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Head Internal Audit, Life at ARM Life Plc

ARM Life is the insurance subsidiary of Asset & Resource Management Company Ltd (ARM). Its parent company, ARM is one of the largest non-bank financial services firms in Nigeria with a focus on asset management. Established in 1994, ARM started operations as a traditional asset management company specialising in the management of quoted equities and fixed income securities.

We are recruiting to fill the position below:

Job Title: Head Internal Audit, Life

Location: Nigeria


Job Summary

  • The Officer will be responsible for developing and delivering the Company’s internal audit strategy and plan and ensure compliance with established policies, procedures and regulatory requirements throughout the company.
  • The Officer will be expected to foster a control conscious environment within the Company by providing reliable, valued and timely assurance on corporate governance, risks and controls whilst enhancing the overall control culture.

Principal Duties and Responsibilities

  • Plan and supervise the execution of the Internal Audit Unit’s audit activities including the preparation and execution of an Internal Audit plan, scheduling and assigning work and estimating resource needs.
  • Evaluate and examine policies, procedures and systems in place across the Company to ensure that assets are protected 
  • Evaluate the reliability and integrity of information and accounting records and ensure effective and efficient use of resources across the Company
  • Review the compliance of business units with policies, procedures and regulatory requirements.
  • Plan individual audit assignments and ensure they are completed in an effective and efficient manner and within specified timescales.
  • Devise internal audit programmes and comprehensive tests to cover identified auditable areas and ensure adequate controls are in place to mitigate identified risk whilst carrying out audit reviews.
  • Assist management and staff in identifying controls which mitigate risks within their business areas and ensure that adequate processes and controls exist. 
  • Report results and make recommendations to management where control weaknesses are identified in policy, processes or systems.
  • Ensure the maintenance of evidence  and well-structured documentation of work which fully  supports work carried out and conclusions reached.
  • Supervise the follow up on the progress of implementation of recommendations and directions to Senior Management.
  • Maintain up to date knowledge specialist business knowledge for departmental benefit.
  • Encourage and participate in any process or internal control improvement initiatives.
  • Collate periodic reports on results of audit reviews conducted and provide to the MD of ARM Life and the Group Head, Risk Management & Internal Audit. Provide Management and the Board Audit Committee with a quarterly reports on the key weaknesses in the Company’s Internal Control Environment and recommendations for improvement.
  • Along with the Internal Control Unit, participate in Risk & Control Self-Assessment Workshops and provide objective assessment of key controls.
  • Carry out continuous review and development of Internal Control policies ensuring continued relevance to the Company’s operating environment. 
  • Where control deficiencies exist, propose risk mitigation and remediation plans, and communicate the remediation plan with the responsible process owners.
  • Liaise with Process Owners and Business Managers to ensure the timely implementation of remedial actions to address identified exceptions.
  • Escalate instances of persistent control issues to Senior Management.
  • Perform special investigations when necessary to safeguard firm assets (e.g., fraud).
  • Implement a methodology for consistent identification, monitoring and reporting of ‘red flag’ areas within the firm’s operations.
  • Ensure the reporting of identified operational risk events via the OpRisk Manager by ICOs.
  • Ensure compliance with existing policies and procedures, identifying & proposing modifications as needed.
  • Provide training to Employees on appropriate audit and control activities
  • Provide oversight of monitoring activities performed by the auditors.
  • Institute efficient staff deployment strategies that aligns staff quality with the risk rating of the units within the scope of the Internal Audit Unit’s audit activities.
  • Ensure appropriate training, orientation, and development of auditors.
  • Conduct any review or task requested by Management.

Other Requirements:

  • Knowledge of the local and global financial service industry, including regulations,
  • legislations, and operating environment.
  • Sound knowledge of the life insurance industry and key business processes. Knowledge of financial market operations.
  • Understanding of non-bank financial service operations, policies, and procedures.
  • Good financial accounting and reporting skills.
  • Audit, fraud assessment and internal control – investigation & review skills. · Anti-Money Laundering skills.
  • Experience with automated financial systems, including a general ledger and financial reporting software. 
  • Good knowledge of MS Excel as an analytical tool and other MS Office Applications, including macro driven processes. 
  • Assertive, and possesses ability to inspire and drive team performance.
  • Team player
  • Good communication skills (oral & written).
  • Problem solving and analytical abilities.
  • Integrity and good decision making ability.
  • Exceptional attention to detail.
  • The pursuit to constantly improve current processes and procedures.
  • Good interpersonal, presentation and facilitation skills.
  • Self motivated with a strong drive, and commitment to achieving agreed objectives.
  • Ability to work under tight deadlines while performing multiple detail-oriented tasks.
  • Ability to coach and groom team members.

Minimum Qualifications

  • Bachelor’s degree in Accounting or finance-related discipline 
  • ACA qualification or its equivalent
  • 8 – 12  years of accounting or audit experience
  • A previous supervisory role in an audit or control function

Application Closing Date
11th November, 2017.


How to Apply

Interested and qualified candidates should send their Applications and CV’s to: [email protected] Kindly specify “Head, Internal Audit” as the subject of your application.

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