Friday, November 23, 2012

The Internal Audit Function in Banks – How to become a BIS compliant auditor

I am searching today for an internal auditor.... not any internal auditor, but a BIS compliant auditor:

Leading European Universal Bank seeks high caliber internal auditor with sufficient authority, stature, and independence

The Position

Matters of regulatory interest don't petrify you? Independence and objectivity are the anchors of your professional life? You are free from conditions that threaten your ability to carry out your internal audit responsibilities in an unbiased manner? You believe in your work product and make no quality compromises? Then we have the right position for you.

As an internal auditor in our firm, your main task is to help reducing the risk of loss and reputational damage to our bank. Your team will guarantee the quality and effectiveness of our bank's internal control, risk management and governance systems processes.

The position is with our permanent internal audit function and is part of our sound corporate governance scheme. You will report to the head of our audit committee, in charge of overseeing our bank's internal audit function.

Your Responsibilities

Your day-to-day activities will consist of

  • ensuring compliance of our business lines with laws and regulations, our sound internal auditing standards, and our code of ethics;
  • guaranteeing the effectiveness and efficiency of the internal control, risk management, and governance systems and processes, created by our business units and support functions;
  • regularly communicating with supervisors of our internal audit function to identify risk areas, understand risk mitigation measures, and understand and respond to weaknesses;
  • evaluating the reliability, effectiveness, and integrity of our management information systems and processes;
  • safeguarding our assets;
  • supporting our head of internal audit at parent company level in defining the group and holding company’s internal audit strategy, determining the organization of the internal audit function both at parent and subsidiary bank levels, and formulating internal audit principles.

For this purpose, you will be granted access to all bank records and data and will be asked to form an independent and informed view of the risks faced by our bank.

By all means, you will only advise on internal control measures. Designing, selecting, implementing, or operating these measures will be carried out by our senior management.

We know that performing similar tasks and routine jobs may negatively affect your capacity for critical judgment and, ultimately, lead to you loosing objectivity. This is why you will periodically rotate within your function. To preserve your independence, “cooling-off” periods are to be respected if you change function in our group.

Your Qualifications

To join us, you must be a person of integrity, independent of our audited activities, and develop sufficient standing and authority within our bank. We take for granted, that you observe the law and have not been party to any illegal activity. As integrity is key for this position, we will ask you to be straightforward, honest, and truthful.

Additional qualifications include

  • observant use of confidential information;
  • evaluation of both current and potential future risks;
  • willingness and capacity to defend and assume responsibility for your own judgments and assessments;
  • ability to collect and understand information, to examine and evaluate audit evidence, and to communicate with stakeholders in our bank;
  • practice of care and skills expected of a reasonably prudent and competent professional;
  • ability to discuss, your views, findings, and conclusions directly with the audit committee and the board of directors;
  • ,as our audit function covers every activity (including outsourced activities) and every entity of our bank, disposal of a high level of intellectual flexibility and ability adapt quickly;
  • honesty, diligence, and responsibility.

After a short learning curve, we expect you to be able to judge outcomes and make an impact at the highest level of our organization.

Please note that we will only consider applications from knowledgeable and experienced auditors.

What we offer

We are searching to recruit a high potential candidate and offer him a fast-track career in our company. From day one on, you will be granted access to the board of directors, that is ultimately responsible for the internal audit function.

We guarantee job security, as our internal audit function should normally be conducted by our bank’s own internal audit staff. Even if we should, for specific purposes, outsource internal audit activities in the future, your skills will still be needed in our firm, as our board of directors will always remain ultimately responsible for these activities and for maintaining an internal audit function within our bank.

Your compensation package will be excellent and, in addition, decoupled from the financial performance of your audited business lines.

Your career in our firm will be guided by annual performance reviews. In addition, you will receive feedback from our board of directors that should review the effectiveness and efficiency of the internal control system and the performance of the internal audit function at least once a year.

We have flat hierarchies and ensure an organizational structure that clearly assigns responsibility, authority, and reporting relationships and ensures that delegated responsibilities are effectively carried out.


Please don’t compliment me for this post. The language comes, in great part, from BIS’ June 2012 report on the internal audit function in banks.