Financial Reporting, Compliance & Budgeting Manager. at Britam

Job purpose

Reporting to the CFO, the purpose of this role is to direct and oversee all of the financial reporting, budgeting and compliance activities of Britam Life Assurance. This includes the preparation of financial reports, budgets and forecasts for future business growth. The role will also be responsible for ensuring compliance with Company and International Financial Reporting Standards (IFRSs) as well as regulatory requirements.

Key Responsibilities

• Manage monthly and annual financial closing processes and ensure accurate, timely closure and reporting.
• Review monthly, quarterly and annual financial statements in compliance with IFRSs.
• Prepare monthly performance management report for EXCO.
• Prepare quarterly performance management report for board committees (Audit, Risk & Compliance, Investments & Strategy) and main board meetings .
• Manage the preparation of the company’s annual budget and report on variances from budget and reasons for those variances.
• Assist business leaders with the development of the department strategy, driving accountability and alignment with overall company priorities.
• Review monthly, quarterly and annual returns to the IRA and ensure timely filing and compliance with the Kenyan Insurance Act and Regulations.
• Coordinate the company’s annual audit with the independent auditors and coordinate the provision of all required schedules and supporting documents.
• Develop and maintain the integrity of the financial reporting process and financial controls.
• Maintain and strengthen internal controls over financial reporting.
• Research and resolve accounting issues including evaluation and implementation of new accounting and auditing standards and pronouncements to ensure IFRS and IAS compliance.
• Prepare adhoc reports as may be required from time to time.
• Delegated authority: As per the approved Delegation of Authority (DoA) matrix.
• Ensuring regulatory compliance with respect to the compliance schedule i.e. for KRA, IRA, UFAA among other regulatory bodies.
• Provide training, coaching and guidance to the rest of the finance team to facilitate technical growth in the area of financial reporting, compliance and budgeting.

Working Relationships

Internal Relationships

• Accountable to the CFO, Britam Life Assurance
• Responsible for staff working under this position
• Required to liaise and work closely with the other departments as may be necessary.

External Relationships

• Britam customers.
• Insurance sector players

Knowledge, Experience And Qualifications Required

• Professional qualifications – CPA/ACCA Finalist. Must be a Member of Institute of Certified Public Accountants of Kenya (ICPAK) or equivalent
• Bachelor degree in Actuarial Science / Finance / Accounting / Economics. An MBA will be an added advantage.
• A minimum of 5 years’ relevant experience in Finance or audit/actuarial consultancy with at least 2 years in a management role.
• Thorough understanding of International Financial Reporting Standards (IFRS).
• Practical knowledge of the Kenyan Insurance Act and Regulations.
• Sound knowledge and well developed Information Communication Technology (ICT) skills with hands on experience with computerized accounting applications such as ERP systems and Microsoft Office software (Word, Excel, PowerPoint etc.)
• Experience and ability to establish and maintain effective working relations within a team and colleagues from diverse cultural and professional backgrounds with the ultimate aim of achieving organizational goals.
• Excellent organizational and planning skills; ability to identify priority activities and assignments and ability to make necessary adjustments as required.
• Proven ability to transfer knowledge to others at all levels into practical and beneficial use; strong interpersonal skills demonstrated by the ability to lead and gain assistance and cooperation from others in a team endeavour.
• Possess an innovative mind, a positive attitude and motivation to acquire new knowledge.
• Ability to analyse financial data and prepare financial reports, statements, and projections.
• Excellent team leadership skills, communication, organization and presentation skills.

Essential Competencies

• Deciding and Initiating Action - Ensures key departmental objectives are met, takes responsibility for decisions, actions, projects and people while focusing on achievement of departmental results; takes initiative and works under own direction; initiates and generates activity; makes quick, clear decisions with limited information available which may include tough choices or considered risks; decisions and actions take into account possible impact on all parts of the business.
• Leading and Supervising - Provides the department with a clear direction based on the overall strategic intent of the organization; Building high expectations about the success of the department; motivates and empowers others with a clear sense of purpose; creates a positive departmental climate that fosters learning and development; acknowledges high potential talent; Recognize the potential of individuals sets and articulates the vision and values through own personal behaviour; Push autonomy and empowerment downwards through the department.
• Formulating Strategies and Concepts - Works strategically to realise organizational goals within the department; sets and develops departmental strategies; identifies and develops positive and compelling visions of the department's future potential; Ensure departmental Balanced Score Card objectives and KPI’s are met and Exceeded; Ensure Personal Scorecard Objectives are met and exceeded; takes account of a wide range of issues across, and related to, the organization; Work with direct reports to ensure the cascading of the strategic plan into integrated departmental plans that are meaningful to individuals; encourages others to take a strategic and long-term view in terms of the department's future; Emphasize the impact and importance of individual contributions to the successful implementation of the organizational strategy in the department; Evaluate my own and others’ performance fairly and objectively; communicates the organizational strategy, vision and objectives effectively across all levels in the department.
• Analyzing - Strategically analyses sources of information, breaking them into component parts, patterns and relationships; makes rational judgments from the available information and analysis; demonstrates an understanding of how one issue may be part of a much larger system.
• Cost Management- Demonstrates an awareness of financial issues affecting my department; Use financial information to monitor departmental performance and guide decisions; Consistently identify opportunities to reduce costs within my department.