Chief Financial Officer (CFO) at National Electronic Media Institute of South Africa (NEMISA)

PURPOSE OF JOB:

• To provide overall leadership, integration, and coordination of financial and supply chain management services to NEMISA in support of efficient financial, institutional, and administrative processes, while promoting good governance and sound financial and supply chain business principles.

JOB OBJECTIVES:
Strategic Planning and Operational Management

• Provide leadership and advice in the finance division, provide institution-wide finance advice, and add value to the Institute.
• Overall control and management of the Finance Division and the finance function across the Institute.
• Develop, manage, and execute the Institute’s Finance and Supply Chain
• Management strategy, and provide input into the strategic direction of the Institute.
• Provide leadership and input for strategic and annual planning processes relating.
• Oversee all Finance and Supply Chain Management initiatives across the Institute to ensure that their conception and implementation support the Institute’s strategic objectives.
• Collaborate with the Chief Executive Officer to develop and recommend to the Board an annual operating plan and financial budget that support the Institute’s annual and long-term strategy.
• Facilitate the continual improvement in the financial viability of the Institute by providing appropriate strategic and operational advice on investments, income generation, and management of financial resources.
• Develop and ensure the implementation of appropriate policies, business processes, and standard operating procedures for the unit.
• Ensure that the finance division is adequately resourced and staffed with competent employees.
• Assess, create, and implement streamlined solutions to support operational effectiveness and provide timely and accurate reporting.
• Overseeing the operations of NEMISA in the absence of the Chief Executive Officer, as delegated from time to time.
• Develop financial performance measures and monitoring systems that support the Institute's strategic direction.
• Ensure that the finance unit’s operation of the Institute meets the expectations of its stakeholders, both internal and external.

Governance, Compliance and Risk Management

• Ensure that the Institute maintains full and proper records of its Finance and Supply
• Chain Management in accordance with accepted accounting and legislative standards and practices.
• Ensure the establishment of processes for ensuring compliance with the instructions of the National Treasury and other legal instructions and bodies.
• Ensure that all business units comply with relevant Finance and Supply Chain Management policies, processes, and systems.
• Ensure compliance to the financial management legislative framework (Constitution, PFMA, Treasury Regulations etc.).
• Undertake a risk assessment and implement and maintain an effective risk management strategy.
• Provide input to the Risk Management systems of the Institute, provide advice to EXCO and Board on risk management practices in relation to the finance and supply management functions.
• Facilitate external and internal audits.
• Engage with auditors and provide appropriate and timely responses to audit queries.
• Ensure the achievement of the set internal and external audit objectives for the Institute.
• Establish and maintain an appropriate system of internal control and risk management.
• Ensure that there is segregation of duties to reduce the risks in the Institute.
• Evaluate the adequacy and effectiveness of internal controls, governance and risk management of business processes.
• Ensure appropriate risk and insurance cover for the Institute.
• Identify, assess, and inform the Chief Executive Officer and the Board of internal and external financial and procurement issues that affect the Institute.
• Implement internal control mechanisms and anti-corruption measures.

Financial Management

• Establish and maintain financial management systems and processes.
• Ensure efficient and transparent financial management of the Institute.
• Ensure compliance with GRAP regarding the recording of financial transactions and preparation of annual financial statements.
• Monitor the operation of accounting systems, controls, and procedures to ensure the integrity of the financial information.
• Ensure that the Institute’s annual budgets, corporate plans, and audited financial statements are prepared and submitted in accordance with the PFMA.
• Ensure implementation of audit recommendations and resolve audit queries.
• Ensure that full and proper books of accounts and records are effectively maintained, which provide comprehensive assurance of the integrity and validity of financial information.
• Review and facilitate the finalisation of Annual Financial Statements.
• Advising EXCO on budgeting, accounting, analysis, financial reporting, cash management, debt management and other duties as delegated by the Chief Executive Officer from time to time.
• Oversee the management of the Institute’s bank accounts and related instruments.
• Oversee debt collection initiatives in order to ensure that all income due is collected timeously.
• Develop and oversee implementation of financial management policies and procedures.
• Manage the acquisition of assets and resource requirements as required.
• Ensure that asset registers are updated timeously and reconciled with physical asset counts at regular intervals.
• Ensure that assets are adequately insured.
• Utilise a financial management system to capture accounting transactions, control the general ledger, perform financial administration, and prepare financial reports.
• Utilise a payroll management system that effectively manages human resource information, administers the payroll, and reports in compliance with legislative requirements.
• Utilise a management information system for monitoring and reporting of revenue, expenditure, assets, and liabilities.
• Ensure the monitoring and control of expenditure of the unit in line with the budget.
• Oversee the timely and accurate development of budgets and financial reports that will assist the Board, Chief Executive Officer, and EXCO in making informed strategy and resource allocations.
• Lead the process of generating income for the Institute and be the custodian of the Resource Mobilisation Strategy.

