Board Audit Committee on Risk and internal audit issues and seek their direction

Ensure that enterprise-wide risk management policies, controls and procedures, are

effectively implemented, disseminated and complied with across the Bank.

Review workflows, hand-offs, process steps and existing policies and procedures to

identify areas of risks and provide recommendations for mitigation

Promote and support a culture of compliance, risk avoidance/mitigation and

corporate accountability throughout the bank through trainings and knowledge

sharing

Continuous Monitor and report on risk limits and exposures above regulatory

requirements and the Bank’s risk appetite

Provide analytical support to the management regarding risk and compliance metrics

Continuously monitoring business continuity risks and ensuring the business

continuity plan is up to date and operational

Work with counterparts across all business lines to ensure policy/procedure and

control standardization and monitor compliance to the same.

Ensuring that all the regulatory and statutory requirements are adhered to and all

payments and returns done by the prescribed due dates.

Fraud prevention and Investigations.

develop a flexible annual audit plan using an appropriate risk-based methodology,

including any risks or controls concerns identified by management, and submit that

plan to the Audit Committee for review and approval as well as periodic updates;

implement the annual audit plan, as approved, including as appropriate any special

tasks or projects requested by management and the Audit Committee;

appraising the relevance, reliability and integrity of management, financial and

operating data and reports;

assessing the adequacy of established policies and procedures and reviewing the

systems established to ensure compliance with policies, procedures, statutory

requirements and regulations which could have a significant impact on operations;

appraising the economy, efficiency and effectiveness with which resources are

employed;

reviewing operations or programs to ascertain whether results are consistent with the

bank's established objectives and goals and whether the operations or programs are

being carried out as planned;

issue periodic reports to the Audit Committee and MD summarizing results of audit

activities;

keep the Audit Committee and the top management informed of emerging trends

and practices in internal auditing;

maintenance of appropriate auditing standards;

liaison with external auditors and CBK Supervisors;

3. SKILLS AND COMPETENCIES

Good time management Assertiveness and self-drive Honesty, reliability and dependability Good interpersonal skills Sound analytical and numerical skills. Good communication skills

.

4. KNOWLEDGE AND EXPERIENCE.

A First Degree in (Finance, Economics, Business)

Any specific risk management or business related professional qualifications will be an added

advantage

At least 3 years of experience in Internal Audit/Risk Management/Compliance/Forensics in a

financial institution or audit firm