Internal Audit Senior (Insurance)

Job Title: Internal Audit Senior (Insurance)
Contract Type: Permanent
Location: London
Reference: FS-IAS
Contact Name: Human Resources
Contact Email:
Job Published: November 27, 2019 16:01

Job Description

Financial Services Division

The Financial Services Division services clients in the insurance sector including Lloyd’s syndicates, insurance companies and intermediaries. We also have a small portfolio of clients in the investment funds sector.


Within the Financial Services Division, we have a team that specialises in the delivery of Governance, Risk & Control Assurance services (such as internal audit) to clients in the insurance sector, either on an outsourced, co-sourced or secondment basis. The team is in the process of expanding its size, expertise and client portfolio and therefore working with us will provide you with a diverse range of experience, a busy timetable and a high degree of responsibility.


What skills will you need to be effective in this role?


Job Duties and Responsibilities

As an Audit Senior you will work on a variety of audits and:

• Attend pre-audit discussions with the client;

• Assist the Manager with the planning and production of the audit plan/scope;

• Understand the objectives of each audit including the budget requirements;

• Ensure that the work undertaken is in accordance with the approved audit plan/scope, timetable and budget;

• Advise the Manager of any developments that may lead to a change in audit approach;

• Ensure compliance with the firm’s internal audit methodology and external requirements (such as the IA Standards and the Financial Services Code);

• Identify and understand key risks and controls based on experience, knowledge of best practice from regulators and from working with other clients;

• Identify and assess any control weaknesses/failings relevant to the scope of work;

• Recommend appropriate solutions to control weaknesses/failures and communicate and agree these with clients effectively;

• Work co-operatively with other members of the audit team including subject matter experts where necessary including actuarial, IT and tax;

• Be responsible for drafting the audit report ready for Manager/Partner review;

• Clear Manager/Partner review points and follow up any outstanding queries;

• Respond to all client queries and concerns in an efficient and professional manner, often dealing directly with senior management;

• Provide sound advice to clients and demonstrate knowledge of business issues; and

• Provide a detailed analysis of time charged on every assignment to facilitate billing and future planning.


In addition, the Audit Senior will be expected to contribute to the continuing development of the Governance, Risk & Control Assurance team and:

• Attend marketing events that are hosted by the team;

• Participate in internal/external training to build relevant knowledge and expertise and sharing this with the wider team;

• Maintain awareness of relevant news and developments within the insurance sector;

• Identify any new business opportunities and refer to Manager/Partner for follow up.


Person Specification

Skills and Qualifications

• ACA/ACCA (or equivalent) qualified;

• Experience of delivering and leading risk-based internal audits (or similar work) either in a professional practice or in an in-house internal audit function;

• Experience in the insurance sector, including London/Lloyd’s market, is essential;

• Demonstrable knowledge and application of relevant regulatory requirements such as Solvency II, Lloyd’s Minimum Standards, PRA/FCA requirements, CASS 5 rules;

• Proven communication skills including ability to communicate effectively with senior members of client staff;

• Experience of client management and liaison from the planning stage up to point of audit completion, identifying opportunities to provide added value;

• Excellent report writing skills; and

• Strong IT skills.