Insurance Regulatory Authority (IRA) Jobs in Kenya

1.     Head of Internal Audit and Risk Management
2.     Senior Inspection Officer
The Insurance Regulatory Authority is a state Corporation set up to regulate, supervise and develop the insurance sector in Kenya. The Authority is now seeking applications from qualified Auditors to fill the following positions.
Head of Internal Audit and Risk Management
Overall Purpose
Responsible directly to the Board Audit and Corporate Governance Committee and indirectly to the Chief Executive
for developing and implementing a comprehensive loss and waste prevention programme through independent,
systematic and objective audit reviews as well as programmatic evaluations of business policies, systems, processes
and practices.
Core Duties and Responsibilities

  • Develop, implement and evaluate internal control framework for preventing and detecting irregularities such as fraud, theft, dishonesty and negligence as well as managing, and profiling organizational risk factors.
  • Determine the adequacy of internal controls by conducting protective and constructive audits of control mechanisms, financial records, administrative procedures, workflow process as well as Management Information and Systems.
  • Examine and inspect activity records, accounting systems and procedures relating to organizational assets to determine their efficiency and the degree of resource utilization.
  • Monitor and review procurement policy and other procedures including staff recruitment and selection process to ensure that all decisions made comply with approved guidelines.
  • Analyze data for evidence of deficiencies and weaknesses in internal controls, duplication of effort, extravagance, fraud or lack of compliance with approved policies and government regulations pertaining to the procurement and disposal of public property.
  • Provide leadership in the conduct of special audits to investigate and discover the mechanics of fraud; also develop effective controls for fraud prevention and provide suggestions for improving accountability and performance.
  • Coordinate and interact with members of the Board Audit and Corporate Governance Committee, all staff, and with external auditors and Government agencies as necessary.
  • Evaluate progress and status of steps taken to address any current and past audit comments received from all external audits in order to follow up on the implementation of their recommendations.
  • Review and evaluate the progress made in achieving specific objectives as outlined in the accountability and performance contract signed with the Government and report findings to management.
  • Prepare and submit written reports of findings concerning scope of audit and make recommendations for the improvement of operations.
Key Competencies
  • Demonstrated knowledge of principles, procedures, and practices of accounting and financial record keeping including government policy and accounting procedures.
  • Demonstrated knowledge of audit procedures, and a solid understanding of internal control systems.
  • Proficiency in spreadsheet databases, word-processing, and presentation applications, including computerized finance, accounting, auditing, and record keeping systems and experience working with large and complex data sets.
  • Ability to provide timely and accurate information to Board’s Audit and Governance Committee, key stakeholders on matters related to audit without compromising the independence or objectivity of the internal audit function.
  • Ability to communicate and work independently without supervision and to maintain highest integrity and confidentiality of information.
Minimum Qualifications
  • Master’s degree in business administration, commerce, accounting, finance, economics or equivalent qualifications.
  • Professional accounting qualifications such as CPA, ACCA, ACA or ACMA and membership to a relevant professional body.
  • Minimum eight (8) years relevant professional experience in the areas of accounting and audit gained from an organization with strong internal control frameworks.
Senior Inspection Officer
The Authority is now seeking applications from qualified Auditors to join its Surveillance/Inspection team.
Overall Purpose
Responsible to the Assistant Manager Surveillance for implementing and evaluating programmes aimed at securing
compliance of insurance industry players through surveillance, inspection and supervision in line with the requirements of the Insurance Act and other prudential requirements as established by the Authority.
Core Duties and Responsibilities
  • Provide team leadership in the design, implementation and evaluation of effective programmes aimed at securing compliance of industry players in accordance with the requirements of the Insurance Act.
  • Coordinate and supervise the implementation of inspection policies; procedures practices and processes and ensure that they support the objectives and goals of the Authority.
  • Enforce policy guidelines and best practices including a risk-based model for routine supervision of insurance firms with a view to focus on selected insurance companies and the specific areas of their operations considered to be the most risky.
  • Conduct regular and ad-hoc supervision, inspection and investigation of insurance companies to secure compliance with prescribed requirements both on site and off site.
  • Prepare reports on insurance companies performance indicating compliance levels and adherence to prudential guidelines and market benchmarks.
  • Develop and implement a system for rating insurance companies according to their financial viability and management capacity for the purpose of identifying companies which should be subjected to closer supervision.
  • Review incidents of non-compliance and other failures to meet regulatory obligations and recommend administrative and legal sanctions in line with prescribed statutory requirements.
  • Participate in education and training programmes designed to update stakeholders on the requirements of the Insurance Act.
  • Enforce measures to strengthen good corporate governance, ethical business practices, internal controls and auditing systems to improve the overall compliance environment.
Minimum Qualifications
  • Bachelor degree in accounting, audit, insurance or finance and CPA (K) or equivalent professional qualification.
  • Masters degree, CISA or related field would be an added advantage.
  • Membership to a relevant professional body.
  • Over six (6) years post graduation experience as an auditor in a reputable audit firm.
Key Competencies
  • Strong communication and interpersonal skills.
  • Demonstrated experience in the design and implementation of audit tools and procedures.
  • Expertise in forensic accounting and audit procedures
  • Proficiency in computer applications such as Microsoft office. Must have hands on experience on computer assisted audit techniques.
Terms of offer
An attractive remuneration package commensurate with the responsibilities of the position will be negotiated with the
right candidate.
If you believe you are the right candidate for the above position and can clearly demonstrate your ability to meet the
qualification given, please submit your application with a detailed CV, stating your position, remuneration, qualifications, experience, names and addresses of three referees, email and telephone contacts together with copies of your certificates and testimonials by Friday, 25th June 2010 to:
The Chief Executive Officer
Insurance Regulatory Authority
Zep -Re Place
P.O Box 43505-00100, Nairobi