The Internal Audit and Risk Management function within a PB plays a critical role in identifying, assessing and mitigating risks and providing independent assurance on the integrity, effectiveness, and efficiency of the PB’s internal controls, risk management, and governance processes.
This position is both strategic and operational, requiring a blend of risk assessment, management and commercial orientation, technical audit expertise, business acumen, and strong influencing and communication skills. It is pivotal in safeguarding the PB’s assets and reputation while supporting value creation and operational excellence.
This post could be based from any of our regional offices and will involve regular travel to each, as well as the Terra Firma office in central London.
Key Responsibilities
Risk Identification and Assessment: Conduct regular risk assessments to identify potential threats to the organization. Analyse internal and external factors that could pose risks, such as market trends, regulatory changes, or operational vulnerabilities.
Risk Profiles: Develop risk profiles and maintain a risk register documenting identified risks and their potential impact.
Risk Mitigation and Control: Design and implement risk mitigation strategies to minimize the likelihood or impact of identified risks. Recommend and oversee the implementation of internal controls, policies, and procedures. Collaborate with other departments to ensure risk controls are integrated into business processes.
Risk Monitoring and Reporting: Continuously monitor risk factors and the effectiveness of mitigation measures. Prepare and present risk reports to PB & TF senior management and the PB’s board of directors. Ensure timely escalation of significant risks or incidents.
Planning and Execution of Audits: In alignment with TF Internal Audit and Risk Management develop and implement a risk-based internal audit plan, ensuring coverage of key business processes, financial controls, and compliance requirements. Lead and conduct audits, including scoping, fieldwork, and reporting.
Audit Reporting: Prepare clear, concise, and insightful audit reports for TF senior management, and the PB’s Board (or their Audit Committee). Highlight significant findings, risks, and recommendations for improvement.
Follow-up and Remediation: Monitor the implementation of agreed audit recommendations, ensuring timely and effective remediation of control weaknesses.
Advisory Support: Provide advice to PB management on internal controls, process improvements, and risk mitigation strategies, while maintaining independence and objectivity including after event reviews.
Stakeholder Engagement: Build strong working relationships with PB management, the Board (and/or Audit Committee), external auditors, and other key TF stakeholders.
Compliance Monitoring: Ensure the business complies with relevant laws, regulations, and internal policies, including those specific to TF.
Continuous Improvement: Promote a culture of continuous improvement in internal controls and risk management across the PB.
Training and Awareness: Educate employees about risk management policies and procedures. Promote a risk-aware culture throughout the organization. Provide training sessions and resources to enhance risk awareness.
