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Audit

Here in Internal Audit, our primary purpose is to assist in protecting the Group by providing independent assurance opinions on the adequacy and effectiveness of the Phoenix Group’s risk management, internal control and governance processes. Our independence is created through our direct reporting line to the Chairman of the Board Audit Committee (BAC), alongside a line into the Group Chief Executive.

Equally important to this assurance objective is the need to ensure that resources are being used both economically and efficiently and therefore we will:

  • give due regard, when agreeing audit actions, to both the cost of their implementation and the likely benefits;
  • follow an effective risk-based audit approach which satisfies the requirements of the various BACs, regulators and external auditors;
  • maintain effective communication channels with the business and demonstrate a good working knowledge of their activities;
  • ensure that work is performed by individuals with the appropriate knowledge, skills and experience.

Our work is driven through an annual work plan, approved by the BAC, which is delivered through a ‘variable intensity’ approach involving deep-dives, stakeholder liaison and Management Committee attendance.

The audit team currently consists of c.16 ‘subject matter experts’, drawn from a variety of backgrounds and all qualified from a range of disciplines from auditing, accountancy, risk management, compliance, IT, investments etc. The focus here is on understanding the business, assessing control processes and developing innovative control solutions to help Management better control their key risks.

The variety and complexity of work brings an incredible array of professional challenges and also gives our people ample room to grow, develop and progress. Over the years, a number of the team have moved into management roles within the business. This development, and movement of people, keeps these skills within the Group and allows us to bring in new staff with varying experience to keep refreshing the team’s outlook.

About Phoenix

Phoenix Group. We're the largest UK consolidator of closed life assurance funds, with assets under management of more than £68.6 billion, and more than six million policyholders. Phoenix Group Holdings enjoys a Premium Listing on the London Stock Exchange and is a member of the FTSE 250.

About our locations

We've two main offices – one based in the heart of the City, only a stone's throw from St. Paul's Cathedral, and the other based in 42 acres of grounds in a stunning rural location on the outskirts of Birmingham.

Phoenix people

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