ML JR - Audit Manager (Traded Risk), (KL, Poland, India, Egypt)

Job Summary

The Audit Manager, Traded Risk supports execution of the Bank’s strategy for the audit coverage of Traded Risk.

What do you need to succeed?

• An experienced, self-directing Traded Risk career auditor (internal and external), or a Traded Risk professional with a breadth of experience in governance. 
• A professional audit certification is preferred.
• A good understanding of developments in the regulatory landscape impacting Traded Risk.
• Good interpersonal skills and ability to interact with internal and external stakeholders in an international environment.
• Good written and verbal communicator.
• Live the Bank’s Valued Behaviours of “Do the right thing”, “Never settle” and “Better Together” on a day-to-day basis whilst seeking opportunities for self-development and growth.

What’s in it for you?

• You will have the opportunity to work in a diverse audit team across geographic locations.
• Support audit coverage for one of the Group’s 9 Principal Risk Types, which is material (over USD48bn) in terms of Market Risk and Counterparty Credit Risk Weighted Assets (regulatory capital).
• The role will have extensive opportunities for engagements with diverse senior stakeholders across the bank.

GIA represents the third line of defence and provides independent assurance of the effectiveness of management’s control of business activities (the first line) and of the control processes maintained by the Risk Framework Owners and Policy Owners (the second line). GIA works with the Group's other control functions, such as Finance, Risk and Compliance, but does not place unqualified reliance on their work. GIA is an independent function whose primary role is to help the Board and Executive Management to protect the assets, reputation and sustainability of the Group.

Traded Risk is one of the Group’s Principal Risk Types, and include Market Risk, and Counterparty Credit Risk. The Group now has permission to apply its internal models to estimate regulatory capital for both market and counterparty credit risk.

While this gives rise to significant capital savings at the Group, the PRA regulatory permissions (IMA and IMM) require mandatory audits of risk management controls and governance. The Bank’s subsidiaries extend these regulatory capital savings through local regulatory approvals. As a result, there are initial and additional annual audit requirements that demand technical (often quantitative) expertise and engagement with senior stakeholders at the Group-level.

These are delivered through integrated audit work by audit managers in both Traded Risk and Model Risk. Further, Basel 3.1 rollout at Group in 2025 also introduces a new standardised approach to calculate Market Risk Capital, and requirements for annual audits of compliance with the Trading Book.

The role has two sets of Bank stakeholders that further defines scope of responsibility:

1. Internal GIA stakeholders (Product Heads of Audit, Country Heads of Audit) providing guidance and support to enable consistent coverage of traded risk oversight at a product-level, or supervisory controls at levels below the Group.
2. Internal non-GIA stakeholders (Senior Managers supporting the Traded Risk Framework Owner) providing audit service through periodic delivery of audits of controls and governance.

As defined in the Audit Charter, all staff in GIA must exhibit the highest level of professional objectivity in gathering, evaluating and communicating information about the activity or process being examined. They must make a balanced assessment of all the relevant circumstances and not be unduly influenced by their own interests or by others in forming judgments. GIA will adhere to the Definition of Internal Auditing, the Core Principles for the Professional Practice of Internal Auditing, Code of Ethics and the Standards for the Professional Practice of Internal Auditing that are published by the IIA. It is expected that all members of GIA strive to operate as role models for the Group’s valued behaviours. GIA methodology has defined “Habits of a Human Auditor” which are aligned to the Group’s valued behaviours and communicated across the function.

In addition to the responsibilities defined in the Audit Charter, the Audit Manager is expected:

• To act as a Team Member on assigned audit work involving Traded risk across the Group. This will entail working with the Team Leader and Head of Audit working on the audit from audit planning to fieldwork testing. This involves documentation of the audit planning and fieldwork testing in workpapers for review by the Team Leader and Team Manager.
• To execute the assigned audit work in an efficient and effective manner, within the given budget and timelines, and in line with GIA methodology standards.
• To assist in identifying the risks and impact of issues identified in the assigned audit work for review by Team Leader and Team Manager
• To participate in continuous monitoring of assigned countries / portfolio areas, and to build and maintain engagement with stakeholders;
• To participate in department wide exercises such as annual planning, risk assessment and training;
• To support GIA audit teams by providing product knowledge and expertise for their audits relating to the individual’s area of responsibility;
• Issue validation: all audit issue action plans agreed during audit fieldwork should be tracked through to completion in accordance with methodology requirements

Key Responsibilities

Strategy

• Support the HOA where required, in the execution of the GIA risk assessment and audit plan for the HOA’s assigned portfolio; and
• Support the HOA to assess the assigned audit plan to confirm that it remains relevant throughout the year as the risk profile of the business changes. Propose changes as appropriate.

