Shariah Internal Auditor

Job Description

Our ClientOur client is a leading bank in the UAE, undergoing a massive digital transformation.Job RoleLead and assist in Internal Shariah Audit of Islamic banking business units, departments, functions and transactions. Contribute to the delivery of the Annual Audit Plan through active participation in the execution of risk based Shariah audits and performing ongoing business monitoring and Shariah non-compliance risk assessments of assigned business areas.Key ResponsibilitiesFunctional Responsibilities

• Accomplish Internal Shariah Audit objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of Shariah Control, review, and governance process of the Islamic banking operations, products and services in order to adequately control the inherent risks of Shariah non-compliance and assess the remedy measurements for the Residual risks of Shariah non-compliance.

Annual Shariah Audit Planning and Approval

• Assist Head of Shariah Audit in the annual Shariah audit planning process by performing effective risk assessments to identify high risk auditable entities for inclusion in the annual Shariah audit plan.

Audit Execution

• Perform Shariah audits of allocated business and risk areas using advanced auditing techniques and data analytics.
• Plan Shariah audit engagements and prepare documents including Shariah Audit Planning Memo, Terms of Reference (TOR) and Risk assessment of the auditable entity for approval by Senior Management.
• Conduct detailed walk-throughs with auditees for areas assigned and identify process/design gaps, deviation to documented process etc.
• Actively engage in scoping meetings, conduct detailed walk-throughs of areas assigned and identify process / design gaps, deviation to documented process etc.
• Research and assess how well Shariah governance process are functioning and record the results accordingly.
• Perform / complete high quality, well-documented Shariah audit fieldwork in accordance with Internal Shariah Audit methodology within strict timelines.
• Formulate Shariah audit exception findings and audit recommendations for review by Head of Shariah Audit.
• Detect, analyze, evaluate relevant documentation, track errors in data provided, streamline Shariah non-compliance risk assessment, and search for potential loopholes and vulnerabilities to arrive at reasonable conclusions.
• Test the operation, challenge the design of existing controls and perform inquiries as needed to resolve the vulnerabilities.
• Anticipate emerging issues through research and interviews, identify root cause and develop recommendations to address them.
• Ensure to deliver quality, timely and well-documented Shariah audit fieldwork in TeamMate in accordance with Internal Shariah Audit methodology and IIA standards within strict timelines, including feedback/review comments.
• Prepare, review Shariah audit reports to confirm adequacy of Shariah audit coverage, quality of work papers and alignment with the Terms of Reference, AAOIFI Shariah Standards & Financial Standards, ISSC, HSA-CBUAE and overall Shariah principles of Islamic banking and finance.

Stakeholder Management

• Actively engage with stakeholders to understand changes to the business, perform periodic risk assessment, identify Shariah audit opportunities, recommend changes to the annual Shariah audit plan, define appropriate Shariah audit scopes, and execute Shariah audit delivery
• Discuss and agree audit findings, recommendations and action plan with auditees.
• Assist in the execution of continuous monitoring, recommendation follow-up and validation of Internal Shariah Audit and Regulator identified issues remediation
• Proactively engage with stakeholders to challenge and question existing processes and procedures with a view to developing the business through process improvements
• Follow up with Auditees to ensure timely /satisfactory closure of all open findings on Team Mate and Team Central.

Other

• Develop the ability to identify emerging inherent Shariah non-compliance risks and issues and stratify / prioritize them to determine Shariah audit methods and remedies to be adopted efficiently.
• Develop and enhance knowledge of potential risks of Shariah non-compliance, industry specific knowledge appropriate to the Shariah audit engagements and to the organization to retain credibility with all stakeholders.

Education and ExperienceMinimum University degree or equivalent in a financial, accounting or law, or an accredited professional financial certificate approved by the Insurance Authority.Experience in internal control and/or audit, and had previously taken part in the internal control, risk management or audit of insurance companies or brokerage business for at least 5 years.Halian GroupWith over 20 years of experience, we have come to understand that innovation is the only way to provide agile, practical solutions that transform businesses and careers.Our resourcing and smart services help you to realize tomorrows potential. Discover the amazing things possible when you bring the right people and the right technologies together.

Keyskills :

About Company

Award-Winning Tech Talent Company. We help businesses make progress, build efficiency and discover new possibilities. Our goal is to support talented individuals to explore, innovate and unleash their potential.Our success has spanned over 20 years. In that time, we’ve come to understand that innovation is the only way to provide agile, practical solutions that transform businesses and careers that fulfil potential, faster.Halians smart services, tech talent and search capability, help you to realise tomorrow’s potential. To discover the amazing things that are possible when you bring the right people and the right technology together.