Head - Finance Controlling Team - Insurance Firm (5-10 yrs)

Head Finance Controlling Team

Job Description:

- Appraise senior management in Finance function on opportunities for process improvements/ establishment of necessary controls aimed at minimizing operational loss on account of frauds/misuse of gaps and Administer realignment of processes to best organizational practices and assure process compliance.

- Review existing processes across all sub-functions of Finance.

- Ensure key control testing within the Finance function and cross functional processes to ensure process compliance using Risk Control Self Assessment technique.

- Interpret analytics (predictive analysis)/technology framework (Audit Command Language) to identify, mitigate and manage potential frauds in various payables in the accounts area.

- Analysis of operational losses and reporting reasons/cause of incidents giving rise to such operational losses.

- Review roles and responsibilities within and beyond functions/processes to identify potential risks/inadequate controls.

- Publish Noise Dashboard to highlight the TAT of key activities of the accounts and the functions.

- Review policies and Initiate appropriate changes and render support to improve the quality of accounting.

- Review from time to time organizational accounting policies and other policies having financial impact to identify gaps/areas of improvement.

- Design changes to policies in consultation with the relevant departments/stakeholders with the view of plugging any apparent gaps/areas leading to leakage.

- Review accrual management processes and devise appropriate mechanism to validate accruals.

- Review aging of balance sheet accounts and recommend necessary action for clean up of accounts.

- Review to comment on completeness of accounts.

- Establish system controls, wherever necessary, to ensure quality of books of accounts.

- Analyse key accounts to identify any major gaps and highlight in MIS dashboard.

- Secure access to accounts within various units of the finance function to ensure quality of books of accounts and segregation of duties.

- Initiate process integration and influence process automation initiatives within the finance function to increase visibility and transparency of information.

- Identify interrelated activities within the finance function and comment on flow/availability of information.

- Recommend and implement suitable integration techniques.

- Identify manual intervention areas with potential control risks.

- Suggest automation for enhanced controls.

- Provide collaborative support in implementation of automation initiatives.

- Conceptualize and accomplish exception reporting for financial processes.

- Design and conceptualise 'Exception reports' for key control areas and publish dashboards to sensitize the senior management.

- Interpret process gaps or areas of misuse of policies and recommend appropriate changes.

- Analyse trends of exceptions to take suitable action on the factors that contribute to the exception.

- Conduct investigation based on trends in exception reports and report findings of investigation to the appropriate forum to suitable action to be initiated.

Expense control:

- Identify areas of leakage through exception reporting.

- Interpret trends to highlight areas of expense control or areas where there is scope for better expense management.

- Establish standards for incurrence of expenditure at branches or HO and highlight outliers to the appropriate forum for taking corrective action.

Facilitate Internal Audit Coordination:

- Supervise liasoning with other sub-functions within Finance for smooth conduct of internal audit.

- Coordination within Finance verticals to facilitate closure of audit points within stated timelines.

- SPOC from Finance function for all interactions with Internal Audit team.

- Initiate corrective action on the basis of internal audit reports within various units of finance function.

- Derive process gaps from audit reports and plug them by designing appropriate changes.

Team Management:

- Optimize Employee Talent and Expertise.

- Ensure adequate Training, Development opportunities and Career pathing is established for the team.

- Motivate the team and maintain employee satisfaction at optimal levels.