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Chief Internal Auditor
On behalf of our client, Portico Benefit Services, KeyStone Search is conducting a retained search for a Chief Internal Auditor.
Company Date Portico Benefit Services Chief Internal Auditor Page 2 of 6
ORGANIZATION BACKGROUND Portico Benefit Services (Portico), a ministry of the Evangelical Lutheran Church in America (ELCA), is a non-profit provider of health and retirement benefits with related services solely designed to help plan members of the ELCA and other faith-based organizations live and serve well throughout their ministry and their lives. A changing environment and evolving member needs have brought strategic change to Portico’s design and delivery of products and services in recent years. Formerly known as the ELCA Board of Pensions, Portico continues the church's long legacy of caring for its leaders. Lutherans first established a fund to assist pastors and their families in need 230 years ago. Today, Portico’s vision is to be a recognized leader in inviting its members to lead healthy lives and achieve financial security. Under the direction of President and CEO Jeff Thiemann, Portico’s 230 employees serve more than 7,000 congregations and organizations, which partner with Portico to provide benefits. More than 50,000 members, rostered and lay leaders (and their families), use ELCA benefits to live well during their working years and in retirement. Portico combines the strength of nationally recognized organizations like BlueCross BlueShield, the Mayo Clinic, Fidelity Investments, Ernst & Young and others into a benefit program uniquely suited for those who serve the church, offering advantages such as nationwide portability, social purpose investment options, and the housing allowance designation for eligible retirement plan distributions. We currently have over $7.0 B assets under management. These assets are managed by Portico Benefit Services investment unit in addition to external money managers such as T. Rowe Price Associates, PIMCO, BlackRock Financial Management, JPMorgan Asset Management, and State Street Global Advisors. Portico differentiates itself from other organizations with similar product offerings by excelling in the following: Caring for those we serve Developing strong relationships with all stakeholders leading to deep understanding of their requirements Integrating needs of the church with our need to be a high performing business Delivery of large-scale platforms to local ministries
Company Date Portico Benefit Services Chief Internal Auditor Page 3 of 6
Mission Provide retirement, health and related benefits and services to enhance the wellbeing of those who serve through the Evangelical Lutheran Church in America and other faith-based organizations. Vision Those we serve lead healthy lives and achieve financial security. Values Portico Benefit Services staff developed and implemented these values in the fall of 1998. • Integrity – We act with honesty, sincerity and accountability. – We communicate fully and openly. – We act in the best interests of our customers, employees and the ELCA. • Excellence – We share a continual commitment to improve our quality of service. – We encourage and recognize leadership, innovation and personal responsibility. – We seek to understand what our customers expect and strive to exceed that expectation. • Respect – We value individuals and their diverse contributions and styles. – We treat everyone with dignity and respect. – We strive to create a work environment of openness and trust. • Stewardship – We embrace our mission in the ELCA to serve those who serve. – We responsibly manage all resources entrusted to us by our customers. – We strive to provide financial security and support the well-being of those we serve. • Collaboration – We work together to achieve common goals. – We place the goals of the organization above departmental and individual goals. – We support each other in our challenges and celebrate our successes.
OVERVIEW OF THE POSITION The Chief Internal Auditor (CIA) is responsible for the internal audit effort for Portico Benefit Services. The position reports administratively to the COO and CFO, and also reports directly to the Audit Committee Chair. The CIA develops the internal audit plan for Portico, including financial, operational, regulatory, and automated systems. The CIA ensures that all risk exposures are appropriately reviewed, analyzed and controlled in a cost-effective manner. The CIA prepares and delivers written and oral reports to the Audit Committee, and meets with the Audit Committee at least four times per year, including private executive sessions with the committee. The CIA also
Company Date Portico Benefit Services Chief Internal Auditor Page 4 of 6
administers the Internal Audit function and supervises the Internal Audit staff, including contract auditors, and prepares and maintains department budget. The CIA provides primary contact for the external auditors and coordinates external audit requirements with internal audit work. The CIA coordinates with Enterprise Risk Management/Quality to identify areas to achieve performance excellence and process improvement.
PRIMARY RESPONSIBILITIES Assesses areas of risk and internal controls throughout Portico to determine the scope and objectives of the audits. Plans and prepares the annual audit schedule for current year. Reviews the internal audit plan with senior management and the Audit Committee. Reviews the preparation of audit programs, and provides guidance to staff to obtain knowledge of the area. Reviews all work papers prepared by staff to ensure internal audit quality standards are followed and all appropriate control issues are identified. Analyzes findings and recommendations for impact on operations. Meets with management to discuss findings and obtain responses. Reviews audit reports prior to presentation to Portico management and Portico Board of Trustees Audit Committee. Manages relationship with external auditors for Portico, and serves as staff liaison for the Audit Committee with the external auditors. Meets quarterly with the Audit Committee and the Finance Committee of the Board of Trustees. Presents information to the Audit Committee on internal control issues, recent audit reports and findings. Participates in discussions with the Audit Committee and senior management on various control issues. Meets quarterly in executive session with the Audit Committee. Maintains an internal audit staff to provide adequate coverage in accordance with plans and guidelines. Provides written policies and procedures to guide the audit staff. Directs the performance of special reviews as may be requested by the Audit Committee and Senior Management.
Company Date Portico Benefit Services Chief Internal Auditor Page 5 of 6
Interfaces with Director, ERM/Q to identify areas to enhance performance excellence and process improvement. Keeps current as to developments within the profession and changes in accounting and auditing standards and practices. Completes findings follow-up to ensure recommendations have been implemented or are in the process of implementation in accordance with management’s report response. Meets monthly with the president to review audit findings, overall audit results and audit plans.
QUALIFICATIONS The successful candidate will have a minimum 10 years of internal audit experience, with at least four years of supervisory/management experience. He or she will possess strong business and information technology knowledge and excellent analytical, technical, interpersonal and written/oral communication skills. The Chief Internal Auditor will excel at working with all levels of management and Portico team members and will foster a cooperative spirit with all units of Portico while maintaining independence in the reporting findings. This individual must also have a track record of building strong mutually beneficial relationships and achieving results through empowering people. The Chief Internal Auditor will have experience in control environments and systems auditing, an understanding of financial instruments and markets and IIA professional standards, procedures and policies. A Bachelors Degree in accounting, finance or related field and a CPA, CIA or MBA is required.
COMPENSATION The compensation package for this position is competitive and attractive and includes participation in the organization’s comprehensive benefits plan.
Company Date Portico Benefit Services Chief Internal Auditor Page 6 of 6
Confidential contacts or nominations may be made to: Bob Schoenbaum Principal 612-375-8898 email@example.com Lisa Curtin Principal 612-375-8989 firstname.lastname@example.org
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