Job Description

The Head of Internal Audit is responsible for the design and implementation of an effective internal audit function at SVB UK, including oversight of our co-source service providers, design and approval of the annual internal audit plan, and effective operation of the internal audit function. The Head of Internal Audit will report to the Chair of the Audit Committee of SVB UK, with a dotted reporting line to SVBFG’s Chief Auditor. The role will encompass and have the following principle responsibilities:

• Performance of the SMF 5: Head of Internal Audit subject to regulatory approval. The regulatory applications will be supported by a Statement of Responsibilities, outlining the Prescribed Responsibilities and Overall Responsibilities allocated to the Head of Internal Audit under the UK Senior Managers & Certification Regime.
• Membership of the relevant Committees and Groups as documented in the UK Management Responsibilities Map.
• The creation, implementation and post audit review of the internal audit programme, working alongside the US based SVB Internal Audit team as well as potential use of UK audit consultants to supplement the programme as it relates to SVB UK.
• Ensure that SVB UK successfully executes the planned Audits as set out in the Internal Audit plan (and agreed by the Board's Audit Committee), and that the audits and reviews carried out offer real challenge, insight and oversight of the business.
• Design and implement the strategy for Internal Audit at SVB UK to ensure that the function is able to keep pace with a rapidly growing and evolving business.
• Ensure the internal audit function and associated internal audit plan challenges the customer facing areas of the bank in accurately identifying customer behaviour and needs.
• Monitor the general market, economic and regulatory environment and how changes will impact internal audit activity and the broader strategy in the business. Track and analyse banking trends in internal audit techniques and standards making recommendations to the audit committee as appropriate.
• Ensure implementation of the internal audit plan and associated priorities for function.
• Report to the Chair of the Audit Committee, Head of EMEA and SVB UK and SVBFG’s Chief Auditor on a regular basis, and to Audit Committee at each meeting, for the performance of the function.
• Use expertise to support corporate activities undertaken by the bank relating to acquisitions, financial investments, risk management, liquidity, strategic planning, balance sheet structure, new products, profit projections as well as the structuring and negotiation of any transaction.
• Review and challenge planning process and delivery of major projects, operational changes or major capital expenditure for the function
• Ensure that the internal audit functions viability and cost structure is regularly analysed. Take appropriate actions to monitor co-source providers in terms of any services provided.
• Implement strong standards and practice for the internal audit function in complying with the PRA/FCA’s statements of principles and code of practice and the chartered institute of internal auditors (“IIA”) as appropriate.
• Review the management of and systems and controls in relation to the bank’s risk appetite statements, lines of approval authority and responsibility for managing individual risk elements
• Review the data used by the bank to assess its and identify risks and consider whether it is fit for purpose in terms of quality, quantity and breadth and provide oversight and validation of this data and its use in reporting the bank’s risks both internally to board committees and externally.
• Review the development, embedding and management of the bank’s policies and procedures and review to the extent these are translated into operating standards which are well documented and clearly communicated throughout the bank, so that staff at all levels will be responsible for identifying and recognising real and anticipated risks in their normal course of duty and taking appropriate action.
• Monitor the effectiveness of the 1st and 2nd line control frameworks which are set up to implement and monitor the adherence to risk, governance and other associated bank policies.
• Review and report to the audit committee on the broader operation of the governance framework including the robustness of regulatory reporting and the suite of regulatory documents. Ensure the principal risks of the bank are assessed and are then monitored, managed and controlled effectively and reported to the Audit Committee and SVBFG’s Chief Auditor using appropriate internal controls.
• Develop and lead an active, challenging and committed team for the Internal Audit function, managing its performance against its key deliverables ensuring it has the appropriate knowledge and skills to operate effectively.

Qualifications

• An academic background in a numerate discipline with excellent knowledge of banking/financial services and risk-based auditing through relevant work experience in the UK.
• Ideally at least a secondary degree in business or finance, and member of the chartered institute of internal auditor status.
• ACA/CIMA/ACCA designation or equivalent highly desirable.
• Excellent understanding of the standards of the institute of internal auditors (IIA) and ability to fully comply with the IIA standards.
• Demonstrated ability to work and lead an internal audit function using the 3 lines of defence model in a commercial environment.
• Experience of senior committee membership, financial services experience, board level participation and significant PRA/FCA interaction in prior roles.

Required Knowledge, Skills, and Abilities

Excellent capability in strategic thinking developing solutions and effective business planning Excellent auditing and financial acumen Understanding of the UK corporate governance code and remuneration code Ability to operate effectively on committees In depth understanding of the financial services sector with specific focus on the role of Internal Audit Understanding of risk appetite and risk management frameworks Excellent understanding of Conduct Risk and how to deliver fair customer outcomes Excellent understanding of Compliance and Banking regulations Understands the importance of succession planning and developing team members in the organization Goal oriented and able to operate in a challenging environment, deliver on time and able to cope with ambiguity Working in partnership to achieve goals, prior management of an Internal Audit team and application of IIA standards. Demonstrating excellence, frankness, openness and transparency Adopting the values and behaviours that exemplify the corporate culture Ability to develop excellent working relationships with management colleagues, direct reports and key stakeholders across the Bank Inspire respect, trust and commitment to business targets with well-developed leadership and people management skills Demonstrates sound business/professional judgement through strength of character, independence of thought risk awareness and good values and behaviours Works well under pressure and has the ability to prioritise and manage multiple and complex projects simultaneously High levels of drive, energy and personal commitment to success Creativity and innovation Results orientated, holds self and others accountable Ability to communicate effectively both orally and in writing with all levels of management, regulators, and the Bank’s committees Excellent influencing skills with the ability to package and present ideas and gain agreement at a senior executive level