Head of Finance

@Insurance Broker Business Bay, Dubai, UAE posted 3 weeks ago

Job Description

Overall role
Responsible for:
a. Overall responsibility for the finance team’s outputs, including mentoring and training the team to company standards

b. Provide financial leadership across the business in respect of general transaction processing and credit control
c. Provide quality action-orientated performance information to senior executives d. To provide strategic input into the development of the business.

e. Lead and deliver the annual budgeting and forecasting process, including any reforecasts throughout the year as required

f. Identify potential revenue enhancement and cost saving opportunities

g. Manage the annual external audit process along with the quarterly external auditor review and any internal audit reviews.

h. Advise the Directors on financial aspects of UAE Company Law and the impact of any changes to accounting standards.

i. Oversee the company branches and their day-to-day financial affairs

j. Ensure timely recording and payment of premiums and commissions per IA regulations and guidelines

k. Management, supervision and accountability of the Credit Control department and all associated duties
l. Continuously strive to improve current finance processes and find efficiencies m. Oversee the accounting month end process

n. Responsible for processing of monthly payroll and employee expense reimbursements

o. Ensure the company complies with regulatory and financial standards at all times

Key Accountabilities

a. Manages the production of timely action-orientated management information including written reports for local Board and group executives
b. Monthly and quarterly financial reporting to London Head Office
c. Review of balance sheet reconciliations performed by the Assistant Finance Manager (AFM) and Accountant

d. Review of all payments prior to passing to the CEO for final review and sign off e. Review of all new beneficiary banking details prior to final pproval by CEO

f. Review journals prepared by the AFM

g. Ensure accurate and timely submission of all VAT and Regulatory returns

h. Key point of contact with external auditors and advisors

i. Maintain and continuously improve financial controls to reduce the risk of errors and fraud

j. Maintain open lines of communication with other heads of department to ensure efficiencies and effective controls

k. Ensure that staff competence standards match their job profiles and that they are appropriately supervised

l. Ensures that payments to clients, underwriters and 3rd parties are raised by the AFM and Accountant and settled on a timely basis

m. Oversee the reconciliation of Fiduciary accounts on a monthly basis and ensure all client, insurer premiums and brokerage commission monies are remitted monthly and in accordance with IA Regulations and TOBAs

n. Oversee the intercompany reconciliation process and ensure entries by the AFM are correctly posted on a monthly basis, including intercompany loan balances

o. Prepare and submit the quarterly Insurance Authority returns on a timely basis p. Ensure all relevant IFRS workings are prepared on a quarterly basis together with a full UK GAAP to IFRS reconciliation as required

q. Review monthly payroll entries and payroll file and upload WPS to the online banking portal for final review and approval by the CEO

r. Review and authorise cheques and online banking transactions if / when authorised as a company signatory

s. Regular review and maintenance of the finance system, ensuring it is fit for purpose and working with the IT department on any necessary upgrades to enhance data integrity and reporting

t. Supports credit control team to reconcile accounts and follow up on unpaid debtors

u. Oversee the monitoring and analysis of aging/debtor balances to ensure a reduction in debtors DSO

v. Meet with insurance companies and clients as required to support the Senior Credit Controller in order to resolve any ongoing account related issues and maintain good relationships

Core Competence Indicators

a. Premium paid to insurers and all commission received is transferred on a monthly basis, in line with Insurance Authority regulations

b. Accurate and timely delivery of all internal and external reporting

c. Month end is closed accurately and on a timely basis

d. Continuous improvement of DSO (Days Sales Outstanding)

e. Continuous monitoring and proactive action on any balances aged over 180 days f. Improvements Finance processes suggested and implemented on a regular basis, especially when any errors are found

g. High quality and accurate output from the Finance team, with improvements put in place where errors or gaps are identified

h. Reviews documents at a key stages to ensure accuracy and completeness for subsequent processing

i. Ensures that correspondence, documents, statistics etc. are retained on file in accordance with best practice and internal procedures

j. Hard copy and electronic files demonstrate a complete audit trail, i.e. always supported by workings and linked to underlying files

k. Files are updated and maintained to a high and professional standard, ensuring adequate checks are in place to minimise errors and any obsolete data is removed and updated

l. No justified client or internal complaints

m. Identifies and reports any suspicious financial circumstances or transactions directly to the Money Laundering Reporting Officer

n. Maintains complete confidentiality in systems and procedures, particularly surrounding payroll

o. Takes a proactive approach to tasks and acts with ethics, integrity and a team mind set at all times

Internal Relationships

Heads of Department, London Finance team, HR, Compliance and all company staff

External Relationships

Banks, Suppliers, Clients, Audit & Professional Services Firms, Central Bank of the UAE

Essential Experience

  • Qualified Accountant (5+ years PQE)
  • Good knowledge of insurance broking processes
  • Proven track record in leading a finance teams or entire finance functions
  • Previous direct involvements with internal and external audits, ideally obtained from an audit firm
  • Good knowledge of Credit Control and debtor management
  • IT literacy in Word, Outlook, Excel and PDF applications, with advanced Excel skills
  • Experience with enhancing internal control processes
  • Mastery of English language (first language or advanced business level)

Generic Knowledge and Skills

  • Team leader
  • Highly organised
  • Adaptable
  • Excellent stakeholder management
  • Self-starter and proactive
  • Problem solving mind set
  • Good IT skills with advanced knowledge of Microsoft Excel and ability to learn new systems
  • Good practical understanding of IFRS
  • Strong cash management skills
  • Excellent verbal and written communication skills
  • Diligent and committed
  • Acts with integrity and ethically at all times

Company's Knowledge and Skills

  • Company structure and reporting lines
  • Company Group operating procedures
  • Group accounting policies
  • Best practice manual
  • TOBAs
  • Money Laundering/Prevention of financial crime procedures
  • UAE Central Bank / Insurance Authority Insurance Broker regulation

Job Type: Full-time

COVID-19 considerations:
All employees and clients are required to wear masks.

Ability to commute/relocate:

  • Dubai: Reliably commute or planning to relocate before starting work (Preferred)

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