Chief Audit Executive at Morningstar

| Chicago
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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.

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Location

22 W. Washington , Chicago, IL 60602

An Insider's view of Morningstar

What does your typical day look like?

Every day is a little different. Our team is focused on POC (Proof of Concepts). My work involves problem-solving, development and software design. I work on the Data collections team, currently most of this involves, on a high level, automating the process currently used to collect data from raw sources through Machine Learning.

Upasna

Software Engineer, Data Collections - AI R&D

How does the company support your career growth?

We believe in promoting from within, based on previous impact to the team. Whenever possible, we will stretch our employees to take on expanded roles that aligns with the career progression they are interested in.

Jeff

Head of Technology and Product

What are Morningstar Perks + Benefits

Morningstar Benefits Overview

At Morningstar, your contributions have meaning and can drive change. Across our 27 offices worldwide, we’ve invested in fostering a community where talented, driven people can grow. Our entrepreneurial spirit and uncompromising ethics guide everything we do. It’s all in the name of empowering investors. Morningstar is proud to offer a comprehensive benefits package to eligible, full-time employees in the United States who work a minimum of 30 hours per week. Our benefits are designed to invest in your -- and your family's well-being, including investments in your health and financial future.

Culture
Volunteer in local community
Morningstar encourages our colleagues to become involved in their communities, by providing paid time off for volunteer activities.
Partners with Nonprofits
Friends outside of work
Eat lunch together
Intracompany committees
Daily sync
Open door policy
Team owned deliverables
Team based strategic planning
Group brainstorming sessions
Open office floor plan
Diversity
Dedicated Diversity/Inclusion Staff
Unconscious bias training
Morningstar encourages unconscious bias training for all employees, especially managers and hiring personal. We believe that by raising awareness of bias we can decrease its effects.
Diversity manifesto
Someone's primary function is managing the company’s diversity and inclusion initiatives
Diversity Employee Resource Groups
Hiring Practices that Promote Diversity
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
Morningstar offers two Flexible Spending Accounts (FSA)— one for healthcare expenses and one for dependent care expenses. You may enroll in both $ determine the contribution amount.
Disability Insurance
Dental Benefits
Our dental plan covers 100% of preventive services, 80% of basic services, and 50% of major services.
Vision Benefits
With Morningstar's vision benefits you can get an annual eye exam with an in-network provider with just a $10 copay.
Health Insurance Benefits
Morningstar continues to offer the choice of two medical plans—the Savings Plan and the Classic Plan. Both are administered by Blue Cross and Blue Shield of Illinois (BCBS).
Life Insurance
Morningstar offers 4 tiers of life insurance that offer varying benefits. Basic Life insurance is equal to 1 times an employee's annual salary.
Wellness Programs
Mental Health Benefits
Our insurance covers 80% on in-network mental health services. Our Employee Assistance Program provides no-cost, confidential, 24-hour counseling on a wide variety of issues.
Retirement & Stock Options Benefits
401(K)
Take advantage of a number of Morningstar tools to help you manage your 401(k) account and your finances, including Morningstar Retirement Manager, available to you at no cost.
401(K) Matching
Morningstar provides employees with a 401(k) matching plan managed. We match $0.75 for every dollar contributed, up to a maximum of 7% of employee pay contributed to the plan each pay period.
Company Equity
Morningstar’s global employee equity benefit, Shared Ownership, enables you to take a portion of your bonus payout and exchange it for RSUs, with Morningstar providing an additional 50% match.
Employee Stock Purchase Plan
Colleagues who exceed their performance goals substantially may be eligible for Impact RSU Awards as an additional reward on top of their cash bonus/commission award.
Performance Bonus
Match charitable contributions
Morningstar's Matching GIfts program will match your charitable giving up to the local currency equivalent of $500 USD per calendar year.
Child Care & Parental Leave Benefits
Child Care Benefits
Morningstar offers the option of in-home child and elder care, in addition to the existing day care center back-up care benefit.
Generous Parental Leave
Morningstar has a global minimum of 6 weeks paid time-off to bond with new family members. This benefit applies to all individuals equally, including birth mothers, fathers, adoptive parents.
Flexible Work Schedule
Morningstar provides employees with a flexible work schedule that includes Summer hours, Work from home, Flexible start and end times.
Remote Work Program
The safety of our employees is very important to us. We have been operating remotely due to COVID-19.
Family Medical Leave
Eligible employees may take up to 12 weeks of job-protected, unpaid leave per year for certain specified reasons, and up to a total of 26 workweeks of leave to care for a family member.
Adoption Assistance
We reimburse up to 80% for eligible adoption expenses, up to $4,000 per adoption, in addition to a minimum of 6 weeks paid time off.
Return-to-work program post parental leave
Company sponsored family events
Morningstar sponsors family oriented events Annually.
Vacation & Time Off Benefits
Unlimited Vacation Policy
Generous PTO
Paid Volunteer Time
Our employees receive 2 days per year of paid volunteer time.
Sabbatical
Paid Holidays
Paid Sick Days
Perks & Discounts
Casual Dress
Commuter Benefits
Company Outings
Some Meals Provided
Happy Hours
Parking
Recreational Clubs
Fitness Subsidies
Professional Development Benefits
Job Training & Conferences
Tuition Reimbursement
Diversity Program
Lunch and learns
Cross functional training encouraged
Promote from within
Mentorship program
Continuing Education stipend
Time allotted for learning
Online course subscriptions available
Customized development tracks
Paid industry certifications

Additional Perks + Benefits

Compensation at Morningstar is more than a salary. It’s about making positive contributions to both life and work. We give our diverse workforce the choice and flexibility they need to maintain their health, retirement plans, time, and professional growth.

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