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Internal Audit Director - Equities & Financing
Barclays Capital
New York, NY, United States
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Description
About Barclays
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. Please visit our website here for more information.
Barclays offers investment banking products and services globally. We provide large corporate, government and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. The Equities and Financing desks are part of the Markets business and includes the following areas:
• Equities Liquid Market: Offers a full service sales and trading platform for listed Equities products across all major geographies. The business makes market, facilitate and place basket orders for clients. It also executes client orders for listed and over-the-counter options, related hedge transactions in underlying stocks, and Convertible Bonds.
• Equity Derivatives (EFS): Cross-Asset structured solutions providing derivatives, structured products and strategic investment for Retail and Institutional clients.
• Financing (Equity and Fixed Income): Responsible for funding the firm’s inventory of Fixed Income and Equity Products, and to cover firm shorts across these asset classes, whilst also providing financing products and markets to external counterparties. Primarily provides financing to clients in order to deliver their own investment objectives. Activities include financing via margin lending, securities borrow/lending and synthetics, Repo (Government and Corporate), trade execution, custody, account and reporting services.
• Agency Derivatives Services (ADS) - Global business that provides futures execution, clearing, intermediation and settlement services to both internal trading desks and external customers.
Barclays Internal Audit
Barclays Internal Audit (BIA) Vision: Leaders in Assurance
• Be Brilliant: Leading edge assurance; Leading edge people; Leading edge thinking
• Be Impactful: In the business; In the community and In the profession
• Be Agile: Be independent, a respected voice, innovative and efficient.
BIA Overview: BIA aims to provide independent, reliable, valued, insightful and timely assurance to the Board and executive management over the effectiveness of governance, risk management and control over current and evolving risks, in the context of the current and expected business environment and in accordance with the international standards definition of internal auditing.
Role Purpose
To define the audit plan for the business area, setting the overall audit coverage strategy and ensuring it contributes to the BIA strategy. Lead the team in the delivery of the audit plan.
Work collaboratively with others to develop strong client relationships and become an independent, respected voice. Attend committees and track initiatives within the business.
Work collaboratively to drive progress in the team, embedding the performance culture and role modelling Barclays values and behaviours to:
• Mentor and coach others to be open, honest and reliable.
• Provide constructive, open and timely feedback to support personal and career development of others to achieve their full potential.
• Identify and develop talent.
• Identify opportunities for potential secondments or transfers to the Business or other parts of BIA for talented staff.
• Share knowledge with others across team/function.
• Recognise and celebrate the contribution made by those around.
• Promotes a culture of learning from mistakes.
Seeks to increase all aspects of diversity in their area through the decisions they
make and the attitudes they promote, challenging the attitudes of others were necessary.
Role model global communication, information sharing, and socialisation/inclusion in decision-making.
Inter-lock with other specialist teams seamlessly and effectively.
Key Accountabilities
• Define appropriate coverage strategy and audit plan for the business, in collaboration with Global Directors, taking into consideration the Audit Risk Appetite, the current and expected business environment, the regulatory requirements and the resourcing levels within the Function
• Establish strong relationships with senior leadership within the business. Maintain independence and become a respected voice who independently checks and challenges management and uses superior influencing and negotiation skills to ensure audit reports are delivered successfully, are impactful, balanced and proactively contribute to the risk and control environment of that business
• Lead discussions with senior leaders in the business regarding audit observations and issues, consulting with colleagues across BIA where required. Act as a respected voice without undermining the independence of the function to ensure client and customer view points are considered in decision making and recommendations
• Build a deep understanding of the strategy of each business area of the organisation which may impact the audit plan, including social/economic/technological trends in all client and customer groups; drive team to pursue similar understanding
• Assign audit and line management responsibilities, providing direction and guidance to direct reports while maintaining an in-depth knowledge of activities in each area
• Guide, review and approve work carried out on audit assignments to ensure the scope of work is appropriate, controls are correctly identified, assessed and carried out in accordance with BIA Methodology, policies, professional standards and budget and ensure all documentation meets required quality standards.
• Apply interpretative thinking to enable problem solving in complex and sensitive situations; act as point of escalation for the team where senior leadership is required
• Escalate to Markets MD and Leadership team where appropriate, critical control and risk management issues, weaknesses or irregularities of material significance in the existence of application of controls
• Oversee the production of concise and insightful commentary and information for BIA wide reporting, e.g. Markets Risk and Control/Governance Risk and Control/Board Audit Committee.
• Promote a culture of efficiency through use of expert knowledge, automated auditing techniques and commercial drivers to focus and deliver the audit plan and support the BIA strategic direction
• Attend Business Infrastructure Committees where businesses’ key updates, issues and concerns are discussed with a view to ensure improvements are made to the overall control environment. Proactively contribute to the forum.
• Manage the pipeline of issue validation (AIV) effectively.
Stakeholder Management and Leadership
• The key clients and stakeholders will be Senior heads of the Business, trading heads, front office, sales along with infrastructure team’s that support the front office trading business. In addition, there will be extensive interaction and correspondence with regulators in the UK and US. The candidate will be expected to:
• Possess excellent communication skills (verbal and written) to effectively communicate to clients.
• Build relationships with the business on key initiatives, attending key committees and sharing their view of the business’ control assessments.
• Lead discussions with clients regarding audit observations, and agreeing audit issues
• Develop a wide network of contacts across BIA and the business to identify and work towards common goals.
• Know our clients/customers and understand how the team’s work benefits them.
• Solid experience in management and leadership of teams
• Passionate about developing talent, with a track record of contributing to talent development of the team through coaching, mentoring and providing constructive feedback
Personal Specification
Basic Qualifications
• 10+ years of experience auditing an investment bank or experience working in a related sales, trading or support infrastructure role.
• 5+ years of people management experience
Preferred Qualifications
• Extensive experience in risk based auditing or risk/control/front office activities around trading and sales of Equities and Financing products.
• Demonstrate understanding of the complexities of large corporate organisations and how to apply to role.
• Demonstrate deep understanding of the trading, sales, operations, risk management, finance and product control activities relevant to the role.
• Extensive experience of developing and maintaining relationships with executive management.
• Track record of success/high performance in a large, matrix organisation
• Team management experience
• Evidence of driving change/leading business initiatives/contributing to team and function strategy
• Relevant professional qualifications (e.g. CIA, CMIIA, ACCA, CISA, for audit roles; technical qualification for specialist risk team roles; and graduate degree for all)
Risk and Control Objective
All Barclays colleagues have to ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Barclays Policies and Policy Standards
Benefits
Our customers deserve the best. The same goes for our employees. That's why at Barclays you'll receive a range of benefits that include a competitive salary and all the tools, technology and support you need to succeed.
Our Culture
Everything we do is shaped by the five values of Respect, Integrity, Service, Excellence and Stewardship. The values inform the foundations of our relationships with customers and clients, but they also shape how we measure and reward the performance of our employees. Simply put, success is not just about what you achieve, but about how you achieve it.
Dynamic working gives everyone at Barclays the opportunity to integrate professional and personal lives, if you have a need for flexibility then please discuss this with the hiring manager.
Barclays is an equal opportunity employer and are opposed to discrimination on any grounds. For more detailed information, please visit our dedicated Diversity and Inclusion site here.