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Head of Audit - £170,000

If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.

00075908

Interview notes:

  • Established three respected internal audit functions. Following an assessment of the organisation’s needs, recruited, and developed appropriate individuals to deliver the required services, co-sourcing as required.
  • Oversaw the delivery of high-quality internal audits resulting in recognised improvements to the organisations’ control environments and positive changes to risk and control culture.
  • Built the trust and respect of the non-executive directors he has worked with, as well as sound relationships with executive management and staff at each organisation.
  • Worked effectively with audit committees, executive management, and regulators in a number of different countries, building co-operative relationships with local management and staff whilst completing his work to high standards.
  • Implemented Internal Audit software solutions to improve team effectiveness and manage costs.
  • Oversaw the development and maturing of the internal control environment of Accredited Insurance Companies from inception to growth of GWP £2bn.
  • Built a succession plan to ensure disposal of insurance companies coming out of incubation/turnkey.

Reason for looking – lots of change in his current role, looking for a stable environment

Available – 3 months notice negotiable

Current Base Salary £170k

PROFILE:

An experienced global Group Head of Internal Audit with considerable experience of working with non- executive directors, senior management, and regulators, gained from over 20 years in the international insurance industry.

Gained extensive experience in Governance, Internal Audit, Compliance and Risk Management in Broking, Insurance, Re-Insurance and Lloyd’s market.

EDUCATION:

ACCA 2002 – Fellow of ACCA

Associate of Chartered Institute of Internal Auditors Member of Head of Internal Audit CIIA,

University, 1997-1998

NVQ Level 3 Administration Systems Auditing

CAREER HIGHLIGHTS:

  • Established three respected internal audit functions. Following an assessment of the organisation’s needs, recruited, and developed appropriate individuals to deliver the required services, co-sourcing as required.
  • Oversaw the delivery of high-quality internal audits resulting in recognised improvements to the organisations’ control environments and positive changes to risk and control culture.
  • Built the trust and respect of the non-executive directors I have worked with, as well as sound relationships with executive management and staff at each organisation.
  • Worked effectively with audit committees, executive management, and regulators in a number of different countries, building co-operative relationships with local management and staff whilst completing my work to high standards.
  • Implemented Internal Audit software solutions to improve team effectiveness and manage costs.
  • Oversaw the development and maturing of the internal control environment of Accredited Insurance Companies from inception to growth of GWP £2bn.
  • Built a succession plan to ensure disposal of insurance companies coming out of incubation/turnkey.

CAREER HISTORY:

January 2014 – Present

Group Head of Internal Audit (SMF5)

Insurance (incl. Accredited Surety & Casualty Company Inc USA (A- Rated), Accredited Insurance Europe Malta (A-Rated), and Accredited Speciality Insurance USA (A- Rated) – active retail insurance providers in the UK, EU, USA, R&Q Reinsurance (UK and Bermuda), RQSML (previously Vibe/S5678, S3330, S1110) at Lloyd’s. Lloyd’s Managing Agents RQMA (now Coverys).

RQIH is an AIM listed, Global program underwriting management and legacy acquisition specialist.

Reporting to the Group Audit Committees Chairman and a secondary reporting line to the Group Executive Chairman, I was responsible for the provision of internal audit services to all subsidiary entities and corporate functions in the Group. Responsibilities included:

  • Reporting to the (12) regulated subsidiary Audit Committee Chairpersons in Bermuda, UK, US, and Malta.
  • Establishing and maintain annual risk-based audit plans for the Group and its subsidiaries.
  • Ensuring the availability of appropriate resources to deliver the plans.
  • Managing the IA teams in the UK and the US and using co-sourcing as required to deliver high quality audits which focus on key risk areas and identify pragmatic improvements to the business and its controls.
  • Recruitment, management, and development of staff (5).
  • An ambassador for the development of an appropriate internal control culture across the Group.
  • Reporting accurately and succinctly to Audit Committees and senior management. Attendance at all Group and subsidiary Risk and Compliance Committees.
  • SMF in the UK (PRA/FCA) and additional regulatory relationships in the UK (Lloyd’s) and overseas (MFSA, BMA, CBI, DOIs in the USA: FL, OH, PA, NY, AZ)

