Finance Manager (Outwards) at Santam Insurance

What will you do?

• This role will be in the Santam Re & International business unit, based in Cape Town.
• This suitably qualified and experienced individual is responsible for the following for the outwards reinsurance business: financial planning and analysis, budgeting support, performance tracking and reporting to the core management team, implementing finance automation solutions, working with the finance business partnering as well as the financial reporting teams to ensure all income statements are accurate and up to date.
• The role is required to ensure the timely delivery of accurate and complete information with the necessary insight on treaty performance per cedant for the outwards business.
• The role will ensure that the necessary disciplines of technical accounting, cash management as well as debtor and creditor management are performed accurately and in a timely manner, in accordance with industry best practice.

What will make you successful in this role?

Financial Operations

• Review and document the accounting treatments for all outwards treaty business and ensure the accurate recording of same based on the nature of each underlying treaty.
• Develop the necessary routines to ensure the timely and accurate processing of all outward reinsurance transactions and processing of all outward reinsurance bordereauxs. This includes the automation of routine manual transactions.
• Run the finance operations project team (informal) to ensure that the necessary emphasis is placed on areas of focus as notified by senior management.
• Work with the business to develop and implement an activity-based cost allocation model to ensure each business unit carries its proportional share of the cost base. These costs include both direct costs and shared costs which are allocated from Group companies.
• Identify and action opportunities for process and cost optimisation across the business (not limited to the finance function).
• Accurate processing into each respective business unit’s income statement, with insightful variance analysis to ensure all BU CFOs can explain the movement in their outwards reinsurance accounts.
• Ownership of the full transaction lifecycle for all outwards business – from source to record, including the capture of payment instructions for processing via the payments system.

Automation and Process Optimisation

• Actively seek out opportunities to automate functions within the finance team to reduce the manual effort involved in day-to-day reporting.
• Work closely with the IT system development team to optimise IT routines and automated financial entries to ensure accurate financial reporting.

Financial Planning & Analysis

• Collaborate with the financial reporting and business partnering teams through the monthly reporting cycle.
• Ownership of the outwards reinsurance month-end reporting process.

Governance, Compliance and Controls

• Establish a sound system of financial controls over all processes within functional area.
• Ensure that standard operating procedures are documented for all core functions within the financial operations team, including the preparation of a risk and control matrix.
• Collaborate with internal and external assurance providers through the respective reporting cycles.

Team Development

• Mentor and develop staff across the business to ensure we inculcate a culture of excellence, process optimisation and collaboration across all teams.
• Provide financial and accounting training to staff in need, as well as to the broader business to ensure that performance is well understood.
• Actively support own staff, and the broader finance team, to adopt automation through technology and support the finance change champion’s efforts in this regard.

Qualification and Experience

• CA (SA) essential
• 2+ years Post Qualification Experience
• Audit Background, preferably in financial services
• Non-life insurance / reinsurance experience is advantageous
• IFRS 17 implementation and application experience highly advantageous

Skills

• You have a proven track record of delivering meaningful, impactful work throughout your career.
• You have a minimum of 2 years of post-qualification experience and understand the construct of an effective financial operations function.
• You have strong analytical and problem-solving skills, with the vision to see solutions beyond current system capabilities.
• You are technically strong in IFRS and can explain complex concepts at all levels – from senior management to new career entrants.
• You understand how to design, implement and monitor a financial control environment.
• You have enhanced communication and presentation skills and enjoy working cross-functionally building relationships across an organisation.
• You can adapt, and thrive, in a fast-paced and evolving environment where you will need to roll up your sleeves.
• You are adept at leading and mentoring diverse, high-performing teams and proactively supporting team members who need guidance to perform at the required level.

Competencies

• Collaboration
• Client focus
• Drives results
• Flexibility and adaptability
• Cultivates innovation
• Driving strategy
• Commercial orientation
• Change leadership
• Talent enablement
• Decision making
• Leadership
• Reporting and Administration
• Balances stakeholders