Manager - Finance

Our client in the Financial Services industry is looking for a Manager - Finance. Location: POS

Job Summary:

The Manager - Finance is responsible for directing and overseeing the finance and accounting operations. He/she is responsible for the financial reporting including monthly and quarterly financials, regulatory reporting, statutory compliance including tax returns, the management accounting and reinsurance accounting. The incumbent provides accurate and timely, professional financial reports, analyses, budgets and forecasts and possesses sound knowledge of International Financial Reporting Standards (IFRS) and experience in the preparation of IFRS-compliant financial statements.

The incumbent is also responsible for effective liquidity management, budgeting and supports strategic planning and the achievement of strategic objectives by providing relevant insightful analyses, opinions and recommendations to Executives. As such, he/she must possess a sound understanding of the economic and investment environment and be acquainted with a broad range of business issues in order to make recommendations for improving the Company’s financial performance. Additionally, he/she has overall responsibility for the day-to-day finance operations , which includes the management of a team of professionals.

Key Responsibilities

1) Strategic Financial Leadership

1. a) Co-ordinates and directs the process for financial planning and forecasting
2. i) Prepares financial forecasts (weekly Flash), budgets, and analyses and reports on variances to the President, VP Finance, Group CEO and Board of Directors to optimize financial performance, co-ordinating the required activities to ensure accurate and timely delivery. This includes:

• Coordinate and lead the annual budget exercise and ensure approvals within the established deadline.
• Produce the division’s budget and forecasts for presentation incorporating inputs of the division’s team and applying requisite analyses, formulae and models; monitors and control divisional budget ensuring that agreed objectives are fulfilled.
• Produce consolidated corporate budgets and forecasts, consolidating and refining inputs from all departments ensuring that Board targets as regards return on investment, expense/revenue ratios, and other relevant financial guidelines are observed; presents final documents for approval.
• Produce report for delivery of the budget to stakeholders for their buy-in.

2) Regulatory Compliance & Governance

1. a) Ensures compliance with the requirements of IFRS
2. i) Ensures the required changes to operational processes arising from the implementation of new accounting standards or changes to existing ones are implemented including ensuring appropriately implemented as updates required to the Financial Statement pro-formas for audited financial statements and annual returns including the underlying working papers.
3. ii) Provides leadership and professional guidance for routine transactions in accordance with IFRS. For non-routine or unusual transactions, researches the requirements of IFRS and proposes the appropriate accounting treatment for the approval of the VP Finance and Senior Manager. Liaises with the Senior manager, Group Accounting Policy and the Independent Auditor as is required.
4. b) Ensures compliance with regulatory requirements and applicable regional financial regulations.

Reviews Compliance reports on a monthly basis, and takes action to resolve any routine issues arising. Makes recommendations for the approval of the VP Finance / Senior manager for non-routine issues.

Review fraud reports and takes action to resolve any routine issues arising. Makes recommendations for the approval of the VP Finance / Senior manager for non-routine issues.

1. c) Ensures compliance with Caribbean tax legislation.
2. i) Makes recommendations for strategies to proactively minimize tax exposures for the approval of the VP Finance / Senior Manager.
3. ii) Directs and oversees the preparation of and timely filing of Tax Returns.
4. d) Maintains strong corporate governance and internal controls.
5. Ensures that the framework establishing the required level of governance and control over financial reporting is operating effectively, in compliance with Service Level Agreements (SLAs) and ensuring the timely completion / submission of assertions, checklists, error reports and deficiency management action items.

3) Financial Operations & Optimization

1. a) Directs accounting, treasury, and investment accounting operations.
2. i) Ensures that operating systems, policies and procedures and controls are in compliance with the applicable framework and are operating effectively
3. ii) Manages and optimizes the accounting operations, including revenue recognition, reinsurance accounting, accounts receivables, accounts payables, taxation and general ledger.

iii) Safeguards the Company’s assets by ensuring the effective operation and execution of the framework for governance and internal control.

1. iv) Directs the accurate and timely recognition of the company’s assets and liabilities including statutory and tax obligations, leases, insurance and reinsurance contract arrangements.
2. v) Authorizes payments and cheque requisitions according to established guidelines checking supporting documents to ensure accuracy and authenticity. Ensures timely and accurate settlement within contractual terms.
3. vi) Co-ordinates Finance Operations for reinsurance reporting/accounting - Group P&C Companies, including but not limited to:

Review quarterly statements and ensure timely reporting and settlement.

