Chief Internal Auditor

Our Client, Pakistan Reinsurance Company Limited (PRCL), invite applications from eligible individuals to serve as Chief Internal Auditor. Applicants should possess the following qualifications, experience, and meet the specified age limit:

The Chief Internal Auditor (CIA) will lead the internal audit function with in PRCL, ensuring that all financial, operational, and compliance-related activities are thoroughly reviewed and audited in alignment with industry best practices. The CIA will be responsible for developing and implementing a robust internal audit framework, identifying risks, and providing strategic recommendations to enhance the companys  governance, risk management, and control processes.

Key Responsibilities:
The key responsibilities of CIA of Pakistan Reinsurance Company Limited (PRCL) shall include, but not limited to:

a) Lead the Internal Audit Department and shall be responsible for all duties outlined in internal audit charter of PRCL. supervise implementation of Audit charter/strategy in line with the regulatory, Board Audit Committee requirements, and best industry practices;

b) Develop, implement, and oversee the internal audit strategy, ensuring comprehensive coverage of all reinsurance operations, including underwriting, claims management, and capital investment activities.

c) Design, formulate and implement appropriate system of internal controls to prevent, detect and mitigate fraudulent and other risks related to the operations (general and core business), financial transactions initiation, recording, processing and reporting;

d) Ensure that the PRCL adheres to all relevant legal, regulatory, and ethical standards. Lead the audit team in evaluating the effectiveness of compliance programs and recommend enhancements.

e) Provide reasonable assurance to the PRCLs Audit Committee by caring out independent Pre or Post Audit review of the companys control and governance systems, SOPs, processes and procedures and risk management;

f) Conduct thorough audits of financial statements, reinsurance contracts, and premium payments to ensure accuracy, transparency, and adherence to industry standards.

g) Will lead internal audit dealing with following issues:

• Compliance audits; 
• Financial audits; 
• IT systems audits 
• Financial cycle and project audits, and 
• Operational audits

h) Ensure development, implementation and effective maintenance of Audit Charter for smooth running of all audit activities in PRCL;

i)Periodic reviews of such internal control to ensure to their effectiveness with reference to PRCLs core business and the changes occurring thereto;

j) Review and audit operational processes, including risk transfer, claims handling, and policy underwriting, to ensure efficiency and effectiveness. Recommend process improvements to optimize
operations;

k) Collaborate with Government auditors, and other stakeholders to ensure a cohesive audit approach;

l) Any other task assigned by the Competent Authority.

Education and Experience:

• A member of a recognized body of professional accountants having qualification of CA/CPA/ACMA/ACCA/ MBA (Finance) from reputed local or international University/Institute with at least five years relevant experience, in auditing and risk management, designing of internal control procedures, effective compliance of financial reliability in public/private sector with understanding of governance, risks and risks controls especially in SOEs or public sector projects.
• Person holding masters degree in finance from a university recognized by the Higher Education Commission with at least ten years of relevant experience in the field of audit or finance or compliance function.

Following certifications and experience will be plus:

• Certified internal auditor;
• Certified fraud examiner
• Certified internal control auditor
• Familiarity of implementation of IFRS 17;
• Experience as key officer (in fields of audit or finance or compliance) in insurance industry;
• Experience in public sector and professional know-how of public sector working structure;
• Knowledge of dealing with public procurement and know-how of PPRA Rules/Regulations
• Exposure to ERP environment

Age:

• Maximum 55 years of age on closing date of the applications.

Salary package:

Competitive market-based compensation package backed by attractive salary will be determined by the Board commensurate with relevant verifiable experience of the selected candidate.

Important Notes:

1. The Complete Job description can be viewed on PRCL website at https://www.pakre.org.pk/ms/careers.html and on HRSI website at http://jobs.hrs-int.com/
2. The potential candidates shall meet the requirement of fit and proper criteria specified in Section 16 and Schedule-IV of the SOEs Act, 2023, copy of which is available on PRCL/HRSI websites.
3. Pakistan Reinsurance Company Limited (PRCL) is an equal opportunity employer
4. Females are encouraged to apply.
5. The appointment will be made on contract basis, initially for period of 02 years and further extendable on satisfactory performance.
6. Interested Applicants may apply within fifteen days from the publication of this advertisement.
7. The applicants working in Government, Semi-Government / Autonomous Bodies are required to provide NOC at the time of interview.
8. The candidate shall not be entitled for any TA/DA while appearing for the interview.
9. Original documents along with HEC verified testimonials will be required at the time of interview.
10. PRCL reserves the right to stop the recruitment process at any stage without assigning any reason
11. Selection will be finalized as per the approved recruitment policy of PRCL.
12. The selected candidate will be paid competitive market-based compensation package backed by attractive salary, to be mutually decided in interview commensurate with relevant verifiable experience of the candidate.
13. Only shortlisted applicants will be invited for interview.
14. Any efforts made to influence the recruitment and selection process will lead to disqualify the potential candidate, who may otherwise be qualified.
    
15. Incomplete / delayed applications shall not be considered.



If you have the required experience, educational qualification, leadership, and management skills to take up the challenging assignment, you are requested to apply by 02/10/2024. To apply, please visit http://jobs.hrs-int.com/

Only shortlisted candidates will be contacted.

Application received after due date shall not be entertained.

www.hrs-int.com

For the purpose of determining as to whether a person proposed to be appointed as director is a fit and proper person, the appointing authorities shall take into account any consideration as it deems fit, including but not limited to the following criteria, namely that the candidate for appointment:

(a) has the skills, knowledge and experience to assist the state-owned enterprise achieve its primary and other objectives;
(b) has at least a graduate degree
(c) is a businessman of repute or a recognized professional with relevant sectoral experience;
(d) is financially literate;
(e) has no convictions or civil liabilities;
(f) has good reputation and character and exhibits high ethical standards;
(g) is not disqualified to act as a director stipulated in this Act or any other law applicable to the functioning of a state-owned enterprise;
(i) has not been subject to an adverse order passed by the Securities and Exchange Commission of Pakistan or any other sector regulator;
(j) has not been subject to an order passed by the Securities and Exchange Commission of Pakistan or any other regulatory authority, withdrawing refusing to grant any license or approval to him which has a bearing on the capital market; and
(k) does not suffer from a conflict of interest; this includes political office holders whether or not in a legislative role.