Head of Internal Audit

Key Responsibilities:

Strategic Leadership:

• Develop and execute the internal audit strategy, aligning it with the company’s business objectives and regulatory requirements.
• Provide strategic insight and recommendations to the Audit Committee and senior management on risk management, internal controls, and governance practices.

Audit Planning and Execution:

• Oversee the development of a comprehensive risk-based audit plan, ensuring coverage of key risk areas across the business.
• Lead the execution of internal audits, ensuring timely delivery of audit reports, and monitoring the implementation of audit recommendations.
• Ensure the audit function is agile, adapting audit plans and focus areas in response to emerging risks or changes in the business environment.

Risk Management and Governance:

• Collaborate with the Risk Management, Compliance, and other relevant departments to ensure a coordinated approach to risk management and internal controls.
• Evaluate the effectiveness of the company’s risk management framework and internal control systems, identifying areas for improvement.
• Ensure that the company’s internal audit practices meet regulatory standards and best practices, particularly with regard to Solvency II and other relevant UK regulations.

Stakeholder Engagement:

• Act as the primary point of contact for the Audit Committee, providing regular updates on audit findings, risk assessments, and other relevant issues.
• Build strong relationships with senior management, providing insights and recommendations to enhance the effectiveness of governance and risk management practices.
• Liaise with external auditors, regulators, and other third parties as necessary.

Team Management and Development:

• Lead and mentor a team of internal auditors, fostering a culture of continuous improvement, professional development, and high performance.
• Ensure the internal audit team has the necessary skills and knowledge to effectively carry out their duties, including ongoing training and development opportunities.

Continuous Improvement:

• Continuously assess and enhance the effectiveness of the internal audit function, adopting new audit methodologies, tools, and technologies where appropriate.
• Keep abreast of industry trends, regulatory changes, and best practices in internal auditing and risk management.

Required Skills/Experience:

• Strong understanding of the UK insurance industry, regulatory requirements (including Solvency II), and emerging risks.
• Proven experience in developing and executing risk-based audit plans, managing complex audits, and delivering high-quality audit reports.
• Strategic thinker with strong analytical skills and attention to detail.
• Excellent communication and interpersonal skills, with the ability to engage effectively with senior management and the Audit Committee.
• Leadership skills, with a track record of developing high-performing teams.
• Chartered Institute of Internal Auditors (IIA), Chartered Accountant (ACA, ACCA, CIMA), or equivalent professional qualification is required

Our Benefits:

• Hybrid working – 2 days in the office and 3 days working from home
• 25 days annual leave, rising to 27 days over 2 years’ service and 30 days after 5 years’ service. Plus bank holidays!
• Discretionary annual bonus
• Pension scheme – 5% employee, 6% employer
• Flexible working – we will always consider applications for those who require less than the advertised hours
• Flexi-time
• Healthcare Cash Plan – claim cashback on a variety of everyday healthcare costs
• Electric vehicle – salary sacrifice scheme
• 100’s of exclusive retailer discounts
• Professional wellbeing, health & fitness app - Wrkit
• Enhanced parental leave, including time off for IVF appointments
• Religious bank holidays – if you don’t celebrate Christmas and Easter, you can use these annual leave days on other occasions throughout the year.
• Life Assurance - 4 times your salary
• 25% Car Insurance Discount
• 20% Travel Insurance Discount
• Cycle to Work Scheme
• Employee Referral Scheme
• Community support day
• Christmas and Summer parties

Working at SBG

At Somerset Bridge Group we aim to build a sustainable and innovative business focused on underwriting, broking and claims handling of UK motor insurance, offering transparent products and an efficient and fair service to our policy holders.

We are very proud to have been awarded a Silver Accreditation from Investors in People! We recognise that all of our people contribute to our success. That's why we are always looking for talented people to join our team - people who share our vision, who are passionate about what they do, and who want to be part of something special. 

Equal Opportunity Employer

Somerset Bridge Group is committed to creating a diverse environment and is proud to be an Equal Opportunity Employer. We prohibit discrimination or harassment of any kind based on race, color, religion, national origin, sexual orientation, gender, gender identity or expression, age, pregnancy, physical or mental disability, genetic factors or other characteristics protected by law. SBG makes hiring decisions based solely on qualifications, skills and business requirements.