Internal Control Manager at Kolomoni Microfinance Bank

JOB PURPOSE

• The Internal Control Manager is responsible for establishing, implementing, monitoring and continuously strengthening the internal control framework of Kolomoni Microfinance Bank to ensure operational efficiency, safeguard the Bank's assets, prevent fraud, maintain the integrity of financial transactions and ensure adherence to regulatory requirements, internal policies and approved procedures.
• The role will provide oversight of internal controls across the Bank's operations, including credit administration, deposit mobilisation, treasury, branch operations, digital banking, agency banking, financial reporting and other banking activities.
• The Internal Control Manager will proactively identify control weaknesses, monitor operational activities, investigate exceptions, recommend corrective measures and promote a strong culture of accountability and compliance across the Bank.
• The role will also collaborate with Risk Management, Compliance, Internal Audit, Finance, Operations and Technology to ensure that the Bank maintains an effective control environment aligned with the COSO Internal Control Framework, applicable Central Bank of Nigeria (CBN) regulations and established banking practices.

KEY RESPONSIBILITIES

Internal Control Framework and Governance

• Develop, implement and continuously review the Bank's internal control framework, policies, procedures and control standards.
• Establish preventive, detective and corrective controls across financial, operational, credit and technology-related processes.
• Ensure that internal control procedures are aligned with the Bank's business objectives, risk profile and applicable regulatory requirements.
• Review existing operational processes to identify control gaps, inefficiencies and potential exposure to financial or operational losses.
• Promote effective segregation of duties, authorisation limits, maker-checker controls and accountability across business functions.
• Recommend improvements to internal processes, control systems and operational procedures.

Banking Operations and Transaction Control

• Conduct daily, weekly and monthly control reviews across the Bank's operations.
• Perform transaction call-over, proofing and verification of financial transactions, journals, reconciliations and system postings.
• Monitor transactions for irregularities, unauthorised activities, unusual patterns and potential control breaches.
• Review account opening, customer onboarding, account maintenance and account closure processes to ensure adherence to approved procedures.
• Monitor dormant account reactivation, transaction reversals, waivers, adjustments and other sensitive banking transactions.
• Verify compliance with approved transaction limits, authorisation procedures and operational controls.
• Conduct periodic branch and operational control reviews and recommend corrective actions.
• Ensure timely identification, documentation, escalation and resolution of control exceptions.

Credit Administration and Loan Portfolio Controls

• Review credit processes to ensure adherence to approved credit policies, lending guidelines and delegated approval limits.
• Verify the completeness and accuracy of loan documentation, credit approvals and disbursement requirements.
• Monitor loan disbursements to ensure that funds are released only after all required approvals and conditions have been satisfied.
• Review loan restructuring, rescheduling, write-offs, waivers and other credit adjustments for proper authorisation and documentation.
• Monitor loan repayment postings, deductions, recoveries and reconciliation processes.
• Identify control weaknesses that could contribute to loan losses, credit fraud or deterioration in portfolio quality.
• Collaborate with Credit and Risk Management teams to strengthen controls over credit administration and loan recovery activities.

Deposit Mobilisation and Customer Account Controls

• Monitor controls relating to savings accounts, current accounts, fixed deposits and other deposit products offered by the Bank.
• Verify compliance with account opening, Know Your Customer (KYC), customer identification and documentation requirements.
• Review deposit postings, withdrawals, transfers and other customer account transactions for accuracy and proper authorisation.
• Monitor controls over cash collections, deposit mobilisation activities and customer funds.
• Identify and escalate unusual account activities, unauthorised transactions and potential deposit-related fraud.
• Ensure appropriate controls over customer account modifications, account restrictions and transaction limits.

Fraud Prevention, Detection and Investigation

• Develop and implement effective fraud prevention and detection controls across the Bank's operations.
• Monitor transaction patterns, operational exceptions and control breaches to identify potential fraudulent activities.
• Investigate suspected fraud, operational losses, unauthorised transactions, policy violations and unethical conduct within the Internal Control function's mandate.
• Conduct root-cause analyses of fraud incidents and recommend preventive and corrective measures.
• Maintain accurate records of fraud incidents, control breaches, operational losses and remediation actions.
• Collaborate with Compliance, Risk Management, Internal Audit, Human Resources and other relevant stakeholders on fraud investigations and disciplinary processes.
• Escalate significant fraud incidents and control breaches promptly in accordance with approved reporting procedures.

Digital Banking and Technology Controls

• Monitor controls over the Bank's digital banking platforms, mobile banking applications, electronic payments and agency banking operations.
• Review user access rights, transaction limits, system authorisations and maker-checker configurations.
• Monitor electronic transaction processing, failed transactions, reversals, chargebacks and customer dispute resolution.
• Ensure timely reconciliation of digital banking transactions, payment channels and settlement accounts.
• Identify control weaknesses arising from system changes, automation, integrations and new digital banking products.
• Collaborate with Information Technology and Information Security teams to strengthen application controls, access management and transaction security.
• Review controls over third-party payment service providers, agents and other relevant technology partners.

