Head of Financial Reporting Solutions

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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. This includes maintaining standardised mapping structures for legal entities, providing a data quality improvement roadmap, and implementing a scalable legal entity reporting tool compliant with IFRS.
• 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. Additionally, these reports should align with the consolidated reporting framework to maintain overall data consistency and compliance.
• 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. Additionally, provide guidance on addressing compliance with reporting standards and effectively addressing auditors’ concerns on the financial statements.
• Opportunity Identification and Evaluation: Identify and assess opportunities for enhancing legal entity reporting efficiency and effectiveness. Evaluate changes to financial software and templates, and review new improvement opportunities, considering financial impact, benefits, costs, and implementation timelines. Present proposals and business cases to senior stakeholders for approval and oversee implementation.
• Financial Support and Engagement: Provide support to business unit seniors to understand the linkage between legal entity and consolidated financials, including intercompany transactions. Engage regularly with senior management and senior audit partners to communicate financial reporting processes, key findings, and strategic insights. Present updates and recommendations to ensure alignment with business goals and regulatory compliance.

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 and communicating the standards for activities and outputs.
• Historical Financial Reporting and Compliance: Enable the presentation and reporting of accurate and timely historical financial information of the legal entities to the various boards before deadlines, ensuring financial reports meet International Financial Reporting Standards (IFRS) and the Group’s financial reporting standards and data definitions.
• Monthly and Periodic Review: Implement a high-level review mechanism for monthly legal entity results and create a periodic reporting framework for legal entities to support annual financial statement reporting.
• Results Analysis and Improvement: Oversee the review of financial and accounting reporting practices in place for legal entities to ensure they meet the required standards and implement corrective or improvement actions when required. Chair the Legal Entity Steering Committee, tracking the delivery of legal entity reporting with preparers, reviewers, financial controllers, and external auditors.  Ensure accurate progress reporting on financial statements by providing insightful evaluations. Collaborate with relevant parties to address any concerns regarding deadlines and find effective solutions or escalate to senior stakeholders if necessary.".
• iXBRL Reporting: Establish an iXBRL centre of excellence for managing reporting risk and providing necessary training. Ensure consistent iXBRL reporting processes and represent the Group in Companies and Intellectual Property Commission and Banking Association of South Africa iXBRL forums. Lead taxonomy change requests and facilitate the development of dynamic iXBRL solutions.

Accountability: Financial Systems, Analysis Tools, and Models

• Process Improvement and Analysis: Drive continuous process improvements in legal entity AFS reporting to increase automation, data leverage, and quality. Analyse processes across regulatory and statutory reporting to identify improvement opportunities.
• Advanced Analytics and Systems Evaluation: Evaluate financial systems, design advanced analytics models, and recommend enhancements by clearly articulating specific requirements and analytics needs to the Technology Enablement team, ensuring they can effectively build and implement the necessary analytical tools and systems.
• Data Definitions and Alternative Solutions: Develop data definitions for financial reporting, ensuring alignment with Group Standards. Investigate and recommend alternative solutions where standard systems do not meet requirements.
• Project Evaluation and Management: Ad-hoc facilitation for enhancements to the existing tool. Responsibilities include managing the onboarding of new legal entities onto the solution and continuously improving the tool to meet evolving needs. This involves collaborating with stakeholders to identify enhancement opportunities, defining business requirements, and ensuring successful implementation.
• Financial Plans Approval: Ad-hoc facilitation for enhancements to the existing tool and onboarding new legal entities onto the solution. Responsibilities include reviewing and approving financial budgets for these enhancements, ensuring that data is accurately reflected and contributes to the overall business unit strategy before presenting to the Business Unit Exco.

Accountability: Compliance and Risk Management

• Governance and Internal Controls: Ensure compliance with governance and budgetary reporting requirements. Establish internal control safeguards in line with Group requirements.
• Audit Interaction and Compliance: Interact with Internal Audit and External Auditors, ensuring findings are addressed. Review legal entity financial statements for IFRS and regulatory compliance before release and assess journals for alignment opportunities. Represent Financial Control at the quarterly Legal Entity Review Committee meeting arranged by Group Secretariat. Address financial issues during presentations by different entities’ management teams and provide constructive feedback on their compliance.
• 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 to achieve excellent operational results through continuous development and mentoring activities.
• Vision and Advocacy: Provide a compelling vision for the team and advocate for the team in external relations.
• Task Management: Allocate tasks and responsibilities appropriately, ensuring all team members are utilised effectively with work complexity matched to skills and experience.
• Staff Relationships and Group Values: Develop excellent staff relationships within the team and with wider teams, promoting diversity and respect for culture, gender, and religion. Promote and entrench the Group’s Values and behaviours that support and display the Group’s brand and culture.
• People Management Implementation: Implement people management strategies focusing on talent management, development, coaching, and retention, in collaboration with Financial Control Management and HR. Review and update team structures and role descriptions annually to ensure they are fit for purpose.
• Recruitment and Performance Management: Handle recruitment, selection, performance management, and succession planning. Address poor performance through formal programs and act as the first-level escalation point for grievances. Approve leave requests for direct reports and ensure effective management of team leave considering deliverables.
• Coaching, Knowledge Sharing, and Recognition: Create platforms for coaching to inspire talent, facilitate sessions that challenge thinking, and expand talent delivery and innovation. Enable knowledge sharing to grow depth in talent and people, fostering a high-performing team through formal Performance Development and informal coaching. Motivate employees, ensure recognition of efforts, and develop and execute Employee Opinion Survey (EOS) action items with the management team.

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. A master’s degree or professional certifications such as CPA, CA, or CFA would be highly advantageous.
• Experience: At least 10-15 years of experience in financial reporting, accounting, or a related field, with a significant portion in a leadership or managerial role.
• Industry Knowledge: Experience in the financial services industry or a similar sector is preferred.
• Technical Expertise: Proficiency with financial reporting software and tools, as well as a strong understanding of IFRS and other relevant accounting standards.
• Project Management: Demonstrated experience in managing complex projects and leading cross-functional teams.

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 whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised