The purpose of the job is to conduct control testing for the branches and corporate processes thereby contributing in improving the effectiveness of internal control processes and to monitor and assess the adequacy of control framework. Introduce and implement creative audit practices, data analytics ensuring audit automation and efficiency. Engage with stakeholders and influence to ensure quick implementation of controls.
Job Context & Major Challenges
Job Context/Job Challenges:
Aditya Birla Capital (ABC) is the holding company for the financial services businesses of the Aditya Birla Group. With subsidiaries that have a strong presence across Protecting, Investing and Financing solutions, ABC is a universal financial solutions provider catering to the diverse needs of its target customers across their life stages. ABC works under the brand ‘Aditya Birla Capital’, a single brand encompassing all the financial services entities of the Group.
Anchored by a workforce of 20,000+ employees which is growing, ABC has a nationwide presence through 850+ own branches, 2,00,000 agents and channel partners and bank partners. A driving force for Aditya Birla Capital, throughout the Journey, has been the Vision “To be a leader and role model in a broad based and integrated financial services businesses”.
Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,00,000+ Cr. and lending book of Rs. 60,000+ Cr., through its subsidiaries and joint ventures. ABC has created a total customer base of 35+ million. Aditya Birla Capital got listed on both stock exchanges in Sept ’17.
Key Challenges for the role:
•Consistently proactively identifying what can go wrong scenarios and conducting business relevant audits
•Stakeholder engagement and building rapport, at the same time being independent to the audit role and having unbiased view on the audit results
•Audit innovation and automation using new tools and audit techniques
•Collaboration to get issues implemented and gather support for audit from stake owners
•Good business understanding to identify gaps
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)KRA1To review controls – Branch and Corporate processesConnect with business stake owners to have a good understanding of changes in processes and business plans
Update the risk registers with changes in business plan / processes, identify new what can go wrong scenarios
Conduct control testing for branches and corporate processes
Build a framework to identify red flags / triggers for control failures
Independently drive and execute the framework to assess controls, identify fraud vulnerabilities and process gaps from a regulatory, cost save and automation stand point
Suggest remediation controls, formulate action plans and influence stake holders for quick implementation
Report audit findings post discussion with relevant stake holders
Ensure prompt and quality deliverablesKRA2Audit automation and analyticsStrengthen the audit framework automating all manual processes in audit
Implement automated audits introducing new tools and data analytics
Drive the agenda and ensure implementation with no excuses overcoming any challengesKRA3Management / Thematic reviewsConduct quick snap reviews or thematic audits
Understand management expectation and align the audit objective
Conduct timely review and closure of reviews
Discuss findings with all stake owners and logically conclude
Ensure implementation of gaps with stake ownersKRA4Conduct audits with external auditors teamOverview and shadow the execution of external auditors
Ensure audit context, scope is understood by auditors and audit is performed accordingly
Audit is conducted as per defined scope and expectations of Management & Audit Committee
Ensure timely provision of data requirements, responses and report closures
Act as a catalyst between the functions and auditors
Perform additional testing (if required) beyond the audit period or scope for critical findings in the course
Ensure there is proper consensus between the auditor and auditee stake owners on the observations and management action plan
Ensure action plan is adequate and addresses the audit finding
Report articulation is concise and relevantKRA5Reporting and DashboardsCirculate periodic dashboards – progress updates
Usage of visualisation tools to make the internal audit messaging appealing and business relevant