Eswatini Development Finance Corporation (FINCORP) Group is a reputable Development Finance Institution offering a diverse range of selected financial products at grassroots level. FINCORP Group comprises of two other subsidiaries namely First Finance and Finsure Insurance Brokers. We present a career development opportunity for interested professionals to be part of this growing entity.
Purpose of the Job
The incumbent will report to the Group Managing Director and the Risk, Finance and Audit Committee Chairman. Mainly responsible for annual audit planning; providing assurance on controls; enforcing adherence to policies and procedures throughout the company and its subsidiaries. The incumbent is expected to add value by helping the organisation accomplish its objectives through a systematic, disciplined approach in evaluating and causing improvement and effectiveness of internal controls and governance processes.
Key Duties & Responsibilities
Develop and administer an annual internal audit plan in line with the Company’s Risk Management framework and present to the Risk, Finance & Audit Committee for their approval.
Evaluating adequacy of internal controls and compliance to controls, policies and procedures
Plan and oversee audits of operations’ general controls to assess adequacy of controls and compliance with all the controls, policies and procedures.
Develop and maintain Internal Audit Procedures to ensure best practice and that the audits address specific areas of risk management.
Perform tests to assess the adequacy of controls and also evaluate significance of audit findings.
Respond to ad hoc requests to address control issues on new business processes, policies and procedures, and provide consultative services to management.
Report findings to the Risk, Finance and Audit Committee highlighting any areas of concern and the resultant action plan.
Contribute to continuous improvement of the company’s internal control systems, policies and procedures and recommend changes as necessary.
Conducting Follow-Up Audits
Follow up of all audit issues raised by internal and external audit
Agree action plan necessary to implement the audit recommendations with the relevant departments.
Bachelor of Commerce Degree in Accounting or equivalent qualification obtained from a reputable tertiary institution and must have successfully completed articles. Should be a member of the Institute of Internal Auditors. A Certified Internal Auditor designation will be an added advantage. At least 5 years’ experience in a leadership role within an internal audit environment.
Key Competences (Skills)
Strategic thinking ability.
Report writing skills.
High level of integrity
High level of interpersonal skills.
Key Performance Areas (KPAs)
Formulation of effective annual audit plans.
Evaluating adequacy of internal controls and to controls, policies and procedures
Compile Risk, Finance and Audit Committee Reports
Provide leadership to Internal Audit Team.
The company will offer remuneration commensurate to the position.
Applications should be sent only by email to mailto:firstname.lastname@example.org marked “Application: Senior Manager Internal Audit” addressed to The Group Managing Director, FINCORP, P.O. Box 6099, Mbabane not later than 14 May 2019.
The Swaziland Development Finance Corporation (FINCORP) was launched by His Majesty King Mswati III in November 1995 with the main objective of economically developing the Swazi people through the provision of accessible financial services. FINCORP is a registered private corporation with two shareholders namely the Swaziland Government and Tibiyo TakaNgwane with a share holding of 80% and 20% respectively.
FINCORP’S objectives are: -To finance and promote the development of Swazi-owned Enterprises; -To support the expansion of loan financing to SMEs; -To provide general purpose finance to SME, monitoring, technical transfers and development of other products and services for SMEs; -To facilitate access to institutional development services and increase the long-term capacity of Swazi owned enterprises.
Currently FINCORP offers multiple financial services and lending products. The Financial services include; -Credit – Provision of loans to local Swazi entrepreneurs. -Leasing facilities – facility whereby the financial institution purchases assets for its clients and leases the asset until full payment of the debt has been made resulting in the assets ownership being transferred to the client. -Insurance – A service provided by our insurance agency, facilitating and implementing any terms and conditions requiring credit life and asset insurance for the clients loans.
The Products include; -Start up capital -Working capital -Micro loans - Umtfombo Loans -Agribusiness finance -Asset lease finance -Long-Term Contract finance -Order finance -Lines of credit -Business acquisition on title deed land
A repayment rate of at least 90% has been maintained since inception whilst the portfolio at risk has been kept within acceptable parameters.
FINCORP currently has six main distinct departments namely: Business Loans Department, Agricultural Loans Department, Finance Department, Information Technology Department, Personnel Department, Legal Affairs Department and a standalone subsidiary company, FIRST FINANCE COMPANY, offering microloans. FINCORPS executive management are: -Acting Managing Director - Mr Dumsani J. Msibi -General Manager - Mr. Sikolemaswati Ntshalintshali -Manager Finance & Admin - Mr. Justice B. Simelane -Manager Business - Mr. Sipho Mkhwamubi -Manager Agribusiness - Mr. Mlungisi Hadebe -Manager Legal Affairs - Ms. Lomalangeni Kunene -Manager IT - Mr. Innocent ThwalaActing Managing Director - Mr Dumsani J. Msibi
THE BOARD OF DIRECTORS
The Executive Management reports to a Board of Directors made up of eight (8) Non Executive Board Members. The Board is comprised of a group of multi skilled individuals appointed by the shareholders namely Government (6 Directors including MD) and Tibiyo Taka Ngwane (3 Directors) as per the shareholders’s agreement. The Managing Director is also a member of the Board and he is appointed by the shareholders. The board members are: -Mr. Musa Dlamini - Chairman of the board -Mr. Musa Mdluli - Chairman of the Audit, Finance and Risk Committee -Mr. Mandla Mavuso - Member -Mr. Musa Sibandze - Member -Mr. Simanga Simelane - Member -Ms. Sizakele Dlamini - Member -Ms. Phindile Dlamini - Member -Mrs. Maureen Gabuza - Member
BOARD SUB-COMMITTEES The Board has two sub-committees namely Audit, Finance & Risk Committee and the Remunerations Committee.
Members of the Audit, Finance and Risk Committee are: -Mr. Musa Mdluli - Chairman -Mr. Dumsani J. Msibi -Ms. Dlamini Sizakele -Mr. Simanga Simelane
Members of the Remunerations Committee are -Mr. Musa Sibandze -Mr. Mandla Mavuso -Mr. Dumsani J. Msibi
Company Secretary is Mr. Sikolemaswati Ntshalintshali
The corporations funding partners are: 1. OPEC Fund 2. Swaziland National Provident Fund 3. Norsad 4. African Alliance Swaziland
BANKERS The corporations bankers are:
1. First National Bank Swaziland Limited P. O. Box 261 Eveni Swaziland
2. Standard Bank Swaziland Limited P. O. Box A294 Swazi Plaza Swaziland
3. Nedbank Swaziland Limited P. O. Box 68 Mbabane Swaziland
AUDITORS The corporations auditors are:
Pricewaterhouse Coopers P. O. Box 569 Mbabane Swaziland
INTERNAL AUDITORS The corporations internal auditors are:
KPMG Chartered Accountants (SWD) P. O. Box 331, Mbabane Swaziland