Financial Manager

at Outsurance
Location Cape Town, South Africa
Date Posted Oct 20, 2020
Category Accounting Finance Jobs
Job Type Full-time

Description

Ouput/ Core Tasks:

 

  • Daily management of the Sanlam Indie finance team and finance related functions & admin.
  • Aid in developing, training & supporting the Finance Team.
  • Oversight and ultimate responsibility of work performed by the Finance team, including, but not limited to:
    • Calculations performed in ensuring accurate recording of transactions, including monthly Premium Income.
    • Monthly bank reconciliations performed.
    • All other monthly Income statement and Balance Sheet reconciliations performed.
  • Review and reconcile monthly COA costs as a major business KPI and aid in ensuring its calculated and maintained correctly and adequately explained in reporting.
  • Fully responsible in ensuring all Reinsurance recoveries on claims paid are actioned timeously, and perform follow ups to receive amounts due from providers. Including maintenance & reporting.
  • Responsible for the accurate recording & record keeping of claims from a Finance perspective and liaising with the Claims Operations Team on management & reporting.
  • Review and release of payments including payments made to suppliers on our Sanlam Accounting system, ensuring all necessary control reviews are done before approving.
  • Release of payments on our PAS system to Reinsurance Suppliers, Claims Benefits & Commission payments.
  • Aid in approving & validating business transactions on a Financial Manager level.
  • Aid in checking monthly KPI’s of the business as well as calculation thereof where necessary.
  • Continuously improve on reporting to ensure all Stakeholders understand the business from a Financial Performance Perspective.
  • Implement and maintain Unit Cost reporting and implementation of adjustments on the cost allocation model to measure profitability.
  • Performing monthly Financial Management Reporting internally in Sanlam Indie and to Sanlam Retail Affluent (SRA). Analysing and explaining differences in movement in income/costs that is not in-line with the Budget for the year. Ensuring all accounting is correctly consolidated from different systems into reporting.
  • Support the maintenance and improvement of the Sanlam Life cost allocation model, including refinement of allocation driver models based on interaction with Shared Services and other business units.
What will you do? (continue)

 

  • Perform monthly projections for the remainder of the financial year and understanding the movement in costs for explanation in reporting.
  • Perform monthly Finance Management reports to SRA for consolidation including calculations of NUB Strain.
  • Perform financial modelling and business case definition and evaluation.
  • Ensure all accounting especially on Interim and Year end is correctly & accurately done, ensure all deadlines and timelines are adhered to and ensure all requirements & Trail balances are signed off and submitted to the Group.
  • Responsible for the yearly Budget compilation including the 3 – 5-year projection of Income & costs. Ensuring all related Budget reporting is submitted to Sanlam and aid in preparing Budget presentations to the Group and the proposals set out in the Budget for the coming years.
  • Ensure compliance with IFRS, IFRS 17 & implementation thereof in systems & reporting, and of all other legislation applicable including the Companies Act of 2008 & the VAT Act of South Africa.
  • Ensure all internal controls for the Sanlam Group, the SRA governance framework as well as any internal control applicable to Sanlam Indie is sound and complied with. Implementation of additional Internal Controls where risks are identified to ensure the risks are adequately mitigated and monitoring of that controls to ensure they are being followed.
  • Ensuring adequate segregation of duties within the Finance Department is maintained to reduce risks of error, for sustainable risk management & internal controls risks.
  • Liaise with the Internal Control team on any Ad-hoc or Internal Control audits being performed as well ensuring all information required by them is met. Ensuring that any findings are mitigated in the future by implementation of new Internal Controls/processes.
  • Liaise with the external auditors on Interim & Year end audits to ensure all their requirements on information & explanations are met.
  • Liaise with Internal Financial and Operational Managers and external stakeholders to ensure requirements for business purposes are adequately met.
  • Monitoring, analysing & making corrections where necessary to our Accounting received from our external PAS system, ensuring the monthly accounting is correctly transferred into our Sanlam Accounting system, with supporting reconciliations between the two systems.
  • Should be able to work on, understand and integrate different systems and ensure they are maintained correctly and accurately.
  • Assist with requests for different internal projections, and also maintain adequate record keeping internally for any incomes or costs.
  • Responsible for the maintenance of the Budgets of these projects and accurately measuring the costs.
  • Ensuring any recharges to other Product Houses/Business Units/the PPIC is correctly calculated and performed on a monthly basis.
  • Perform any internal and SRA Ad-hoc or once off reporting requirements.
What will make you successful in this role?

 

Requirements:

 

Qualifications: 

 

  • CA (SA) qualification
  • 5+ years’ relevant work experience preferably within a Finance function with the financial services industry

 

 

Knowledge:

  • Sound Financial Services Industry knowledge (preferably Insurance Industry understanding i.e.: actuarially calculated profit, Value of new business and Embedded Value will be advantageous)
  • Proficiency in Walker/Essbase/E2 Financials/Thought Express/SAP 4/Hanna will be an advantage.

 

 

Competencies: 

 

  • Excellent verbal and written communication skills.
  • Comfortable with an unstructured environment and able to create and implement new processes.
  • Strong interpersonal skills.
  • Willingness to extend yourself and assist other team members.
  • Natural ability to empathise, listen and understand complex situations.
  • You’re comfortable using technology. Learning how to use new apps, software and tools is something you enjoy.
  • Provide leadership and mentorship to our existing Finance Team member.
  • Experience with managerial functions such as recruitment, performance management and general people management.

 

 

#LI WRAP

Personal Attributes
Manages complexity - Contributing through others
Decision quality - Contributing through others
Financial acumen - Contributing through others
Plans and aligns - Contributing through others
Build a successful career with us

We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping  our employees to realise their worth. Through its business clusters – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate, Santam, Miway, as well as the Group Office – the group provides many opportunities for growth and development.

Core Competencies
Cultivates innovation - Contributing through others
Customer focus - Contributing through others
Drives results - Contributing through others
Collaborates - Contributing through others
Being resilient - Contributing through others
Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers.

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