Address
Form of workRole Purpose
Supports the Global Head ofWPB Audit to define the audit strategy for Insurance and Asset Management globally and oversees the delivery of the global audit plan for Insurance and Asset Management within the Global WPB delivery team; aswell as providing oversight and SME support where required in other Locally Significant Markets where the local GIA Country team leads on the engagements for INS and AM.
Responsibilities also include developing and delivering an effective continuous monitoring approach, which combined with audit work will deliver independent & objective assurance designed to add value to the organisation’s risk management framework and underlying operations. As a result of an effective continuous monitoring approach, the identification and reporting of real time issues is also expected throughout the year.
The role holder is a key member of the Global WPB GIA Leadership team, and a member of the Extended Global Leadership Team for GIA. Alongside peers the role holder will contribute meaningfully to the shaping and management of the GIA function and strategic initiatives, taking on opportunities to shape the future of GIA wherever possible
Principal Accountabilities:
Impact on the Business
- Identify and assess internal and external developments in respect of Insurance and Asset Management activities and capabilites across the Regions. Analyse impact on HSBC and on INA audit coverage.
- Ensure Regional GIA audit coverage for WPB – Insurance and Asset Management is sufficient in terms of depth and breadth.
- Design an audit approach and detailed programmes to assess the management of WPB Insurance and Asset Management activities, where necessary in cooperation with SME INA teams such as Financial Crime, Credit Risk, Model Risk, Compliance, Finance, etc …
- Lead and contribute to related audit work, supporting other audit teams as appropriate.
- Contribute to the optimisation of methodology and coverage reflecting best practice and regulatory requirements (including review of regulator consultations, with defined requirements for Internal Audit functions).
- Manage the follow-up, tracking and reporting of relevant audit issues and represent GIA at relevant senior Business Governance forums.
- As the SMF5 role holder for both Asset Management UK and Insurance UK, the role holder is expected to maintain all required training and conduct to comply with the duties of their role, and to attend in person to all relevant governance fora for those business areas.
- Identify key themes, forward looking risks using continuous monitoring, data analytics and agile audit tools
- Ensure that we develop audit procedures that use Data Analytics and automated audit testing wherever possible.
Customers / Stakeholders
- Identify and communicate areas of risk relevant to WPB Insurance and Asset Management globally for consideration in ongoing risk assessments.
- Deliver regulatory and business insight in respect of the Insurance and Asset Management businesses and the associated risk profiles as part of GIA’s continuous assessment process.
- Maintain ongoing, consistent interaction with executive and senior management for the WPB Insurance and Asset Management business areas.
- Escalate significant issues to executive audit and business management.
- Identify new opportunities where Audit can add value, maintaining up to date knowledge.
- Through audit work, ensure that WPB Insurance and Asset Management delivers fair outcomes to customers and in a manner that maintains the orderly and transparent operation of financial risk and in accordance to the Conduct Framework
Leadership & Teamwork
- Significantly influence the scope and extent of GIA coverage to ensure that GIA is leading edge in the identification and assessment of emerging risks for Insurance and Asset Management activities across the Group.
- Work with and across audit teams to better share trends and risks emerging across HSBC; to break down silos.
- Help build and lead a team of audit professionals. Provide clear direction and support to the team.
- Establish and promote policies to attract, retain and motivate high calibre individuals. This includes talent and succession planning, performance management and employee engagement.
- Provide management direction and support to foster effective selection, development and reward of subordinates
Operational Effectiveness & Control
- Have an understanding of HSBC operational risk policies and internal control procedures, to ensure that these are properly considered in discharging responsibilities.
- Identify areas where changes are required to GIA methodology practices and coverage to comply with regulatory requirements or industry best practice; coordinate GIA consultation responses as required.
- Support and promote the quality assurance programme.
- Ensure Audit services are provided as appropriate to internal client needs.
- Manage complex issues and develop resolutions.
- Understand the consequences of legal compliance and governance issues.
- Complete other responsibilities, as assigned
Major Challenges
- Continuously staying abreast of internal and external changes in the risk environment, being able to assess their impact on the business across multiple geographies:
- Translating insights into meaningful intelligence in the context of HSBC.
- Proactively influencing audit coverage.
- Ensuring that GIA is proactive and responsive to significant internal and external events.
- Minimising corporate surprises.
- Must be able to work effectively across a broad Executive Management team operating in a number of geographic locations.
- Ability to work effectively with regulators, external auditors, consultants, Executive/Senior Management, Audit Committee members, other control functions and governance/steering committees;
- Ability to stay abreast of the regulatory environment particularly in respect to other non-financial risk (e.g. Resilience Risk, Financial crime risk etc) in multiple geographies and ensure appropriate audit coverage for both top and emerging risks;
- Lead and direct a team of experienced/qualified professional staff and be able to motivate, encourage and challenge them to provide high quality and value-added results. This should include support and collaboration with other audit teams at global, regional, and coutry level;
- Ensure that the results of the work performed by the team collectively (i.e. audit reports, audit committee materials, contributions to other governance/steering committees) meets the expectations of Executive Management, Audit Committee and Regulators, in addition to being best in class in comparison to peer organisations
Role Context
- The role is a member of the GIA WPB Global senior leadership team
- The role reports into the Global Head ofWPB Audit (a member of the GIA Executive Committee) who in turn reports to the Group Chief Auditor.
- The role has Global remit and provides coverage on WPB Insurance and Asset Management activities on an end-to-end basis, including financial (e.g. Credit Risk) and non-financial risks (e.g. Financial Crime Risk, Resilience Risk etc)
- The jobholder requires a detailed knowledge of the Financial Services sector and the corresponding regulatory environment, specifically with regard to Insurance and Asset Management manufacturing and distribution arrangements.
- The role includes interfacing with Senior Executives within GIA and with other Senior Executive stakeholders, both internally and externally, on a regular basis.
- The role holder should demonstrate the leadership capabilities associated with an Executive Manager.
- The individual must be a seasoned, mature and credible person with excellent diplomacy to be effective in sensitive situations. Must have proven ability to balance firmness and tact.
- The individual should stay abreast of the new audit tools and techniques and in particular on the use of Data Analytics, Artificial Intelligence, Agile Principles, Real time and Continuous Auditing to champion change within Internal Audit
Management of Risk
- Provide strong oversight over audit and internal controls issues.
- Assist in ensuring effective internal audit coverage throughout the HSBC Group.
- The jobholder will continually reassess the operational risks associated with the role and inherent in the function, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and by addressing any areas of concern in conjunction with line management and/or the appropriate department.
- Through audit work, the jobholder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and in respect to WPB.
- The jobholder has responsibility to overseeing, monitor and assess the financial risks as well as other non-financial risk
Observation of Internal Controls
- Maintains HSBC internal control standards
- The job holder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records.
- The job holder will ensure adherence to the policies outlined in the Audit Instruction Manual and equivalent documents.
Role Dimensions
- The role holder will directly manage a team of approximately 40 professionals across the WPB Insurance and Asset Management teams in Asia, Europe, and US, and work in partnership to lead across the team of 85 WPB GIA colleagues to support the Global Head ofWPB Audit.
- The job holder will be responsible for influencing audit coverage on WPB Insurance and Asset Management activities across the Group, and for delivering said coverage in the Regions
