Manager - Internal Audit (Insurance Sector)

About the role:

To provide independent and objective assurance and advisory services over insurance operations, financial reporting, governance, risk management, and regulatory compliance in line with SAMA and Insurance Authorities regulations, IIA Global Internal Audit Standards (2024), and IFRS.

Responsibilities:

• Plan and execute risk-based internal audits across underwriting, claims, reinsurance, policy administration, finance, investments, and treasury.
• Develop Risk \& Control Matrices (RCMs) and perform control design and operating effectiveness testing.
• Prepare and issue draft and final audit reports with clear observations, root causes, risk ratings, and actionable recommendations.
• Review internal controls over IFRS 17, IFRS 9, and IFRS 13\.
• Assess adequacy of technical provisions, reserves, actuarial assumptions, and ICFR / ICoFR frameworks.
• Evaluate effectiveness of governance structures including Board, Committees, and Delegation of Authority (DOA).
• Review policies, procedures, SOPs, and Enterprise Risk Management (ERM) alignment with COSO.
• Liaise with senior management, Audit Committee, Risk \& Compliance teams, external auditors, and actuaries.
• Present audit findings, status updates, and key risk themes to senior stakeholders.
• Ensure compliance with IIA Global Internal Audit Standards (2024), QAIP requirements, and support IA strategy and annual planning.

Qualifications:

• Bachelor’s or master’s degree in accounting, Finance, or Business
• 5–12 years of relevant experience (depending on role level)
• Prior experience in insurance sector audits (KSA preferred)
• CIA (Highly preferred)
• CPA / CA / ACCA

Technical Skills:

Strong understanding of:

• Insurance underwriting \& claims processes
• Reinsurance structures
• IFRS 17 / IFRS 9
• SAMA regulatory framework

Hands-on experience with:

• RCMs
• Audit methodologies

Soft Skills

• Strong analytical and report-writing skills
• Ability to challenge management professionally
• Good communication