JOB DESCRIPTION / ROLE
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The Manager- Finance will oversee the full spectrum of financial and
management accounting, including regulatory reporting for Bahrain
National Life (BNL). The Manager Finance will have specific
responsibilities related to Life and Medical insurance accounting apart
from general accounting responsibilities.
Accounting & MIS:
• Responsible for preparation of management accounts and all related
activities including the accurate recording of transactions, review of
vouchers, payments, reconciliations with counterparties - brokers,
reinsurers, policyholders, TPA banks.
• To ensure timely monthly closing and transfers in the IIMS – Core system after due reconciliation.
• To provide timely and insightful MIS, quarterly board reports apart from adhoc reports.
• External and internal auditors - liaison, preparing data, supporting
documents, preparing draft financial statements, finalization of
accounts in a timely manner.
Budget preparation:
• Assist in the preparation of BNL budget, including assumptions based
on past relationships, update all financial databases and charts
required for preparing budgets and 3y business plans.
Productivity:
• Continually reviews processes and procedures for better operational
efficiency; adequate controls and checks and balances, financial
processes and controls and proactively raise management attention to act
and resolve issues.
• Update and maintain finance procedures in line with changes in
internal process flows, authority levels, external changes- regulations,
accounting principles.
Financial Control:
• Adequately reviews and controls expenditure within approved budgets.
Alerts relevant departments of excessive deviation from budgets.
Regulatory:
• Ensure accurate and timely reporting and regulatory filing, including IFR, answering follow up queries.
• Assist with the Group, with monthly VAT filing, documentation, reconciliation – as it relates to BNL.
• Receivables Control & Treasury regularly communicate with
counterparties and send account statements, prepare internal ageing
schedules, maintain simplified model for provisions, follow up for
payments – in coordination with business development/underwriting team.
Prepare monthly cash forecasts to assist the Group Treasury to manage
liquidity optimally.
Actuarial/Risk:
• Extract required actuarial data and interact with actuary for finalization of reserves as well as related actuarial reports.
• Provide relevant risk reports for the use of Risk Management Dept.
Other Key Projects:
• Additional responsibilities and projects include
• Transition to IFRS-17- dealing with external consultants, data extraction
Core Insurance System:
• Transition to new Core system – User Acceptance Testing for finance
module, feedback on business requirements, use of Business Intelligence
Tool for improved reporting
Digital Transformation:
• Assist with finance and accounting aspects of digital transformation, including UAT, process and controls.
REQUIREMENTS
Knowledge and Experience:
• Minimum of 8 years’ relevant experience in the (preferably in the life
insurance industry) of which at least 3 years at a managerial level
with full responsibility of producing financial statements.
• Thorough knowledge of accounting standards, IFRS 4,9 and highly conversant with the new IFRS17 standards
• Experience in Life and medical insurance with a primary insurer preferred.
• Knowledge of group life/group credit insurance accounting is a requisite.
• Additional knowledge of Individual Life and Savings Products is preferred.
• Recognized graduate qualification in accounting/finance/commerce combined with a professional qualification in finance.
• CA/CMA/CPA. Insurance certifications/ qualifications will be a plus.
• Reasonable knowledge of legislation and regulations related to insurance.
• Expert knowledge of operating insurance accounting software/systems.
Personal Qualities:
• Takes ownership of tasks and enthusiastic
• Diligent and accurate
• Work effectively in team environment.
• Self-motivated and performance driven.
• Confidentiality and tact in dealing with various departments
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