Director of Internal Audit Job at African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the leading African reinsurance company with headquarters in Lagos (Nigeria). Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). The Corporation equally has two subsidiaries: African Reinsurance Corporation South Africa Ltd in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and one Local Office in Addis Ababa (Ethiopia).

Africa Re has a broad-based shareholding comprising 41 African member States, the African Development Bank (AfDB), 114 African insurance and reinsurance companies and three non-regional shareholders, including leading global insurers and reinsurers. The Financial Strength and Credit Rating of Africa Re is A by A.M. Best and A – by Standard & Poor’s.

We are recruiting to fill the position below in our Head Office in Lagos (Nigeria):

Job Position: Director of Internal Audit

Job Location: Lagos, Nigeria
Grade Level: Executive Staff

Job Details

• Reporting directly to the Group Managing Director/CEO, the Director, Internal Audit will provide assurance to the Audit & Finance Committee of the Board and Executive Management on the adequacy and effectiveness of internal controls in the Corporation.

Duties / Job Details
The duties of the Director of Internal Audit shall comprise amongst others:

• Manage the internal audit activities to ensure it adds value to the Corporation.
• Evaluate and contribute to the improvement of risk management, control, and governance processes using a systematic and disciplined approach.
• Assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement.
• Assess and make appropriate recommendations for improving the governance process in the Corporation.
• Establish risk-based plans to determine the priorities of the internal audit activities consistent with the Corporation’s goals.
• Communicate the internal audit plan and resource requirements, including significant interim changes, to executive management and to the Board for review and approval.
• Ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the approved plan.
• Establish policies and procedures to guide the internal audit activity.
• Share information and coordinate activities with other internal and external providers of relevant assurance and consulting services to ensure proper coverage and minimize duplication of efforts.
• Report periodically to the Board and executive management on the internal audit activity’s purpose, authority, responsibility and performance relative to its plan. Reporting should also include significant risk exposures and control issues, corporate governance issues and other matters needed or requested by the board and executive management.
• Keeps abreast of internal audit policies and procedures, current developments in accounting and auditing professions.
• Develops and provides training to the staff of the Corporation on internal audit related matters.
• Conducts follow up reviews and resolves control issues arising from internal and external audit exercises.
• Manages and oversees team performance through performance planning, coaching and performance appraisals.

Qualifications and Professional Experience
Applicants shall be holders of:

• Minimum of a Bachelor's and a Master’s Degree in Accounting, Auditing, Finance, Risk Management, Economics or any related discipline
• Minimum of fifteen (15) years post-graduation experience, ten (10) years must have been in an Internal Audit / Financial Control / Financial Officer positions, with at least seven (7) years as Chief Internal Auditor and/or C-Level Executive Position (CEO, COO, CFO) preferably in the reinsurance industry, insurance industry, financial services sector and/or in international finance institutions.
• Relevant professional qualifications in Anglophone countries include CIA, CISA etc. and their equivalents in Francophone countries.
• Relevant working exposure in a multicultural environment for at least five (5) years in the African context.
• Experience in the reinsurance / insurance Industry is necessary.
• Working knowledge and understanding Africa Re’s business;
• Knowledge of Insurance / Reinsurance practices will be an added advantage

Main Competencies:

• Establish trust and thus provide the basis for reliance on his judgment - high integrity and a good sense of responsibility.
• Exhibit independent mindset in approaching matters of conflict of interest, investigations and conflict resolutions.
• Exhibit highest degree of integrity.
• Exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined.
• Make a balanced assessment of all the relevant circumstances and should not be unduly influenced by his own interests or by others in forming judgments;
• Ability to apply relevant portions of the International Professional Practices Framework to internal audit work
• Sound Knowledge in auditing, internal audit standards, fraud awareness, and professional ethical standards;
• Respect the value and ownership of information s/he receives and does not disclose information without appropriate authority unless there is a legal or professional obligation to do so.
• Knowledge in enterprise risk management (i.e., risk analysis and control assessment)
• Ability to work well with all levels of management and across group operations
• Strong team player and proven leadership and managerial skills/experience;
• Excellent Problem-solving skills (i.e., conceptual and analytical thinking);
• Good listening and influencing skills with ability to persuade and effectively manage conflict by negotiating and resolving disagreements;
• Well-developed communication skills, including oral communication, report writing, and presentation skills;
• Impeccable bias for action and strategic disposition;
• Demonstrate a good understanding of the principles and ethics of integrity / Identifies the risk of fraud occurring and the appropriate means for detection, investigation and prevention
• Exhibit good organizational, planning and reporting skills.
• Good Research, analytical and investigation skills, with ability to select and applies a range of appropriate operational and management tools and techniques;
• Have a sound knowledge of computer tools – word processing, spreadsheets and presentation.
• Ability to apply an understanding of IT risk, control and security appropriate to the Corporation when communicating with others
• Change Management: skills with good disposition to embrace change and innovation;
• Ability to work under pressure and meet deadlines.

Applicants must be:

• Nationals of Member States of Africa Re;
• Fluent in one of the two working languages of the Corporation (French or English). A good knowledge of both languages will be an added advantage.

Salary & Benefits
The successful candidate shall have the following benefits:

• Competitive Basic Salary on the Corporation’s Executive Staff Grade Level
• Variable Pay (Annual Performance Bonus)
• Joint Contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the employer)
• Children Education Subsidy for each child up to 26 years (maximum 4 children)
• Medical Vover for staff and family;
• Housing Allowance
• Home Leave to country of origin every year paid by the employer (if non-national)
• Duty Post Differential (Cost of Living Allowance), that may increase or decrease depending on the economic situation, paid in local currency.

Note: The Company reserves the right to appoint at the advertised level or at any other level that may suit the profile, qualifications and experience of the successful candidate.