Budget Management

• Oversee the Institute’s budget preparation process, provide advice and support to stakeholders, and review the budget before submission to the relevant authority.
• Conduct budget meetings with EXCO to discuss and finalise the budget.
• Ensure that internal financial targets and budgets are fully consistent with the strategic plan and relevant agreements with the relevant authority.
• Ensure that the budget proposal accurately reflects the Institute’s strategic and operational priorities.
• Ensure that budget proposals have been thoroughly reviewed in respect of the accuracy, reasonableness, and spending capacity.
• Ensure that budget proposals are correctly formatted in compliance with budget submission guidelines and statutory requirements and that they provide an accurate and appropriate breakdown of budget estimates across the Institute’s programmes.
• Present the proposed annual budgets to the Board for approval before submission to the relevant authority.
• Advise the Institute's Divisions on the approved budget and programmes budgets.
• Oversee and manage the budget monitoring process, including the production of monthly and quarterly financial and performance reports, and provide recommendations and advice to address significant variances.

Expenditure Management

• Oversee and ensure the effective, efficient and economical use of financial resources.
• Develop internal controls and processes to manage the transfer of funds.
• Effective management of liabilities.

Ensure the development and implementation of internal controls for expenditure management to ensure:

• transactions are executed in accordance with management's general or specific authorisation;
• all transactions are promptly recorded at the correct amount, in the appropriate account, in the correct accounting period to which it relates, and in accordance with the accounting policies and procedures;
• managers are held accountable to expenditure management in their areas of responsibility.
• Exercise all reasonable care to prevent and detect unauthorised, irregular, fruitless and wasteful expenditure.
• Settlement of all contractual obligations and payments owing within 30 days of receipt of invoices.
• Authorise all expenditure (quotations & tenders) and claims within delegated authority.
• Ensure the production of monthly expenditure and revenue reports.
• Ensure the production of variance reports.
• Facilitate the investigation of variances set against expenditure, revenue, and budget expenditure.

Supply Chain Management

• Ensure the Institute implements an appropriate supply chain management system that is fair, equitable, transparent, competitive, and cost-effective.
• Ensure that the Institute has an established and effective supply chain management system that is guided by the legislative framework in line with the Supply Chain Management Framework Act and Treasury Guidelines.
• Oversee the implementation of SCM policies and prescripts.
• Develop and implement internal supply chain management processes.
• Ensure that procurement planning takes place, that specifications are developed timeously, and that there is compliance with supply chain prescripts.
• Oversee the implementation of effective anti-corruption measures.
• Ensure the approval and implementation of the delegations of authority that are compliant with the applicable legislative framework.
• Oversee the establishment and facilitation of effective bid committees functioning in accordance with applicable legislative requirements.
• Utilise an inventory management system for provisioning, procurement, stock control, and reporting.
• Ensure proper disposal of surplus and/or underutilised assets.
• Monitor procurement processes.
• Oversee the negotiation of SLA’s/contracts with suppliers and drive SLA/contract development processes.
• Advise the Institute on contracting options, terms, and conditions to ensure optimal procurement contractual terms for the organisation.

Stakeholder Management

• Participate in internal and external stakeholder forums as directed.
• Represent and participate in the Institute’s committees and/or task teams.
• Engage and build inter-departmental relationships with internal stakeholders to produce financial and compliance reports.
• Represent the Institute at external events when required.
• Manage the relationship with external auditors and the Audit and Risk Committee of the Board ensuring that the Institute.

Human Capital Management

• Manage internal support staff and coordinate internal resources.
• Provide required training and development to employees to ensure optimal performance.
• Manage subordinates by allocating work, assessing progress, and providing training and coaching where necessary.
• Liaise with internal staff members relating to payroll, HR, and general office operations.
• Determine staffing requirements and ensure the proper recruitment and selection of high-performing human capital.
• Manage the performance of subordinates and implement corrective measures where required.
• Effectively respond to employee queries.
• Provide leadership to the Finance and Supply Chain Management team by keeping them informed and engaged, providing ongoing performance feedback, coaching and guidance.
• Create and maintain a responsive and respectful workplace culture that integrates the institute’s values.
• Provide effective leadership to drive the performance and outputs of the team.

Reporting

• Report on the unit as required by internal and external stakeholders.
• Submit management reports to the Chief Executive Officer, Audit and Risk
• Committee and to all stakeholders on a monthly, quarterly, and annual basis or as may be required from time to time.
• Provide regular reports to the Chief Executive Officer on the revision of targets, if necessary, and progress towards the achievement of targets.
• Ensure the preparation of all financial reports (daily, weekly, monthly, bi-monthly, quarterly, and annual) and submission to the relevant authority.
• Ensure the compilation and timely submission of accurate information in accordance with prescribed standards and formats.
• Ensure timely and accurate financial reporting to the Chief Executive Officer, Board, the Executive Authority, National Treasury, and other relevant stakeholders.
• Submit management reports to the Audit and Risk Committee as may be required from time to time.

MINIMUM QUALIFICATIONS AND EXPERIENCE:

• Honours Degree in Accounting or equivalent
• Must be registered with a recognised professional body (CIMA, SAICA, SAIPA)
• Registration as a Chartered Accountant will be advantageous
• 8-10 years’ experience in a similar environment
• 5-7 years’ experience within the Public Sector
• 5-7 years’ experience in Senior/Executive Management

KNOWLEDGE AND SKILLS REQUIRED:

• Public Finance Management Act (PFMA)
• Generally Accepted Accounting Practice (GAAP)
• Generally, Recognised Accounting Practice (GRAP)
• Treasury Regulations
• Supply Chain Management practices and processes
• Knowledge of general financial management, budgeting and reporting processes within the Public Sector
• Advanced Excel & knowledge working on Financial Accounting systems
• Knowledge of financial risk assessment and mitigation
• Online banking practices