Building an Internal Audit function

Not every executive search for a Chief Auditor is a straightforward replacement. Some involve doing something additionally, like build a function, do a turn-around, or deliver audit readiness under the pressure of a live corporate transaction. It is precisely these searches, complex, time-critical, requiring deep specialist knowledge, where Hybridge's track record and experience of financial services internal audit executive search makes the difference.

The Brief

A major financial services group, preparing for a demerger and IPO of the newly independent entity, required a standalone internal audit function, with its own Chief Audit Executive (CAE) , reporting directly to the Audit Committee Chair (ACC). The incoming CAE would need to build credibility quickly with a new board, agree the first audit plan, and ensure the firm was audit-ready ahead of listing, all within a timeline driven by the transaction itself. A team was already in place, but one that had previously operated as part of a group function. Standing alone for the first time, the audit committee felt it needed stronger leadership and a meaningful uplift in technical capability.

The Challenge

The successful candidate needed a specific combination of qualities that narrowed the field considerably: comfort with ambiguity, experience of building rather than simply running an audit function, and the personal credibility to establish immediate confidence with a board forming its first impressions of the firm's governance. The transaction created a hard deadline that could not move.

The Process

As the specialist in financial services internal audit executive search, Hybridge mapped the market for candidates with both technical depth and experience of genuine organisational complexity. Fifteen candidates were approached and assessed, with particular focus on audit committee relationships and the ability to operate where structures were still being established. Hybridge managed stakeholder coordination through to offer, including a complex package negotiation, involving unvested shares under a Material Risk Takers deferred bonus scheme and the creation of a new long-term incentive plan.

The Outcome

The appointed CAE, holding SMF5 designation, successfully established the function and built strong audit committee relationships from the outset. It remains one of the most structurally complex SMF5 searches Hybridge has completed, and one of the most satisfying.

It also meant, following the successful appointment of the Head of Internal Audit, Hybridge was asked to return to build out the wider leadership team. Three Director level appointments were made, covering Customer Experience, Investments, and Functions audit, all placed successfully within the same firm. The quality of those appointments was subsequently validated in the most tangible way possible. One of the three Directors was identified as the successor to the Head of Internal Audit when they were promoted to CRO, a outcome that reflects not just successful recruitment, but the identification of genuinely exceptional talent at the outset.

A Partnership Built on Results

What began as a single brief to build an internal audit function from scratch became a multi-year partnership that shaped the entire leadership of that function. From the founding Head of Internal Audit appointment through to three Director level hires, one of whom went on to lead the function, this engagement illustrates what genuine specialism delivers: not just candidates who fill roles, but people who define them.

How our SMF5 searches work in practice

Each search follows a structured four-stage process:

Stage 1 — The Brief. Andy conducts a detailed briefing with the relevant stakeholders to understand not just the role specification but the firm's culture, audit methodology, regulatory relationships, and what success looks like in the first 12 months.

Stage 2 — Market Mapping. A comprehensive map of every credible candidate in the market is compiled, drawing on 25 years of relationships and live market intelligence. This is not a database search, it is a current, human assessment of who is genuinely available, who could be approached, and who represents the right fit.

Stage 3 — Discreet Outreach. Candidates are approached personally and confidentially. The client's identity is protected until mutual interest is established. Only a carefully selected shortlist is presented.

Stage 4 — Process Management. Andy manages the entire interview and selection process, provides candidate feedback, handles offer negotiation, and remains available throughout the notice period and into the candidate's first weeks in role.

Planning a Head of Audit Appointment?

Whether you have an immediate vacancy or are planning ahead, the right time to speak to Andy Winterburgh is before the pressure is on. Head of Audit appointments are among the most consequential hiring decisions a financial services firm makes. Getting it right matters, and getting it wrong is costly well beyond the recruitment fee.

Succession Planning Many of Andy's most successful appointments began as a conversation well before a vacancy existed. A planned succession allows time to identify the right candidate and manage the transition.

Immediate Requirements If you have an urgent vacancy, Andy can move quickly without compromising quality. Because he maintains candidate relationships continuously, not just when a search is active, Hybridge can compress timelines that traditional search firms cannot match.

Complete Confidentiality All conversations are strictly confidential. Many clients speak to Andy before making any internal decision about how to proceed. That is precisely the right time to get in touch.

To discuss a senior internal audit appointment, contact Andy Winterburgh directly at andyw@hybridge.co.uk