Head of Combined Assurance: Personal and Private Banking (VP)

Empowering Africa’s tomorrow, together…one story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

In charge of a pro-active and comprehensive combined assurance agenda across all lines of defence, spanning the entire Personal and Private Banking. This includes transforming the function to a future-fit capability. Furthermore, accountable for the conformance testing agenda in Personal and Private Banking.

Job Description

JOB OVERVIEW

In charge of a pro-active and comprehensive combined assurance agenda across all lines of defence, spanning the entire Personal and Private Banking. This includes transforming the function to a future-fit capability. Furthermore, accountable for the conformance testing agenda in Personal and Private Banking.

KEY ACCOUNTABILITIES

Strategy and Governance: (10%)

• Set the Personal and Private Banking strategy and framework for combined assurance.
• Lead the combined assurance agenda for the Personal and Private Banking business unit.
• Monitor execution and delivery in line with the combined assurance strategy and ensure appropriate turnaround of delays and deviations.
• Establish, manage, and optimise an effective senior Combined Assurance Forum for the Personal and Private Banking business area, including the definition of an appropriate terms of reference and identification and selection of committee members.
• On a periodic basis, chair and shape the agenda of the Combined Assurance Forum for Personal and Private Banking, where the current status of the plan is discussed in the context of the combined assurance focus areas. Facilitate a discussion on any proposed changes to the plan and cover the results of assurance activity and the impact of this on the risk profile, including the articulation of any emerging risks.
• Drive conformance to the Combined Assurance Policy, Assurance Standard, and any related assurance methodologies as defined by Absa Group Limited.
• Proactively manage requirements and priorities of all stakeholders to deliver on the combined assurance priorities.
• Apply the highest standards of risk and control management practices and behaviours.
• Embed a positive risk and control culture across Personal and Private Banking.

Strategic Transformation of Combined Assurance: (15%)

• Strategically lead the transformation of the combined assurance function across all assurance providers and lines of defence in Personal and Private Banking. Through a consultation process and subsequent, measured, and deliberate effort:

• Shape assurance activity to ensure more coverage, with less intrusive audit procedures, e.g., testing of algorithms, continuous monitoring, indicators, etc.
• Design a combined assurance ecosystem where quick decisions are made to change direction if the underlying factors require changes to the plan.
• Work with Group teams and drive automation of combined assurance execution and management.
• Drive the automation of controls assurance across Personal and Private Banking in line with Absa processes, frameworks, policies, and standards, as well as industry best-practice approaches to ensure that outcomes of automated assurance can be relied upon by all assurance providers.
• Continuously stay abreast of industry developments and learning on the topic of combined assurance and shape the Personal and Private Banking agenda and capability as appropriate.
• Assess Personal and Private Banking capability and design a plan to respond where opportunities to improve are identified.

Combined Assurance Planning, Execution and Monitoring: (40%)

• Drive the definition a comprehensive combined assurance plan for Personal and Private Banking by consulting with all assurance providers across the three lines of defence.
• Map the plan to strategic objectives and key processes to ensure coverage of material risks and key controls in Personal and Private Banking.
• Ensure that the plan covers material focus areas, including:

• Controls relating to material inherent risks as per Risk and Control Assessments (RCAs) identified across the value chain.
• Inherently material risk types.
• Regulatory and compliance landscape.
• Material change projects which require assurance.
• Risk reduction plans (including remediation of risk events or material issues).
• Results of previous assurance.
• Policy conformance testing.
• Emerging risks.

• Shape assurance activity to ensure appropriate sequence of testing across the lines of defence, led by first line.
• Shape assurance activity to avoid duplication and avoid saturation of audit activities in areas in the business unit at any point in time.
• Shape the assurance plan to one which assigns the activities to the most appropriate assurance provider, internal or external.
• Consider the use of less intrusive assurance techniques to replace traditional assurance approaches as part of combined assurance planning.
• Become pro-active in driving the combined assurance agenda as opposed to simply consolidating the assurance plans from various assurance providers.
• Drive the quality of all combined assurance related data across the various risk systems to enable effective analysis that supports management’s risk decision-making, and collation of insights for combined assurance management and reporting. Ensure the standardisation of capturing to improve quality and ease of reporting.
• Embed, enforce, and enhance as required, a proactive formal process for consistently managing the plan and changes to the plan that supports using the authoritative combined assurance system. Specifically:

• Define and implement a process to proactively and continuously monitor execution against the plan.
• Proactively identify items at risk and drive the turnaround thereof.
• Facilitate the resolution of any conflicts, capacity challenges or any other matters hampering the successful delivery of the plan.
• Review and challenge all changes to the plan to ensure that changes are risk-based and made in line with defined processes and appropriate governance and oversight.

