Principal Manager, Internal Control Framework
European Bank for Reconstruction and Development (EBRD)
London (United Kingdom)
Grade: Unspecified
Occupations: Evaluation, Audit and Oversight, General Support, Management and Strategy
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Job Description
Requisition ID 19224
Office Country United Kingdom
Office City London
Division Risk and Compliance Group
Dept. / Bus. Group Risk Management
Business Unit Operational Risk Management
Contract Type Short Term
Contract Length 14 months
Posting End Date 31/01/2021

Purpose of the job

The primary purpose is to set the standards and framework to establish, maintain, promote and improve the Bank’s internal control framework over financial reporting to ensure compliance with COSO 2013, an internationally recognised control framework. It is used by SEC registered organisations to comply with Sarbanes Oxley Act in the US. Although the Bank is not SEC registered, it chose to comply voluntarily with the spirit of COSO 2013. The result is to ensure the Bank can assert in its financial statements that internal controls over financial reporting are designed and operating effectively. This is reviewed and attested to by the external auditors.

Key components of the role include governance of the process, day-to-day management practices such as the identification and analysis of key financial statement related risks, liaison with the business owners of those risks to ensure controls are identified and appropriately designed and tested. To review and challenge deficiencies such as control issues or financial statement control related incidents and issues, to provide oversight and advice on mitigation and remediation measures.

In addition, to participate in projects to help the team and business identify key internal controls that need to be included in this internal control framework.

Accountabilities and Responsibilities

  • The management of the Bank’s Internal Control Framework over Financial Reporting, and compliance with the COSO 2013 framework. To continuously engage with the business in reviewing, challenging, and identifying risks relating to financial reporting, with escalation of issues via Director ORM, to the ICF Oversight Committee.
  • The development and management of the Bank’s EUC Framework and compliance with the EUC policy.
  • Responsible for setting and maintaining the Bank’s Internal Control Framework including definitions, deficiencies assessment framework, testing procedures, operational process and timetable to complete the ICF activity, and communicate to Directors and teams involved.
  • Responsible for ongoing review of changes in regulation/best practice, documenting and suggesting appropriate changes, agreeing the scope of such changes with Director ORM, and leading/implementing an agreed project plan.
  • Responsible for detailed risk assessment of the financial statements (including disaggregation of the financial statements to processes and controls), and fraud risk assessment to ensure significant areas of interest have been identified for review, and agreed with Controller and Director ORM.
  • Ongoing review, with Directors and Associate Directors over current financial reporting controls in order to identify the key risks and controls relating to Financial Reporting. Challenge the effectiveness and relevance of such controls, and identify if more efficient and effective controls are carried out or need designing as necessary. Where control gaps are identified, formulate and agree a plan with the Director of relevant teams to address the gap.
  • Design write and provide training/guidelines to ensure Directors and relevant teams receive effective training and support in order to carry out their responsibilities to implement the ICF methodology and best practice.
  • Setting the scope for independent testing of controls and agree with the Director ORM. This includes independent sampling for management, independent testing, and quality review of management testing files. Findings are formally reported to Directors of each team, and a remediation plan is agreed and monitored, as necessary.
  • Identify Bank level governance controls and map to COSO principles and ensure those controls are designed and operating effectively to address COSO principles. Control gaps are escalated to Director ORM, and remediation plan is agreed and tracked.
  • Tracking, monitoring, and reporting of deficiencies to the Director ORM, and ensure that the business areas perform adequate analysis of control failures and issues to identify root causes and trends, ensure that appropriate action plans are established and monitor those escalating further to ICFSC if inadequate or delay.
  • Member of the ICF Oversight Committee, and ICF Sub Committee which consists of Managing Directors across the Bank, chaired by the CFO which provides governance over the internal control framework. Responsible for setting the agenda, presentation and reporting to the ICF Oversight Committee and ICF Sub Committee on a quarterly or more frequent basis to ensure effective governance.
  • Liaison as necessary with internal and external auditors and business / IT risk and control owners.
  • Conduct other risk and control activity as required by the Director ORM in support of team activity.

Knowledge, Skills, Experience & Qualifications

  • Degree level or equivalent
  • Qualified ACA, Internal Audit / SOX / COSO experience
  • Previous experience of working within a control focused environment, preferably within a financial services organisation
  • Strong financial reporting understanding
  • Strong analytical skills
  • Strong relationship management skills
  • Able to work autonomously
  • Excellent attention to detail and accuracy
  • Effective written and oral communication skills, including good presentation skills
  • Knowledgeable use of tools such as Microsoft Visio, Microsoft Office applications, experience of a GRC would be useful
  • Business awareness
  • Planning and organising
  • Team working (own team and other teams)

Diversity is one of the Bank’s core values which are at the heart of everything it does. A diverse workforce with the right knowledge and skills enables connection with our clients, brings pioneering ideas, energy and innovation. The EBRD staff is characterised by its rich diversity of nationalities, cultures and opinions and we aim to sustain and build on this strength. As such, the EBRD seeks to ensure that everyone is treated with respect and given equal opportunities and works in an inclusive environment. The EBRD encourages all qualified candidates who are nationals of the EBRD member countries to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. As an inclusive employer, we promote flexible working.

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