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Head of Compliance and Internal audit Asia

3 - 6 years
Posted: 2018-12-07

Industry
Recruitment/Staffing/RPO
Function
IT
Role
Internal Auditor
Posted On
7th Dec 2018
Job Ref code
27745
Job Description
Job Description :

Job Description
Position: Head of Compliance and Internal audit Asia
Department: Compliance and Internal Audit, Asia
Report to: Vice President-Financial Planning & Accounting
Location: Shanghai

About Client:
Our client is a global leader in silicon-based advanced materials. They serve difference industries like paper & film release, automotive, electronics, personal care, textile, as well as oil field, construction and many others.

Responsibilities:

Overall:
The Head of Compliance and Internal audits role in Asia is to facilitate and coordinate, initiatives, activities and efforts to ensure adherence to the companys corporate policies and procedures as well as regulatory and statutory requirements in order to promote transparency and accountability, enhance risk management, governance and compliance, and strengthen the internal control systems within business.
The above activities shall advocate compliance and internal control to:
  • Prevent and guard against breach of companys code of conduct, internal policies and procedures as well as regulatory and statutory requirements
  • Detect and handle anything illegal or in breach of code of conduct, internal policies and procedures as well as regulatory and statutory requirements
  • Foster and develop a compliance culture based on companys values and business system

The Head of Compliance and Internal audit in Asia is part of the 2nd line of defense in the overview. The responsibility for ensuring effective Risk Management and Internal Control lies with the line organization as a part of their overall responsibilities for ensuring the quality and compliance of their operations.

Main Tasks
The Head of Compliance and Internal Audit in Asia shall organize the activities according to the Plan-Do-Check-Act principles and can be summarized into the following main tasks:
  • Based on collaboration with Corporate help chains, review, set, develop and implement standards based on business needs, risk analysis and detected weaknesses.
  • Monitor and support implementation of standards in Asia
  • Carry out and coordinate audits based on the principles in Finance in Business (FIB) and the FIB audit template. In addition to the standard FIB template, develop additional testing methods and controls with aim to detect possible compliance and internal control breaches, including and not limited to anti-corruption, competition law, trade restrictions, integrity due diligence advisor of potential partners and engagements.
  • Establish follow-up and improvement activities
  • Frequent reporting
  • Coordinate compliance related priorities with Corporate Compliance Officer (Legal) and Finance Compliance Manager (Headquarters)


Fixed Routines
The Head of Compliance and Internal Audit Asia is responsible for managing the compliance and internal audit (CIA) annual process in Asia, including, but not limited to:

Risk assessment and scoping
  • Perform annual assessment of risks of material errors in the financial statement and fraud and misconduct - based on materiality of financial statement line items, probabilities of errors/fraud occurring, learning from previous errors, concerns from the external auditor etc. The risk assessment should also include evaluation of anti-corruption, competition law, and trade restrictions aspects.
  • Perform annual scoping of organizational entities and processes in scope based on risk assessment
  • Create annual plan for internal control activities based on scoping. Communicate instructions for execution of the different elements of the CIA plan.


Maintain and improve governing documents, processes, risks and controls (design)
  • Perform and facilitate assessment of needs for new / update of governing documents (Corporate Manuals, Standards and Procedures) and control routines based on changes in risks, IT systems, processes etc. and learning from internal control testing/monitoring activities
  • Perform and facilitate assessment of improvement opportunities based on good practice, trends and developments, such as automation of transactions and controls using ERP system or other tools / systems
  • Agree on and facilitate updates with relevant stakeholders / owners of governing documents, processes, risks and controls
  • Provide inputs as necessary to change/improvement projects impacting internal control (such as change of ERP system)
  • Assist Accounting and other relevant Finance personnel with developing standardized, risk-based controls and supporting tools and templates
  • Assist other stakeholders / owners as necessary with assessments of risks, design of controls, development of training materials, implementation activities etc.
  • Ensure that updated documents are made available to all relevant employees.


Monitor/audit controls and critical processes/routines (design and operations)
  • Perform/facilitate periodic monitoring of performance of controls and critical financial processes/routines, by e.g. reviewing documented evidence of performance for selected entities and/or processes and/or controls (ref. scoping) or coordinating control self-assessments
  • Create/update detailed internal audit plans (FIB audit template and in addition testing methods and controls with aim to detect) for testing of controls and/or critical financial processes/routines
  • Prepare and agree plan with audit team, manage and perform audits of
  • control environment and established framework
  • risk assessments and controls designed to mitigate these and ensure compliance with the relevant Corporate Manual and Standards and Procedures
  • performance of controls and/or critical financial processes/routines
  • communications, training and competencies
  • any other relevant topics
  • Identify gaps and improvement needs and recommend and agree on necessary actions with relevant stakeholders (incl. entity management)


Follow up status and report
  • Coordinate compliance related reporting with Corporate Compliance Officer (Legal) and Finance Compliance Manager (Headquarters)
  • Follow up status of maintenance and improvement activities with relevant stakeholders
  • Follow up status of actions from audits and monitoring activities with relevant stakeholders
  • Monitor and assess general status of risks and internal control and any identified specific high-risk areas
  • Report to VP Financial Planning and Accounting/CFO
  • Risk assessment, scope and internal control plan (annually)
  • Results from audits and status of agreed actions (quarterly)
  • Status of internal control activities according to plan (quarterly)
  • Status of internal control, issues and risks based on results from performed activities (quarterly or more often if critical issues)
  • Summary and assessment of internal control for past financial year (annually)
  • Immediate reporting when possible or actual cases of fraud or misconduct
  • Report to, or assist VP Financial Planning and Accounting/CFO with reporting to Audit Committee
  • Risk assessment, scope and internal control plan (annually)
  • Any issues requiring the Boards attention (as necessary)
  • Overall status of internal control and internal control activities (twice annually)
  • Summary and assessment of internal control for past financial year (annually)


Desired Profile:
  • Bachelor degree with higher financial education/credentials
  • Minimum of 3 years of internal audit, internal controls, risk management, business processes review, corporate governance and/or business consulting experience with a reputable international accounting firm or multi-national corporation
  • Solid knowledge about relevant regulatory environment, and experience from teaching/guiding, train and educate
  • Knowledge about the high-risk areas for fraud / anticorruption, incl misstatement of financial statements / misconduct, competition law and trade restrictions aspects
  • Excellent communication skills in both oral and written English and Chinese
  • Self-driven and motivated to build compliance culture
  • Critical to established processes; always look for improvements
  • Strong interest in compliance and internal audit
  • High integrity; aligned with companys code of conduct and values, at the same time down to earth in terms of prioritizing big or less big compliance issues
  • High travel capacity; motivated to go to the place and audit (or help)

Qualified and interested Parties please apply with your CV and latest salary in Word format to .
Please note, that while Morgan Philips welcomes and appreciates all candidate response, volume of replies allows us to respond to short-listed candidates only. Resumes are collected for recruitment purposes only.

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