About the FCA

At the FCA, we’re creating a fair and more resilient financial system. We’re establishing more transparent relationships between financial services and customers, building trust in financial markets and protecting vulnerable consumers.

We’re currently on an exciting journey as we drive forward significant organisational, people, process, and technology transformation to become a more forward-thinking, proactive regulator. We will use data more effectively to drive better regulatory decisions and build greater cohesion across our broad financial services remit.

Significant improvements in digital enablement, business intelligence, market data and information management maturity are all being pursued to maintain our position as a world leader in financial services regulation.

The Role

The Chief Internal Auditor role is a key senior leadership role within the FCA, reporting directly to the Chief Executive and Chair of the Audit Committee. The Chief Internal Auditor will be expected to contribute to, and yet be independent of the FCA’s most senior executive decision-making committees including the Executive Committee.

As the FCA transforms to become a more innovative, agile, assertive, digitally led regulator, we are also transforming our Audit division to the next phase of its evolution, becoming an independent and influential provider of business insight to the divisions and the most senior leaders in the organisation. The new role will play a key part in the FCA’s transformation, contributing to the digital and technological transformation of the organisation by delivering audit and assurance projects in a demanding stakeholder environment.

The Chief Internal Auditor will lead the division through the next phase of its evolution, enhancing the capability and breadth of assurance across the organisation, enabling us to reform our ways of working, and utilising technology to build on our progress towards a ‘leading edge’ Audit division. The candidate will have a high level of expertise in their field, as well as experience of areas such as cyber security, cloud architecture, financial crime, third party assurance and data analytics. A demonstrable ability to challenge existing practices in a fast-changing digital world, to add value to the organisation as a critical friend, whilst also transforming audit and assurance through the use of technology to further develop audit best practice.

The role will play a key corporate leadership role in the FCAs transformation, contributing to audit and assurance that will make the FCA the innovative, agile, assertive, data led regulator that we are becoming.

The role will be based in London, with hybrid working practices and an expectation of being based in the office 50% of the time.

Key responsibilities:

• Develop and deliver a long-term strategy for the directorate, aligning to the FCA’s transformation goals and objectives of becoming a more data-led, innovative, agile and assertive regulator. Lead the audit planning processes to ensure that the areas of most significant risk to the FCA are covered with the greatest assurance intensity. Focus on the development of the organisation as a data led regulator, and the changing technological financial environment as a key aspect of this assurance. Define, implement and maintain an appropriate audit strategy, covering all divisions, processes and risks across the FCA.
• Lead the function to expand its mandate from traditional monitoring of controls and regulatory compliance, to both support/maintain and enhance delivery of a robust control environment in combination with delivering business insight to the organisation. Enable the division to become more digital enabled in the way that it delivers audit best practice. Add value by identifying opportunities to improve business performance, identifying control aspects of process that can be improved, enhanced or refined.
• Develop and deliver an audit operating model that provide the right audit capability for the organisation across the full range of its capabilities. Design, procure, manage and develop that model utilising internal and external expertise in a manner that delivers efficient, effective and independent audit advice to the organisation. Exercise strong budgetary control to optimise the efficiency of the function, without compromising on coverage or quality.
• Ensure that the function interfaces with other risk and oversight divisions (management, risk and compliance oversight) to ensure optimal coverage of the FCA’s key business risks. Develop, coordinate and manage effective relationships with a wide range of internal and external stakeholders. Participate as an effective team member and corporate leader, working collaboratively with stakeholders and peers to achieve business goals.
• Participate proactively as an adviser to key management boards/committees throughout the FCA on the results of the audit work providing expert insight, reporting and guidance on governance, risk and controls. Communicate assurance and audit findings in a concise and commercial manner, that adds value, promotes a robust control environment, and provides thought leadership to the FCA.
• Lead, direct, coach, motivate and continuously improve the capability of the internal audit team. Lead the coaching and development of colleagues. Act as a change agent within the organisation, demonstrating a willingness to spearhead new initiatives that will lead to improvements in audit and assurance, leading a culture of continuous improvement. Positively support an environment of knowledge sharing and thought leadership within the function and with external networks, to capture value from best practice opportunities.
• Ensure that internal auditing standards and requirements are fully understood and applied. Develop and maintain a quality assurance and improvement programme that covers all aspects of internal audit activity, continuously monitors its effectiveness and efficiency and adheres to the Principles of International Standards for Internal Auditing. Ensure compliance with the requirements of best practice corporate governance and financial services regulations.

