Job Description:
Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of policyholders and its policyholder-owners. Velocity Specialty Insurance Company is a new subsidiary of FM that is backed by the financial strength and legacy of FM. Velocity Specialty provides Excess & Surplus Lines coverage in catastrophe exposed market spaces and aligns with FM’s approach in understanding the hazards that can impact property losses and business continuity to provide insurance protection, not generally available in the standard/admitted market, to meet the needs of policyholders.
The Internal Auditor assists in developing the audit program and framework, and independently performs complex audit work including testing, documentation, analysis, and conclusions using defined procedures. The role plans and executes all but the most complex financial and operational audits across designated business areas to ensure soundness and adequacy of controls, alignment with best practices, compliance with audit frameworks, policies, procedures, and applicable regulations.
The position provides findings and recommendations, validates implementation of action plans, identifies innovative solutions, and operates independently except in the most complex scenarios. Additional responsibilities include evaluating the completeness and accuracy of risk assessments supporting the testing of Internal Controls over Financial Reporting (ICFR) and documented processes.
Key Responsibilities
1. Complex Audit Test Work – 40%
- Plans and conduct complex audit test work requiring the application of judgement, inclusive of financial and operational audits based on industry standard best practices, audit frameworks and applicable business policies and procedures. Auditor is responsible for developing a risk-based audit approach involving: 1. Identifying process objectives and related risks, 2. Evaluating risk likelihood and impact, 3. Identifying relevant controls, 4. Assessing the adequacy of controls based on risk, 5. Understanding when exceptions to testing or indications of additional areas of concern should be applied, and 6) Development and maturing of the audit program. Documents requests and exceptions, performs follow-ups on open document requests, and initiates document requests when supplementary documentation is needed based on testing performed. Timely delivers work product and ensure exceptions noted are investigated to determine causes or root cause for approval prior to any proposed findings and recommendations.
2. ICFR Testing – 25%
- Evaluates the completeness and accuracy of risk assessments supporting testing of internal controls over financial reporting (ICFR) related to documented processes including 1. assessing the completeness and materiality of processes and sub-processes, 2. evaluating the completeness of identified risk based on financial statement assertions, 3. assessing the adequacy of related key controls, 4. developing required test attributes for each risk a control is addressing, 5. conducting status meetings to ensure milestones and timeframes are met, and 6. providing clear written communication related to audits, audit findings, reports, memos and analyses.
3. Audit Support & Special Projects – 10%
- Prepare detailed schedules to support audit planning and execution.
- Evaluate results of analytical procedures.
- Participate in special projects and perform additional duties as assigned.
Skills & Competencies
Technical Skills
- Understanding of the IIA Professional Practices Framework, including independence and objectivity considerations.
- Knowledge of the IIA Code of Ethics and ability to demonstrate full compliance.
- Ability to maintain and develop professional competencies related to internal audit activities.
Organizational Governance
- Understand governance structure and culture.
- Complete testing procedures related to organizational governance.
- Assess effectiveness of organizational performance measures.
Internal Control Auditing
- Develop and assess control testing attributes.
- Evaluate control design deficiencies and identify exceptions.
- Assess segregation of duties, address conflicts, and perform judgment‑based financial analyses.
- Validate the reasonableness of responses and clearly document conclusions.
General Auditing Skills
- Apply sampling techniques and evaluate results.
- Assess reconciliation processes and population completeness.
- Determine appropriate sample size and apply stratification when necessary.
- Evaluate deviations and conclude on sample reliability.
Evidence Gathering & Documentation
- Assess relevance, sufficiency, and reliability of evidence.
- Determine when additional procedures are necessary.
- Prepare workpapers for complex, judgment‑based reviews.
- Manage audit data in accordance with confidentiality requirements.
IPE (Information Produced by the Entity) Testing
- Apply analytical review techniques to evaluate the completeness and reliability of IPE.
Accounting & Finance
- Working knowledge of financial and managerial accounting principles.
- Understanding of inquiry, observation, analytical procedures, and general business operations.
IT Application Controls
- Identify and assess application controls within processes.
- Evaluate related manual processes and determine when to rely on application controls.
Soft Skills
- Strong attention to detail; ability to focus despite distractions.
- Capable of multitasking in a deadline‑driven environment.
- Highly self‑motivated with strong analytical and problem‑solving abilities.
- Excellent communication skills, including the ability to effectively share relevant information in a timely manner.
- Strong judgment regarding what and how to communicate with management.
Professional Attributes
Self‑Development
- Commitment to ongoing development with clear goals and strategies.
Collaboration & Teamwork
- Work effectively with others, share relevant information, and remain open to feedback.
General Accountability
- Consistent compliance with policies and procedures.
- Strong ownership of work quality and reliability.
- Willingness to take on challenges and build a reputation for meeting commitments.
Qualifications:
Education
- Bachelor’s degree (BS/BA) in Accounting, Finance, Risk Management, Insurance, or another business field with relevant experience.
- Professional certifications such as CPA, CA, or CIA are beneficial.
Experience
- 3–5 years of internal or external audit experience; Excess & Surplus lines experience preferred.
Some travel required, pay will be aligned to VSIC, and any benefits are based on the FM benefits provided to VSIC.
The hiring range for this position is $94,000 - $134,000. The final salary offer will vary based on geographic location, individual education, skills, and experience. The position is eligible to participate in FM’s comprehensive Total Rewards program that includes an incentive plan, medical, dental and vision insurance, life and disability insurance, well-being programs, a 401(k) and career development opportunities, tuition reimbursement, flexible work and time off, including vacation and sick time.
