Internal Audit Manager: Strategic Risk

At Absa, a leading African financial institution with a century-long legacy, an opportunity has arisen for a seasoned professional to step into the role of Internal Audit Manager, focusing on Strategic Risk. This position is based in Johannesburg and is integral to ensuring the group's strategic foresight and execution capabilities are robust and resilient. Absa is committed to fostering an inclusive environment where all employees can thrive, and as such, encourages applications from all suitably qualified individuals, with a potential preference for candidates from underrepresented designated groups in line with the organisation's Employment Equity objectives.

About the Role

This pivotal role is designed to provide independent assurance regarding how Absa identifies, manages, and capitalises on strategic risks. It delves into the critical processes of translating the group's overarching strategy into actionable priorities and achieving the intended strategic and transactional outcomes. The scope of this position encompasses strategic risk management, the effective execution of strategies, and the evaluation of material mergers and acquisitions (M&A) activities. A key focus will be on gaining early visibility into execution risks, ensuring effective management responses are in place, and that value realisation is maximised.

The position requires a deep understanding and application of the Group's Enterprise Risk Management Framework (ERMF). This involves applying the Evaluate–Respond–Monitor process to strategic objectives, assessing the identification and evaluation of risks, scrutinising management's response strategies, and diligently monitoring the effectiveness of these responses and any shifts in the risk profile. Understanding strategic risks, which stem from the group's strategic choices, execution activities, supporting systems, and the organisation's agility in adapting to evolving business trends, technological advancements, and customer needs, is paramount. Ultimately, the assurance provided will cover both the quality of strategic decisions made and the effectiveness of their execution within defined risk appetites, ensuring intended outcomes are met.

The Internal Audit Manager for Strategic Risk will be entrusted with several key responsibilities, ensuring comprehensive oversight and assurance across critical strategic functions:

• **Strategic Risk Assurance:** Assess the effectiveness of the strategic risk framework, governance structures, risk appetite statements, policies, and assigned accountabilities. This includes evaluating the underlying strategic assumptions, scenario planning, internal and external risk drivers, and the overall quality of the strategic risk profile. You will also evaluate management's response mechanisms, monitoring processes, reporting protocols, and escalation procedures across all three lines of defence.
• **Strategy Translation and Execution:** Provide assurance over the accurate translation of the approved strategy into aligned priorities and the delivery of measurable outcomes. This involves evaluating how strategy is converted into clear objectives, performance measures, targets, initiatives, enablers, and clearly accountable owners. You will assess the alignment of capital allocation, investment decisions, human capital strategies, and technology roadmaps with strategic priorities. Furthermore, you will examine the execution governance, the quality of performance information, identified dependencies, benefits tracking mechanisms, and the timeliness of course corrections. A critical aspect will be identifying execution gaps and potential value leakage, with a strong emphasis on achieving desired outcomes rather than simply tracking activity completion.
• **M&A and Strategic Transactions:** Evaluate the soundness of decisions and the disciplined delivery of deal value in M&A and other strategic transactions. This entails assessing the strategic rationale, transaction governance, underlying valuation assumptions, due diligence processes, and the information supporting approval decisions. You will also scrutinise integration or separation planning, associated risks, critical dependencies, and operational readiness. Evaluating synergy tracking, post-deal performance, benefits realisation, and the implementation of management actions where value may be at risk will also be a key part of this responsibility.
• **Audit Delivery and Executive Insight:** Lead risk-based internal audit reviews, oversee testing methodologies, and communicate clear, concise findings and thematic insights to senior management. You will engage actively with senior stakeholders across Strategy, Risk, Finance, Corporate Development, and various business units. Effective coordination with business unit audit teams and other assurance providers is essential to prevent duplication of effort and ensure comprehensive coverage.
• **Methodology and People Leadership:** Contribute to the development and refinement of practical assurance methodologies, risk libraries, and outcome-focused testing approaches specifically tailored for strategic risk, execution, and M&A assurance. You will play a crucial role in building the team's capability through coaching, research, training, and knowledge sharing initiatives. Leading and developing a high-performing team of specialists will also be a core expectation of this role.

What They're Looking For

To excel in this role, candidates will need a substantial track record in areas such as internal audit, strategy development, strategic risk management, corporate finance, M&A advisory, or business performance management. A strong, practical understanding of the Group's Enterprise Risk Management Framework (ERMF), risk appetite, scenario analysis, strategic planning processes, performance management systems, and benefits realisation is essential. Experience with the M&A lifecycle, including valuation, due diligence, integration, and post-deal value realisation, is also highly valued.

Candidates should possess strong financial and commercial analytical skills, alongside proven executive stakeholder engagement capabilities and the ability to write concise, impactful reports. While financial services experience is preferred, a broad understanding of complex business environments will be advantageous.

Academically, a relevant degree or postgraduate qualification in accounting, finance, economics, business, strategy, or risk is required. Professional qualifications such as CA(SA), CIA, or CFA are considered advantageous. Key competencies include strategic and systems thinking, sound commercial judgement, professional scepticism, strong analytical abilities, executive influence, and demonstrable leadership in delivery and people management.

For a candidate in South Africa, this managerial role within a large financial institution typically commands a competitive remuneration package, often ranging significantly depending on experience and qualifications, but generally in the upper quartile for audit professionals. Absa, as a major employer, offers a stable and dynamic career path, with opportunities for growth within its extensive internal audit function and across the wider group.

Qualifications and competencies:

• Relevant degree or postgraduate qualification in accounting, finance, economics, business, strategy or risk.
• CA(SA), CIA, CFA or an equivalent professional qualification is advantageous.
• Strategic and systems thinking; commercial judgement; professional scepticism; analytical ability; executive influence; delivery and people leadership.

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)