Internal Auditor/ Risk Officer

Position Summary

Barents Re Reinsurance Company Inc. is seeking a senior professional to lead its Internal Audit function and coordinate its enterprise risk management framework. The combined Internal Auditor / Risk Officer appointment operates under separate mandates and governance arrangements approved by the Board and the Cayman Islands Monetary Authority (CIMA), with safeguards designed to preserve the independence and objectivity of Internal Audit. The role requires direct engagement with the Board of Directors, the Audit Risk and Compliance Committee, senior management, CIMA, external auditors, actuarial specialists, service providers, rating agencies, and business units in English- and Spanish-speaking jurisdictions.

Key Responsibilities

Develop, maintain, and periodically update the Internal Audit Charter, manual, methodology, policies, and procedures in line with applicable CIMA requirements and the Global Internal Audit Standards. Prepare the annual and multi-year risk-based Internal Audit Plan, budget, and resource requirements for review and approval by the Internal Audit Committee and Board. Plan and execute financial, operational, compliance, governance, and technology audits across underwriting, claims, retrocession, investments, financial reporting, banking and reconciliations, expenses, outsourcing, cybersecurity, and other material processes. Assess the design and operating effectiveness of internal controls and compliance with the Company's policies, manuals, delegated authorities, business plan, and legal and regulatory obligations. Issue clear reports setting out scope, methodology, findings, risk ratings, root causes, agreed actions, owners, and implementation dates. Present audit results to the Internal Audit Committee and Board of Directors, monitor management action plans, and independently validate the closure of findings. Lead or support forensic investigations and special assurance reviews when required, while preserving confidentiality, evidence integrity, and professional objectivity. Provide guidance and training to relevant staff on internal controls, audit readiness, remediation, and sound governance practices. Maintain and enhance the enterprise risk management framework, including the Risk Management Policy, risk appetite and tolerance framework, risk register, key risk indicators, escalation thresholds, and risk reporting protocols. Facilitate enterprise and operational risk assessments, including Risk and Control Self-Assessments (RCSAs), and challenge the completeness and quality of risk identification and mitigation plans. Monitor material and emerging risks, including underwriting, reserving, credit, market, liquidity, operational, legal and regulatory, cybersecurity, outsourcing, strategic, and reputational risks. Coordinate risk-event, breach, and corrective-action reporting and promptly escalate material changes in the Company's risk profile to the appropriate committee and the Board. Coordinate and contribute to the Own Risk and Solvency Assessment (ORSA), capital adequacy and solvency assessments, stress and scenario testing, and economic-capital analysis in collaboration with actuarial and finance specialists. Prepare and present accurate risk reports for management, the Risk and Compliance Committee, the Board, CIMA, rating agencies, and other stakeholders as required. Monitor relevant Cayman Islands regulatory developments and assess their impact on the Company's risk management, governance, capital, outsourcing, and reporting arrangements. Promote a strong risk culture through practical guidance, constructive challenge, training, and timely follow-up with business units and control owners. The role has direct access to the Company's Owners and Board, as required, and operates independently of management when performing Internal Audit responsibilities with unrestricted access to records, personnel, committees, and the Board. The successful candidate must satisfy applicable CIMA fitness and propriety expectations and obtain any approval or non-objection required to perform the combined Internal Auditor / Risk Officer appointment. Prior experience in a CIMA-approved internal audit and/or risk management role is highly desirable.

Required Education and Experience

• Bachelor’s degree in Accounting, Auditing, Finance, and/or Risk Management.
• Master's degree in Internal Audit, Forensic Auditing, Risk Management or Finance.
• Minimum 10 years of progressive experience across internal audit, enterprise risk management, and regulatory compliance within the financial services sector.
• At least five 5 years of hands-on experience in insurance or reinsurance, including responsibility for risk-based internal audits and enterprise risk management activities.
• Demonstrable experience applying the Cayman Islands regulatory framework to a regulated insurer or reinsurer, preferably a Class D reinsurer, including Board and committee reporting and interaction with CIMA.
• Proven experience preparing risk-based audit plans, audit reports and workpapers, risk registers, RCSAs, key risk indicators, ORSA inputs, risk-event reports, and remediation tracking.
• Working knowledge of CIMA requirements and guidance relevant to insurers, including corporate governance, risk management, internal controls, solvency and capital, cybersecurity, outsourcing, and AML/CFT obligations.
• Practical understanding of reinsurance operations, including underwriting, claims, retrocession, investments, counterparty exposure, concentration risk, and financial reporting.

Required Skills and Working Conditions

• Advanced analytical and financial-analysis skills, including advanced proficiency in Microsoft Excel and the ability to evaluate complex quantitative and qualitative information.
• Excellent written and verbal communication skills in English and Spanish. Spanish is essential because the role audits and coordinates risk matters with business units, records, and stakeholders in Spanish-speaking jurisdictions.
• Ability to communicate independently and credibly with the Board, committees, regulators, rating agencies, auditors, actuarial professionals, senior management, and control owners.
• Willingness and ability to travel internationally on short notice. Based on documented business needs, assignments usually exceed two consecutive months and may arise several times per year.
• Strong leadership, organisation, stakeholder-management, confidentiality, professional scepticism, and sound judgment.
• Professional certification such as CIA, CRMA, CPA, ACCA, CISA, or a recognised equivalent is preferred.
• Active membership in a recognised chapter of The Institute of Internal Auditors (IIA) is preferred.

Remote or hybrid working arrangements are not available for this role.