Business

• Execute the assigned audits within the allocated budget for audit engagements

Processes

Audit Delivery

• To act as a Team Member on assigned audit work involving Traded risk across the Group. This will entail working with the Team Lead on the audit to deliver the Audit Planning Memo, Controls Document, and identify issues and exceptions for review by the Team Manager;
• To execute audit deliverables which meet quality standards and timelines in line with the GIA methodology;
• Demonstrate proficiency in the use of data analytics tools in audit planning and fieldwork.
• Provide technical input and challenge on audit work being undertaken within the scope of assigned product / country area of responsibility. This will include working with the audit team to produce high quality outputs which address the risk;
• GIA methodology should be adhered to in all areas of the audit engagement;
• Demonstrate sound knowledge of both business/technical areas of the audit process, including the GIA system, to ensure that audit work is carried out to a high standard that meets all methodology and GIA system requirements; and
• To carry out issue validation work and document issue validation workpapers in accordance with GIA methodology.
• Assist HOA in preparation and submission of GIA updates to governance committees and other regulatory requests.

People & Talent

• Influence change within the department by highlighting potential enhancements; and
• Identify and successfully complete key internal training for self-development.

Risk Assessment

• Support the HOA to update the relevant assigned risk assessments as part of the Continuous Risk Assessment on a regular basis so that changes in risk profiles are identified in a timely manner, as appropriate;
• Promote early identification and escalation of risks, issues, trends and developments to relevant stakeholders. Be prepared to raise issues/concerns outside the normal audit process;
• Collaborate with the Data Analytics team to develop interactive dashboards and reports to identify control gaps in Continuous Monitoring and Risk Assessment.
• Adopt an anticipatory approach to risk assessment through stakeholder engagement and monitoring of the external environment to improve audit planning; and
• Review MI and reports regularly to keep up-to-date with key trends within the business.

Governance

• Assist the HOA to manage the relevant Product/Country clients, and establish good working relationships to help the businesses improve the control environment and keep updated with changes in the business impacting their risk profile;
• Delays in the execution of audit work should be escalated in a timely manner, both to auditee management and GIA management; and
• Be able to clearly explain issues identified along with the risks and root causes to Team Lead and Team Manager, in line with GIA methodology.

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key stakeholders

• Designated business stakeholders, typically related to individual audit assignments and the assigned portfolio; and
• GIA stakeholders – team leaders, team members, and team managers.

Other Responsibilities

• Embed Here for good and Group’s brand and values in GIA; Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.

Skills and Experience

• In-depth understanding of Traded Risk management, processes and associated control requirements;
• Strong and impactful communicator, both within reports and verbally, with ability to clearly articulate controls to be tested and risks identified to both internal and business stakeholders
• Confident and courageous to raise and escalate ideas or concerns in a professional and timely manner;
• Proactive, self-directed and able to work with minimum supervision;
• Exercise professional judgment, objectivity and discretion
• Ability to build relationships, working within a global team.

Qualifications

• Education - Experienced career internal (or external) auditor, or Traded risk (Market Risk and/or Counterparty Credit Risk) practitioner
• Core knowledge across a range of risk types, though core knowledge in traded risk.
• Core understanding of regulatory guidance and requirements around Traded Risk management (Market Risk and Counterparty Credit Risk)
• Core understanding of Internal Models Approach (IMA), Fundamental Review of the Trading Book (FRTB) and Internal Models Method (IMM)
• Certifications - Professional audit certification preferred

About Standard Chartered

We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.

Together we:

• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term

What we offer

In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
• Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible working options based around home and office locations, with flexible working patterns.
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.

For further information, and to apply, please visit our website via the “Apply” button below. 

Candidates must be resident in Malaysia, or have the right to work in Malaysia.