Chief Internal Auditor (Jobsplus Permit Number 800/2024)

Malta Development Bank is currently looking to recruit a Chief Internal Auditor to join their team on a full-time basis.

Job Description: 

The Chief Internal Auditor is ultimately responsible to the Board of Directors [the Board] of the Malta Development Bank (MDB) for the internal auditing and review of all functions and operations performed by the MDB to provide reasonable assurance on the adequacy and effectiveness of risk management, control and governance processes. This position develops and updates auditing procedures as instructed by the Board and regulatory agencies and reports to the Board and the Board’s Audit Committee the results of its work.  

The position reports functionally to the Board and its Audit Committee and administratively to the Chief Executive Officer.  

Principal Responsibilities:

The Chief Internal Auditor is required to a) objectively review the MDB’s business processes, b) evaluate the efficacy of risk management and control procedures that are currently in place, c) protect against fraud and theft of the organization's assets, d) ensure that the organization is complying with relevant laws and statutes, e) develop and implement a risk based internal audit plan, f) make recommendations on how to improve risk management, internal controls and governance processes, and g) follow up and monitor the proper implementation of improvements and other audit recommendations.  

Essential Functions

The key functions of the Chief Internal Auditor are to: 

• Review, monitor and contribute to the updating of the Internal Audit Charter and of the Internal Audit Policy and Procedures of the MDB as necessary and on an ongoing basis
• Gain a thorough understanding of MDB’s governance and regulatory set-up, organisational structures, policy framework, and operational procedures
• Compile a comprehensive Audit Universe and use it to develop an annual or multi-annual risk-based internal audit programme for the MDB, and, periodically review this programme to ensure its continued validity in the light of developments which may have occurred
• Develop an agile and flexible internal audit function able to quickly re-orient itself to continue providing assurance in the MDB’s risk-critical areas
• Co-ordinate and perform financial, operational, compliance and other types of audits in accordance with relevant laws, regulations, and MDB’s internal audit programme while considering the development of lean audit techniques to enhance efficiency
• Lead and manage internal audit team member/s, providing guidance, training and professional development opportunities
• Coordinate the Department’s activities with the independent external auditor and all applicable regulatory agencies and examiners to best utilize available resources and achieve established objectives
• Assist the Board’s Audit Committee in the fulfilment of its duties and responsibilities. In that context, the Internal Auditor shall meet with the Audit Committee on a regular basis to review and discuss audit findings and other relevant matters as necessary
• Review the Bank practices and records for compliance with established internal policies and procedures, and where applicable ensure that these are benchmarked in reference to international best practice
• Develop recommendations for improving governance, risk management, internal controls, operating efficiency, and the adequacy of Bank records and record-keeping
• Report audit findings and recommendations to the Audit Committee and to the Board based on the results of regularly scheduled audits, non-scheduled audits, and at any time when issues need to be addressed by management
• Conduct and record follow-up reviews of financial, operational, or regulatory compliance deficiencies noted during audits
• Conduct investigations of irregularities discovered by or brought to the Auditor’s attention
• Investigate, as requested by senior management, fraud, embezzlements, and defalcations within the Bank. Work in cooperation with law enforcement agencies in any such cases as deemed necessary
• Evaluate internal audit suitability, efficiency, cost-effectiveness and internal controls’ effectiveness and implement an ongoing quality development and improvement programme
• Evaluate comprehensive business processes and transactions to analyse productiveness of controls and risk alleviation
• Examine the integrity, validity and reliability of financial, accounting and other data and report any deviations
• Provide internal consultancy by either undertaking specific engagements including the review of documents, or actively participating in committees, working groups, task forces, and new projects as required. This needs to be done within the parameters set by the IIA Standards and Code of Ethics, giving particular attention to preserving audit independence
• Perform other duties as required, consistent with the goals, objectives, and responsibilities of the Internal Audit Department and with the approval of the Audit Committee. 

 Governance and Reporting:

• Implement and manage a comprehensive, granular and iterative review process of all audit engagements to ensure consistent quality and sensible output, adherence with the provisions of the Internal Audit Charter, the Internal Audit Policy and Procedures, and promote improvement in the conduct of engagements
• Provide assurance to executive management, the Audit Committee, and the Board of Directors on the adequacy and effectiveness of the Bank’s operational and control framework including revenue assurance and asset stewardship
• Provide strategic direction in the operations of Internal Audit to ensure that the Bank employs the latest internationally acceptable standards and methodologies in internal auditing
• Provide timely advice to executive management, the Audit Committee and ultimately the Board of Directors on internal processes and operations and for ensuring that they are kept informed of any significant risk issues, including those arising during the annual statutory audit. 

Communication

The effective fulfilment of the Internal Audit function requires strong communication and influence across the Bank’s departments ensuring communication of audit expectations balanced with a pragmatic understanding of the business. This requires judgement, integrity and clarity ensuring a recognition of the Bank’s business needs without compromising the integrity of the Bank’s processes, regulatory and ethical considerations. To achieve this, the Chief Internal Auditor shall communicate effectively with:  

• The Board and Audit Committee members through regular invitations to participate in meetings and Committee related work
• CEO, Chief Officers, and other senior bank officials to discuss the audit objects and any pending matters following audits reviews
• CEO, Chief Officers and senior bank officials to ensure that office objectives and targets are accomplished
• The Chief Finance Officer to co-ordinate meetings with the external auditors both in terms of statutory audits and any other issues regarding the Bank’s financial statements
• The external auditors to co-ordinate the statutory audit and reliance of work undertaken by Internal Audit & Risk Assessment.  

 Candidate Profile & Experience Required:

The ideal candidate will be a person with a high level of personal and professional integrity and will preferably have at least seven years’ experience carrying out business and technology audits within banking or financial services. The candidate will have strong technical knowledge and experience in dealing with IT, Operational, Compliance, Financial and other types of Audits as well as investigations. 

Knowledge and Experience:

• First degree or equivalent relating to Accountancy and Auditing [BA (Accountancy) or Institute of Accountants - MIA/ACCA, and/or Institute of Internal Auditors (IIA) – CIA, or CISA – ISACA] and preferably holds the Certified Public Accountant (CPA) warrant
• Thorough understanding of the International Accounting and Auditing Standards (IFRSs, IASs & IIASs) and the requirements of legislation related to accountancy and auditing affecting the Bank’s corporate governance
• Proven ability to oversee, plan, coordinate, direct and review all aspects of the Internal Audit Function
• Thorough understanding of the IIA’s International Professional Practice Framework including related recommended guidance, augmented by strong IT auditing capabilities
• Strong business orientation and broad experience across different bank functions
• Several years’ experience in an auditing environment, preferably in a managerial capacity
• Skills in examining and re-engineering procedures, formulating policies, and developing and implementing strategies
• Knowledge of internal organisational structures, work- flows and procedures.  

Data Protection:

The MDB shall process information provided by candidates solely for the purpose of this vacancy. In the event of unsuccessful applications, the Bank may keep applicants’ personal data on file for a period up to twelve months following the conclusion of the recruitment selection process. Applicants’ information will only be used to identify any future employment opportunities within the MDB for which applicants may be suited. Applicants are free to withdraw their application and their consent to the retention of their personal data, at any time. For further information, please read the MDB’s privacy notice which can be found on the Bank’s website (https://www.mdb.org.mt/privacy-policy/)

Jobsplus Permit Number 800/2024