Review Portfolio Transfer Statements and ensure timely reporting, settlement, and correct accounting thereof.

Review CPC statements and ensure timely collections and accurate accounting thereof.

Review sliding scale calculations/statements and ensure timely collections and accurate accounting thereof.

Manage the CAT accounting/cash call process when applicable.

Monitor the settlement of MINDEPS and recoveries from affiliates.

Manage the timely reporting of EOL declarations.

Monitor EOL recoveries.

Act as the liaison with Reinsurance department.

1. b) Directs financial reporting, ensuring accuracy and timeliness.

Prepares internally required monthly and quarterly management accounts/financial statements and reports for meetings of the Board of Directors within established deadlines.

Review the annual financial statements for the Parent and Group in accordance with IFRS.

Reviews financial performance and prepares ongoing financial analysis as required consulting with the Senior Manager / Vice President Finance offering recommendations to address adverse trends and implementing measures agreed to control the budgets accordingly.

1. c) Oversees all reporting to Regulatory Bodies and Rating Agencies, ensuring accurate and timely reporting and clarity on reporting requirements for all territories.
2. i) Oversees the preparation and accurate and timely submission of quarterly and annual returns for all territories and responds to any queries that arise thereon.
3. ii) Oversees the preparation and accurate and timely submission of financial reports and data to Rating Agencies, including on AM Best’s online portal.
4. d) Key contact for delivery and execution of Internal, Independent and any Regulatory Audits, liaising with internal and external personnel as required to ensure timely completion of audit activities.

Manages the delivery of the Independent Audit ensuring that required items are delivered in a timly and accurate manner in accordance with the audit plan per PwC's Connect application

Manages the delivery of any internal or regulatory audits, ensuring that required items are delivered in a timely and accurate manner. As is applicable, prepares Management responses to any findings arising for the approval of the Senior Manage / VP Finance

1. e) Implements cost-saving initiatives and efficiency improvements.

4) Capital, Cash & Investment Management

1. a) Manages cash flow and directs and oversees all reporting thereon, including forecasting and oversight of investment portfolio

• Monitor the Company’s investment performance, including placement of investments in the respective statutory funds and deposits to maintain balances required for regulatory purposes.
• Develop treasury procedures for the business ensuring all cash needs in local and foreign currencies are anticipated, while ensuring all foreign currency risk is mitigated.
• Develop monthly treasury needs analysis by working with the monthly cash flow forecast to ensure that all cash obligations are anticipated.
• Confirm with the timing of the foreign currency needs to ensure that exchange rates are negotiated in advance of purchases with the bank where necessary.
• Review all investment activities and accounting transactions booked in the company’s books. The incumbent should monitor all transactions, including placement of investments in the respective statutory funds and deposits to maintain balances required for regulatory purposes.
• Review the calculations that support all journals entered into Oracle.
• Review all reconciliations quarterly.
• Works to coordinate the preparation for interim and year end audits.
• Develop controls to review the overseas business portfolios.
• Management of relationship with investment advisors and banking relationship managers

1. b) Directs Treasury operations to ensure compliance with capital activities and solvency requirements.

5) Leadership & Organizational Development

1. a) Drives financial team performance to achieve Company, Divisional and Departmental objectives.
2. i) Leads, motivates, inspires and encourages employees through effective performance management – setting of clear goals and objectives, ensuring that performance gaps are closed through relevant training,

monitoring of work performance through continuous performance discussions and timely completion of appraisals. Provide the necessary support and leadership to achieve the team and departmental goals. This includes meeting the operational requirements including but not limited to:

• Leave Management and Preparation of Enrolment Forms for approval in accordance with established procedures.
• When required conduct interviews or assist with head hunting for appropriate staff.
• Attend to all escalated discipline and grievance matters within department to ensure staff operate within the set professional guidelines of the Company and fair treatment of all.
• Weekly huddles with staff to discuss performance and any appropriate action to be taken to meet deadlines and ensure all deliverables are completed in a timely manner.
• Ensure equitable distribution of work which includes when any staff is on leave.

1. b) Fosters a high-performance culture through mentorship and professional development.
2. i) Develops and rolls out training for team members in the area of insurance and reinsurance accounting, and to the wider organization (Finance for Non-Finance Managers).