Head Internal Audit & Compliance at Oilserv Limited

• This position supports the Group’s Executives and the entire organisation to achieve compliance to laws, regulations and Business standards, and in achieving appropriate management of risks. • The position ensures the preparation of a Compliance Program through to getting approval. He/she ensures that the program is implemented and monitors it. • This position, with the support of business leaders, is also responsible for developing programs to mitigate identified business risks. He/she is also responsible for directing the internal audit function of the Group. • The Head of Internal Audit is required to develop and execute a program that, post factum, monitors compliance, financial reporting, and operational risks in an objective, diligent, and independent manner and recommend corrective actions to improve operations, enhance internal controls and reduce costs where possible.

Job Details

Leadership:

• Provide professional orientation and awareness of internal audit and compliance function to all staff.
• Contribute to support the overall growth of controls in the business.
• Delegate appropriate responsibility for the provision of Internal Audit and Compliance services whilst retaining overall accountability for the delivery of all services
• Provide advice and support to all departments and projects within the Group on matters relating to any issue within the remit Internal Audit and Compliance.
• Support the implementation of the Group’s Governance policies in relation to Governance, Risk, Control and Compliance etc.
• Coach and mentor the Internal Audit and Compliance team to ensure professionalism and the company’s core values are maintained.

Core/Technical:

As Head, Compliance:

• Supervises the development, initiation, maintenance and revision of policies and procedures for the general operation of the Compliance Program and its related activities to prevent illegal, unethical, or improper conduct.
• Supervises periodical review and update of the Standards of Conduct, including adherence to Group Core Values, to ensure continuing currency and relevance in providing guidance to management and employees.
•  Respond to alleged violations of rules, regulations, policies, procedures, and Standards of Conduct by evaluating or recommending the initiation of investigative procedures. Develop and oversee a system for uniform handling of such violations.
• Act as an independent reviewing and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated, and resolved.
• Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues and provide general guidance on how to avoid or deal with similar situations in the future.
• Provide reports on a regular basis, and as directed or requested, to keep the Audit Committee of the Board and Executive Leadership informed of the operation and progress of compliance efforts.
• Ensure an effective compliance communication program for the organization, including promoting: 
  • Reporting suspected breaches of ethical conduct 
  • Heightened awareness of Standards of Conduct, and 
  • Understanding of new and existing compliance issues and related policies and procedures.
• Monitor the performance of the Compliance Program and relate activities on a continual basis, taking appropriate steps to improve its effectiveness.
• Supervise the management of the relationship of the Oilserv Group with relevant regulatory agencies.

As Head Internal Audit:

• Draft the Internal Audit Charter of the Group in line with international standards.
• Develop risk–based annual audit plans detailing the scope, nature and timing of audit activities.
• Design internal audit procedures and work programs.
• Advise management on the resourcing requirements for the Internal Audit function, including any potential outsourcing arrangements.
• Conduct internal audits to assess the adequacy, effectiveness and efficiency of the established internal controls and procedures.
• Identify key areas of risk within the Group and propose appropriate controls to mitigate the risks.
• Review the accuracy, timeliness and relevance of financial information and other disclosures provided to management.
• Discuss audit findings and recommendations with line managers and report significant issues to Executive Leadership and Audit Committee of the Board.
• Prepare audit reports in line with the approved audit plan.
• Monitor the timely implementation of the management actions recommended in the audit reports.
• Provide Executive Leadership and the Audit Committee of the Board with an opinion on the adequacy, effectiveness and efficiency of the internal controls in the Group.
• Assist in the development of an internal control culture, including training of staff. 
• Monitor the trends and developments in the internal audit area. 
• Conduct ad-hoc investigations and reviews as requested by Executive Leadership or the Board. 
• Participate in the Audit Committee meetings. 
• Liaise with the external auditor on internal control issues. 

Requirements

• A minimum of a bachelor’s degree from a recognized university. 
• An MBA or master’s degree in a business-related field is preferred.
• A minimum of 10 years’ experience in the Enterprise Risk Management field in similar organisations, with a minimum of 5 years in a senior management position.