Senior Manager Financial Controls and Assurance at NCBA Group

JOB PURPOSE STATEMENT

Supporting the Head of Finance and Administration, this role is responsible for overall general ledger (GL) management and implementation of reconciliation policy across the region to effectively ensure the integrity and accuracy of balances in the various general ledgers that form the primary source of information for Loop DFS financial and management reporting. The role is custodian of the general ledger balances.

Specifically, the role holder is to develop and entrench financial controls, policies, tools, processes and procedures that ensure comprehensive and standardized reconciliations and Balance-Sheet substantiation process through monitoring of suspense accounts with the aid of up to date reconciliation, follow-up and escalation of count as well as value of ageing items to various departmental heads and group directors.

The role contributes to financial risk management by ensuring that financial data entering into the reconciliation process is complete, accurate and valid and the output data (exceptions) are shared with stakeholders for action. The job recommends to financial reporting team in liaison with various account owners of adequate provision to be held against operational items with high risk of being unrecovered in conformity with Enterprise Risk Management guideline.

The role defines the framework to identify, report and seal revenue leakages by providing remedy to system and process weaknesses. The role also ensures high quality of products reporting, accounting, controls and revenue assurance to support business objectives. The role offers the first (1st) line of defense risk function for Loop DFS.

KEY ACCOUNTABILITIES (DUTIES AND RESPONSIBILITIES)

Financial Controlling (55%)

• Custodian of the balances in the general ledgers that are the basis of financial reporting and management accounts. The current systems the group uses are: i) T-24 R12); ii) SAP; iii) Boss System, iv) Financial Data from MoMo systems.
• Ensure that proper chart of accounts are kept to support compliance with International Financial Reporting Standards (‘IFRS’) and the applicable laws and regulations.
• Ensure that Loop DFS operating business entities general ledgers are well maintained and all accounts fully reconciled and substantiated at all times.
• Oversee monitoring of all Balance sheet and Income Statement account movements and ensuring that they reflect the correct balances and all relevant account reconciliations are performed and corrective actions taken timeously
• Manage proper reconciliation of suspense accounts, driving strict adherence to reconciliation SLAs with respective departments.
• Engage with business on follow ups and escalate to Executive all items outstanding in the suspense accounts beyond the established business rules as per escalation matrix provided for in the reconciliation policy and enterprise risk guidelines.
• Reporting to the Executive on monthly reconciliation status report of items not reconciled, items at risk and thematic issues identified.
• Recommendation to Executive of amounts to be provided for items at risk and subsequent write-back/off and feeds into the Audit & Enterprise risk board reports.
• Lead interventions to minimize operational losses through application of sound analytical judgment to identify trends, suggesting and implementing improvements to the existing controls, procedures and systems to bolster fraud prevention
• Approval of new GLs to ensure correct GL category, relevant mapping to correct GL lines, existence of acceptable process flow to facilitate reconciliation and approval by the respective business heads and group directors.
• Supervise monthly review of dormant accounts and automatically opened accounts for prompt closure and accounts re-naming where necessary.
• Manage continuous engagement with IT, project teams and business owners to address items causing system challenges affecting smooth management of GLs and system functionalities
• Oversee enhanced quality review (QR) process to perform root-cause-analysis and prevent re-occurrence of thematic issues as agreed with account owners.
• Establish the framework for costs to be booked properly across the various intercompany accounts.
• Administer budget control system features to drive effective cost management and consciousness.
• Institute the structure for ensuring intercompany balances are properly accounted for, reconciled and settled.

Financial Management (25%)

• Monitor departmental expenses vis-à-vis budget on a monthly basis and follow-up negative variances.
• Manage the processing and reconciliation of all suppliers LPOs and payments.
• Supervise that expenses incurred are in accordance with Group policies and seeking opportunities for savings for all operating entities in operating expenses management.
• Manage departmental risks through functional Business Continuity Planning (BCP) as well as Risk and Control Self-Assessment (RCSA) towards achievement of, ‘satisfactory,’ rating in internal audit reviews.
• Oversee the annual external and internal audit process through provision of accurate information from the General Ledger and Reconciliation as well as promptly responding to queries regarding exceptions.
• Manage review of Actual Vs Expected revenue from top transactional revenue lines.
• Lead the framework to seal loop holes in various processes such as incorrect pricing, operational inefficiencies, missing transactions, un-priced transactions and uncollected revenues.
• Establish the process that ensures that debits in P&L are monitored regularly, seek supporting documentation from originating departments and escalate exceptions noted.
• Review accounts which hold funds falling under the ambit of UFAA Act, 2011 and working with all parties to remit the funds to UFAA annually before November 1st deadline.

Governance (10%)

• Application of sound analytical judgment to identify trends, suggesting and implementing improvements to the existing controls, procedures and systems to bolster fraud prevention
• Advising management on potential impact to capital, income and expenses from pending reconciliation entries / transactions so as to ensure compliance with minimum capital requirements and providing adequate capital for business growth
• Review of process and procedures to ensure Bank is safeguarded from risk of revenue leakages at all times including at launch of new products, new systems and system enhancements.
• Monitoring and reporting operational losses in nostros and other suspense accounts such CBK penalties and unnecessary charges. Ensure all debits to accounts are explained on the first Day of Reconciliation.
• Identify losses in processes by suggesting and implementing improvements to the existing controls, procedures and systems to bolster fraud prevention.
• Oversee interventions ensuring that the bank doesn’t incur losses through internal, Nostro & swift charges and timely follow up of all outstanding funds on Nostro accounts.

Leadership, People Performance and development (10%)

• Regularly review performance to trigger feedback and prompt actions to ensure objectives for individuals and team are met. Such actions include recognition of outstanding performance, taking corrective measures, which may include coaching, mentoring, and training to develop new skills or attitudes.
• Carry out performance appraisals to provide overall assessment for a set period of performance in a manner that enhances motivation and performance improvements.
• Collaboration amongst the staff with other members of the Department, and with other relevant stakeholders in Group operating business entities for the purpose of cultivating collective responsibility to achieve business goals.

JOB SPECIFICATIONS

Academic:

• University degree in business related studies or equivalent.
• CPA, ACCA, CIMA or equivalent professional qualification.

Desired work experience:

• Six years post-qualification (accounting) experience in a medium to large corporate organisation.
• Competence in the use of SAP, T24 and Boss Systems.
• Experience in the financial services industry or banking sector.