INTERNAL AUDITOR

CIC Insurance Group Plc, founded in 1968 and based in Nairobi, Kenya, is a financial services company operating in the banking, finance, and insurance sectors.

The Internal Auditor will operate under the guidance of the Internal Audit Manager, focusing on delivering independent and objective assurance and advisory services. This position is crucial for evaluating the effectiveness and adequacy of governance, risk management, and internal control frameworks specifically within CIC Asset Management Limited (CICAM) and across the broader CIC Group. The role involves a comprehensive assessment of financial operations and compliance to ensure robust internal controls.

1. Develop and execute risk-based audit programs covering asset management and investment activities.
2. Conduct end-to-end audits of investment portfolios, investment products, fund management, and investment operations.
3. Identify root causes of investment control weaknesses, regulatory breaches, and operational risks.
4. Prepare clear, evidence-based audit reports with practical recommendations and management action plans.
5. Present significant investment audit findings and risk exposures to the Internal Audit Manager and/or Director, Internal Audit.
6. Monitor the implementation of audit recommendations and conduct regular follow-up reviews.
7. Provide independent advisory input on new investment products, investment platforms, and changes in investment management processes.
8. Audit investment portfolio management activities, including asset allocation, investment selection, and portfolio rebalancing.
9. Evaluate compliance with approved investment strategies, investment mandates, and investment policy statements.
10. Review investment decisions to establish whether they are supported by appropriate research, financial analysis, due diligence, and authorized approvals.
11. Assess compliance with investment limits, asset allocation thresholds, concentration limits, and regulatory investment restrictions.
12. Audit investment portfolios comprising equities, government securities, corporate bonds, money market instruments, deposits, collective investment schemes, and other alternative investments, as applicable.
13. Review portfolio performance measurement, benchmark selection, investment returns, yields, and attribution analysis.
14. Assess the adequacy of monitoring and escalation of investment performance deviations and portfolio breaches.
15. Audit compliance with the Capital Markets Act and applicable CMA regulations, guidelines, circulars, and directives.
16. Assess compliance with applicable requirements governing fund managers, investment advisers, collective investment schemes, and alternative investment funds, as relevant.
17. Review regulatory capital, financial resource, and prudential requirements, where applicable.
18. Audit the preparation, accuracy, and timely submission of regulatory returns.
19. Assess compliance with requirements relating to client asset protection, custody arrangements, segregation of client funds, and investor disclosures.
20. Review regulatory inspections, compliance findings, breaches, and implementation of corrective actions.
21. Assess the effectiveness of controls over regulatory change management.
22. Assess the effectiveness of the investment risk management framework and compliance with approved risk appetite.
23. Review the governance and effectiveness of the Investment Committee and other investment oversight structures.
24. Evaluate the adequacy of investment policies, procedures, delegated authorities, and approval frameworks.
25. Review portfolio stress testing, scenario analysis, liquidity management, and investment risk reporting.
26. Assess monitoring of counterparty exposures, credit risk, and portfolio concentration.

1. Hold a Bachelor’s degree in Finance, Accounting, Economics, Investment Management, Actuarial Science, or a related discipline.
2. Possess at least one of the following professional qualifications: Certified Public Accountant (CPA-K), Certified Internal Auditor (CIA), Association of Chartered Certified Accountants (ACCA), or Certified Investment and Financial Analyst (CIFA).
3. Additional qualifications in Financial Risk Management (FRM), Information Systems Auditing (CISA), or Risk Management Assurance (CRMA) are advantageous.
4. Membership to a professional body is an added advantage.
5. Have a minimum of 4 years of relevant professional experience.
6. Include at least 2 years of direct experience in auditing asset management, investment management, fund management, or investment operations.
7. Possess 2 years of experience in a 'Big 4' audit firm.
8. Demonstrate practical exposure to auditing investment portfolios and investment transactions.
9. Show a demonstrable understanding of financial markets and investment products.
10. An Insurance Professional Qualification is desirable.