Team Member - Financial Risk CoE

Aditya Birla Group

30d ago

Job
Full-time
Senior & Expert Level
Consulting
Accounting & Tax
Thane

AI generated summary

You must execute financial risk audits, conduct revenue and cost reviews, assess vendor management, ensure compliance with regulations, and engage stakeholders for effective risk mitigation.
You will execute financial risk audits, conduct reviews on revenue, costs, procurement, and compliance, assess controls, provide recommendations, and engage with stakeholders for improvements.

Requirements

Ensure timely and quality execution of the financial risk audits strategy and plan in accordance with the professional auditing standards, best practices, internal policies/guidelines and applicable laws/ regulations
Implement and adhere to the defined processes for coverage of financial risk management emanating out of various regulatory circulars / guidelines across various regulators (RBI, IRDAI, SEBI, PFRDA, AMFI)
Conduct Revenue recognition review (~200 -250 across all business) in line with the nature and complexity of the business; Review the major lines of revenue for each line of business within the ABCL group; Identify the area vulnerable to risk and assess the controls in place for mitigating the financial risk; Perform assessment of financial risk and control and recommend systemic improvements for mitigating the financial risk and enhancing the maturity level of the controls
Conduct cost audits (~100-150) across major areas of cost across the entities within the ABCL group; Recommend improvement areas for enhancing the efficiency of controls toward cost optimization
Conduct procurement and vendor management reviews (~500 major procurement items/ agreements by value / volume); Assess the process relating to procurement including Opex, Capex, Infrastructure with regards to effectiveness of the processes and controls relating to vendor due diligence, onboarding, price finalization, Service level agreements (SLA), adherence to SLA and pay outs to the vendors
Conduct review of third party outsource vendors reviews (~100-200 outsourced vendor reviews) with regards to controls in place at the vendors in line with the defined SLAs; Assess the Outsourcing risk management framework with regards to processes and controls for assessment of outsourced activities and monitoring and manging of outsourcing risk
Conduct review of business partners / channel partner / bank partner arrangement (out of the 2 lakh+ agents/channel partners and bank partners); Review the process for ensuring adherence to the SLAs and controls over pay outs / revenue recognition emanating from the agents/channel partners and bank partnership arrangements
Conduct review in line with the regulatory guidelines relating to adherence to Share dealing Code and prevention and detection of Insider trading across the entities based on the nature and complexity of the business, scale and size of the business and number of person with potential UPSI; Review the process of access to information and monitoring of trades across the 34,000+ employees; Review the processes to prevent potential leakage of UPSI which may result in detailed inquiry and strict action from SEBI
Conduct specialised reviews through use of extensive data analysis and advanced forensic techniques on trading transactions data across employees in line with the SEBI requirements and the share dealing code for instances pertaining to violation of share dealing code / potential insider trading; leakage of UPSI;
Ensure timely and quality execution of the audit plan for proactive identification and remediation of financial risk relating to various business products, processes and units
Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks
Active engagement with stakeholders for implementation of recommendations for effective risk mitigations and improvement in the control environment
Execute strategies for identification of triggers / risk hotspots and conduct unplanned reviews / investigations based on various triggers/ hot spots, directives received from regulators, board committees and senior management
Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives
Execute continuous monitoring for effective ongoing monitoring of risk relating to various business products, processes and units; Identify and develop 5000+ automated test for ongoing monitoring of financial risk across the various entities within the ABCL group
Effective communication and reporting to various stakeholders where appropriate
Active and Proactive Engagement within the Internal audit as well as with Business and Functional stakeholders across lines of business/customer segment/product/channel in relation to the financial risk audits
Continuous development of self and the team through regular learning and sharing of knowledge / best practices.