 Reconciliation and Financial Controls

• Review bank reconciliations, settlement accounts, suspense accounts, clearing accounts and other relevant control accounts.
• Monitor General Ledger proofing and ensure the accuracy and integrity of financial postings.
• Identify long-outstanding, unusual or unreconciled items and ensure timely escalation and resolution.
• Verify the proper authorisation and documentation of journal entries, adjustments and financial transactions.
• Monitor cash management, vault operations, cash balances and cash movement controls, where applicable.
• Support the prevention of financial misstatements, operational losses and unauthorised financial transactions.
• Collaborate with Finance and Operations teams to improve reconciliation processes and financial control effectiveness.

Regulatory Compliance and Policy Adherence

• Monitor adherence to applicable CBN regulations, prudential guidelines and requirements relevant to microfinance banking operations.
• Review operational compliance with applicable AML/CFT/CPF requirements in collaboration with the Compliance function.
• Monitor adherence to approved internal policies, standard operating procedures, delegated authority limits and governance standards.
• Identify and escalate breaches of regulatory requirements and internal policies to the appropriate stakeholders.
• Support regulatory examinations and reviews by providing relevant control documentation and evidence.
• Recommend corrective measures to address recurring policy violations and regulatory control weaknesses.
• Monitor the implementation of agreed corrective actions arising from regulatory observations.

Risk Identification and Control Assessment

• Conduct periodic control assessments across the Bank's business units, branches and operational processes.
• Identify operational, financial, credit, fraud, technology and reputational risks arising from control deficiencies.
• Evaluate the design and operating effectiveness of existing internal controls.
• Develop and monitor relevant control indicators, exception trends and recurring control weaknesses.
• Escalate significant control deficiencies and emerging risks to Management and the Risk Management function.
• Recommend practical risk mitigation measures and monitor implementation of approved control improvements.
• Support the Bank's enterprise risk management initiatives through timely identification and reporting of control-related exposures.

Audit Coordination and Remediation Monitoring

• Liaise with Internal Audit, External Auditors and regulatory examiners on matters relating to the Bank's internal control environment.
• Provide documentation, transaction records and control evidence required during audits and examinations.
• Track control-related audit findings, regulatory observations and management action plans.
• Monitor the timely implementation of corrective actions by responsible departments.
• Validate the closure of identified control deficiencies and escalate unresolved or recurring issues.
• Support continuous improvement initiatives arising from audit recommendations and control reviews.

Reporting and Management Information

• Prepare daily, weekly, monthly and periodic internal control reports for Management.
• Report significant control exceptions, fraud incidents, operational losses and unresolved reconciliation items.
• Present findings from branch reviews, transaction monitoring and control assessments.
• Provide actionable recommendations for strengthening operational efficiency and minimising financial exposure.
• Maintain accurate internal control registers, exception reports, incident records and remediation trackers.
• Prepare reports for relevant Management and Board Committees in accordance with the Bank's approved reporting framework.

Team Leadership and Control Culture

• Provide leadership, guidance and supervision to the Internal Control team.
• Establish clear work plans, review schedules and operational priorities for the function.
• Ensure adequate internal control coverage across branches, business units and digital banking operations.
• Build the technical capabilities of team members through coaching, training and knowledge sharing.
• Conduct control awareness sessions for employees to reinforce compliance with policies and procedures.
• Promote a culture of integrity, accountability, transparency and proactive risk identification.
• Collaborate with business leaders to strengthen ownership of controls without compromising the independence of the Internal Control function.

JOB REQUIREMENTS

Educational Qualifications and Professional Certifications

• Bachelor's degree in Accounting, Finance, Economics, Business Administration or a related discipline.
• Professional qualification such as ICAN, ACCA or Certified Internal Auditor (CIA) is required or strongly preferred.
• Additional certifications in risk management, fraud examination or information systems control, such as CFE, CRMA or CISA, will be an advantage.

Experience

• Minimum of 8 years' relevant experience in internal control, banking operations, operational risk or financial control, including at least 3 years in a supervisory or managerial capacity.
• Demonstrable experience within a commercial bank, microfinance bank, digital bank or regulated financial institution.
• Strong practical knowledge of credit administration, deposit operations, transaction monitoring and financial reconciliation.
• Experience implementing internal control frameworks and conducting operational control reviews.
• Experience in fraud prevention, investigation, control exception management and remediation monitoring.
• Familiarity with core banking applications, digital payment systems and electronic banking operations.
• Experience managing internal control activities across multiple branches or business locations will be an advantage.