General Summary of Position
The Vice President (VP) of Internal Audit will lead MedStar Health's Internal Audit function, which is responsible for evaluating the adequacy and effectiveness of the organization's internal control systems to assure efficient accomplishment of strategic plans/goals while in compliance with applicable laws and regulations. The VP of Internal Audit supports MedStar Health's Audit and Compliance Committee in effective discharge of its governance responsibilities by providing an objective and independent assurance function. In addition, the VP of Internal Audit assists the organization in accomplishing its strategic and operational objectives by evaluating and providing recommendations for improving the effectiveness of risk management, internal controls, and governance processes.
Primary Duties and Responsibilities
- Conduct risk assessments in partnership with the Vice President of Compliance and develop/ implement a risk-based internal audit plan that aligns with the organization's objectives and regulatory requirements.
- Lead and manage a team of internal auditors, providing guidance, mentorship, and oversight to ensure audits are conducted effectively and efficiently.
- Evaluate the adequacy and effectiveness of internal controls, risk management practices, and governance processes across the organization.
- Communicate audit findings and recommendations to senior management and the Audit and Compliance Committee, highlighting areas for improvement and driving accountability for corrective actions.
- Stay abreast of emerging trends, best practices, and regulatory developments in internal audit and governance, ensuring the organization remains compliant and well-prepared.
- Foster a culture of continuous improvement within the internal audit function, promoting innovation, efficiency, and excellence in audit execution.
- Collaborate cross-functionally with other departments, including Finance, Legal, Compliance, and Operations, to address business risks and enhance organizational resilience.
- Conduct special investigations and ad-hoc projects as required by senior management or the Audit and Compliance Committee.
- Ensure that the internal audit activities are conducted consistent with the organization's bylaws and other governing documents, the internal audit department charter, and the Global Internal Audit Standards and other applicable professional standards.
- Ensure that all audit reports and department deliverables are clear and impactful, and use effective/efficient communication techniques to convey audit results and necessary action plans.
- Facilitates and coordinates the department's internal and external quality assurance and improvement program.
- Participates in multidisciplinary teams, committees and meetings and represents the department/organization in furtherance of strategic activities as appropriate.
- Develops and recommends department budgets and ensures that department operates within budget.
- Is a strategic partner and supportive, consistent, and active member of the Administrative Leadership Team (ALT); fully engaging in and supporting the company mission and SPIRIT Values.
Minimum Qualifications
Education
- Bachelor's degree in accounting, finance, economics, information systems or related degree required
- Master's degree (or equivalent) in finance or accounting, finance or related degree from an accredited college or university preferred
Experience
- Minimum of 15 years relevant experience with an audit firm or internal audit department of a reputable large organization with at least 7+ years in an executive role; exposure to best practices in risk management, control and governance process required. required
- Healthcare experience required
- Experience reporting to senior management and board. required
Licenses and Certifications
- Must possess one of the following professional certifications: Certified Internal Auditor (CIA), Chartered Public Accountant (CPA), or Certified Information Systems Auditor (CISA). Licenses should be active and current, meeting ongoing CPE requirements. Required upon hire
Knowledge, Skills, and Abilities
- Excellent presentation, verbal and written communication skills, including the ability to communicate concisely with all levels of associates, to include executives, and board members.
- Understanding of the relevant regulatory requirements for the subject areas and past experience working with regulatory bodies.
This position has a hiring range of $280,900 - $380,100
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