- Oversee and manage the internal control function within the organization.
- Ensuring the organization's compliance with regulations, safeguarding assets, and mitigating risks through the development and implementation of robust internal control processes and procedures.
- Develop and implement the internal control strategy, policies, and procedures in alignment with the organization's goals and regulatory requirements.
- Create a roadmap for enhancing internal control systems and continuously improve processes.
- Identify and assess potential risks and control weaknesses within the organization.
- Collaborate with other departments to understand their processes and risks, and provide guidance on risk mitigation.
- Design and maintain a comprehensive internal control framework to ensure effective risk management.
- Establish and monitor key control activities and metrics to evaluate the adequacy of controls.
- Stay updated on relevant laws, regulations, and industry standards.
- Ensure the organization's compliance with all applicable laws and regulations.
- Plan and execute internal audits to assess the effectiveness of internal controls and provide recommendations for improvement.
- Monitor the implementation of audit recommendations.
- Maintain accurate documentation of internal control processes, policies, and procedures.
- Prepare and present periodic reports to senior management and the board on the status of internal controls and any identified issues.
- Conduct training and awareness programs for employees to promote a culture of compliance and risk awareness.
- Develop incident response protocols to address any breaches of internal controls and initiate corrective actions.
- Evaluate and monitor the risks associated with third-party vendors and partners.
- Manage the budget for the internal control department, ensuring cost-effectiveness in achieving departmental goals.
