The Requirements
Background:
The vision is to be an excellent Audit function providing independent assurance and Opinions that have impact and influence. RBS operates a 3 Line of Defence Model. Internal Audit acts as the 3rd line of defence to provide independent, objective assurance to ensure that the controls over the key business processes are adequate and effective to manage the key business risks.
The environment in which the Markets business operates is going through fundamental change as well as unprecedented regulatory scrutiny which increases the risk profile of the business. In response, Markets is developing a range of measures to enhance its culture and control environment, focusing on improving both supervision and behaviours. These actions reinforce Markets' commitment to put the client at the centre of everything we do and to focus resources on meeting client needs.
Scope of Role:
Deputising for the Global Head of Audit – Markets in providing independent assurance from a “front to back perspective” over the Markets business within RBS.
The Markets business is a major part of the Corporate and Intstitutional Banking Markets business at RBS. It operates with a global footprint with main trading hubs in the UK, US, and Singapore.
Purpose of the role:
To partner with, and deputise for the Global Head of Audit – Markets in all aspects of leading the Markets audit function, and in particular:
Attendance and participation in senior governance and control forums within the Markets division, and the IA Executive Committee
Engagement with PRA and FCA on key areas of regulatory interest
To maintain strong relationships with the Markets Executive and the senior Markets leadership team to exert and support challenge and influence over control environment and the control approach.
Leading the IA team to deliver high quality, efficient and effective independent assurance to the Markets business.
To evolve and drive the IA Markets strategy, to deliver sustainable improvements in the Markets team with respect to people, processes and systems.
To provide technical and audit leadership in the delivery of assurance for the Markets business
To ensure appropriate collaboration of the IA Markets with the other teams in IA.
Key Deliverables:
To partner with, and deputise for the Global Head of Audit – Markets to direct, challenge and provide oversight of the global audit team:
To define and maintain the audit universe capable of informing and supporting the annual plan.
To produce entity reports and opinions which successfully influence executive management to manage risk prudently within the Group’s / Board risk appetite and inform the Group Audit Committed in the execution of their function.
To effectively recruit and manage the performance of the extended team driving their career development.
Positioning – Be recognised by stakeholders as an influential control partner
To act and be seen as a IA key representative for Senior Stakeholders across the Markets division, and as proxy for the Global Head of Audit – Markets.
To establish and maintain effective ongoing dialogue with key internal stakeholders, keeping abreast of strategic direction and the changing risk environment, and of 2nd line/1st line Risk & Compliance concerns and activities.
Ensure that the strategic and operational risks across your business entity are sufficiently understood in order that an appropriate audit plan can be built and delivered.
Financial Management Responsibilities:
To support the Global Head of Audit – Markets in managing the IA Markets cost centre budget and to oversee the management of engagement costs, recruitment costs, salaries and reward, and training. IA Markets budget is £8-10 million per annum, with a total headcount of 80+ auditors
Technical Competence required:
Specific and detailed understanding of a Markets business, across trading, sales and capital markets, as well as middle and back office functions.
Detailed audit, risk and control knowledge gained through extensive previous audit experience.
Clear understanding of the existing regulatory environment and forthcoming regulatory developments and the likely impact of regulations and regulatory change on the business and on audit.
Experience:
Significant experience in global investment banking with a markets focus, including a number of years at a senior management or leadership level
Experience in maintaining relationships with senior executives in global investment banking businesses
Management of diverse teams and a large geographically diverse workforce.
Worked with regulators and senior business stakeholders
Acted as support to Head of Audit and challenge to the business in matters relating to entity assurance
Audit strategy formulation and execution
Exec Level influencing
Engagement with key regulators