Senior Associate, Internal Audit

Jersey City, NJ, USA ● Nashville, TN, USA Req #376
Saturday, June 18, 2022

Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. Click here for more information about Fortitude Re.

Position Summary

Fortitude Re’s Senior Associate, Internal Audit provides independent and objective assurance, advice, and insight guided by a philosophy of adding value to improve the operations of Fortitude Re. The Senior Associate, Internal Audit assists Fortitude Re in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of Fortitude Re’s control environment including risk management, operational, financial, internal control, and governance processes.

As Senior Associate, Internal Audit you will be part of Fortitude Re’s growing audit team in the Nashville, TN or Jersey City, NJ offices. You will report directly to the Vice President Internal Audit and collaborate with Fortitude Re stakeholders, counterparties, external auditors and third-party service providers to:

  • Support the development of a portfolio of audits to ensure that audit projects and stakeholders focus on key risks and controls
  • Support the development of the internal audit function
  • Partner with the business to identify and analyze the inherent risks and the controls that management has implemented to mitigate their risks
  • Validate that the Company operates in a controlled environment with appropriate risk-management processes.
  • Evaluate the adequacy and effectiveness of the Company’s internal controls using a risk-based methodology developed from professional auditing standards.
  • Contribute to the overall effectiveness and value of internal audit by recommending and developing innovative approaches and solutions (e.g. the use of data analytics, automation, and agile audit methodologies)

Fortitude Re is seeking a highly engaged audit professional with insurance or financial services industry experience and strong technical and interpersonal competencies.  We are looking for candidates that are proactive, continuous learners and open to improved ways of doing things, both with business stakeholders in the development of solutions to problems and internal audit processes.

The ideal candidate will possess an entrepreneurial mindset and a blend of IQ (technical skills, consistent learning, statistical & financial acumen) and emotional intelligence or EQ (adaptive communication, empathy, listening skills, challenging with humility). Internal audit also looks for diverse backgrounds of experience, culture and thought. Successful candidates will be part of a diverse organization working within a team-oriented environment. You will gain a unique view of Fortitude Re, as part of planning and executing on all aspects of the audit process and risk assessment activities and will build close working relationships with business and functional leaders.

Key Responsibilities

  • Assist in the development and execution of a risk-based audit plan
  • Execution of all phases of the audit, including scope determination, audit planning, fieldwork and testing, discussion and documentation of findings, and report writing.  Ensure the execution of the audit plan within departmental methodologies and standards.
  • On-going communication with business line management to follow-up on previously identified audit issues, as well as execution of testing to verify closure
  • Clearly and concisely communicate audit results or other key messages to a variety of constituents, including senior business and audit management, and advise on emerging industry or regulatory topics/issues that may impact audit coverage
  • Continuously update the business risk and control environment assessments, including key risks and controls, through periodic client meetings, ad-hoc walkthroughs, monitoring of key business metrics and data analytics
  • Interact with regulators for regulatory examinations, status updates and other queries, as needed
  • Some travel may be required

 

Position Requirements

  • 4 years of relevant internal or external audit experience
  • Bachelor’s or Master’s Degree
  • A certified professional designation (e.g., CPA, CIA, CISA, CRISC, CISSP) is expected
  • Excellent verbal and written communication skills, including demonstrated ability to communicate with senior management
  • Solid understanding of the internal audit process including risk assessments, planning, scheduling, reporting, continuous auditing
  • Ability to multi-task between several projects through the use of strong project management skills
  • Think independently and critically while pinpointing key risk areas, and articulate thoughts effectively to diverse audiences
  • Thoughtful and decisive behavior in dealing with challenging situations
  • Strategic thinker who possesses and promotes a culture of intellectual curiosity
  • Experience with auditing leveraging the use of data analysis tools is a plus (e.g. MS Excel tools, Access, ACL, IDEA, Qlikview, Tableau etc.)
  • Experience working in the financial services/insurance industries a plus

 

It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories. 
                                                                                                                                                 
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

Other details

  • Job Family FA - Finance
  • Job Function Associate/Sr Associate
  • Pay Type Salary
Location on Google Maps
  • Jersey City, NJ, USA
  • Nashville, TN, USA