Head of Internal Audit, Digibank

The role of the Head of Internal Audit in the Boost Digital Bank is crucial in ensuring the organization's adherence to regulations, governance processes, risk management system, and internal control processes in the digital banking environment

SCOPE & AUTHORITY

• Develop and implement a comprehensive internal audit strategy/ methodology for the digital bank, aligned with the overall business objectives, risk appetite, and regulatory requirements.
• Define the audit scope, objectives, and priorities based on risk assessment and regulatory requirements.
• Establish an annual audit plan and ensure its execution.
• Identify and assess risks associated with the digital banking operations, including cybersecurity, data privacy, fraud, technology infrastructure, regulatory, and compliance to safeguarding of assets.
• Design and execute risk-based audit programs, including stress test procedures and practices to evaluate the effectiveness of controls and compliance with policies, procedures, rules, guidelines, directives, laws and regulations, and industry best practices.
• Monitor Internal Audit updates, regulatory changes, and evolving industry standards to ensure the bank's continuous compliance.
• Lead and manage a team of internal auditors responsible for executing audit engagements across various digital banking functions and processes.
• Review audit findings, assess the adequacy of corrective actions proposed by management, and provide recommendations for improvement.
• Provide guidance and support to management on internal control matters, risk mitigation strategies, and regulatory compliance requirements.
• Report to Board Audit Committee and the Board of Directors. Administratively, may report to the bank's CEO.
• Inform Bank Negara Malaysia on significant audit findings uncovered in the course of audit that would materially affect the bank’s operating and financial condition.
• Conduct thorough and independent audits/ consulting services/ investigation, including evaluating internal controls, operational efficiency, information systems, and financial reporting.
• Provide objective and independent assurance on the effectiveness of controls supporting the activities of the first line and second line of defense functions, and on the reliability and integrity of the information technology, payment systems and electronic delivery channels, regulatory reporting, accounting records, financial reports and management information.
• Foster effective relationships with key stakeholders, including senior management, business units, and external auditors.
• Prepare comprehensive audit reports and present findings to senior management and the audit committee.
• Collaborate with relevant departments to ensure timely implementation of audit recommendations and monitor the progress of corrective actions.
• Provide quarterly submissions to BHSB IA for group reporting purposes.
• Serve as a subject matter expert on internal audit matters, providing training and awareness programs to enhance the organization's control environment
• Stay updated in industry trends, emerging risks, and technological advancements within the digital banking sector to inform and enhance internal audit practices.
• Stay aware of new developments, initiatives, products and operational changes in the bank to facilitate early identification of all associated risk.
• Drive continuous improvement initiatives within the internal audit function, such as implementing data analytics, automation, and other advanced audit techniques.
• Seek audit committee approval to engage external experts to carry out the review in specialized areas where the IA function is not sufficiently proficient.
• Maintain an internal quality assurance and improvement program which assesses the efficiency and effectiveness of IA activities and identifies opportunities for improvement.
• Ensure that the internal audit function complies with sound internal auditing principles and practices.
• Ensure internal auditors receive the necessary training to carry out audit assignments effectively and are continuously upskilled to stay updated on emerging business trends and technical developments.

KEY RESULT AREAS

• Successfully established annual audit plan using the appropriate risk-based methodology, including any risk controls concerns identified by management and submit that plan including the financial budget and manpower requirements to BAC for review and approval.
• Timely updated the management and BAC on any significant interim changes to the IA plan, as necessary in response to changes in the Bank’s business, governance, risks, operations and systems of internal controls
• Successfully implemented the annual audit plan as approved in a timely manner and periodically updated the status and results of the annual audit plan as well as the sufficiency of its resources.
• Successfully reported significant issues from audit works related to absence, breaches, non-compliances and ineffectiveness of key controls related to governance, risk management and internal controls system and recommend potential improvements to the management and Board Audit Committee.
• Timely confirmed the organisational independence of the IA function to the Board Audit Committee annually.
• Successfully maintained close working relationship and effectively collaborated with external auditors, regulators, and the Group’s other control functions such as Finance, Risk and Compliance to reduce duplicate efforts but does not place unqualified on their work.
• Delivered written audit report, detailing the audit findings, root causes and recommendations, the auditee’s responses and action plans as well as the audit rating assigned and audit conclusion to the relevant parties in a timely manner after the completion of an audit.
• Effectively monitor the progress of rectification actions committed by Management, includes findings raised by regulatory authorities or external auditors.
• Timely provided supervision dashboard information to BHSB IA, ensuring that all customer information and any other proprietary information of the Bank, as governed by the FSA and other applicable laws, is redacted from the issues and audit reports.
• Successfully promoted a culture of risk awareness, ethical conduct, and continuous learning within the organization and internal audit team.

WORK EXPERIENCES 

• Bachelor's or Master's degree in finance, accounting, or a related field.
• Professional certifications such as Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), or Certified Fraud Examiner (CFE) are highly desirable.
• Extensive experience in internal auditing, preferably within the financial services industry, with a focus on digital banking or technology-enabled environments.
• In-depth knowledge of approved auditing guidelines and accounting standards, applicable law and regulatory requirements, guidelines and directives issued by BNM and other regulators, and industry standards related to digital banking, cybersecurity, data privacy, and technology risk management.
• Strong analytical and problem-solving skills, with the ability to assess complex business processes and identify control weaknesses.
• Excellent communication and presentation skills to effectively interact with stakeholders at all levels of the organization.
• Leadership abilities to manage a team, foster collaboration, and drive results.
• Integrity, professionalism, and the ability to maintain strict confidentiality.