PUBLIC INVESTMENT CORPORATION (PIC) Public Investment Corporation SOC Ltd Private Bag X187 Pretoria 0001 Republic of South Africa
The Public Investment Corporation (PIC) invests funds on behalf of public sector entities. The organisation is one of the largest asset managers on the African continent. Applications are invited from dynamic individuals for the following position: INTERNAL AUDITOR Job Grade: * C3-C5 (REF No: IA240723) Salary: All-inclusive remuneration package negotiable Centre: Public Investment Corporation, Pretoria Minimum Qualifications: • Grade 12 • BCom degree or equivalent Preferred Qualifications : • Bcom degree in Internal Auditing/ Accounting/ Investment Management/ Business Science or a related discipline. • Industry-recognised certifications such as IAT/CIA/CA/CIMA/ACCA or working towards obtaining one. Minimum Technical/Core Skill Requirement • 2- 4 years internal audit experience • Experience in performing reviews in investment management companies • Knowledge of PFMA and treasury regulations • Knowledge of financial markets • Knowledge of best practice frameworks such as COSO, King IV, IFRS amongst others Duties: • Performing investment and operational audits allocated by the audit manager which satisfy the quality requirements of the IIA standards. • Making practical recommendations to the business to improve governance, risk management and controls. • Providing technical advice to the business on critical issues regarding governance, risk management and controls. • Executing audit engagements requiring a greater level of technical and specialist skills as assigned by the audit manager/senior auditor. • Achieving 100% of the deadlines set by the senior auditor/ audit manager. • Performing follow-up audits/ audit tracking on a monthly basis and reporting the results to business area management. • Supervising, coaching and providing guidance to lower-level audit staff/PICeeds. • Assisting the audit manager/senior auditor in formulating the annual and three-year rolling risk-based audit plans. • Coordinating audit activities with those of other assurance providers. • Researching industry best practices and new developments and recommending improvements to the managers. • Becoming a centre of excellence in the acquisition of technical skills and experience in investment and operations. • Respond to ad hoc requests timeously. • Perform ad hoc assignments and present results to business area and Audit Manager. • Provide input to ensure timely submissions to Exco and AC. • Managing departmental budget by ensuring individual expenditure does not exceed approved budget. Key Competencies: • Analytical thinking • Negotiation skills • Communications skills • Presentation skills • Problem-solving skills • Multi-tasking skills • Strong organizational and project management skills • Ability to build and maintain relationships with peers and management With the PIC having topped the R2.5 trillion mark in assets under management and in the process of entering the global investment market, it is the best asset manager any serious professional would want to be associated with. It is also one of the better places from which one can serve South Africa. Closing Date: 07 August 2023 PIC is an equal opportunities employer and as such appointments will be done in line with PIC’s Employment Equity Plan. Please forward a copy of your comprehensive CV quoting “IA240723” to Recruitment6@pic.gov.za * Grade range is from C3-C5 commensurate with applicable minimum requirements By submitting your job application, you consent to PIC’s processing of your personal information for the purposes of assessing your job application. PIC will process your Personal Information in accordance with applicable laws and the PIC Privacy Policy available here (www.pic.gov.za). You are free to withdraw your consent at any time, after which, PIC may no longer be able consider your job application. The Public Investment Corporation (PIC) invests funds on behalf of public sector entities. The organisation is one of the largest asset managers on the African continent. Applications are invited from dynamic individuals for the following position: ASSOCIATE FUND PRINCIPAL: TURNAROUND WORKOUT RESTRUCTURING AND VALUE ADD (TOVA) (X2) (Ref: AFP240723) Job Grade: *E2-E3 Salary: All-inclusive remuneration package negotiable Centre: Public Investment Corporation, Pretoria REQUIREMENTS: Minimum Qualifications: • B Com (Honours) in Finance or B.Sc (Honours) in Finance or any other related commerce and finance degree • CA (SA), CFA or Master’s degree would be an advantage • 4-5 years management experience • A minimum 8-10 years experience in commercial/corporate turnarounds and rehabilitation in an asset management / private equity organization or a financial institution or a consulting firm • Must be in possession of a FAIS RE 05 Certificate Preferred Qualifications: • Post Graduate Degree (finance, engineering, legal) or any other relevant commerce and engineering degree Minimum Technical/Core Skill Requirement • A well-developed knowledge of business, management and finance philosophies, practices, etc. • Turnaround management/ Business Rescue experience and/or qualification. • Able to use technical and business understanding to assist with the rehabilitation of non-performing