We’re hiring an Internal Audit Director in Columbus, OH

Company: Root is a car insurance company founded on the simple idea that people who drive well are less likely to get in accidents, and that means they should pay less for insurance. With a small initial venture capital investment, Root was faced with the challenge of building the entirety of the technology necessary to run a car insurance carrier from scratch. Through applying techniques to gain significant engineering leverage in the short-term without compromising long-term velocity, the engineering team at Root was able to deliver successfully, creating one of the fastest venture-backed companies to ever reach a billion dollar valuation. 

Progress: We’ve been in business now for four years. In those four years, we have become the fastest growing auto insurance company, on a % growth in premium basis. Our most recent round of funding valued us at $3.65B and brought our total VC funding to $523M. In the last year and a half, we have grown our team from 60 to 700.

Values:
Embrace the love of the problem.
Question the norm.
Tackle the tough challenges head-on.
Have the uncomfortable conversations.
Ask forgiveness rather than permission.
Judge on the merits of work.
Celebrate ambitious teamwork.
Lead with empathy.
Filter the temptation to do the obvious. 
Invest, don’t spend.
Empower the customer to solve.

Culture: Root has been rapidly growing for the last few years. Our early signs of success are in large part due to our unwavering standards in hiring. We recognize that our product is only as good as the people building it. We look for passionate problem solvers who can find solutions by moving through the cycle of ideation to implementation with curiosity and rigor. We work together as one team and expect every team member to lead with empathy and courage.

Root’s Internal Audit Function
At Root, we consistently invest in the health and future of our business. As a result, we’re building out an Internal Audit function.  The members of the Internal Audit function will draw upon their skills and experiences to objectively test the efficacy of business risk management activities and internal controls, identify opportunities and provide practical solutions or recommendations to improve business execution and financial performance.

When considering the Internal Audit function, our ideal candidate’s experiences will demonstrate the appropriate balance of applying experiences and knowledge and diplomatically working through the audit process and findings with business partners through effective communication and sharing of fact-based results.  A “gotcha” or “police” approach with the business is a non-starter.  We’re looking for practical business professionals that our Root colleagues will respect while providing appropriate insights for improving risk management, business processes, and financial performance. 

Internal Audit Director – Role Overview: 
The candidate is a CIA, CISA and/or CPA and is a subject matter expert on audit procedures looking to IIA standards as a benchmark for audit execution. The ideal candidate has demonstrated experience working in fast–paced organizations, regulated environments and has a passion for building and implementing processes and procedures from the ground up.   As we build out this function, the Director is expected to dig in and begin executing on audits, leveraging external resources or hiring subject matter experts as appropriate.  We expect this individual to be hands-on, self-service on data pulls, comfortable digging into details, visible with their team and comfortable making recommendations to the business and senior leaders. The Director will benefit from broad exposure to all areas of the organization while promoting the importance of internal controls and quality risk management initiatives while working with a growing team.

Reports to: Audit Committee (Chief Financial Officer administratively)

Position Summary: 
The Internal Audit Director has responsibility for the Internal Audit function and establishing Root’s internal audit policies, processes and practices.   The position is responsible for ensuring Internal Audit is closely aligned with industry best practices in executing the duties across Root’s business and financial operations. Works to ensure roles, responsibilities, and results are efficiently coordinated.   Optimizes the effectiveness of risk management, internal control and governance of the Company.  Candidate must be self-aware, knowing when to seek help from management, Audit Committee or third-party audit expertise.    


Responsibilities:

  • Develops, implements and executes the Internal Audit function in accordance with professional standards and remains abreast of emerging trends and best practices that can be incorporated into the function
  • Leads annual enterprise risk assessment, using the results and planning process to develop an audit plan.  Reviews that plan with the Audit Committee at least annually, with interim updates as warranted.  Ensures plan is continually responsive to and aligned with the changing risk profile of the Company
  • Oversees and participates in the execution of individual audits ensuring the highest level of service quality and client satisfaction
  • Issues clear and concise reports, using data, technology and visualization tools to effectively communicate audits results
  • Identifies root causes and provides management practical value-add solutions and recommendations
  • Meets regularly with the Audit Committee to report on audit results and open audit issue status
  • Proactively informs senior management of significant risks or exposures related to internal controls, compliance, and/or governance requiring prompt attention
  • Partners with SOX control team on risk assessments and as appropriate independently reviews and tests SOX control processes for high risk areas over financial reporting to support management’s SOX assessment and Model Audit Rule compliance
  • Assists management with the development of the Company’s Own Risk Solvency Assessment (ORSA) report to the regulators
  • Manages the process to track, follow-up, and ultimately close all open audit issues, including those identified by third parties
  • Actively participates in executive management meetings and/or committees to ensure Internal Audit remains informed of key business developments that could have an impact on audit priorities and/or plans
  • Attracts, hires, and retains a team of high-performing audit professionals who possess industry knowledge, audit experience, including specialization, ethics, and integrity
  • Oversees Internal Audit’s participation in critical business and technology projects ensuring audit’s risk perspectives are proactively shared, assessed, designed and implemented
  • Participates as necessary in all regulatory exams and other third-party audits
  • Prepares and presents reports for Audit Committee, CEO, and Executive Management
  • Works with General Counsel to investigate potential fraud or illegal activities

Requirements:

  • Bachelor’s degree in Business, Accounting, Finance or related field
  • Active CIA, CISA and / or CPA license required
  • 9+ years of business experience, preferably in property and casualty insurance; 7+ years internal audit, internal control or big four public audit experience
  • Strong technology background highly valued
  • Financial reporting acumen, including GAAP, NAIC model audit, COSO, PCAOB and other relevant professional knowledge
  • Highly analytical; excels at leveraging data to drive prioritization and action
  • Superior problem-solving skills with ability to think strategically and innovatively
  • Roll-up-the sleeves work ethic and “do-what-it takes” attitude to efficiently execute and drive for results in a fast-pace work environment
  • Excellent written and verbal communication skills
  • Proven ability to thrive in a results-driven, fast-pace work environment
  • Exceptional leadership skills; naturally collaborative, excels at influencing without direct authority

Get in touch

Finding the right people to help us build Root is a top priority. Whether you would like to explore the possibility of working together or simply learn more about the position, we’d love to hear from you!

Apply now

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If you’d like to be a part of what we are building but don’t see an opening that suits you, email us at [email protected].