Internal Audit and Control Manager at Source Microfinance Bank

Role Overview

• We are looking for an experienced Internal Audit & Control Manager to join our dynamic team.
• This is a full-time hybrid role as Internal Audit & Control Manager located in Lagos with some remote work possible.
• The Internal Audit & Control Manager is responsible for providing independent and objective assurance on the adequacy and effectiveness of the Bank's governance, risk management, internal control systems, and compliance processes.
• The role ensures that the Bank's operations are conducted efficiently, assets are safeguarded, risks are appropriately managed, regulatory requirements are complied with, and internal policies and procedures are adhered to.

Role Responsibilities

Internal Audit Management:

• Develop and implement a risk-based annual audit plan.
• Conduct periodic audits of all business units, branches, and operational activities.
• Assess the adequacy and effectiveness of internal controls, governance processes, and risk management practices.
• Perform financial, operational, compliance, and information systems audits.
• Prepare audit reports highlighting findings, risk implications, and recommendations.
• Monitor implementation of audit recommendations and corrective actions.

Internal Control Oversight:

• Review and evaluate the effectiveness of operational controls across the Bank.
• Conduct routine control checks on transactions, processes, and activities.
• Identify control weaknesses and recommend improvements.
• Monitor compliance with approved policies, procedures, and authority limits.
• Ensure segregation of duties and control mechanisms are functioning effectively.

Regulatory Compliant Support:

• Verify compliance with CBN regulations, NDIC guidelines, AML/CFT requirements, and other applicable laws.
• Support regulatory examinations and external audits.
• Monitor implementation of regulatory recommendations and management action plans.

Financial & Operational Assurance:

• Review financial records for accuracy, completeness, and reliability.
• Verify asset existence and safeguarding measures.
• Conduct cash counts, vault inspections, and surprise checks (where applicable)
• Review procurement processes and expenditure controls.
• Evaluate operational efficiency and identify opportunities for process improvement.

Fraud Prevention & Investigation:

• Investigate suspected fraud, misconduct, irregularities, and policy violations.
• Conduct special audits and management-requested investigations.
• Recommend corrective and preventive measures to reduce fraud risk.
• Monitor fraud trends and report significant incidents to Management and the Board Audit Committee.

Information Systems Audit:

• Review IT controls, user access management, system security, and data integrity controls.
• Assess technology risks and compliance with information security policies.
• Participate in system implementation reviews where required.
• Training & Awareness:
• Promote internal control awareness throughout the Bank.
• Provide guidance to departments on control requirements and best practices.
• Support continuous improvement initiatives across the organization.

Reporting & Governance:

• Prepare monthly, quarterly, and annual audit reports.
• Present audit findings to Executive Management and the Board Audit Committee.
• Track audit issues and maintain an audit recommendation register.
• Escalate significant control breaches and high-risk findings promptly.

Role Requirement

• Bachelors Degree in Banking & Finance, Accounting, Economics, Business Administration or related discipline
• Professional qualification such as ACA, ACCA, CIA, CISA, CFE or equivalent is required
• Minimum of 3-5 year experience in Internal Audit, Internal Control, Compliance, Risk Management or related function
• Experience performing above roles in a digital banking environment is important to being successful on this role
• CIBN (MCP) certification is important. Where not available, there must be commitment to certification within the first year of employment
• Strong understanding of microfinance banking operations, CBN regulations, and internal control frameworks.
• Previous and proven usage of work collaboration tools (Microsoft office, Zoho etc), accounting and core banking solutions is essential for the role holder
• Experience working with start-up is an advantage but not compulsory
• Excellent verbal and written communication and presentation skills is required.