Vice President - Group Internal Audit - Conglomerate

Job opportunity for Group Head - Internal Audit role with a leading conglomerate in India.
Position Title - Vice President - Group Internal Audit
Department - Group Internal Audit
Reporting to - Group Chairman
Location - Mumbai
Experience - Minimum 15-20 years of relevant experience in internal audit, risk management, or finance roles, preferably in large organizations or diversified business groups.
Role Summary : The role will oversee internal audit and risk management across multiple Group companies. The position will work closely with Promoters, the Audit Committees and Group leadership of the respective Companies to ensure strong governance, compliance, and internal control frameworks.
Roles & Responsibilities:

1. Internal Audit Strategy & Governance:

- Ensure that the internal audit function operates in accordance with professional standards and corporate governance requirements.
- Lead the planning, execution, and completion of financial, operational, compliance, and project audits across the group.
- Evaluate the effectiveness of internal controls, risk management processes, and governance frameworks across functions such as finance, procurement, sales, project management, HR, IT, and administration.
- Conduct detailed process reviews to identify control gaps, inefficiencies, operational risks, and potential areas of financial leakage.
2. Internal Control Framework:
- Assess the adequacy and effectiveness of the organization's internal control systems and recommend improvements where required.
- Develop and strengthen Standard Operating Procedures (SOPs) and internal control mechanisms across departments.
- Identify potential fraud risks, control weaknesses, and areas of non-compliance, and recommend appropriate mitigation measures.
3. Compliance & Regulatory Oversight:
- Review and ensure adherence to internal policies, delegation of authority frameworks, and operational guidelines across the group.
- Monitor regulatory developments and assess their potential impact on the organization's operations and compliance framework.
4. Audit Reporting & Monitoring:

- Prepare comprehensive audit reports and provide periodic updates on the status of audit findings by summarizing observations, root causes, risk implications, and practical recommendations for improvement.
- Present key audit findings, risk exposures, and control deficiencies to the Chairman, Audit Committee, and senior management.
- Establish a structured audit issue tracking mechanism to monitor implementation of corrective actions and closure of audit observations.
5. Process Improvement:
- Provide strategic insights to management on strengthening governance, improving operational efficiencies, and mitigating key risks.
- Act as an Advisor to Management on matters related to governance and organizational risk by supporting in implementing best practices in risk management, internal controls and compliance.
6. Fraud Risk Management:
- Develop and implement fraud risk assessment frameworks across the organization.
- Investigate suspected frauds, financial irregularities, and control breaches when required and recommend preventive measures and control enhancements to mitigate further fraud risks.
- Promote ethical practices and strengthen whistleblower mechanisms within the organization.
7. Stakeholder & Board Engagement
- Maintain effective communication with the Chairman, Audit Committee and senior leadership on key audit findings and risk exposures.
- Facilitate discussions with functional heads and business leaders to drive closure of audit observations.