Empowering Africa’s tomorrow, together…one story at a time. With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
The Head of Financial Reporting Solutions is a crucial role responsible for overseeing the integration and alignment of legal entity financial reporting with consolidated and regulatory reporting. This position ensures the accuracy, efficiency, and compliance of financial reports, which are essential for informed decision-making and maintaining regulatory standards. The role involves developing and implementing strategies to integrate financial reporting processes, maintaining standardised mapping structures, and providing a roadmap for data quality improvement. Additionally, the Head of Financial Reporting Solutions is responsible for implementing scalable legal entity reporting tools that comply with International Financial Reporting Standards (IFRS), driving continuous improvement in financial systems and processes.
Job Description
Key Accountabilities
Accountability: Financial Planning and Strategy Participation
- Strategy and Efficiency Integration : Develop and implement strategies to integrate legal entity financial reporting with consolidated and regulatory reporting, enhancing efficiency and ensuring clear documentation and monitoring.
- Standalone and Consolidated Reporting Compliance : Ensure that legal entity financial reports comply with IFRS and regulatory reporting standards on a standalone basis, considering each entity’s materiality.
- Advisory Role : Advise Business Unit Exco on integrating legal entity financial reporting into consolidated financial reporting and regulatory reporting to the Prudential Authority, highlighting key insights and impacts.
- Opportunity Identification and Evaluation : Identify and assess opportunities for enhancing legal entity reporting efficiency and effectiveness.
- Financial Support and Engagement : Provide support to business unit seniors to understand the linkage between legal entity and consolidated financials, including intercompany transactions.
Accountability: Performance Measurement and Reporting
- Financial Reports Oversight : Direct and oversee the preparation of legal entity financial statements by managing a team of financial accountants.
- Historical Financial Reporting and Compliance : Enable the presentation and reporting of accurate and timely historical financial information of the legal entities.
- Monthly and Periodic Review : Implement a high-level review mechanism for monthly legal entity results.
- Results Analysis and Improvement : Oversee the review of financial and accounting reporting practices in place for legal entities.
- iXBRL Reporting : Establish an iXBRL centre of excellence for managing reporting risk and providing necessary training.
Accountability: Financial Systems, Analysis Tools, and Models
- Process Improvement and Analysis : Drive continuous process improvements in legal entity AFS reporting.
- Advanced Analytics and Systems Evaluation : Evaluate financial systems, design advanced analytics models, and recommend enhancements.
- Data Definitions and Alternative Solutions : Develop data definitions for financial reporting.
- Project Evaluation and Management : Facilitate enhancements to the existing tool.
- Financial Plans Approval : Review and approve financial budgets for enhancements.
Accountability: Compliance and Risk Management
- Governance and Internal Controls : Ensure compliance with governance and budgetary reporting requirements.
- Audit Interaction and Compliance : Interact with Internal Audit and External Auditors.
- Financial Risk Management : Counsel senior management on risk and control matters.
Accountability: Leadership, Development, and Coaching
- Team Leadership : Lead a motivated team of financial and technical specialists.
- Vision and Advocacy : Provide a compelling vision for the team.
- Task Management : Allocate tasks and responsibilities appropriately.
- Staff Relationships and Group Values : Develop excellent staff relationships within the team.
- People Management Implementation : Implement people management strategies focusing on talent management.
- Recruitment and Performance Management : Handle recruitment, selection, performance management, and succession planning.
- Coaching, Knowledge Sharing, and Recognition : Create platforms for coaching to inspire talent.
Role/Person Specification
Knowledge and Skills
- Financial Reporting & IFRS: Strong understanding of financial reporting principles and IFRS.
- Analytical Skills: Advanced analytical abilities for developing and refining strategies.
- Leadership: Proven leadership and team management skills.
- Governance & Compliance: Expertise in governance, internal controls, and regulatory compliance.
- Communication: Effective communication and stakeholder engagement skills.
- Project Management: Ability to manage multiple projects and deadlines effectively.
- Technical Proficiency: Familiarity with financial reporting software and tools.
- Problem-Solving: Strong problem-solving skills to address complex financial issues.
- Attention to Detail: High level of accuracy and attention to detail in financial reporting.
- Strategic Thinking: Capability to think strategically and align financial reporting with business goals.
Education and Experience
- Education : A bachelor’s degree in accounting, finance, or a related field is essential.
- Experience : At least 10-15 years of experience in financial reporting, accounting, or a related field.
- Industry Knowledge : Experience in the financial services industry or a similar sector is preferred.
- Technical Expertise : Proficiency with financial reporting software and tools.
- Project Management : Demonstrated experience in managing complex projects.
Competencies
- Leadership : Ability to inspire, lead, and manage a diverse team effectively.
- Strategic Thinking : Skill in aligning financial reporting with broader business objectives.
- Analytical Skills : Strong analytical abilities to interpret complex financial data.
- Technical Proficiency : Expertise in financial reporting software and tools.
- Communication : Excellent verbal and written communication skills for stakeholder engagement.
- Problem-Solving : Aptitude for identifying and resolving financial reporting issues.
- Attention to Detail : High level of accuracy in financial documentation and reporting.
- Project Management : Competence in managing multiple projects and meeting deadlines.
Education
Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)
Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups.
Absa Bank Limited reserves the right not to make an appointment to the post as advertised.
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