Chief Financial Officer

The CFO for First Assurance Kenya is responsible for the Financial Management function of First Assurance Kenya.

• Minimum Qualification: Bachelor
• Experience Level: Senior level
• Experience Length: 6 years

Job Description

Overall Job Purpose

The CFO for First Assurance Kenya is responsible for the Financial Management function of First Assurance Kenya. The role reports to both the Managing Director of First Assurance and the CFO of AFS/WIMI. The role has extensive interaction with senior management and the heads of each of the businesses within WIMI. Key to the role is to ensure financial alignment of the First Assurance Kenya financial performance and financial planning with the strategy and strategic objective of the cluster. This includes managing of First Assurance Kenya medium and short-term financial plans and evaluation financial performance on an ongoing basis.

Key

Accountabilities

Accountability: Financial planning, budgeting and forecasting:

· Full responsibility for the target setting process within First Assurance Kenya including presenting the final budget and 5 year plan to key management with the business.
· Oversee the co-ordination, control and management of process around the short-term and medium term plans as well as in-year forecasts.
· Compile, measure and report financial and business results for individual business areas (monthly, quarterly, half yearly) by focusing on the key business drivers of results (such as transactional volumes leading to non-interest revenue) for inclusion in the financial results as reported in the Flash and Exco reports.
· Review results and query variances with franchise. Obtain commentary on the variances against budget and forecast for inclusion in the flash and Exco reporting.
· Ensure financial plans are aligned to strategic objectives and focused.
· Evaluate performance within each Business Unit and recommend improvement based on informed executive decision-making.
· Ensure alignment with Barclays strategy, objectives and guidelines
· Manage relationships with key stakeholders.
· Ensure appropriate technology is in place to facilitate planning process across the Group.

Accountability: Analysis of financial performance:

· Ensure development and maintenance of a performance management framework and metric against which performance can be measured, this framework/metric must align to the company's strategic objectives and strategies.
· Provide analysis of financial performance of business areas on a monthly basis
· Provide relevant business intelligence to executive management for informed decision making.
· Ensure early feedback of trends not aligned to financial plans / objective is provided for corrective action.
· Advising the business on the overall financial management of the Rest of Africa businesses, particularly on the appropriateness of the cost base given planned revenue.
· Play a key leading role in the development of a single source for financial management information that is relevant at a Group, Barclays and business area level
· Improve and maintain strategic scorecard to WIMI, Exco and Board Report on the financial delivery of strategic objectives
· Contribute to the continuous improvement of Finance's profile, by enhancing reports, and assisting in the implementation of future reporting and forecasting models for the Rest of Africa centre

Accountability: Transfer Pricing and Management of Cost
· Focus on improving cost efficiency (cost to income ratio) of the business by embedding a culture of disciplined cost management.
· Work with the Costing team to develop improve and maintain a leading ABC methodology implementation and utilisation across the Group.
· Ensure outputs of ABC are appropriate to facilitate customer and product profitability, transfer pricing and a better understanding of cost behaviour
· Take responsibility for Transfer Pricing in the business. Ensure that the process is conducted in line with regulatory requirements and Group policy.

Accountability: People Management:

· Together with the Head of HR for the business unit or cluster, determine the people management strategy for the area with a focus on talent management, development, resourcing and retention. Communicate the strategy to managers in the area.
· Continuously mentor the management team of the area on proactive people management techniques.
· Embed formal Performance Development and informal coaching in the business unit.
· Coach the Management team on how to conduct meaningful Performance
· Development discussions with their direct reports and ensure that they conduct the process effectively
· Review training needs analysis conducted by managers. Approve training budgets and review training expenditure to ensure that allocated funds were utilised.
· Establish and maintain a succession plan for the key roles in the area and review and approve succession plans for one level below.
· Review the outcome of the Talent Review process and approve nominations for the business unit. Review effectiveness of the formal Talent Management process.
· With the support from the HR Business Partner, interview and recruit direct reports and provide support to them during the recruitment of their teams on request.
· Review workforce and recruitment plans for the area and re-allocate resources where required.
· Review requests from managers in the team for headcount changes. Approve or decline with reasons.
· Approve leave requests for direct reports and ensure that they manage the leave planning for their teams effectively.
· Act as highest escalation point for all grievances raised in the business unit.
Accountability : Business Management:
· Reconfigure resources based on an assessment of resource gaps in the existing operation and market opportunities for a whole product range or market segment. Focus on value creation.
· Plan the resource requirements for the for the business unit (including people, capex, opex, systems and Strategic Investment), negotiate and secure its allocation to the business unit and ensure delivery based on the promised business results.
· Translate Sector strategy into meaningful operational targets and strategic focus areas for the business unit under management. Ensure that the focus areas are disseminated to levels in the business unit.
· Agree targets and take accountability for the overall achievement of performance objectives in the business unit in terms of employee satisfaction, customer experience, and cost performance, return on investments, risk, and compliance and governance requirements.
· Actively work to integrate the internal supply chain for the business unit (including operations and group support functions). Work with seniors in those areas to improve service delivery for the business unit and ensure maximum utilisation of shared services.
· Establish balanced scorecard criteria in conjunction with the Sector Head. Ensure that adequate management information is made available to measure performance against the scorecard items.

