Audit Director - Rates and FXO Trading

JOB SUMMARY The Audit Director – Rates and FXO Trading supports execution of the Bank’s strategy for the audit coverage of both the Rates and FXO Trading businesses within the Markets business. In the Markets business, we help our clients access key markets and manage their risk across asset classes including foreign exchange, interest rates and the trading of debt securities and commodities. We also provide securities services such as custody and clearing, where we help clients efficiently administer their investments in multiple markets. In addition, our Global Research team provide widely-read client views on global and local economic and market trends. At Standard Chartered, we share a universal goal of maximising shareholder returns within a risk-controlled perimeter. For Markets to play our part, we must continuously increase our intensity in all of our client and risk businesses, whilst sustainably delivering value add to clients and shareholders in an effective and efficient manner. We achieve our goal by establishing ourselves as: A business with > 20% ROTE The leading emerging markets fixed income and currencies, financing and securities services franchise A leader in advisory, trading and asset servicing. We are focused on five key strategic priorities: (1) products, (2) clients, (3) geographies, (4) digital transformation and regulatory compliance, and (5) people. 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 the portfolio referred to above – focusing on: • Customer experience • Effective Group change • Identifying Group efficiencies and avoiding disruption from audit In addition to the responsibilities defined in the Audit Charter to protect the assets, reputation and sustainability of the group, the Audit Director: • Leads through example, build the appropriate culture and values, develop valued, engaged and motivated teams, grow our people, strengthen inclusivity, team engagement, wellbeing and psychological safety. • Helps grow the Bank, harnessing a strategic mindset and the ability to navigate complex situations and ambiguity • Contributes to the broader GIA strategy and to key deliverable as required • Be a champion in managing change as Bank and GIA evolves with time • Be an advocate of strategy and align and embed it in audit delivery • Manages audit delivery by taking responsibility for high-quality audits, providing insights and impactful commentary on the management of risks and is responsible, where serving as Team Manager, for the finalisation of audit issues and the audit report. • Role models the valued behaviours and develop an environment in which positive behaviours are celebrated and poor culture is challenged. • Oversees work carried out by the team is executed in an efficient and effective manner, within the given budget and timelines, and in line with GIA methodology standards. • Identifies the risks and impact of issues during issue writing, agreeing these issues with management and obtaining quality management action plans to mitigate the risks raised. • Leads continuous monitoring of assigned countries / portfolio areas, and to build and maintain engagement with stakeholders. • Is responsible for the implementation and support of department-wide exercises such as annual audit planning, risk assessment and training. • Supports GIA audit teams by providing product / country knowledge and expertise for their audits relating to the individual’s area of responsibility. • Attends and represents 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; and • Serves as the GIA portfolio / country subject matter expert – proactively engage with peers and stakeholders to maintain, build and share knowledge. • Validates all audit issue action plans agreed during audit fieldwork should be tracked through to completion in accordance with methodology requirements. RESPONSIBILITIES Strategy Support the Senior Audit Director where required: • Contribute to the GIA risk assessment and design the subsequent risk-based audit plan for the assigned portfolio of Rates and FXO Trading. • Audits 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. • Periodically assess whether the audit plan remains relevant throughout the year as the risk profile of the business and entity 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. Audit Delivery • Contribute to the development of the overall GIA Audit Plan through Risk Assessment and Top-Down approach based on the inherent risks and knowledge of the risk profiles. • Oversee the development, implementation and execution of the agreed audit plan across Markets portfolio. Facilitate collaboration with the GIA team to achieve a holistic approach to the assessment of risks and development of audit plan / strategy. • Ensure audit activities in Rates and FXO portfolio are sufficient to meet the requirements of group and local regulators. • To act as Team Manager, as necessary, on assigned audit work involving Markets. This will entail managing the Team Leader and Team Members working on the audit to deliver the Audit Planning Memo, Process Risks Controls Matrix, agree issues and action plans with management and submission of draft report to the Senior Audit Director for review. • Provide clear guidance, detailed review and supervision of the audit team’s work so that audit deliverables meet quality standards and timelines in line with the GIA methodology. • Provide guidance on business and audit technical knowledge and management skills to team leaders and team members to enable them to effectively deliver their assigned audit work. • Provide technical input and challenge on audit work being undertaken within the scope of assigned product or country area of responsibility. This will include working with the audit team to produce outputs of high quality which address the areas of greatest risk. • Support adherence to the GIA methodology in all areas of the audit engagement, as well as raising awareness and understanding of the methodology. • Demonstrate sound knowledge of both business and technical areas and expert knowledge in the audit process, including the GIA system, so that audit work is carried out to a high standard that meets all methodology and GIA system requirements. • Take the lead in presenting the draft report in the GIA report review process (to the tollgate or report approver); and • Monitor the implementation and delivery of the agreed issues and action plans for the audits assigned, understanding the key risks arising, provide advice on resolution of issues to auditees and action plan owners and escalate audit findings that remain unresolved. 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. People & Talent • Build a collaborative and inclusive culture that creates psychological safety, treating people with courtesy, respect and promotes wellbeing. • Develop and manage audit talent by guiding the audit team’s development & career growth - Build the right skills, capacity and specialism in the right teams and locations. • Deliver a robust succession plan. • Empower the team to innovate and make decisions to meet business needs; recognise staff that innovate or go the extra mile. • Contribute to building a high performing function through frequent check-ins and coaching evidenced by use of Feedback mechanisms. • Influence change within the department by highlighting potential enhancements. • Identify and successfully complete key internal training for self-development; proactively seek an external lens to support delivery of meaningful audit work. Risk Management • Update the assigned Continuous Risk Assessment on a regular basis to identify changes in risk profiles and document these in a timely manner, proposing changes to the assigned audit plan, a