New Director of Business Review and Audit Division
FSA/PN/076/2006
31 July 2006
Rosemary Hilary has been appointed Director of the Business Review and Audit Division (BRAD) at the Financial Services Authority. She will take up her appointment on 4 September.
Ms Hilary, who is currently Head of the FSA’s Risk Review Department, will report on a day to day basis to John Tiner, FSA Chief Executive, with a further reporting line to the Chair of the Audit Committee of the FSA board.
John Tiner, FSA Chief Executive, said:
"Internal audit is a vital function in an organisation of our size and complexity, and particularly so given the FSA's remit of supervising risk across the financial services industry. I am delighted to be able to appoint such a well-qualified candidate as Rosemary. It is also a testament to the talent within the FSA that we have the internal people available to fill such an important role.
"Rosemary has considerable experience of regulation at the FSA and previously at the Bank of England, having worked in several areas of our operations. She brings substantial understanding of the risks run by firms, a strong sense of independence on the execution of the role and an appreciation of where internal audit can add value across the FSA."
As Director of BRAD, Rosemary Hilary will be responsible for providing objective assurance to the FSA Board and senior management that a sound and robust risk management framework and a system of internal controls are in place and operating effectively at the FSA. This will involve undertaking independent reviews and working with Ernst & Young, who provide specialist internal audit resource to the FSA.
Notes to Editors
- Rosemary Hilary has since 2004 been Head of the FSA's Risk Review Department: an area which carries out specialised visits to regulated firms to examine specific risks in detail (credit, market, operational, insurance and financial crime risk). RRD is also heavily engaged in assessing firms' readiness for the Capital Requirements Directive.
- Rosemary Hilary joined the Bank of England in 1989, where she had several managerial roles both in the Bank's dealing room and regulating major financial firms, before she transferred to the FSA and became Head of Corporate Authorisation. Rosemary is a qualified accountant.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.