Head of Internal Audit, DailyPay
$223-306k
Opportunity for equity ownership
On-demand pay platform
Open for applications
On-demand pay platform
501-1000 employees
Open for applications
$223-306k
Opportunity for equity ownership
501-1000 employees
Company mission
To build a new financial system that starts working, the minute work starts.
Role
Who you are
- This is a wonderful opportunity for a dynamic leader who seeks broad responsibility and wants to make a difference
- 10+ years of internal audit or related work experience, optimally in a high growth FinTech or SaaS company
- Excellent understanding of an internal control environment and working knowledge of regulatory compliance within the financial services industry
- Proven project management skills with the ability to juggle multiple responsibilities and deadlines
- Ownership mindset with a high degree of accountability
- Bachelor’s Degree in business/accounting/finance; advanced degree a plus
- Relevant professional qualifications (e.g. CPA, CFA, CISA)
What the job involves
- We’re looking for an exceptional Head of Internal Audit to build and lead this function in our evolving, dynamic, and growing organization
- As the initial hire, your vision will help determine the future roadmap, including determining the go-forward resource model
- You will report to the Audit & Risk Committee of the Board with administrative oversight from the CFO
- While maintaining independence, you’ll work closely with colleagues tasked with developing and implementing our ERM framework as well as those responsible for internal controls and processes
- And, your remit will require you to work across the broader organization, up to and including senior management and the Board
- As the initial internal audit hire, you will identify and recommend the appropriate resource model and then implement once approved
- Develop the internal audit plan, leveraging company risk assessments
- Lead the implementation of the internal audit plan through the execution of financial, operational, technical, and compliance related audits. Key activities include audit planning, stakeholder management, fieldwork execution, writing and presenting audit reports, and the subsequent validation of remediated audit findings
- Develop audit reports on the effectiveness of the internal control structure for an executive level audience (Audit and Risk Committee; Board of Directors), ensuring reported findings are appropriately documented and supported by evidence
- Manage the process to track, follow-up, and evaluate the adequacy and timeliness of management’s responses and the corrective action taken on any findings, including validation of remediation activities
- Coordinate the activities of external audit and other third party assessors, including how best to leverage the work performed and results produced from Internal Audit’s control evaluation where possible
- Keep current on emerging trends and best practices that can be incorporated into the function, including regulatory requirements
- Validate the effectiveness of the control environment by leading periodic control certifications for all documented controls
- Serve as a value-add and advisory function to business partners by identifying ways to address audit findings or opportunities for enhancements with the goal of mitigating risk and improving financial and operational performance without compromising the third line of defense’s independence and objectivity
- Communicate with and educate process owners effectively, including non-finance individuals, on the importance of controls, an effective control environment, and the role of Internal Audit
- Assist with responses to regulatory inquiries and exams as they relate to internal audit matters
- Promote new ideas and innovative means of executing projects and internal infrastructure enhancements focused on process or technology improvements
Our take
DailyPay hopes to transform the financial system through providing enterprises with on-demand pay solutions, including a raft of market-leading products and programs.
The fast-growing on-demand pay sector is fuelled both by added financial stressors for employees post-pandemic, and a real employee appetite for on-demand pay - in addition to hopes it will combat the draw of predatory payday loans. Multiple surveys suggest over half consider it an attractive benefit. This should incentivize adoption, as companies are likely to enjoy a competitive edge when it comes to employee recruitment and retention.
DailyPay’s leading reputation has, fortunately, attracted larger businesses who can take the hit, like Macdonalds, Kroger, and Lidl. The company has raised impressive funds which are cited to support domestic growth and international growth. This will allow DailyPay to invest in further product innovation.
Steph
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 7 rounds)
Jan 2024
$75m
LATE VC
May 2021
$175m
SERIES D
Total funding: $279.8m
Company benefits
- 401(K) with 4% match
- Unlimited PTO
- Medical, Dental & Vision Plans
- Annual Learning Stipend
- DailyPay for DailyPay
Company values
- Do Your Research - Knowledge is power. Study, internalize and research so you can have a well-reasoned view. It’s about being prepared but also understanding that your view can change and evolve as you continue to do your research.
- Start Simple - When taking on something new, the key is to just get started. Don’t worry about automating everything, or having the perfect answer. Start simple. Test, learn, iterate.
- See The Circle - Every DailyPayer is part of this bigger mission and we are all working towards the same goal. Regardless of what you’re working on, you have a circle of colleagues that surround you. Involve them early and often, because it will make us stronger.
- Pull The Wagon - Winning takes teamwork, ambition and diligence, not egos. Pitch in and do whatever it takes to move the company forward. Leaders pull the wagon alongside the team. They don’t direct orders from it. Set the example. You’ll also probably learn more by doing so.
- Move The Line - Every day, in everything you do, challenge yourself and move the line. Push your own boundaries by focusing on incremental improvement. Be forward-thinking. Embrace change and innovation.
- We Win With Diversity - Diversity is more than just the sum of our many parts. It’s our superpower — not just the right thing to do, but how we win. Whether through our diversity of background, experience, opinions, or views, it’s how we build a sustainable business.
- Act Like An Owner - Decisions are creative opportunities for expansiveness. Be greedy for the best long-term outcome, even if it causes short-term sacrifice. Act with purpose and invent the future. Be maniacally focused on building the best long-term solutions for our stakeholders.
Company HQ
Financial District, New York, NY
Articles
Leadership
Kevin Coop
(CEO, not founder)Previous President, North America for Dun & Bradstreet and Group Exec and President at Black Knight. Was also the President of the Financial Services Division at Verisk.
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