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Principal Financial Group

Provides life, retirement, and investment solutions

Senior Director - Internal Audit

Full-TimeUpdated on 10/21/2026Deadline 8/27/27
$157k - $213k/yr+ Bonus program
Expert
Bachelor's
Des Moines, IA, USA
HybridAt least three office days in a typical workweek.
Risk & ComplianceInternal Audit & Controls
No H1B Sponsorship

About the job

Requirements
  • A bachelor's degree or equivalent combination of education and relevant experience.
  • Typically 15 or more years of progressive experience in internal audit, risk, compliance, finance, technology, or a closely related field, including 6 or more years leading leaders and broad, complex portfolios in a regulated or similarly complex organization.
  • Demonstrated success setting functional strategy, converting strategy into operating priorities and measurable outcomes, and influencing enterprise decisions on complex or sensitive matters.
  • Deep knowledge of internal audit, governance, risk management, and internal control; working knowledge of the Global Internal Audit Standards and accepted control frameworks such as COSO. Specialized frameworks may be required based on assignment.
  • Strong business and financial acumen, with the ability to understand strategy, operating models, technology, data, and the legal and regulatory environment of assigned businesses or entities.
  • Substantial experience communicating with executive management and boards or board committees.
  • Demonstrated independence, objectivity, integrity, sound judgment, professional courage, and authority to provide effective challenge at the highest levels of the organization.
  • Exceptional written and verbal communication, with the ability to synthesize complex matters into clear opinions, implications, decisions, and actions.
  • Proven ability to lead through ambiguity and change, manage competing enterprise priorities, and deliver sustained results through layers of direct and indirect leadership.
  • Insurance operations or industry experience alongside audit, risk, compliance, finance, and technology experience.
  • Travel may be required.
Responsibilities
  • Provide executive leadership for Internal Audit coverage of one or more core businesses, enterprise functions, regions, or regulated legal entities.
  • Serve as the senior Internal Audit executive and delegated representative of the Chief Internal Auditor for assigned businesses or legal entities, with direct interaction with subsidiary boards, committees, executive leadership, external auditors, and regulators as applicable.
  • Set and execute multi-year strategy for the assigned portfolio and materially contribute to the overall Internal Audit function's strategy, operating model, priorities, performance measures, budget, workforce plan, and transformation agenda.
  • Own risk assessment and audit planning for the assigned portfolio, integrating enterprise and business strategy, regulatory expectations, business change, data, stakeholder perspectives, and current and emerging risks.
  • Translate strategy into functional priorities, operating decisions, capability investments, and measurable outcomes; lead department-wide initiatives and make decisions for the long-term effectiveness of Internal Audit.
  • Determine and continually recalibrate the nature, timing, scope, sequencing, and resourcing of assurance and advisory coverage as risk conditions and strategic priorities change.
  • Identify cross-business themes and systemic risks, connect insights across portfolios, and elevate matters that warrant enterprise action or attention.
  • Hold end-to-end executive accountability for the relevance, quality, timeliness, throughput, and impact of a high-volume portfolio of audit opinions and advisory work, including complex, cross-business, technology-enabled, and regulatory engagements.
  • Exercise delegated final review and approval authority for engagement scope, risk and control assessments, significant judgments, issue ratings, reports, audit opinions, and escalation decisions.
  • Ensure work conforms with the Global Internal Audit Standards, the Internal Audit Charter, department methodology, quality expectations, and applicable legal or regulatory requirements.
  • Drive reliable audit-plan execution by anticipating risks to planned engagements and opinion delivery; balancing priorities and capacity; deploying and redeploying talent and external resources; resolving quality or schedule barriers; aligning stakeholders; and holding leaders accountable for production while preserving independence, objectivity, and professional judgment.
  • Serve as the primary Internal Audit relationship leader for assigned executive teams and, where designated, subsidiary boards and board or management committees, including audit, fiduciary, risk, compliance, governance, finance, and other relevant committees.
  • Provide clear, candid, and forward-looking reporting on the audit plan, significant risks, control themes, audit opinions, issue remediation, Internal Audit performance, and the adequacy of governance, risk management, and internal control.
  • Represent the Chief Internal Auditor in regulatory examinations, meetings, and ongoing supervisory interactions for assigned entities; coordinate timely, accurate, and well-supported responses and follow-through.
  • Escalate significant risk exposures, overdue remediation, resource constraints, quality concerns, or threats to Internal Audit independence to the appropriate executive, committee, board, or regulatory level.
  • Lead and develop a high-performing organization of leaders and audit professionals; establish accountability, provide candid feedback, and build a culture of professional courage, curiosity, inclusion, collaboration, and continuous learning.
  • Own succession, organization design, capability, and capacity planning for the assigned portfolio, including recruiting, performance management, development assignments, recognition, and deployment of internal and external resources.
  • Develop next-generation leaders and deepen the business, regulatory, technology, data, and audit expertise needed to address the evolving risk profile.
  • Model enterprise leadership and shared accountability across Internal Audit, resolving tradeoffs and allocating resources in the best interests of the overall function and company.
  • Build trusted, appropriately independent relationships with executive management, first- and second-line leaders, Legal, Compliance, Risk, Finance, Technology, external audit, and other assurance providers.
  • Provide effective challenge, negotiate difficult issues, and influence sustainable actions while preserving Internal Audit's independent assurance role and avoiding ownership of evaluated business activities, risks, controls, or remediation decisions.
  • Advise on significant business initiatives, transactions, operating-model changes, and control design when Internal Audit involvement can add value without impairing independence or objectivity.
  • Represent the Chief Internal Auditor and the function on enterprise and business governance forums and lead enterprise or department priorities as assigned.
  • Sponsor practical use of data, analytics, automation, and responsible artificial intelligence to improve risk sensing, coverage, testing, insight, quality, productivity, and speed of opinion delivery.
  • Lead continuous improvement in methodology, reporting, talent models, and ways of working; translate lessons learned and external developments into scalable department practices.
  • Maintain current knowledge of assigned businesses, regulation, industry developments, technology, and the internal audit profession; act as a visible thought leader internally and externally.
Desired Qualifications
  • Experience supporting insurance, financial services, finance, or enterprise risk functions is preferred.
  • Experience with insurance products, operations, underwriting, claims, distribution, finance/accounting processes and systems, or enterprise risk management would be valued.
  • Experience interacting with regulators and leading audit coverage of regulated financial-services businesses is strongly preferred for applicable assignments.
  • One or more relevant professional certifications, such as CIA, CPA, CISA, or an equivalent designation, are strongly preferred and may be required based on assignment.

