The Team: Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve Morningstar’s global operations. Internal Audit helps the company accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets.

The Role: Morningstar is looking for a Chief Audit Executive to join our global Finance Team and lead our global Internal Audit function. The Chief Audit Executive will provide senior management and the Audit Committee with assurance as to the adequacy and effectiveness of internal financial and operational controls within the company. Additionally, the role will ensure consistent identification, measurement, monitoring and investigation, reporting and mitigation of risks through independent oversight across key risk categories. The audit function at Morningstar is involved in financial, operational, compliance and IT audits and plays a central role in the assessment of controls in accordance with management certifications under Sarbanes Oxley.

The Chief Audit Executive reports directly to the Audit Committee of the Board of Directors and operationally to the Chief Financial Officer. The Internal Audit function currently has 12 team members and the company also works with third parties to manage some aspects of the audit program. The preferred location for the role is Chicago. The company is open to other major office locations but would require frequent travel and substantial time spent in Chicago.

Responsibility:

• Leading all Internal Audit-related activities at Morningstar across the entire portfolio of business areas and corporate functions.

• Developing and executing a comprehensive risk-based audit plan.  The plan is reviewed with management and provided to the Audit Committee for review and approval on an annual basis.  In addition to the plan, requirements include:

• --- Informing the Audit Committee of the company’s risk and control environments.

• --- Preparing periodic reports to management and the Audit Committee regarding the internal control environment and results of executing the audit plan.

• --- Communicating risk exposures to senior management, including specific audit findings and insight into complex and evolving risk exposures.

• --- Performing independent testing to assess the design and operating effectiveness of internal controls in accordance with management’s certifications under Sarbanes-Oxley.  Partnering with Finance leadership to further advance the identification of efficiencies in the Sarbanes-Oxley program.

• --- Leading company efforts to enhance the risk governance program to make it both efficient and effective.

• Coordinating Internal Audit activities with those of external auditors and regulators, ensuring appropriate audit coverage, elimination of duplicative efforts, and improving the efficiency and effectiveness of overall audit and compliance activities.

• Working collaboratively with key stakeholders in the Finance function and executive leadership across the business to help meet organizational objectives.  This includes actively participating and contributing as a member of the Finance Leadership Team.

• Recommending and deploying the appropriate technology, analytics and systems to continue to enhance and further automate audit processes.

• Fostering a high-performing Internal Audit team and ensuring appropriate staffing and necessary knowledge, skills and experience to meet the needs of the business.  The continued professional and career development of the team is a priority.

• Manage relationships with third-party service providers that assist in executing the audit plan and with other key projects to achieve desired outcomes.

Requirements:

• 15+ years of proven direct experience or deep understanding of internal audit practices at a public company and sophisticated global organization. 

• Strategic mindset with the ability to create a vision for Internal Audit and a focus on the big picture, identifying critical issues and opportunities.

• Demonstrated ability to act as an effective partner to senior management in monitoring the ethical and operational environment, while acting independently and objectively in assessing the results of management’s work on behalf of the Board.

• Demonstration of the highest professional and personal standards, unquestioned integrity and business ethics.

• Broad experience in operating in a complex, multi-national and diverse business environment.

• Ability to articulate and communicate thoughts clearly, plan initiatives, and execute with excellence and with appropriate urgency.

• Professional presence, credibility and authority such that others listen/seek advice and guidance.

• Proven ability to coach, motivate and develop careers of others within a global team.

• Bachelor’s degree required and advanced degree preferred. CPA, CIA and or CISA designation is highly valued.