Head of Internal Audit IKSA -Riyadh| Financial Services| Orient Insurance (SA) Full Time NEW

Job Requisition ID: 177134 

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United A”rab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world’s most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organisation to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate. 

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.

Job Description: 

The Head of Internal Audit is responsible for leading the internal audit function, ensuring the effectiveness of governance, risk management, and internal control processes across the organization. The role provides independent, objective assurance and advisory services in line with regulatory requirements and industry best practices within the Saudi insurance sector.

What you will do 

1. Audit Leadership & Strategy

• Develop and implement a risk-based internal audit plan aligned with organizational objectives.
• Lead, manage, and mentor the internal audit team.
• Ensure audit activities comply with professional standards and regulatory requirements.
• Report functionally to the Audit Committee and administratively to senior management.

2. Governance & Compliance

• Ensure compliance with regulations issued by Saudi Central Bank and other applicable laws.
• Evaluate the effectiveness of corporate governance frameworks.
• Act as a key liaison with external auditors and regulators.

3. Risk Management

• Assess and monitor enterprise risk management frameworks.
• Identify key risk areas, including underwriting, claims, reinsurance, and investments.
• Provide recommendations to mitigate financial, operational, and compliance risks.

4. Internal Controls & Assurance

• Review the adequacy and effectiveness of internal controls.
• Conduct audits across all departments including finance, operations, IT, and underwriting.
• Ensure timely follow-up and closure of audit findings.

5. Reporting & Advisory

• Present audit findings and recommendations to executive management and the Audit Committee.
• Provide advisory services on process improvements and internal controls.
• Prepare periodic audit reports and dashboards.

6. Fraud Prevention & Investigation

• Lead investigations into suspected fraud or irregularities.
• Promote a strong anti-fraud culture within the organization.

Required Skills to be successful

• Bachelor’s degree in accounting, Finance, or related field (Master’s preferred).
• Professional certifications such as CIA, CPA, ACCA, or CISA are highly preferred.
• Minimum 10+ years of experience in internal audit, with significant experience in the insurance sector.
• At least 5 years in a leadership or managerial role.
• Strong knowledge of Saudi regulatory environment and insurance operations.

What equips you for the role

• Strong leadership and team management skills.
• In-depth understanding of insurance processes (underwriting, claims, reinsurance).
• Excellent analytical, problem-solving, and decision-making abilities.
• High level of integrity and professional ethics.
• Strong communication and stakeholder management skills.
• Proficiency in audit tools and data analytics.

Key Relationships

• Audit Committee
• Board of Directors
• Executive Management
• External Auditors
• Regulatory Authorities (e.g., Saudi Central Bank)

Performance Indicators (KPIs)

• Completion of annual audit plan
• Timely closure of audit findings
• Effectiveness of risk mitigation measures
• Regulatory compliance status
• Audit quality and stakeholder satisfaction

About Orient Insurance PJSC

Orient Insurance Company commenced operations in 1982 as a part of the reputed Al-Futtaim Group and has since recorded a progressively steady growth. The Company is counted among the leaders in the UAE insurance market. Orient Insurance Company has a paid-up capital of AED 500 million which is the highest in the insurance industry in UAE. With head office in Dubai, the company serves its clientele through an extensive branch network in Jebel Ali, Abu Dhabi, Al Ain, Sharjah and Ras Al Khaimah in UAE, Muscat in Sultanate of Oman, Riyadh in Kingdom of Saudi Arabia and Bahrain.

Tagged as: admin, Al Futtaim, automotive, Director, Dubai, erp, healthcare, Intern, ITI, labor, management, manager, retail, ship, UAE

Source ⇲
Al Futtaim Private Company LLC - Custom Search locationMulti:(AE)