About the company

P

Principal Financial Group

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Principal Financial Group provides a wide range of financial services for individuals, businesses, and institutions. It offers life insurance, retirement plans, annuities, and investment solutions to help clients grow assets and plan for the future. For individuals, products such as life insurance policies (e.g., Principal Executive VUL III and Principal IUL Accumulation II) and variable annuities deliver tax-advantaged growth, flexible investments, and guaranteed income options. For businesses, it offers protection and succession planning, income protection, key employee retention, and disability insurance to safeguard operations and maintain continuity. The company earns from policy premiums, fees for managing retirement plans and annuities, and investment commissions, as well as growth in assets under management. Its goal is to help people and organizations achieve financial security and steady growth by providing tailored products and advisory services.

Company Size

10,001+

Company Stage

IPO

Headquarters

Des Moines, Iowa

Founded

1879

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Simplify's Take

What believers are saying

  • Q2 2026 adjusted EPS rose 17% to $2.42, with 16.4% operating ROE.
  • September 9, 2026 credit facility strengthened liquidity after $1.6 billion excess capital.
  • Beam closed September 1, 2026, adding 25,000 small-business clients and $175 million premiums.

What critics are saying

  • April 14, 2026 ERISA class action targets Principal target-date funds for self-dealing.
  • Beam and DentaNet integrations can distract sales teams through 2027.
  • Vanguard, BlackRock, and State Street intensify fee pressure on retirement margins.