assets. • Able to apply a wide range of financial and risk assessment and mitigation techniques to the client’s business operations. • Able to develop innovative solutions, identify new areas of opportunity, and identify, analyze and address the appropriate risks in order to rehabilitate the client. • Able to utilize complex influencing strategies for leverage. • Strong business acumen and strategic advisory experience. • Dealing with private sector / commercial workouts turnarounds – real examples will need to be provided. • Extensive experience of the legal process associated with turnarounds /workouts, business rescue and liquidations. GENERAL ACCOUNTABILITIES: FINANCIAL: • Ensure timely and accurate reporting on information to limit outsourcing of work; • Contribute to knowledge management process in order to limit outsourcing of work; • Conduct investee companies visits at lower costs (maintain monitoring costs at minimal); • Keep individual costs within budget (eg. Telephone, travel, training etc); • Monitor the allocation of clients within the ISIBAYA Combined Risk Matrix (PMV and ESG) • Draft standardized submission documents to be prepared by PMV and ESG for the movement of investments to Turnaround for FP Sign off • Review submissions to the Turnaround Task Team prior to submission • Develop RFP’s for approval by the FP when deep dives and turnaround processes and other related work streams that are being outsourced to the panel • Monitoring of investments against Turnaround Plans; • Monitor all investments on a 2 weekly basis (compliance and performance) in accordance with monitoring processes, policies, guidelines, frameworks and practices; with either the internal team or the appointed consultants • Receive Compiled monitoring reports on a monthly basis from the relevant team; BUSINESS PROCESSES: • Present monitoring reports to PMC (Unlisted Investments), IC –( Unlisted Investments; • Provide early warning signals to Fund Principal on new developments not already identified at date of transfer • Update database of investee companies, research and analysis for all investments moved to the Turnaround portfolio • Conduct portfolio companies visits and maintain ongoing interactions with the portfolio companies; • Maintain default stress testing models for all investments (covenant maintenance and testing, covenants monitoring) • Assist in due diligence scoping and conducting of due diligence for investments that may be required to implement the turnaround plan • Assist in the drafting of legal agreements • Assist in the structuring of transaction • Assist in Valuations if part of the Turnaround Plan • Updating of valuations model and database • E-front data capturing (capturing all the investee companies data into the systems) • Development of post investment plan to be submitted together with the investment appraisal report • Manage investees in Business Rescue by Monitoring the BR procedure and liaising with the Business Rescue Practitioner/s • Manage clients in Liquidation by liaising with the liquidators • Provide end to end value add support across the investment value chain CUSTOMER: • Interaction with investee company under Turnaround ; • Make quarterly field visit to investee company; • Obtain relevant information from investee company or consultants ; • Validate information received from investee company; • Analysis information received from investee company; • Obtain necessary explanations for performance/non-performance or non-compliance from clients; • Interaction with Fund Principal • Interaction with Turnaround Panel members to ensure relationships of trust are built • Interaction with legal experts to ensure that all legal contracts are fully enforceable • Promote transformation within the Turnaround Business rescue and Liquidation professions by being actively involved in industry bodies COMPETENCIES: • Excellent communication skills (oral and written) • Negotiation skills • Interpersonal skills • Planning and organising • Time Management • Performance and result oriented • Ability to deal with stress/pressure • Strong quantitative and qualitative analytical skills • Customer service oriented With the PIC having topped the R2.5 trillion mark in assets under management and in the process of entering the global investment market, it is the best asset manager any serious professional would want to be associated with. It is also one of the better places from which one can serve South Africa. Closing Date: 31 July 2023 PIC is an equal opportunities employer and as such appointments will be done in line with PIC’s Employment Equity Plan. Please email a copy of your comprehensive CV, in the format available on pages 5-7, under this job reference (AFP240723) to Recruitment6@pic.gov.za * Grade range is from E2-E3 commensurate with applicable minimum requirements By submitting your job application, you consent to PIC’s processing of your personal information for the purposes of assessing your job application. PIC will process your Personal Information in accordance with applicable laws and the PIC Privacy Policy available here (www.pic.gov.za). You are free to withdraw your consent at any time, after which, PIC may no longer be able consider your job application.
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