Assistant Manager Internal Control at Electronic PayPlus Limited

Job Summary and Purpose:

• The Internal Control Manager will be responsible for designing, implementing, and monitoring a robust internal control framework for a payment card manufacturing company. The position plays a critical role in ensuring that all operational, financial, and compliance risks are identified and mitigated through effective internal controls. The ideal candidate will have strong experience in internal controls, risk management, regulatory compliance, and the payment card or manufacturing industry.
• The candidate will also collaborate closely with various departments to enforce compliance with industry standards and regulations while ensuring the protection of the company’s assets and confidential information.

Responsibilities

• Develop and implement a comprehensive internal control system across all business operations.
• Ensure that internal controls are aligned with business objectives and are designed to mitigate risks effectively.
• Review and update control policies to reflect changing business needs, regulatory updates, and industry standards.
• Identify potential areas of weakness in processes and recommend enhancements or corrective actions.
• Establish a process for regularly testing and evaluating internal controls to ensure their effectiveness and adequacy.
• Lead the documentation, testing, and reporting of internal control deficiencies, working with relevant departments to address any gaps.
• Develop key control indicators (KCIs) and perform data analysis to monitor control performance.
• Ensure that internal control documentation is maintained and updated regularly, reflecting any changes in processes or risk factors.
• Oversee financial reporting processes to ensure accurate and timely reporting of financial statements, aligning with the company’s internal control framework.
• Implement controls over financial reporting to prevent misstatements, fraud, and inaccuracies.
• Work with the finance team to develop controls over budgetary processes, cash management, and procurement.
• Develop and monitor all policies, procedures and processes, ensuring compliance with all standards adopted by the company
• Conducts annual control effectiveness testing and provides continuous feedback on identified risk and control
• Prepares and presents Control Environment reports to HOD regularly while working with departments on the implementation of their compliance programmes
• Regularizes evaluation of internal controls conducts design and quality assurance tests to determine effectiveness/adequacy in meeting objectives and readiness for internal audits.
• Conducts periodic gap analysis of current processes, controls and compliance requirements with established frameworks and policies.
• Review Audit exception reports and work with departments to close all exceptions raised in the Audit report.
• Review transactions with the need for Internal Control approval, giving approvals for compliant transactions while guiding cases of control breaches.
• Provides regular updates on issues relating to IT policies and procedures, identifies changes to requirements with control or process impact and communicates to management for approval and implementation.
• Ensure compliance with cybersecurity regulations and data privacy laws.
• Monitor systems for unauthorized access, cyber-attacks, and other security threats, and take immediate action when vulnerabilities are detected.
• Develop and implement controls to detect, prevent, and investigate incidents of fraud within the organization.
• Conduct investigations into suspected fraudulent activities, coordinating with internal stakeholders, law enforcement, and external auditors as necessary.
• Report on the outcomes of investigations and work with departments to tighten controls where vulnerabilities have been identified.
• Communicate the importance of internal controls and risk mitigation strategies to all employees, fostering a culture of accountability and compliance.
• Act as the main point of contact for internal control-related inquiries and provide guidance to department heads and employees on control processes.
• Provide regular updates on compliance with internal controls, risk management efforts, and any deficiencies identified during audits or assessments.
• Ensure that control deficiencies are addressed and resolved promptly, and report any significant control failures to the HOD

Qualifications

• Bachelor’s degree or HND in Finance, Economics, Business Administration or related field with a minimum of 5years experience in audit/controlling or closely related field. In-depth knowledge of internal control frameworks (e.g., COSO), risk management principles, and regulatory compliance
• Professional certification either of the following: ACA, ACCA, CISA is a must. A Master’s degree will be an added advantage

Key Skills and Competencies

• Experience with financial reporting standards, such as IFRS or GAAP.
• Strong analytical and problem-solving skills, with attention to detail.
• Proficiency in internal control management software and data analysis tools.
• Excellent analytical, organizational, and problem-solving skills.
• Strong written and verbal communication skills, with the ability to convey complex control concepts to all levels of the organization.
• Leadership and team management experience, with the ability to motivate and develop a team
• Expertise in fraud detection and investigation.