Finance Manager

In the world of Banking and Financial Services, Scotiabank goes to great lengths to ensure a truly unique experience for both our customers and staff. If you are talented, tenacious, team-oriented and excited about a career in the financial services industry, Scotiabank has a position for you.

FINANCE MANAGER – SCOTIA REINSURANCE LIMITED (“Scotia Re”)

This is a new position to enhance the Reinsurance Units’ finance function in transitioning to more complex reporting requirements under IFRS17, with increased volumes and granularity of data to be processed and analyzed. The position reports to the CFO of Scotia Re but is jointly accountable to Scotia Insurance (Barbados) Limited (“SIB”) (together the “Reinsurance Units’). As a key member of the Finance team, the incumbent is accountable for contributing towards the overall success of the finance function of the Reinsurance Units ensuring that goals, plans and initiatives are executed / delivered in support of the Units’ business strategies and objectives. The incumbent is also accountable for ensuring the integrity of financial reporting through implementation of adequate controls, performance measurement and monitoring, analysis and interpretation of data and preparing and/or reviewing various financial reports.

MAJOR ACCOUNTABILITIES

• Support the IFRS 17 Transition Project including the determination of transition year adjustments, parallel testing and the design and implementation of operational changes to key finance processes required to account and report under the new standard.

• Assume primary responsibility for the Finance insurance data gathering function, working in tandem with the Actuarial team, to facilitate timely receipt of counterparty data for processing.

• Work with the CFO and other team members to effect the monthly accounting for financial results within required deadlines and contribute towards the maintenance and reconciliation of the General Ledgers, Journal Entries and Trial Balances of the Reinsurance Units.

• Prepare timely and accurate financial reports/presentations for senior management, the parent Bank and the Board to facilitate informed decision making and assess compliance with risk appetite metrics.

• Ensure the integrity of financial reporting by measuring and monitoring performance criteria and conducting in-depth financial evaluation of products.

• Provide support to senior management on internal/external audits, analyst reviews, regulatory requirements, compliance requests, etc.

• Contribute towards profit maximization through effective analysis, monitoring and reporting of risk, including insurance risk, operational risk, market risk, liquidity risk and investment risk.

• Assist in the research, development, implementation and profitability of business strategies, products and policies and procedures, providing valuable insight and analysis, reports and recommendations to senior management.
• Contribute to the sound financial management of the reinsurance business by participating in the development of robust profit plans and the preparation of timely forecast updates and by providing professional support to senior management in preparing/analyzing/negotiating targets.

• Assist in the research, analysis, business case preparation and implementation of new products and assist with their integration into the reporting, profit planning, performance measurement and risk management policies, procedures and controls of the Reinsurance Units.

• Provide IFRS 17 financial accounting and reporting support to SIB under the Service Level Agreement.

EDUCATION / DESIRABLE CRITERIA

• An undergraduate degree in Commerce/Finance with at least 3 years work experience in financial accounting, reporting and analysis is required.
• Advanced knowledge of accounting for insurance/reinsurance contracts, including a solid understanding of the implications of the IFRS 17 standard, would be an asset for this position.
• An accounting designation (e.g. CPA, FCA or ACCA).
• Sound understanding of accounting procedures and principles, specifically with respect to IFRS accounting/reporting, financial management concepts and performance measurement tools/criteria.

FUNCTIONAL COMPETENCIES

• Good computer skills and familiarity with basic accounting and other business software applications.
• Proficiency in the use of Microsoft Office (Word, Excel, Outlook, Skype, Teams, etc), Adobe Acrobat and Sage G/L applications would be an asset for this position.
• Good problem-solving skills in order to identify and resolve accounting issues/requirements and recommend solutions.
• Strong attention to detail and sound analytical skills for evaluating and reporting on changes in assets, liabilities, capital, revenues and expenses and, where necessary, proposing sound recommendations.
• Good communication and interpersonal skills and ability to work effectively with the team to achieve tight deadlines.