Responsibilities

Ensure timely and quality execution of the financial risk audits strategy and plan in accordance with the professional auditing standards, best practices, internal policies/guidelines and applicable laws/ regulations
Implement and adhere to the defined processes for coverage of financial risk management emanating out of various regulatory circulars / guidelines across various regulators (RBI, IRDAI, SEBI, PFRDA, AMFI)
Conduct Revenue recognition review (~200 -250 across all business) in line with the nature and complexity of the business; Review the major lines of revenue for each line of business within the ABCL group; Identify the area vulnerable to risk and assess the controls in place for mitigating the financial risk; Perform assessment of financial risk and control and recommend systemic improvements for mitigating the financial risk and enhancing the maturity level of the controls
Conduct cost audits (~100-150) across major areas of cost across the entities within the ABCL group; Recommend improvement areas for enhancing the efficiency of controls toward cost optimization
Conduct procurement and vendor management reviews (~500 major procurement items/ agreements by value / volume); Assess the process relating to procurement including Opex, Capex, Infrastructure with regards to effectiveness of the processes and controls relating to vendor due diligence, onboarding, price finalization, Service level agreements (SLA), adherence to SLA and pay outs to the vendors
Conduct review of third party outsource vendors reviews (~100-200 outsourced vendor reviews) with regards to controls in place at the vendors in line with the defined SLAs; Assess the Outsourcing risk management framework with regards to processes and controls for assessment of outsourced activities and monitoring and manging of outsourcing risk
Conduct review of business partners / channel partner / bank partner arrangement (out of the 2 lakh+ agents/channel partners and bank partners); Review the process for ensuring adherence to the SLAs and controls over pay outs / revenue recognition emanating from the agents/channel partners and bank partnership arrangements
Conduct review in line with the regulatory guidelines relating to adherence to Share dealing Code and prevention and detection of Insider trading across the entities based on the nature and complexity of the business, scale and size of the business and number of person with potential UPSI; Review the process of access to information and monitoring of trades across the 34,000+ employees; Review the processes to prevent potential leakage of UPSI which may result in detailed inquiry and strict action from SEBI
Conduct specialised reviews through use of extensive data analysis and advanced forensic techniques on trading transactions data across employees in line with the SEBI requirements and the share dealing code for instances pertaining to violation of share dealing code / potential insider trading; leakage of UPSI;
Ensure timely and quality execution of the audit plan for proactive identification and remediation of financial risk relating to various business products, processes and units
Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks
Active engagement with stakeholders for implementation of recommendations for effective risk mitigations and improvement in the control environment
Execute strategies for identification of triggers / risk hotspots and conduct unplanned reviews / investigations based on various triggers/ hot spots, directives received from regulators, board committees and senior management
Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives
Execute continuous monitoring for effective ongoing monitoring of risk relating to various business products, processes and units; Identify and develop 5000+ automated test for ongoing monitoring of financial risk across the various entities within the ABCL group
Effective communication and reporting to various stakeholders where appropriate
Active and Proactive Engagement within the Internal audit as well as with Business and Functional stakeholders across lines of business/customer segment/product/channel in relation to the financial risk audits
Continuous development of self and the team through regular learning and sharing of knowledge / best practices.

FAQs

What is the primary objective of the Team Member - Financial Risk CoE role?

The primary objective is to ensure timely and quality execution of financial risk audits in accordance with professional auditing standards and internal policies, while proactively identifying and remediating financial risks across various business products and processes.

What types of audits will I be responsible for conducting in this role?

You will conduct financial risk audits, revenue recognition reviews, cost audits, procurement and vendor management reviews, third-party vendor reviews, and business partner arrangement reviews.

How many reviews or audits will I be expected to conduct annually?

You will be expected to conduct approximately 200-250 revenue recognition reviews, 100-150 cost audits, 500 procurement reviews, and 100-200 outsourced vendor reviews each year.

How does this role contribute to compliance with regulatory guidelines?

The role involves conducting reviews in line with regulatory guidelines related to financial risks, adherence to Share dealing Codes, and prevention of insider trading, ensuring compliance with laws from regulators such as RBI, IRDAI, SEBI, PFRDA, and AMFI.

Will I have to engage with stakeholders in this role?

Yes, active engagement with stakeholders is required for the implementation of recommendations aimed at effective risk mitigation and improving the overall control environment.

What kind of strategies will I develop for continuous monitoring?

You will execute strategies for identifying risk hotspots, conduct unplanned reviews or investigations based on triggers, and develop over 5000 automated tests for ongoing monitoring of financial risks across various entities within the ABCL group.

What types of skills or experiences are preferred for this position?

Preferred skills include strong analytical abilities, knowledge of audit practices, familiarity with regulatory frameworks, effective communication skills, and experience in risk management.

Is there an emphasis on learning and development in this role?

Yes, there is a strong emphasis on continuous development of self and the team through regular learning and sharing of knowledge and best practices.

What is the expected communication style within the team and with stakeholders?

The communication style is expected to be effective and proactive, facilitating regular updates and engagement with both internal audit teams and business stakeholders.

What measures are in place to ensure the quality of audits?

The role emphasizes adhering to defined processes and best practices, professional auditing standards, and ongoing monitoring of audit outcomes to ensure quality execution of the audit plan.

Aditya Birla Group

Manufacturing & Electronics

Industry

10,001+

Employees

Mission & Purpose

We are Big In Your Life. A journey like no other. Offering innovative products and services, reaching out to millions globally, adding value and adding purpose. As a global industrial powerhouse, we impact millions of lives daily. A global conglomerate, Aditya Birla Group is in the League of Fortune 500, anchored by an extraordinary force of over 187,000 employees belonging to 100 nationalities across 41 countries. We are Big In Your Life through a myriad of offerings, from aluminium beverage cans to construction materials, fashion wear, tyres and plastics, voice and data services, and much more. Our seven decade-long growth journey is underpinned by our philosophy of responsible business practices and stakeholder value creation. Today, Aditya Birla Group businesses are global powerhouses across sectors such as metals, pulp and fibre, chemicals, textiles, carbon black, telecom and cement. Our overseas operations across North America and South America, Europe, Africa and Asia account for 50% of the Group's revenues. We are an employer of choice and were named the 'AON Best Employer in India' for 2018 - the third time in the last seven years.