Accountability : Risk Management:

· Act as key sponsor for the area's Risk Management Control Framework
· Review audit scopes defined by managers in the team and Absa Internal Audit or Management Assurance prior to audits commencing
· Review audit issue/findings, log to ensure adequate attention is given to closure within the agreed timelines.
· Complete required compliance and SOX attestations and ensure that impacted team members complete their attestations.
· Review and approve Detailed Risk and Control Assessments (DRACA's) prepared in the function. Complete attestations to testify to the adequacy of
controls on request.

· Oversee the development of Key Risk Scenarios. Actively work to minimise the amount of economic capital that has to be set aside for operational risk.
· Drive a culture of proactive compliance in the function.

Role / Person Specification
Education and Qualifications Required (Essential):

· ACCA/CPAK
· Bachelor's Degree in Finance, Accounting or any other business related field a must.
· Master's Degree in a business related field will be an added advantage
· More than 6 years of relevant financial services experience at senior level (Preferable Short Term Insurance Sector)
· Practiced people leader with extensive experience in managing a large department
· Able to work effectively across a multi-service Financial Services organization

Current FAIS Qualifications required (FAIS jobs only):

· N/A

Knowledge & Skills: (Maximum of 6):

· IFRS knowledge
· Capital and treasury management
· Preparation and review of financial statements, monthly reporting packs and management information
· Implementation and monitoring of sound financial controls and control environment
· Extensive Financial Services experience is essential
· Experience at managing a large team of skilled staff
· Strong technical knowledge
· Confidence to interact with senior management
· Strong presentation skills
· Able to operate calmly under pressure

Competencies: (Maximum of 8 competencies):

· Deciding and initiating action
· Entrepreneurial and commercial thinking
· Formulating strategies and concepts
· Analyzing Leading and supervising
· Adapting and responding to change
· Writing and reporting
· Persuading and influencing
· Coping with pressure and setbacks

Other

· Criminal indicators: The individual should not have a record or evidence of previous conduct and activities where the individual has been convicted of a criminal offence under any legislation designed to protect members of the public from financial loss, e.g. dishonesty, misappropriation of assets, embezzlement of funds money laundering, financing of terrorism, fraud or any other criminal offences.
· Financial indicators: These provide information on possible financial misconduct, improper conduct in financial accounting, or negligence in decision-making. Indicators could be financial troubles leading to legal proceedings, a mismatch between financial commitments and income and other funds, bankruptcy or insolvency proceedings in or in respect of an entity in which the individual is or was a Senior Manager or Key Person in Control Function.
· Supervisory indicators: These provide information gathered or brought to the attention of supervisors in the performance of their supervisory duties. These supervisors could also be authorities with supervisory responsibility in sectors other than insurance .Indicators could be the withholding of information from public authorities, submission of incorrect financial or other statements, market conduct transgressions, and prior refusal of regulatory approval for key positions, other corrective actions or interventions by a public authority.
· Other indicators: These may provide other information relating to the suitability of the individual. Examples include disputes with previous employers concerning incorrect fulfilment of responsibilities or non-compliance with internal policies, including code of conduct, which led to the lawful dismissal of the person or to the imposition of a penalty under employment law or contract law, and disciplinary measures imposed by trade or professional associations. Additionally, strength of character, such as the ability and willingness to challenge, are also considered to be indicators of a person's integrity as well as competence to perform the respective role.
· No employment related record of dismissal
· No civil court related record on financial misconduct or improper conduct in financial accounting

Mental & Environmental Demands

(RSA Specific)
Special work requirements:

Demanding role that will require working under pressure with tight deadlines
Most complex decision that can be taken without referral to the manager:
Full accountability, escalate to CFO where considered appropriate.
Business change accountability:
Accountable for Change, working with the Central Change team
Finance/Resource accountability:

Responsible for a team of 23 staff

Communication and Interaction required:

Staff in own area

(manager, subordinates, colleagues)
[30%]
Staff outside own area
[20%]
Internal customers
(other than staff in own area)
[40%]
External Customers
[0%]
Regulators/Government Agencies
[5%]
Vendors/Suppliers
[5%]
Other
(e.g. Industry Forums/Associations)
[0%]