Head of Internal Audit SMF5

We are now seeking a Head of Internal Audit to lead AJ Bell’s Internal Audit function through a combination of assurance reviews and independent consulting, ensuring the function operates according to a balanced approach which is both pragmatic and proportionately aligned to the risk profile of the company.

You will ensure the function provides to the business effective, independent assurance that AJ Bell’s risk management, governance and internal control processes are operating effectively, providing members of the Board and senior management with assurance that helps them to fulfil their duties to the business, its customers, and its stakeholders, including the regulator.

The successful job holder will be responsible for managing the Internal Audit co-source partner relationships and to leverage subject matter expertise as required.

As Head of Internal Audit, you will be an FCA authorised person performing the SMF5 function.

Key Responsibilities:

Assurance

• Continuous improvement and development of the Internal Audit function.
• Development and delivery of an Annual Internal Audit Plan, for review and approval by the Audit Committee in September each year, monitoring progress against the Plan.
• The Plan will consider:
  • Outputs from the Business Planning process, including review of key risks, SWOT analysis and plans for each business area.
  • Consideration of current and prior year’s Internal Audit topics, coverage, and findings.
  • Consideration of the outputs from the Combined Assurance Model (CAM) and the findings from reviews conducted by the first- and second-line assurance functions over the preceding years.
  • Input from the co-sourced provider(s), in particular in relation to the external landscape.
  • Any guidance, or other publications, from the FRC or FCA setting out their expectations of Internal Audit functions.
  • The guidance and recommendations from the Chartered Institute of Internal Auditors; and
  • Discussion with members of the Board and senior management team about potential areas of importance.
• Determining which audit reviews will be conducted by the in-house team, the co-sourced provider, or depending on the scope of the audit, a combined team.
• Execution of the audits and the production of the final reports, setting out the findings and agreed management actions, for review by the Audit Committee.
• Ensuring a consistent focus on deep dives into key business processes, making use of cross-functional resources with more knowledge and experience of the business and its systems and processes.
• Proactively identifying weaknesses in controls across the business before issues arise.
• Monitoring and validating the completion of agreed Internal Audit actions, escalating to management, the Audit Committee and Board, if required.
• Providing an annual report to the Audit Committee on the effectiveness of the Internal Audit function and making recommendations for changes and/or improvements.
• Providing an effective and independent oversight of the first and second lines of defence.
• Oversight of the CAM and responsible for reporting annually to the Audit Committee as to its effectiveness along with recommendations for improvements.
• Ensuring any gaps in the CAM are covered, where the Audit Committee is unable to gain assurance elsewhere.
• Delivering any additional support or expertise required to enable the Audit Committee to fulfil its role.
• Supporting and enabling the business to achieve its regulatory requirements, including Consumer Duty.

Consulting

• Benchmarking AJ Bell’s risk management and control frameworks and policies against its peers and to make recommendations for improvement, using external industry knowledge and experience.
• Horizon scanning for future risks, accessing resources with broad financial services and adjacent market knowledge and experience.
• Provide review and challenge to change projects.
• Actively engage with management to support and encourage ongoing improvement in systems and controls and the drive for greater efficiency.

Other

• Oversee the recruitment, engagement, reward, retention, performance, and development of staff, commensurate with AJBG’s agreed current product and service propositions, its culture, size, and targeted growth.
• Selecting and managing the co-sourced Internal Audit resource providers, including monitoring the quality of their work and costs.
• Preparing and managing Internal Audit budgets.
• Attend both Executive Risk Committee (ERC) and Operational Committee (OpCo) meetings, providing updates on the activities of the Internal Audit function.

What we’re looking for:

• Significant professional experience in an audit role at senior management level, gained within a regulated financial services environment.
• Professional experience and good working knowledge of pensions or investment management is desirable.
• Prior experience performing the SMF5 function is desirable but not essential.
• Experience of working closely with Audit Committees and Boards.
• Strong knowledge and understanding of UK regulated financial services and FCA requirements.
• Effective people skills to lead, manage and develop an Internal Audit team.
• Able to develop strong relationships with management and other stakeholders at all levels.
• Critical thinking and problem-solving skills.
• Effective communication skills, both written and verbal.
• Action-orientation; a strong focus on getting things done.

About us

AJ Bell is one of the fastest-growing investment platform businesses in the UK offering an award-winning range of solutions that caters for everyone, from professional financial advisers to DIY investors with little to no experience. We have over 561,000 customers using our award-winning platform propositions to manage assets totalling more than £89.5 billion. Our customers trust us with their investments, and by continuously striving to make investing easier, we aim to help even more people take control of their financial futures.

Having listed on the Main Market of the London Stock Exchange in December 2018, AJ Bell is now a FTSE 250 company.

Headquartered in Manchester with offices in central London and Bristol, we now have over 1,450 employees and have been named one of the UK’s ‘Best 100 Companies to Work For’ for six consecutive years and in 2024 named a Great Place to Work.

Our perks and benefits

• Starting holiday entitlement of 28 days, increasing up to 31 days with length of service and a holiday buy and sell scheme.
• A choice of pension schemes with matched contributions up to 8%.
• Discretionary bonus scheme.
• Annual free share awards scheme.
• Buy As You Earn (BAYE) Scheme.
• Health Cash Plan – provided by SimplyHealth.
• Private healthcare scheme and dental plan.
• Free gym membership, with an on-site gym providing a wide range of free classes.
• Employee Assistance Programme.
• Sick pay+ pledge.
• Enhanced maternity, paternity, and shared parental leave.
• Discounted nursery fees at Kids Planet on Exchange Quay.
• Loans for travel season tickets.
• Charitable giving opportunities through salary sacrifice.
• Calendar of social events, including monthly payday drinks, annual Christmas party, summer party and much more.
• Parking at Exchange Quay (subject to availability).
• Ongoing technical training.
• Peer recognition scheme, with rewards including restaurant and shopping vouchers or time off.
• Monthly leadership breakfasts and lunches.

At AJ Bell, our people are the heart of our culture. We believe in building strong connections by working together. That’s why we offer a hybrid working model, where you’ll spend a minimum of 50% of your working time per month in the office. For new team members, an initial period will be full-time in the office to help you immerse yourself in our business and build valuable relationships with your colleagues.

AJ Bell is committed to providing an environment of mutual respect where equal employment opportunities are available to all applicants and all employees are empowered to bring their whole self to work.

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