• On a regular basis (minimum monthly), provide portfolio-level feedback to all stakeholders on progress against the plan and any other factors relating to and / or impacting delivery of the plan.
• Continuously monitor and analyse assurance results and share themes and insights for response by management, including any emerging risks as demonstrated by outcomes of assurance.
• Continuously consider the appropriateness of the plan and drive changes to the plan by influencing other assurance providers’ plans in real time where any changes to these elements occur.

Conformance Agenda: (30%)

• Drive conformance to the Combined Assurance Policy, Assurance Standard, and any related assurance methodologies as defined by Absa Group Limited.
• Drive conformance by leading the full conformance testing agenda for Personal and Private Banking.
• Define a conformance review plan that covers all business units across Personal and Private Banking. Ensure that the conformance testing plan supports the Personal and Private Banking combined assurance agenda and ensures conformance to Absa frameworks, policies, and standards.
• Continuously consider the appropriateness and relevance of the conformance testing plan and adjust the plan to accommodate any changes in the risk landscape through the combined assurance process.
• Identify opportunities to streamline and integrate the conformance testing plan to reduce intrusion on first line teams.
• Perform comprehensive independent conformance testing to ensure conformance to Absa frameworks, policies, and standards.
• Evaluate the quality of data maintained on risk management tools and systems and provide recommendations for remediation where weaknesses are identified.
• Perform comprehensive independent conformance testing to ensure that results of first line Management Assurance testing can be relied upon (quality and consistency), in line with requirements of Absa Risk and Assurance Standards. Drive improvement, where required.
• Raise Dispensations, Waivers, and Breaches (DWBs) or issues where non-conformances have been identified, especially where these are material.
• Engage business stakeholders and maintain effective follow-up and tracking of the remediation of weaknesses and gaps identified through conformance testing.
• Report all material concerns as appropriate and through risk and control governance committees.
• Define and implement less intrusive assurance techniques for conformance testing (automation, data analysis, checklists, etc.).

People Management (As applicable): (5%)

• Manage, motivate, and develop a high performing assurance team by embedding formal performance development and providing appropriate interventions and opportunities.
• Equip teams to deliver in line with the expectations of a high performance culture.
• Provide strategic direction to the team in line with the strategic vision of the business area, Group, and frameworks, policies, and standards.
• Perform other managerial people management functions, including but not limited to:

• Recruitment.
• Disciplinary and grievance process when required.
• Succession planning.

BACKGROUND AND EXPERIENCE

Education

• Bachelor’s degree in Commerce, Finance, Audit, Risk Management, or similar (NQF level 7).

Experience

• 7-10 years financial services experience.
• 5-7 years combined assurance experience.
• 7-10 years risk management experience.
• 5-7 years in Enterprise Risk and/or Assurance Function.

Knowledge and Skills

• Strong background in audit management.
• Strong background in controls assurance.
• Strong technical competence is risk, governance, and control.
• Experience in policy formulation, implementation, interpretation, and influence.
• Strategic planning and delivery.
• Strong verbal and written communication.
• Reporting experience at a senior level.
• Senior stakeholder presentation skills.
• Data analytics – both for management reporting and assurance purposes.
• Strong team leadership and organisational skills.
• Able to operate and deliver under pressure.
• Managing a wide range of priorities with multiple objectives.
• Ability to set and meet performance targets.

Competencies

• Driven, self-initiated, and self-motivated.
• Visionary, innovative / creative.
• Planning and organising.
• Deciding and initiating action.
• Problem solving.
• Results oriented, delivery focused, and able to execute in line with set deadlines.
• Business acumen.
• Resilience and emotional intelligence.
• Relating and networking.
• Coordination and execution.
• Collaboration and influencing.
• Highly effective communicator with excellent interpersonal skills.
• High level of energy and enthusiasm.

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised