Audit and Risk Committee – Lay Member (Paid role)
A vacancy has arisen for a professional who is a non-member of the IFoA (i.e. a lay member) to join the IFoA’s Audit and Risk Committee.
The closing date for this role is 7 October 2020.
To express an interest in this paid role please contact firstname.lastname@example.org providing the following:
- your full contact details and CV
- a synopsis of your relevant background and experience
- a note of your reasons for wishing to take on this role
- what you feel you could bring to this role.
All expressions of interest will be considered and a short list of candidates will be interviewed by a panel that will include the Chair of the Committee.
The Institute and Faculty of Actuaries (IFoA) is an international body with a worldwide membership of over 28,000 members of which around 14,000 are student members. 44% of its members overall and 58% of its student members are based outside the UK and increasingly actuarial practice is international. We represent and regulate members worldwide for the benefit of the outside world and oversee their education at all stages of qualification and development throughout their careers.
The main role of the Audit and Risk Committee is to ensure that key risks are being identified and addressed and that the Institute and Faculty of Actuaries (IFoA) adopts a sound approach to financial management and reporting. The committee reports directly to Council and has an oversight role rather than direct responsibility for financial and governance matters. The committee gives its views to management on the financial statements, external and internal audits, risk management and internal controls, as well as other ad hoc issues.
Term of appointment
The appointment would be for an initial term of 3 years.
The committee meets 4 or 5 times per annum. Lay members could also be asked to be part of selection panels for auditors on an ad hoc basis.
Daily rate is £ 350 (based on Ministry of Justice fees for court and tribunal appointments).
This is a key role as a full member of the IFoA’s Audit and Risk Committee. The role holder will serve alongside the Committee Chair and will be instrumental in ensuring that the IFoA acts with the highest standards of probity and financial governance.
- To provide independent, effective advice to the committee and to support the committee in fulfilling its duties as set out in the terms of reference.
- To support the Chair in fulfilling his obligations and responsibilities.
- To provide independent advice to enhance the effectiveness of the committee.
- To attend all meetings, including any closed sessions, participating fully in discussions on each agenda item.
We are seeking to appoint an individual who:
- Has strong experience of audit committee work, particularly in a similar environment,
- Has a sound understanding of the principles and practices of good corporate governance,
- Has independence of mind,
- Has some knowledge of actuaries and their work, and
- Is a qualified accountant.
We would like to encourage our members to highlight this vacancy to any suitably qualified individuals.
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