Internal Risk Specialist
4 weeks ago
The Internal Risk Specialist will be responsible for conducting internal audits to assess the effectiveness of risk management, control, and governance processes within the organization. The specialist will evaluate compliance with applicable laws, regulations, and internal policies, providing recommendations to enhance operational efficiency, mitigate risks, and ensure compliance within the organization.
Key Responsibilities
- Risk Assessment and Planning
- Develop and implement a risk-based audit plan, including identifying key areas of risk and prioritizing audit activities.
- Conduct preliminary risk assessments to identify potential issues or areas of concern.
- Work with management to understand and evaluate the organization's risk profile.
- Audit Execution
- Conduct audits of operational, financial, and compliance-related processes.
- Evaluate the adequacy and effectiveness of internal controls and risk management processes.
- Review and assess the organization's adherence to internal policies.
- Analyze data and documents to detect control deficiencies, fraud, or noncompliance with laws, regulations, and management policies.
- Reporting and Communication
- Prepare clear, concise, and accurate audit reports, summarizing findings, risks, and recommendations.
- Communicate audit results to senior management and relevant stakeholders.
- Follow up on audit findings and recommendations to ensure corrective actions are implemented.
- Compliance Monitoring
- Monitor changes in regulations and internal policies to ensure ongoing compliance.
- Assist in the development and implementation of compliance programs, policies, and procedures.
- Provide guidance and training to employees on compliance and risk management matters.
- Continuous Improvement
- Identify opportunities to improve the efficiency and effectiveness of internal controls and risk management processes.
- Stay updated on industry best practices, emerging risks, and new regulations affecting the organization.
- Collaboration
- Collaborate with other departments to ensure alignment of audit activities with organizational goals.
- Work closely with external auditors and regulatory bodies during inspections and audits.
- Education: Bachelor's degree in accounting, finance, business administration, or a related field.
- Experience: 3-5 years of experience in internal auditing, risk management, compliance, or a related field.
- Knowledge: Strong understanding of risk management, internal controls, and regulatory compliance requirements.
- Skills: Excellent analytical, problem-solving, and communication skills.
- Proficiency in audit software and Microsoft Office Suite.
- Attributes: High level of integrity, attention to detail, and the ability to work independently or as part of a team.
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