Head of Audit, FM Regions and Research

The Role Responsibilities

The role is responsible for audit coverage of both the Global Research and FM regions as part of the Financial Markets business.

Financial Markets

Financial Markets (“FM") is one of the products offered under the CCIB business and accounted for USD3.9bn (c.26%) of Total Product Income in 2020. Budget for 2021 is c USD5.5bn with the incorporation of key areas of the Corporate Finance business. The FM business consists of the below products plus a Regional Head of FM:

• Macro / Commodities Trading
• Sales and Structuring
• Financing and Securities Services
• Global Research and Chief Strategist
• Credit Markets
• Aviation Finance

FM Regions and Global Research

In addition to products, the FM Business is organised into the four regions of:

• Asia, South Asia
• Greater China and North Asia
• Africa and Middle East
• Europe and Americas

The Group research function is responsible for delivering research publications for clients spanning:

• Economic research
• Geopolitical research
• Global Macro and flows strategy
• Rates, Credit, FX and commodities insights
• Global thematic research

Group Internal Audit

GIA represents the third line of defence and provides independent assurance of the effectiveness of management’s control of business activities (the first line) and of the control processes maintained by the Risk Framework Owners and Policy Owners (the second line). GIA works with the Group's other control functions, such as Finance, Risk and Compliance, but does not place unqualified reliance on their work. GIA is an independent function whose primary role is to help the Board and Executive Management to protect the assets, reputation, and sustainability of the Group.

As defined in the Audit Charter, all staff in GIA must exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. They must make a balanced assessment of all the relevant circumstances and not be unduly influenced by their own interests or by others in forming judgments. GIA will adhere to the Definition of Internal Auditing, the Core Principles for the Professional Practice of Internal Auditing, Code of Ethics and the Standards for the Professional Practice of Internal Auditing that are published by the IIA. It is expected that all members of GIA strive to operate as role models for the Group’s valued behaviours. GIA methodology has defined “Habits of a Human Auditor" which are aligned to the Group’s valued behaviours and communicated across the function.

In addition to the responsibilities defined in the Audit Charter to protect the assets, reputation, and sustainability of the group. The role will lead on the delivery of the GIA Strategy for their relevant portfolio – focusing on:

• Customer experience
• Effective Group change
• Identifying Group efficiencies and avoiding disruption from audit

Audit Delivery

• To oversee the delivery of audits by the teams to meet quality standards and timelines in line with the GIA methodology.
• Provide guidance on business/audit technical knowledge and management skills to the team to enable them to effectively deliver the audits.
• Provide technical input and challenge on audit work being undertaken, to ensure that the audit is properly scoped according to risk.
• Be aware of delays in the execution of audit work, and to proactively manage both the auditees and GIA to bring the audit back on track for delivery; role model this behaviour to the Team.
• Lead by example on how to communicate audit-related matters and resolve any conflict between auditors and auditees during the course of an audit. Use networks and relationships to build engagement and achieve results.
• Sign off (within authority) on audit reports and issue closures post audit validation.
• To act as Team Manager, as necessary, and take responsibility for overseeing the delivery of high quality audits. Responsible, where serving as Team Manager, for the finalisation of audit issues and the audit report.

Strategy

• To take responsibility and contribute to the GIA risk assessment and design the subsequent risk-based audit plan for FM Regions work and Global Research.
• To provide subject matter expertise to regional work and to provide coordination to deliver consistent, efficient coverage.
• Audits assigned to the individual in the GIA audit plan should address the key risks identified in the detailed risk assessment and in the audit planning process and meet relevant regulatory requirements and expectations that are required to be covered by GIA.
• Consider whether the assigned audit plan remains relevant throughout the year as the risk profile of the business changes. Propose changes as appropriate, and,
• Ensure that audit team operates in line with the Audit Charter during engagements, remains independent from management and free from interference.

Business

• Effectively manage the cost of assigned audits within the allocated budget for audit engagements, and
• Identify and implement opportunities for cost savings and optimal productivity of assigned audit engagements.
• Processes
• Understand the risks, controls and associated processes within the FM regions and Global Research portfolio as detailed within the ERMF.
• Utilise the knowledge of the ERMF within the audit work to focus on key risks and controls.

People and Talent

• Lead through example and build appropriate culture and values.
• To role model the valued behaviours and develop an environment in which positive behaviours are celebrated and poor culture is challenged.
• Demonstrate strong leadership and ability to motivate and guide the team as well as identify growth areas on an ongoing basis and how best to develop them.
• Share knowledge to increase specialism within the function.
• Influence change within the department by highlighting potential enhancements.
• Facilitate the development of audit team members by providing on the job training and recommending formal training to support GIA activities; and
• Proactively spot talent for GIA.
• Encourage staff to ‘speak up’ in event of any realised or perceived breach of group conduct rules.

Risk Management

• Manage the relevant clients and establish good working relationships to help the businesses improve the control environment and keep updated with changes in the business impacting their risk profile.
• Promote early identification and escalation of risks, issues, trends, and developments to relevant stakeholders.
• Serve as the GIA portfolio subject matter expert – proactively engage with peers and stakeholders to maintain, build and share knowledge.

Governance

• To attend and represent GIA at formal committees and Group meetings, providing meaningful challenge and data-driven insights, as required, e.g. Governance Committees and Country Non-Financial Risk Committees.
• Participate in audit tollgates to provide, independent challenge at key points in the audit process, ensure right risks and coverage of audits’ scope, appropriateness of conclusions and issues raised.
• Be able to clearly explain the outcome of audits and the issues; as well as ensure that the results are reasonably justified and hold up under scrutiny.

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the audit team to achieve the outcomes set out in the Bank’s Conduct Principles: Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.
• Effectively and collaboratively identify, escalate, mitigate, and resolve risk, conduct and compliance matters.
• Willingness to ‘speak up’ in the event of any realised or perceived breach of group conduct rules.

Stakeholder Management

• Establish and maintain effective and independent working relationships with the management of risk functions and business units which fall under portfolio responsibility.
• Designated business stakeholders, typically related to assigned portfolio; includes the regional and Head of Regions FM Heads, Global Research Head and other relevant support functions.
• Liaise with GIA stakeholders across country audit teams to understand the FM business and risks within each country. Utilise this information to ensure adequate audit coverage across countries and local country teams have the right level of support from Group auditors.
• Understand relevant local regulatory requirements for Financial Markets business and utilise this knowledge in the performance of audit work.
• Other GIA stakeholders– liaise with GIA Management Team, peer Heads of Audits (Country and Functional), COO function
• External stakeholders such as regulators and external reviewers – liaise as required.

Other Responsibilities

• Embed Here for good and Group’s brand and values in GIA, and
• Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.

Our Ideal Candidate

• Experienced career internal (or external) auditor, or risk governance practitioner (at regional or group level)
• Professional audit certification preferred
• Advanced subject matter expert in FM products and Global Research
• Knowledge across a range of risk types (e.g. Compliance, traded risk and operational risk)
• Solid understanding of regulatory guidance and requirements around Financial markets and conflicts of interest

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