Internal audit

2.6.6 Internal audit

Description of role

Responsible for helping bank accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance process.

Core skills

Ability to report risk management issues and internal controls deficiencies identified directly to the necessary authority
Ability to review the adequacy and effectiveness of management controls and identify gaps and recommend compulsory controls where required
Ability to provide recommendations for improving the organisation's operations, in terms of both efficient and effective performance
Ability to evaluate information security and associated risk exposures
Knowledge of problem-solving skills and clear logical thinking
Knowledge and ability to provide reasonable assurance that risk management and control systems are functioning as intended by the organisation

Qualification and/ or certification

QFSQF Level 3
QFMA CISI (mandatory)
- International Introduction to Securities and Investment
- QFMA Rules and Regulation
- International Introduction Award
- Certificate in Risk in Financial Services
- Investment Operations Certificate
Professional certification desirable (e.g. Chartered Internal Auditor)
Relevant experience

Industry knowledge

Knowledge of Islamic financial markets products and services
Knowledge of Sharia compliant capital markets operations, processes and systems

Regulatory compliance of role

Knowledge of QFMA laws and regulations

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