Job Summary
The Chief Audit Officer (CAO) serves as the independent and objective assurance and consulting leader of the organization, reporting functionally to the Audit Committee and the Board of Supervisors (BOS) and administratively as determined by governance requirements. The CAO is responsible for evaluating and enhancing the effectiveness of governance, risk management, internal controls, compliance frameworks, and operational processes across the organization.
The CAO provides independent assurance regarding the adequacy and effectiveness of controls, risk mitigation measures, financial integrity, regulatory compliance, information security controls, anti-fraud mechanisms, and corporate governance practices. The role ensures that the organization operates in accordance with applicable laws, regulations, internal policies, and industry best practices while safeguarding organizational assets and reputation.
Key Roles and Responsibilities
Internal Audit Strategy and Planning
- Develop, maintain, and implement a risk-based annual audit plan aligned with the Internal Audit Charter, organizational strategic objectives, and regulatory requirements.
- Present the annual audit plan to the Audit Committee and BOS for review and approval.
- Continuously assess emerging risks and adjust audit priorities accordingly.
- Oversee the scheduling, allocation, and management of audit resources to ensure efficient and timely completion of audit engagements.
- Prepare and manage the Internal Audit Department's budget, staffing requirements, and operational resources.
Governance, Risk Management, and Internal Controls
- Evaluate the adequacy and effectiveness of governance frameworks, risk management processes, and internal control systems across all business units and functions.
- Assess whether significant organizational risks are appropriately identified, measured, monitored, controlled, and reported.
- Provide independent assurance on the effectiveness of enterprise-wide risk management practices and control environments.
- Review and assess compliance with policies, procedures, regulatory requirements, and industry standards.
Audit Execution and Quality Assurance
- Direct and oversee the execution of financial, operational, compliance, information systems, cybersecurity, and special audits.
- Ensure audit engagements are conducted in accordance with the International Standards for the Professional Practice of Internal Auditing (IIA Standards) and applicable regulatory requirements.
- Maintain a robust quality assurance and improvement program for the Internal Audit function.
- Ensure all audit reports are accurate, evidence-based, comprehensive, and professionally presented.
Reporting to the Audit Committee and Board
- Present audit findings, key risks, control weaknesses, and recommendations to the Audit Committee and BOS.
- Submit periodic reports on the status of audit activities, significant audit observations, management action plans, and unresolved high-risk issues.
- Escalate critical control deficiencies, fraud incidents, regulatory breaches, and major risk exposures to the Audit Committee and BOS on a timely basis.
- Provide independent opinions regarding the effectiveness of governance, risk management, and internal control systems.
Regulatory Compliance and Advisory Services
- Monitor compliance with applicable laws, regulations, prudential requirements, and internal policies.
- Provide advisory services and strategic recommendations to management without compromising audit independence.
- Support management in strengthening control frameworks, operating procedures, and risk mitigation strategies.
- Review new products, services, systems, and significant business initiatives from a risk and control perspective.
Fraud Risk Management and Investigations
- Lead or oversee investigations into allegations of fraud, misconduct, misappropriation, corruption, ethical violations, and other irregularities.
- Assess fraud risks and evaluate the effectiveness of anti-fraud controls across the organization.
- Recommend corrective and preventive actions to address identified weaknesses and prevent recurrence.
- Coordinate with relevant stakeholders, regulatory authorities, and external investigators where required.
Information Systems and Cybersecurity Assurance
- Oversee audits of information technology systems, cybersecurity controls, data privacy practices, digital payment operations, and technology governance frameworks.
- Evaluate IT general controls, system access controls, data integrity measures, disaster recovery preparedness, and business continuity arrangements.
- Assess risks associated with fintech operations, digital platforms, and third-party technology service providers.
Asset Protection and Operational Effectiveness
- Ensure organizational assets, financial resources, information assets, and intellectual property are adequately safeguarded.
- Evaluate operational efficiency, effectiveness, and value-for-money across departments and business processes.
- Identify opportunities for process improvement, cost optimization, and control enhancement.
Leadership and Capacity Building
- Provide leadership, mentoring, and professional development opportunities for Internal Audit personnel.
- Ensure audit staff maintain appropriate technical expertise, professional certifications, and continuous professional education.
- Foster a culture of integrity, accountability, independence, and continuous improvement within the Internal Audit function.
External Coordination
- Liaise with external auditors, regulators, and supervisory authorities to facilitate effective coordination and information sharing.
- Monitor the implementation of recommendations made by external auditors, regulators, and the Audit Committee.
- Support regulatory examinations and independent assessments as required.
Other Duties
- Perform any additional duties, special assignments, investigations, or reviews as directed by the Audit Committee or the Board of Supervisors.
- Undertake special projects related to governance, risk management, regulatory compliance, operational resilience, and organizational effectiveness.
Authority
The Chief Audit Officer is authorized to:
- Have unrestricted access to all records, systems, documents, personnel, physical properties, and information necessary to perform audit responsibilities.
- Communicate directly and independently with the Audit Committee and Board of Supervisors.
- Obtain assistance from employees and engage external specialists or consultants, subject to Audit Committee approval where required.
- Escalate significant risks, control failures, fraud incidents, or compliance breaches directly to the Audit Committee and BOS.