Massey Henry is pleased to once again support HomeEquity Bank with the recruitment for an inaugural Vice President & Chief Internal Auditor (“Chief Internal Auditor”). Ranked as one of Canada’s Top Growing Companies, HomeEquity Bank is the leading national provider of reverse mortgages in Canada and the only federally regulated Bank focused solely on Canadians 55 and above.
About HomeEquity Bank
Ranked as one of Canada’s Top Growing Companies, HomeEquity Bank is the leading national provider of reverse mortgages in Canada and the only federally regulated Bank focused solely on Canadians 55 and above.
HomeEquity Bank has a highly effective direct-to-consumer distribution model (B2C), as well as an established referral network (B2B), including Canada’s major banks, credit unions, financial planners, and mortgage brokers.
With its flagship product, the CHIP Reverse Mortgage, HomeEquity Bank empowers Canadians 55+ to live retirement on their terms by providing them a secure way to access equity from their smartest investment – their home.
HomeEquity Bank is a portfolio company of Ontario Teachers’ Pension Plan Board, a global investor that delivers retirement income for 336,000 current and retired teachers in Ontario.
The Opportunity
Reporting to the President and Chief Executive Officer, the Vice President & Chief Internal Auditor (“Chief Internal Auditor”), is responsible for directing and overseeing HomeEquity Bank’s Internal Audit function, including developing annual operational, regulatory, strategic, and financial audit plans, which will be executed by the Bank’s outsourced Internal Audit vendor partners.
Acting as a subject matter expert, the Chief Internal Auditor provides key insight on emerging issues, while ensuring the Bank complies with all applicable legislation, regulatory requirements, policies, and procedures.
The Chief Internal Auditor supports the Bank’s outsourced Internal Audit vendor partners in conducting their engagements, acting as the primary point of contact. The position also provides the board Audit Committee with regular updates on the Bank’s internal audit outcomes and incorporates their advice into ongoing audit practices.
A key senior leadership role, the Chief Internal Auditor builds strong internal and external stakeholder relationships, including with the Board, Senior Management team, vendor partners, and regulators, to drive the Bank’s mandate of continued value creation.
Key Accountabilities
- Develop an audit methodology to ensure adequate audit coverage over a cycle in accordance with policy.
- Develop the annual plans for all internal audits, including financial, regulatory, strategic, operational, and control processes.
- Oversee the execution of internal audit plans across the organization in conjunction with the Bank’s outsourced Internal Audit vendor partners, using the Bank’s adopted hybrid model for the Internal Audit function.
- Act as the primary point of contact for the Bank’s outsourced Internal Audit vendor partners and support them in conducting their internal audit engagements.
- Ensure all internal audit plans have committed timelines and execute strong vendor governance practices, ensuring all quality measures are met.
- Attend wrap-up meetings with senior management to discuss matters pertaining to the internal audit function.
- Provide the Board and senior management team with assurance regarding the effectiveness of the risk-based audit plan, internal controls, risk management, and governance processes used by the first and second lines of defence and corporate governance functions, based on the highest level of independence and objectivity within the institution.
- With a focus on matters of importance, prepare and present regular internal audit report findings and recommend remediation measures and the state of controls, to senior management the Audit Committee of the Board, incorporating all feedback from the Committee in ongoing audit practices.
- Continuously develop and promote operational audit capabilities; identifying and recommending improvements for business processes that will enhance organizational effectiveness and company performance.
- Develop an overall opinion on the state of controls and governance processes at the Bank; recommending corporate and organizational policies, processes, and systems, and enlisting stakeholders to implement.
- Analyze Internal Audit partner’s audit report findings and recommend interventions where needed, proposing solutions to prevent issues.
- Provide leadership and coaching to employees across the organization where appropriate, supporting them in carrying out their functions.
- Provide constructive challenges, while ensuring recommendations are appropriate and add value for the business.
- Effectively manage conflict and tactfully negotiate solutions with stakeholders.
- Streamline and manage operations and tasks with the goal of enabling the business to operate autonomously within the broader organization.
- Evaluate the current structure of the internal audit function and develop a perspective on how to best structure the function moving forward.
- Recommend vendors to conduct the outsource function and initiate periodic internal audit vendor assessments in accordance with policy.
- Prepare an internal audit budget, ensuring adequate resources are in place, to be approved by the audit committee.
Working Conditions Unique to the Opportunity
The role is to be conducted in the following working conditions:
- Within a hybrid office environment
- With unrestricted access to people, books, and records required to ensure the effective execution of the Bank’s internal audit function.
- With unrestricted access to the Audit Committee through the committee Chair.
The Individual
The Vice President & Chief Internal Auditor ("Chief Internal Auditor") brings extensive experience leading the internal audit function within a financial services organization, delivering banking, mortgages, reverse mortgages, or other similar financial products.
The Chief Internal Auditor brings experience navigating highly regulated environments and implementing business or entity wide internal audit programs, policies, and procedures in an outsourced internal audit environment. With strong communication and strategic project management competencies, the Chief Internal Auditor is able to build consensus amongst diverse stakeholder groups while managing several high impact, high priority initiatives.
Recognized for their exceptional relationship management capabilities and sound judgement, the Chief Internal Auditor is a strategic and tactical leader capable of handling complex and confidential matters, while exercising a high degree of integrity and professionalism.
Key Qualifications
Professional Experience
- Demonstrated experience leading teams and businesses in a financial service organization, with experience providing banking, finance, mortgages, reverse mortgages, or similar financial products.
- Significant progressive experience in Internal Audit leadership roles, preferably within a regulated financial services environment.
- Deep understanding of current internal auditing standards, including the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and other risk assessment practices.
- Demonstrated understanding of Office of the Superintendent of Financial Institutions (OSFI) requirements and sound internal control concepts, as well as experience assessing them within diverse business processes and audit functions.
- Considerable experience developing and implementing business or entity-wide internal audit programs, policies, and procedures in an outsourced internal audit environment.
- Demonstrated experience managing relationships with regulators and external auditors.
- Experience managing an outsourced internal audit function would be ideal.
Education
- Successful completion of a university degree in a relevant field, such as Finance or Accounting.
- Chartered Professional Accountant (CPA) required.
- Internal Audit designations, such as the Certified Internal Auditor (CIA) and the Certified Information Systems Auditor (CISA) designations considered an asset.
Personal Attributes and Cultural Fit
- Sound judgment in handling complex and highly confidential matters with integrity and professionalism.
- Capable of driving consensus; possessing the confidence and tact to take a firm position in the absence of broad-based support where appropriate.
- Excellent communication, leadership, and relationship-building skills.
- Capable of managing stakeholder expectations and influencing members in all levels across the organization, including the Senior Management team.
- Excellent project management skills to effectively manage several priority projects simultaneously with a sense of urgency.
- Ability to effectively build and manage a team of professionals.
