VP, Planning Regulatory Affairs, Internal Audit Department

Internal Audit Department of SMBC is responsible for examining the overall internal control system including the effectiveness and efficiency of operations and compliance with applicable laws and regulations.

Internal Audit Department, Asia Pacific Division (IADAP) conducts internal audits of the operations of all SMBC units and departments. The IADAP team which is based in Singapore, is primarily responsible for the audits of SMBC units and activities in Asia Pacific region. The team may also be called upon to support audits conducted in the other regions.

Considering the growth and transformation of IADAP to cater to business growth and increasing regulatory demands, it is critical to enhance IADAP-Planning capability to manage regional regulatory affairs of IADAP and to develop internal audit training infrastructure and maintain high level competency of IADAP teams.

To be a key member of Planning team and play key role in managing regional regulatory affairs on Internal Audit and to be responsible to conduct training and executing the IADAP training framework and training plan, including adherence to compliance training and supporting staff development needs of the department.

Responsibilities

1. Management of Regulatory Affairs

a.     Regulatory Management

1. Request Oversight: Proactively monitor and oversee all regional regulatory requests concerning internal audits, ensuring timely and accurate responses to all inquiries.
2. Compliance Assurance: Conduct reviews of internal policies and procedures to verify adherence to external regulations and internal standards, identifying any gaps or areas of non-compliance and developing action plans to rectify them.
3. Stakeholder Coordination: Act as the primary point of contact for internal and external stakeholders, facilitating clear communication of progress status of action plans to address non-compliance or proactive strengthening in internal audit processes. This includes interacting with legal, compliance, and operational teams to gather necessary information and insights.
4. Compliance Reporting: Prepare and present comprehensive reports summarizing compliance status for IADAP management.

b.     Compliance Oversight

1. Support for Compliance Training: Collaborate with Head of Planning to monitor adherence to compliance training requirements of IADAP and the Bank.
2. Self-Reviews and Monitoring: Facilitate compliance self-reviews within IADAP to identify potential compliance issues and areas for improvement, helping to maintain a culture of accountability and transparency.
3. Regulatory Database Maintenance: To maintain the accuracy and completeness of the regulatory database, ensuring that all relevant regulations, compliance requirements, and audit trails are consistently updated and easily retrievable.
4. Communication with Regulatory Bodies: Assist IADAP management in crafting clear and concise communications to regulatory bodies, ensuring that all submissions reflect the organization’s commitment to meeting regulatory expectations and requirements.

c.     IA Strategic Development

1. Trend Analysis: Continuously monitor the regulatory environment and industry best practices to identify emerging trends and risks that could impact the internal audit function or the organization as a whole.
2. Policy Recommendations: Based on identified trends and risks, proactively recommend policy changes or improvements to existing audit processes, ensuring that the internal audit function remains agile and responsive to changes in the regulatory landscape.
3. Strategic Planning: Participate in strategic planning sessions within IADAP to align the internal audit strategy with overall organizational goals and objectives, ensuring that audit resources are allocated effectively to handle regulatory matters collectively as a department.

2.     Training and Development

1. Training Framework Development: Create a robust training framework tailored to the needs of the internal audit team, ensuring comprehensive coverage of relevant topics, skills, and competencies required for effective performance.

2. Workshop Organization: Regularly organize workshops, seminars, and other educational events to promote continuous learning and professional development within the team.
3. Skill Assessment: Conduct regular assessments of team members’ skills and knowledge to identify specific training needs and tailor development programs accordingly.

d.     Mentorship and Guidance

1. Mentorship Programs: Establish mentorship programs that pair junior staff with experienced auditors, promoting professional growth and knowledge transfer within the team.
2. Promote Collaboration: Foster a collaborative environment where team members are encouraged to share insights, experiences, and best practices, contributing to a culture of continuous improvement and teamwork.
3. Feedback and Support: Provide regular, constructive feedback to junior staff, helping them to identify strengths and areas for improvement, while offering guidance on career development opportunities within the organization.

Requirements

• Minimum of 10 years of relevant experience in internal audit function, preferably in the banking environment.
• Experience in managing regulatory and compliance matters for internal audit function.
• Experience with providing training, and development and execution of training framework and training plan.
• Familiar with regional regulatory bodies in banking industry, with preference in knowledge of regulatory expectations/requirements on internal auditing. (e.g. Monetary Authority of Singapore, Reserve Bank of India, Bank of Thailand, Bank Negara Malaysia, State Bank of Vietnam etc).
• Proficient in both spoken and written English.
• Good interpersonal and stakeholder management skills.
• Good team player as well as able to work independently.
• Meticulous, disciplined and self-motivated individual with the passion to pursue excellence.