Head, Internal Control at Mutual Benefits Microfinance Bank Limited

Mutual Benefits Assurance Plc. (MUTUAL), has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances and partnerships. Today, MUTUAL is a leading brand in the Nigerian Insurance industry and well-capitalized with a team of highly trained professionals, a respectable Board and access to the International Insurance Market.

MUTUAL is the flagship of insurance in Liberia and also runs a full-fledged insurance operation in Republic of Niger, where we commenced business in January, 2014.

We are recruiting to fill the position of:

Job Title: Head, Internal Control

Location: Ebute Metta, Lagos

Job Description

Design, revise or update appropriate internal control, audit & compliance strategy and framework for the bank.
Ensure proper documentation, recording and tagging of the company’s fixed assets.
Liaise with external auditors
Makes financial control-related recommendations on specific major projects or plans.
Ensure that credit facilities to any customers or group of customers are in line with the regulatory guidelines; clearly defined internal policies and debt service capability.
Monitoring of conditions subsequent to draw down for timely detection of documentation deficiencies.
Ensure that all credits have been approved in accordance with the credit policy.
Ensure that all pre-disbursement conditions have been met.
Ensure that all collateral documents are properly kept and perfection carried out.
Review approved credit for quality, performance and compliance with approved terms & condition in the credit policy. Ensure all credit are approved in accordance with the credit policy and any regulatory guidelines. prompt escalation of any deficiencies noted
Carry out spot checks on loan customers to verify due diligence done prior to draw down
Identify all non performing accounts and pursue workout strategies in collaboration with loan officers
Ensure that limits are monitored.
Ensure that income, fees, maturing repayment & other charges are captured.
Detection and escalation of un-authorized credit.
Implementation of policy driven credit related sanctions.
Preparation of exception report as required.
Custody and maintenance of credit files.
Ensure that a review of the portfolio is carried out on a quarterly basis
Ensure that appropriate recommendations are implemented such that the desired level of credit quality and performance are attained and sustained.
Take necessary measure to ensure adequate quality assurance in operation i.e. call over. General ledger proofing/ reconciliation, integrity test, departmental control etc.
Ensure proper verification of expenses before processing and disbursement of funds.
Track bank deposits and payments
Ensure compliance on report rendition to regulatory bodies.
Ensure compliance to the bank rules, policies, and regulations.
Review of the statutory returns to regulatory authorities and government agencies to ensure accuracy and timely rendition.
Customers’ visitation for random deposit verification.
Review the accuracy and reliability of financial transaction records – cash deposits, cash withdrawals, treasury bills investments, fixed deposits, and funds transfer.
Involve in the thorough review of the bank’s accounting software, applications, digital platform and authorizations or permissions for efficiency.
Reviewed customers’ account opening documents for compliance with Know Your Customer (“KYC”) policy and anti-money laundering requirements.
Ensure compliance with the bank’s policies and conduct daily, weekly and monthly General Ledger (GL) review for reconciliation.
Conduct sweep exercise and spot check on tellers and account officers.
Schedules and plans audits; initiates project planning, assess risk and develops audit direction.
Performs preliminary planning and establishes direction for audits, provides leadership to assigned auditors, manage project to quality outcomes, while meeting established time budget.
Carry out spot checks on operational activities at branch, area and regional levels and take action on infractions or non-compliance issues.
Conduct periodic checks on payroll.
Ensure that prompt investigation of frauds, forgeries, breach of policies and procedures and serious customer complaints are conducted and ensure necessary action is taken on the outcome.
Make recommendation for policy amendments based on emerging issues in audit and internal control.
Takes responsibility for the training, coaching and mentoring of subordinates
Perform other duties and responsibilities, as may be assigned by the Managing Director or by the Board.

Qualifications

A good Bachelor’s degree/HND in Accountancy, plus Relevant professional qualification such as ICAN, CIBN, etc. MBA or M.Sc. will be added advantage.
Minimum of 7 – 10 years relevant experience in a reputable firm preferably in the Financial Services Industry, Experience in a microfinance bank setting in related role is an added advantage.
Experience in reporting to a Board/Board Committee.

Skills & Knowledge:

Proficiency in Microsoft Excel and other Microsoft office programmes
Knowledge of relevant accounting packages
Knowledge of best practices in internal control and audit
Knowledge of existing regulatory framework
Excellent reporting skills
Strategic thinking
Managerial and leadership skills
Firmness
Good oral and written communication skills
Integrity
Flair for details
Team-building skills
Skill in examining and re-engineering operations and procedures, formulating policy, and developing and implementing new strategies and procedures.