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Senior Internal Audit Specialist

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Professional Job ID 13636 Company Munich Re Services Employment type Regular Area of expertise Audit, Compliance & Legal
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Together, we engage with everything we have and are, to help humankind act braver and better.

Shared Services:

A Shared Service Provider to Munich Re Specialty Group (including, inter alia, Munich Re Syndicate Limited), Munich Re UK Life Branch (Life Reinsurance provider), Great Lakes Insurance SE UK Branch and UK Subsidiary (specialty providers of primary insurance services in the UK), Hartford Steam and Boiler Engineering Insurance Limited (primary insurance provider) and Bell and Clements (Lloyd’s Broker and MGA).  

About the role:

As part of the UK Internal Audit Hub you’ll provide audit services to Munich Re’s UK entities to assist Senior management in the achievement of the Company’s strategic objectives. As a trusted advisor, you will build effective relationships while contributing independent value added assurance and recommendations across a wide variety of business processes. 

As an individual, we’ll invest in your development as well as offer a market competitive remuneration package and a superb package of benefits including flexible working. 

Key Responsibilities: 

  • Audit engagement activities

  • Undertake and own internal audits in either the lead, standalone or supporting roles.

  • Utilise audit tools and techniques which are the best fit for the topic, including defining, obtaining and analysing whole population datasets.

Reporting, Monitoring & follow-up activities

  • To formally report the findings, conclusions, and recommendations. 

  • To provide a risk-level grading to audit findings, areas of scope and report opinions.

  • To take ownership for monitoring the implementation of recommendations by stakeholders.

  • To plan and conduct follow-up audit work, where considered necessary, in order to evaluate the satisfactory completion of original audit recommendations.

Relationship management activities and audit planning

  • To develop relationships with stakeholders as agreed with the Head of Audit.

  • To gain a deep understanding of the organisation.

  • Proactively contribute to the audit planning process.

General Duties and Tasks:

  • To provide ad-hoc consultancy as requested.

  • To keep up-to-date with internal and external regulations and internal audit best practice.

  • To contribute to the continued development of the audit function.

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement. 

Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals. 

Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction. 

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear. 

Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

  • Demonstrable primary insurance knowledge, including Lloyd’s of London. 

  • Sound knowledge of controls, risk management, compliance and corporate governance. 

  • Able to conduct underwriting audits effectively. 

  • Knowledge of UK regulatory requirements.

  • Demonstrable ability to spot patterns and trends, deducing cause and effect, using data analytics.

Desirable

  • CISA / Accountancy qualification / CIA / Internal audit professional.

  • Reinsurance experience.

Qualifications and Educational Requirements: 

  • Degree level education or relevant experience.

  • Internal auditing or insurance qualification.

People Leaders:

You are aware of your role (as a leader) in being able to influence your team structure and culture to promote principles of diversity and inclusion.

You strive to continuously educate yourself on best practice for inclusive leadership.

You demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You support a culture in which high ethical conduct is recognised, valued and embodied by all

You treat everyone fairly and with respect.

Thought Leaders:

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others. 

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the role will also become responsible for:

  • Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed. 

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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