What will the candidate get from the role?

• Joining the Senior Leadership Team at the FCA during an exciting and challenging time of great change in financial services and its regulation.
• Ability to focus on audit and assurance in a data led, technologically fast moving environment.
• Leading a directorate of talented and committed people through significant projects whilst also delivering on business-as-usual objectives.
• Exposure to strategic issues and key players in the world of finance, both nationally and internationally.

Skills/Experience required

Minimum

• Significant experience in an Internal Audit environment, with a particular focus on fast moving technological and data orientated environments.
• Acts truly independently as the leader of the third line of defence. Works collaboratively and closely with risk, compliance, oversight and the line to deliver a high-quality audit environment.
• A proven leader in an internal audit team in a business operating at scale, with significant consumer exposure and with an experience of operational challenges.
• Previous experience in designing, developing and strategically managing a range of internal audit operating models. A proven leader of teams, able to enthuse, motivate, inspire, coach and develop a team to high performance.
• Significant experience of managing and influencing key stakeholders, including Boards and Executive Committees. Demonstrable ability to work effectively in a matrix environment, and across business areas to communicate an internal audit vision and strategy and to inspire the business to deliver against that plan. As well as to act as corporate leader, leading and driving the organisation’s business strategy.
• Experienced in transforming audit and assurance through the application of technology to further develop audit best practice. High level of experience and expertise in their field, as well as experience of areas such as cyber security, cloud architecture, financial crime, third party assurance and data analytics.

Essential

• An ability to think beyond the boundaries of own organisation, with contemporary knowledge of market developments, new technologies and leading-edge data analytics.
• Experienced in challenging existing practices in a fast-changing digital world, adds value to the organisation as an independent and critical friend.
• Experience of leveraging technology to transform and improve audit effectiveness. Ability to translate strategy into concrete plans, operate decisively, take accountability for decisions and has a track record of surpassing targets set. Proactively seeks to identify obstacles and look for solutions.
• Deep commercial awareness and expertise, awareness of the strategic issues facing businesses in a broad range of different markets. An ability to analyse and identify the medium and long terms needs of the business, and to understand the regulatory, political and financial environment in which the FCA operates.
• Driven to seek out leading edge practices and innovations, embrace change, challenge, question and experiment. Able to deal with ambiguity and the need to change plans and priorities to meet organisational needs.

Desirable

• Understanding of financial services and the different approaches and tools used by the FCA in a regulatory environment

The FCA’s Values & Diversity

Our ambition is to create a diverse and inclusive workplace that reflects the society we serve, helping us to be a better regulator. We serve the public and our decisions directly affect the wellbeing of people, businesses and the UK economy. So, our values matter. They represent the culture we aspire to every day, guiding our judgements, building trust and helping us to be ‘At our best’.

We particularly welcome applications from women, disabled, and minority ethnic candidates, as under-represented groups.

As an inclusive employer, we are open to considering flexible working arrangements, including job shares. Please inform your recruiter if you wish to apply for this role on a flexible basis.

Useful information

• The closing date for this role is 23.55 on Sunday 5 November 2023
• Salary range for this role is £175,000- £220,000
• Selection will be via a two-stage interview and psychometric assessment
• This role will be based in London at 12 Endeavour Square, Stratford.
• If successful, you will be required to obtain and retain SC Clearance.
• We operate a hybrid working policy with an expectation all colleagues are in the office a minimum of 40% of their time. We expect senior leaders to spend a minimum of 50% of their working time each month in the office.

Please contact Sadaf Hussain- HR (Executive Recruiter), with any questions on Sadaf.hussain1@fca.org.uk.

Conflicts of interest

All applicants to the FCA are required to demonstrate that they do not have other interests likely to conflict with their responsibilities as an employee of the FCA. You should declare any potential conflict of interest as early as possible in the selection process, and also disclose information or personal connections that, if appointed, might be open to misperception.

Any potential conflicts of interest will not prevent candidates going forward to interview but may, if appropriate, be explored during the interview to establish how the candidate would address the issue(s) should they be successful in their application.