What makes Principal Financial Group unique

  • September 1, 2026 Beam acquisition adds cloud-native small-business benefits distribution.
  • Principal serves 180,000 employers and manages $808 billion AUM across businesses.
  • June 30, 2026 income suite automates annuity allocation beginning at age 47.

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Benefits

  • Hybrid Work Options
  • Meal Benefits
  • Life Insurance
  • Disability Insurance
  • Training Programs

Company News

MarketScreener
Sep 10th, 2026
Principal Life Insurance Company, Principal Financial Group, Inc., and Principal Financial Services, Inc. Enter into Amended and Restated Five-Year Credit Facility of $900,000,000

On September 9, 2026, Principal Financial Group, Inc. , Principal Financial Services, Inc., a wholly-owned subsidiary of the Company , and Principal Life Insurance Company, a wholly-owned subsidiary...

Yahoo Finance
Jul 27th, 2026
Principal Financial Group Q2 2026 earnings up 17%, raises dividend 8% and returns $427M to shareholders

Principal Financial Group reported second quarter 2026 results, with non-GAAP operating earnings per diluted share of $2.42, up 17% year-over-year excluding significant variances. The company returned $427 million to shareholders through $250 million in share repurchases and $177 million in dividends. Principal announced a third quarter dividend increase of $0.02 to $0.84 per share, representing an 8% rise over the prior year. Assets under management reached $808 billion, part of $1.9 trillion in assets under administration. The firm maintains $1.6 billion in excess and available capital. Chair and CEO Deanna Strable highlighted growth across retirement, small business markets, and global asset management, noting strong earnings growth and return on equity expansion.

Associated Press
Jul 7th, 2026
Principal to acquire Beam Benefits for $175M in small business push

Principal Financial Group has agreed to acquire Beam Benefits, an employee benefits company serving over 25,000 small businesses. Beam offers dental, vision, and ancillary benefits through cloud-native technology with AI capabilities, generating approximately $175 million in premiums in 2025. The acquisition strengthens Principal's position in the small and midsized business segment. Principal currently serves 180,000 employers with retirement, benefits, and business owner solutions. The deal is expected to close in the latter half of 2026, subject to regulatory approvals. Principal expects the acquisition to accelerate premium and fee growth for Specialty Benefits to at or above the high end of its 5–9% medium-term target range in 2027. Beam Benefits CEO Tolithia Kornweibel said joining Principal represents "the natural next step" in the company's journey to transform employee benefits experiences for small businesses.

Yahoo Finance
Jul 1st, 2026
Principal Financial Group expands retirement income suite with automated annuity funds starting at age 47

Principal Financial Group has expanded its lifetime income suite, adding LifeTime Income Builder Index collective investment trust target date funds and new third-party retirement income options. The funds begin allocating to fixed indexed annuities around age 47 and aim to automatically activate a 6% income stream in retirement. The 30 June 2026 expansion aligns with Principal's strategy to deepen its role in defined contribution retirement plans, particularly for workers without traditional pensions. By partnering with third-party managers like TIAA/Nuveen, the company could strengthen its retirement positioning whilst fee income and asset flows face scrutiny. Principal's narrative projects $19.5 billion revenue and $2.3 billion earnings by 2029, requiring 8.1% yearly revenue growth. However, the near-term earnings impact remains uncertain, with persistent market volatility potentially pressuring retirement and asset management fees.

AktienSensor
Jun 15th, 2026
Principal Financial Group secures $16M revolving facility at 3.75% to fuel acquisitions and working capital

Principal Financial Group has secured a AUD 25 million revolving credit facility to support expansion and working capital needs. The three-year loan carries a fixed interest rate of 3.75% per annum and is secured by senior liens over PFG's Australian and UK subsidiaries. The facility enables PFG to maintain flexibility for acquisitions whilst shielding against rising global short-term rates, which have increased from 3.5% in 2023 to 4.1% in early 2024. Management expects the arrangement to improve the company's leverage ratio from 12.4% to 13.1% over the next fiscal year. The revolving structure allows PFG to draw and repay capital aligned with seasonal cash flows, reducing idle cash holdings. The company anticipates 5% incremental EBITDA growth from new revenue streams enabled by the facility.