Hiring Organisation: Leadway Assurance Company
Leadway Assurance Company Limited was founded in 1970. Sir (Dr.) Hassan O. Odukale, (KJW, D.Sc., FCIIN).It has a chequered history of being a company with close attention to relationships, having started operations as a direct motor insurance company. Soon the relationship developed to a stage where it has established a deep relationship with the brokers’ network in Nigeria, enjoying 80% of its current business from this source.
The pivotal point at Leadway is “the customer” and the company has enjoyed a steady growth in its commitment to providing integrated insurance and financial services to its numerous customers.
The Company’s remarkable success has been possible because of its sound professional and business standards backed by the uncompromising level of integrity of its Directors. An uncompromising level of integrity of service is a tradition imbibed at LEADWAY and instilled by its late founder, Sir (Dr.) Hassan O. Odukale, KJW, D.Sc, FCIIN (1926-1999). As an astute and honest businessman the founding Managing Director and later Chairman of the Board of Directors, Sir Odukale nurtured the Company to an enviable position in the Nigerian insurance industry. His vision of dedicated service to all customers remains a guiding principle that shapes the policies of the company.
LEADWAY is a private company with 42 shareholders, 14 of which are corporate investors, and 2 Trust Corporations.
Location: Corporate Office (Lagos)
Job Type: Full-time
Employee Status: Non-Management
Division / Department: Internal Audit
Reports to: Head, Internal Audit
(Please state why this role is required, how it fits into company strategy and ROI provided by virtue of this role.)
This role is responsible for monitoring and evaluating how well risks are being managed, the business is being governed and internal processes are working to achieve the strategic objectives of the Company and protect the Company’s assets from various business risks.
The role seeks to ensure delivery of corporate objectives towards compliance with company policies and regulatory requirements by reviewing records of activities of other departments, report /discuss observed exemptions, make recommendations and monitor implementation of internal and external auditors recommendations; in addition to constant review of existing internal control strategies for efficiency and effectiveness, and to draw any weaknesses to the attention of Executive Management.
Company refers to Leadway and its associated companies including but not limited to Leadway Hotels, Leadway Capital and Trust, etc.
Dimensions of the Job
(This should list if the person will be responsible for Opex, Capex, Volumes associated with job such as large customer accounts and possible loss/impact on the company if an error occurs.)
Internal Control review
Key Result Areas:
Job Output (List the expected end results that must be achieved in order to fulfill the job purpose)
Tasks and Activities
KRA’s (What are the key activities undertaken to achieve the desired end results?)
Policy Guidelines Monitoring and Review:
Reviews compliance of the business with policy guidelines established by management.
Reviews adequacy and effectiveness of business policies and procedures and recommends improvement where required
Executes risk-based audits covering operational and financial processes.
Review of Business Processes (Financials, Technical including underwriting and claims, Administration and Human resources.):
Review management accounts on monthly basis
Review efficacy of our underwriting procedure with respect to risk rating/pricing, evaluation and reinsurance.
Assess adequacy and reasonableness of outstanding claims provision
Ascertain the accuracy, completeness and validity of claims recording and documentation in line with internal policy on claims.
Ensure complete, accurate and timely audit information is reported to Management
Internal Audit Assurance and Reports:
Ensure the integrity of Internal Audit reports and analysis.
Provide timely reports to achieve operational and strategic objectives of the company
Conducts trends and analysis on the reports and system application rolling out the reports to ensure correctness and reasonable output to aid business decisions
Continually review the processes and improve on it to ensure operational efficiency
Ensure accurate and up to date validation reports to avoid potential loss
Investigation and Policy Confirmation:
Investigation into money laundering activity
Investigation into fraudulent financial and underwriting activities.
Third-party confirmation of the authenticity of policies issued by the company and all other official documents.