Senior Internal Audit Specialist

This job is with Munich Re, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

Together, we engage with everything we have and are, to help humankind act braver and better.

Shared Services:

A Shared Service Provider to Munich Re Specialty Group (including, inter alia, Munich Re Syndicate Limited), Munich Re UK Life Branch (Life Reinsurance provider), Great Lakes Insurance SE UK Branch and UK Subsidiary (specialty providers of primary insurance services in the UK), Hartford Steam and Boiler Engineering Insurance Limited (primary insurance provider) and Bell and Clements (Lloyd’s Broker and MGA).

About the role:

As part of the UK Internal Audit Hub you’ll provide audit services to Munich Re’s UK entities to assist Senior management in the achievement of the Company’s strategic objectives. As a trusted advisor, you will build effective relationships while contributing independent value added assurance and recommendations across a wide variety of business processes.

As an individual, we’ll invest in your development as well as offer a market competitive remuneration package and a superb package of benefits including flexible working.

Key Responsibilities:

Audit engagement activities

• Undertake and own internal audits in either the lead, standalone or supporting roles.
• Utilise audit tools and techniques which are the best fit for the topic, including defining, obtaining and analysing whole population datasets.

Reporting, Monitoring & follow-up activities

• To formally report the findings, conclusions, and recommendations.
• To provide a risk-level grading to audit findings, areas of scope and report opinions.
• To take ownership for monitoring the implementation of recommendations by stakeholders.
• To plan and conduct follow-up audit work, where considered necessary, in order to evaluate the satisfactory completion of original audit recommendations.

Relationship management activities and audit planning

• To develop relationships with stakeholders as agreed with the Head of Audit.
• To gain a deep understanding of the organisation.
• Proactively contribute to the audit planning process.

General Duties and Tasks:

• To provide ad-hoc consultancy as requested.
• To keep up-to-date with internal and external regulations and internal audit best practice.
• To contribute to the continued development of the audit function.

Competencies:

Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.

Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.

Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.

Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments. Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.

Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.

Key Skills & Experience:

• Demonstrable primary insurance knowledge, including Lloyd’s of London.
• Sound knowledge of controls, risk management, compliance and corporate governance.
• Able to conduct underwriting audits effectively.
• Knowledge of UK regulatory requirements.
• Demonstrable ability to spot patterns and trends, deducing cause and effect, using data analytics.

Desirable

• CISA / Accountancy qualification / CIA / Internal audit professional.
• Reinsurance experience.

Qualifications and Educational Requirements:

• Degree level education or relevant experience.
• Internal auditing or insurance qualification.

People Leaders:

You are aware of your role (as a leader) in being able to influence your team structure and culture to promote principles of diversity and inclusion.

You strive to continuously educate yourself on best practice for inclusive leadership.

You demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You support a culture in which high ethical conduct is recognised, valued and embodied by all

You treat everyone fairly and with respect.

Thought Leaders:

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the role will also become responsible for:

• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

Benefits

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%

We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.