Senior Fraud Analyst - Internal Financial Controls

Job Description

The Senior Fraud Analyst - Internal Financial Controls plays a key role in executing the compliance function mandate by assessing and supporting the ongoing development of various compliance activities including the Regulatory Compliance Management, Policy Management and Internal Controls Over Financial Reporting (ICFR) programs. The Regulatory and Financial Audit Specialist also contributes to the preparation of Management and Board level risk reporting.

The Regulatory and Financial Audit Specialist will work with the Director, ERM Compliance, other members of ERM and Business Units to provide subject matter expertise to promote a consistent and robust approach to internal controls, compliance activities and policy development.

The Regulatory and Financial Audit Specialist will work on the design, implementation and management of Definity's Regulatory Compliance Management, Policy Governance and ICFR programs to assess effectiveness of ICFR, and compliance with relevant laws, regulations, regulatory standards and reporting requirements applicable to Economical and its subsidiaries.

RESPONSIBILITIES

The ICFR program:

• Ensure that Risk Control Matrices (RCMs) are maintained by the Business Units in a timely manner and accurately reflect current internal controls and workflows.
• Advise Business Units on the creation and maintenance of relevant internal control, workflow and flowchart documentation.
• Design ICFR test plans and testing of remediation activities for manager review.
• Conduct audit procedures over the key ICFR controls to assess both the design and operational effectiveness of the controls in support of CEO/CFO certification over the effectiveness of internal controls.
• Identify, evaluate and escalate the implications of ICFR internal control weaknesses and deficiencies.
• Provide recommendations for control gaps and continuous improvements, including those related to fraud risk in terms of both efficient and effective internal control performance.
• Provide input into the findings in the Management Letter of Representation (LoR) process and assist with preparing of reports to management and board committees as required.
• Advise Business Units in the investigation and determination of appropriate resolution of internal control issues and fraud risk exposures.
• Drafting Management and Board level risk reporting.
• Provide relevant support and training to functional areas.

Policy Management and Governance Program:

• Support the development / modification of corporate policies, standards, and guidelines to manage key risks, including fraud and misconduct.
• Execution of policy validation and coordinate annual policy compliance.
• Foster the awareness of the company's risk management policies and procedures by providing on-going advisory and consultative support to all departments.
• Build research and analysis skills to develop and implement compliance activities, fraud risk mitigation strategies and issue management policy recommendations.
• Lead the implementation and ongoing oversight of the enterprise fraud risk management policy, including policy rollout, stakeholder engagement, and alignment with other risk domains.

Regulatory Compliance Management program:

• Design test plans and testing of remediation activities.
• Conduct testing of internal controls and procedures to demonstrate legislative and regulatory compliance, including fraud-related controls, in support of Chef Compliance Officer certification.
• Assess both the design and operational effectiveness of the supporting documentation and processes implemented.
• Identify and evaluate the implications of internal control deficiencies, fraud indicators and recommend appropriate mitigation actions.
• Develop recommendations for gap closure and continuous improvement, in terms of both efficient and effective internal control performance.
• Provide input into the findings in the Management Letter of Representation (LoR) process and assist with preparing of reports to management and board committees as required.
• Support ad hoc special risk and compliance activities as required.

Risk Management

• Act as a subject matter resource for fraud risk across the enterprise, aligning fraud prevention and detection efforts with organizations risk appetite an control environment
• Support the development, implementation and ongoing management of the fraud risk management framework including governance, risk assessment, control activities, monitoring and reporting .
• Facilitate fraud risk workshops, maintain fraud risk registers and assist in defining fraud KRIs/KPIs in coordination with relevant business units and functions
• Develop frau -related materials and reporting for the risk committee, ELT, and board as required
• Stay Current on emerging fraud trends, regulatory changes, and industry best practices related to fraud risk management

REQUIREMENTS

• University degree and achievement of a recognized professional designations/certifications, such as JD/LLB/CPA/CMA/CGA/CA/, Certified Information Systems Auditor, Certified Internal Auditor, etc., are preferred.
• 5-7 year of experience including:
  • 3+ years in compliance oversight, fraud risk management, internal auditing, accounting or Public Company Internal function, ideally within the financial services industry.
  • A understanding of risk and controls standards and techniques as well as general auditing principles, and the COSO internal control framework, including the COSO Fraud Risk Management Guide and /or ACFEW fraud framework.
• P&C Insurance experience considered as an asset.
• Knowledge of risk management activities, and policy development,
• Ability to build strong relationships externally and internally with people from all levels to help foster a positive risk management culture.
• Strong organizational and analytical problem-solving skills, especially in translating fraud risk insight into actional recommendations for leadership
• Strong verbal and written communication skills.
• Proficient in Microsoft office products.

Salary Range: $69,000 - $127,000