Central 1 cooperatively empowers credit unions and other financial institutions to deliver banking choice to Canadians.  Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com

What you'll be doing:

As the Head of Internal Audit, you will be responsible for managing an independent, objective assurance and consulting activity designed to add value and improve Central 1’s operations by providing risk-based internal audit assurance and advisory services to support and improve the system of risk management, internal control and governance. 

Reporting to the Chair of the Audit Committee, with functional reporting to the Chief Financial Officer, you will be responsible for providing strategic leadership, direction and setting priorities for Central 1’s Internal Audit function. In this role, you will be responsible for developing and managing the internal audit function, assessing and reporting on the state and effectiveness of Central 1’s internal controls (including but not limited to Disclosure Controls & Procedures and Internal Control over Financial Reporting). The Head of Internal Audit will manage financial, operational, and compliance audits and special investigations for Central 1.

• Define vision and business plan for the audit function in the context of corporate strategy and priorities.
• Maintain current understanding of Central 1’s entity wide strategic, operational, financial and compliance targets and related risk profiles to best contribute to setting the strategic direction and priorities of our Internal Audit function.
• Provide specialized expertise to the internal audit team, business operations and functional teams, to ensure business risks are managed appropriately, that the system of internal control is efficiently operating and to continually improve practices to keep up with evolving business needs.
• Identify and make recommendations to the business in designing improvement opportunities to controls and operational processes to achieve Central 1’s compliance objectives. 
• Provide advisory services to functional leaders and teams regarding remediation of external and internal audit exceptions and control deficiencies identified.
• Lead the business planning for the Internal Audit and Internal Control over Financial Reporting groups, including oversight of the 52-109 CEO/CFO Certification Program, and management of the fiscal budget to track progress against the Internal Audit plan.
• Effectively manage the allocation of audit resources and assign staff to various audit projects based on availability and skillset to best meet business needs.
• As an integral member of the Finance Leadership Team, provide strategic thought leadership in audit approach and execution.

Relationship and Coordination with the External Auditor:

• Work proactively with the External Auditor to determine areas where assistance and direct audit reliance can be provided by Internal Audit.
• Regularly meet with the External Auditor to discuss the internal and external audit plans and to share knowledge of any issues. These meetings shall ensure that the roles of the two functions are coordinated, avoiding duplication of effort to the extent that the Auditing Standards allow it.

People Leadership:

• Maintain a professional audit staff with proficient knowledge, skills, experience and professional certification to meet the requirement of audit function.
• Build, attract and retain team members through strong best in class talent acquisition, performance management through reviews and feedbacks, talent development, engagement.
• Lead, coach the Internal Audit Team, to enhance and support professional development, and ensure prime accountabilities are met.
• Manage functional communications and cross departmental audit projects when appropriate.

Department Leadership:

• Develop and execute departmental strategic plans and business plans.
• Manage the team’s completion of the audit plan, ensuring that audits/projects progress as planned with respect to scope, budget and timetable.
• Develop, manage and adhere to department budget

What you'll have: 

Education and experience

• Post-secondary education in Accounting, Business Administration, Finance, and/or Economics is required (graduate degree is preferred).
• Professional Certification in internal or external audit (CPA and/or CIA, CISA).
• 15+ years’ progressive audit management experience (ideally in the financial services sector). The last several years have been spent leading the internal audit function within an organization.
• Experienced leader in managing teams with a strong desire for results and a track record of mentoring and growing team members.
• Comprehensive understanding of analytical and business process review procedures and a strong technical internal audit background.
• Able to quickly grasp the organization’s operations and business drivers.
• A hands-on, operationally oriented and value-added approach to audit operations.
• Capable of developing excellent business relationships in all areas of the organization.

Technical requirements

• Expert in applying internal audit standards, procedures and techniques in accordance with the International Standards for the Professional Practice of Internal Auditing.
• Working knowledge of Generally Accepted Accounting Principles pertaining to the financial services industry.
• Experience with internal control, risk management and governance frameworks, standards and principles, e.g. COSO, COSO ERM, ISO 31000, COBIT, etc. 
• Knowledge of and familiarity with Information Technology general controls and IT security leading practices.
• Knowledge of and familiarity with governance of information management systems.
• Previous experience with SOX or National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, (C-Sox) compliance requirements.
• Advanced knowledge of relevant legislation, regulatory requirements and best practices. Keeps apprised of new or amendments to legislation and regulatory requirements.
• Strong strategic acumen and planning capabilities.
• Possesses excellent business acumen and judgment.
• Strong strategic, analytical, problem solving and critical thinking skills.
• Excellent organizational and project management skills.
• Excellent interpersonal skills to interact across all functions within the organization, to lead and affect process change and improvements.
• Ability to form relationships based on trust with all internal colleagues and external stakeholders (e.g. Regulators).
• Excellent communication (written/verbal) and presentation skills with the ability to present complex information in a clear, concise and structured fashion to various levels/functions.
• Strength of character and convictions to professionally challenge executive decisions when appropriate.
• High degree of integrity to handle confidential assignments.

As much as we believe in working hard, we also believe in personal growth and taking time for ourselves. Accordingly, our total rewards philosophy amounts to one of the best compensation and benefits packages in the industry – from performance-based incentives and extended benefits, to training and education reimbursements and ample vacation time.

Central1 is committed to building a diverse and inclusive workforce by creating an environment where everyone feels like they belong and has the opportunity to be successful. We are welcoming of all applicants and we will provide an accessible candidate experience.

Reporting to: Functionally to the Chair of the Audit & Finance Committee of the Board, and administratively to the Chief Financial Officer
Grade: VP
Date Posted: September 20, 2021
Internal Applicants must apply by: September 27, 2021