Key Achievements:

  • The establishment of an effective and respected risk based internal audit function.
  • Developed a sustainable framework for Internal Audit, incorporating Annual Assurance, Audit Universe, and three-year Strategic Plans.
  • Gained the trust and respect of Boards, Audit Committees, and senior management.
  • Built a strong relationship with senior management across the Group.
  • Successful external assessment of the internal audit function in 2021.
  • Development of the Audit Manual, Audit Methodology, Audit Working Papers, Quality Assurance Systems, and reporting structure for Group Internal Audit.
  • Implementation of TeamMate software to drive efficiencies; cut costs and improve MI.
  • Oversaw the internal controls maturity of Accredited Insurance group of companies from inception to control requirements fit for a business writing £2bn GWP with a 4-year period.

September 2005 - December 2013

Insurance

Group Head of Internal Audit

Reporting to the Chairman of the Audit Committee and Group Finance Director, I was responsible for establishing and managing the Group’s internal audit function. My responsibilities included:

  • Developing and managing the Audit Methodology suitable for the Group following consultation.
  • Preparing a fully consulted Internal Audit assurance plan.
  • Delivery of the assurance plan and accurate reporting of conclusions and key findings to management and the Audit Committee(s).
  • Recruit, manage and develop a team (5 – 10 staff) and oversee co-source service providers.
  • Coordination of External Audit visits.
  • For Caley Ltd develop, manage, and embed a robust risk management framework.
  • Quarterly reporting to Board, Audit and Risk Committees.

Key Achievements:

  • As Head of Risk Management of the parent company developed and embedded an effective Risk Management Framework complete with Risk Registers, Risk Universe and Risk Champions across the business including Risk Heat Maps, Trend Analysis and reporting against risk appetite.
  • Developed a strong relationship with the Board, senior management, and non-executive directors.
  • Oversaw the successful reduction of (I)ARs from 2500 to 100 thereby reducing exposure to Client Money risk.
  • Identified and undertook special investigation of poor Sales Practices reporting directly to the Chair of the Audit Committee.
  • Developed a strong working relationship with the FSA (now FCA) following regulatory reviews.
  • Implemented Pentana Audit ware to improve efficiency, effectiveness, and consistency in the team.

September 2003 - September 2005

Construction

Global Head of Internal Audit / Group Audit Manager

One of the world’s leading providers of professional, technologically based consultancy and support services, with offices in the Canada, UK, and 50 other countries around the world operating in 100 countries globally.

I was responsible for delivering a modern and professional Internal Audit Service for the Group my duties involved:

  • Setting up and developing an internal audit function and evaluating the internal control environment across the Group to satisfy the requirements of the UK Combined Code for a mature FTSE 250.
  • Develop a framework for monitoring compliance with Sarbanes-Oxley Act.
  • Preparing internal audit conclusions and key findings for the Audit Committee.
  • Develop the Internal Audit Strategy for worldwide operations of Internal Audit.
  • Developed system of Directors’ Self Certification checks across Group.
  • Acting as a business risk management and control advisor to senior management.
  • Embedding risk management across Atkins national and international operations.
  • Developed Audit Manual, Audit Methodology, Audit Working Papers, Quality Assurance Systems and Reporting Structure for Group Internal Audit to manage cross border audits.
  • Recruit, management and develop a team (20) to effectively deliver the audit plan.

Key Achievements:

  • Led and managed the company’s first international audits in China, Hong Kong, Singapore, and USA.
  • Developed a robust and sustainable IA framework to suit a mature FTSE company.

August 2003 – September 2003

Government office

Corporate Governance Consultant

March 2003 – July 2003

Government department

Risk Management and Internal Controls Consultant

October 2001 – February 2003

Accounting and Consulting

Assistant Manager

1998 – 2001

London Borough

Senior Internal Auditor roles

February 1994 – September 1998

London Borough

Financial Management Officer

If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.

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