Balance Sheet & Controls Manager London, England
Job description
Job Title: Balance Sheet & Controls Manager
Reporting to: Group Financial Controller
Position Type: Full-time, permanent
Hybrid Working: 3 days in the office, 2 days remotely
Overview:
Why Tokio Marine HCC?
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
Job Purpose:
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
The Finance Operations Team (“Fin Ops”) sits within International Finance and is responsible for delivering quality internal and external outputs to all stakeholders within a controlled framework for insurance technical, cash, treasury and expense accounting activities.
The successful applicant will be joining at an exciting time as we invest in strengthening the Fin Ops team and enhancing processes and controls whilst driving continuous improvements. We are also running a number of programmes of change which will address significant pain points and transform capability across the organisation and progressing a programme of work to strengthen our data governance maturity, prompted by a major cloud data warehouse initiative and our wider data strategy.
Reporting to the Group Financial Controller this newly created role will be responsible for further improving financial control and improving the quality and robustness of balance sheet reporting, particularly standardization and automation of reconciliations.
The role holder will demonstrate subject matter expertise in financial reporting, control improvements and in delivering finance change. There is potential to grow within the role to take on further financial reporting and control improvement initiatives in the future.
Key Responsibilities:
- Balance Sheet Reconciliation Inventory
- review the current Balance Sheet reconciliation E2E process by reference to roles and responsibilities, approach, plans and deliverables.
- determine the optimum model for this process ensuring that all balance sheet reconciliations are completed in accordance with corporate Accounting Policy Memorandums, reviewed and signed-off.
- take ownership for the Balance Sheet inventory control document
- track ageing of reconciliation differences and set targets and guidelines for resolution, reporting these regularly to key stakeholders
- liaise with Data Governance to monitor and track resolution of upstream data quality issues
- liaise with other departments/projects responsible for resolutions of issues
Reconciliation automation and insight
- Work with the Finance Operations teams and Titan programme in development of vision, strategy and implementation of automated reconciliations
- Lead the conversion from existing Excel reconciliations onto AutoRek for all areas ensuring consistency in approach and application
- Deliver the future strategy for automated and manual matching and clearing of transactions (ARAP, AutoRek, PeopleSoft GL)
- Develop a reporting suite of KPIs across balance sheet reconciliations to provide insight, assurance and prioritise efforts
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Identify further areas of opportunity to make reconciliations more efficient, effective and scalable for further TMHCC organic and business acquisition growth
- Data Quality Improvement
- Manage the clean-up of legacy reporting data in collaboration with BAU reporting and Data and Process Improvement teams
- Establish the automated reconciliations between Policy Admin System, supported data warehouse adjustments and general ledger adjustments
- Drive the rationalization and consolidation of historical accounting adjustments to facilitate ownership and review
- Monitor and report on data clean up progress to key stakeholders (including senior Finance LT) to support effective decision making, resource prioritization and timelines
Financial Controls Reporting and owner of issues that arise during the close processes
Work closely with the Finance teams involved in the close process, supporting the Technical Accounting Manager (process owner) in capturing, tracking and resolving the issues arising
- Capture issues and coordinate investigation, actions, next steps and proposed resolutions across teams
- Document resolutions, validate and obtain sign off with Group Financial Controller
- Drive resolution including handoffs to relevant issue resolution owners (including those outside the department e.g. Data Governance, Claims, Bridgend or Projects, etc)
- Provide status updates to key stakeholders including Finance Leadership Team
- Create control dashboard to highlight key risks, assumptions, issues and dependencies
Ensure Policies and Procedures are embedded in FinOps processes
- for those that are not impacted by Titan ensure they comply with policy and procedure, are appropriately documented, reviewed and signed off.
- for those that are impacted by Titan and new ways of working, ensure these have been reviewed and signed off
- ensure the wider Finance Operations teams have a method for maintaining, reviewing and signing-off all sections of the policy and procedure manuals, ensuring these stay current for roles and responsibilities, process and technology changes thereby ensuring control
Provide subject matter expertise and best practice discipline for Controls and Reconciliations- To Finance Operations in the execution of its current BAU activities,
- To in-flight projects impacting or sponsored by Finance Operations
- Participate in the requirements definition of new systems
- Participate in the design and execution of UAT to ensure source systems are appropriately interfaced with ledgers and ensure data integrity is satisfactory so our books accurately reflect all transactions
- Participate in sign off to ensure system automations deliver efficiency to the close process
- Review, challenge and input into business readiness plans and transition to new ways of working
- Provide support to the GFC by reviewing critical deliverables going to stakeholders outside of the team
Internal and external audit
- Document this current model and identify opportunities to enhance and gain efficiencies
- Review Internal audit recommendations and RAPs ensuring actions and owners are in place to resolve
- Support the internal and external audit processes
Skills and Experience Specification:
- Professional approach and delivery of work product
- Energy, enthusiasm, persistence, and adaptability
- Ability to influence and lead others
- Collaborative approach
- Methodical approach to problem solving
- Focus on timely delivery of quality outputs
- Excellent communication and interpersonal skills
- Drive and commitment to achieve individual, project and team objectives
- Commitment to development of self and others
Essential Skills and Qualifications:
- Qualified Accountant – minimum 10 years post qualified
- Demonstrable experience in the Insurance Industry
- Controllership and reconciliations experience
- Experience of working with multiple systems
- Advanced Excel
- Data analytics skills for large volumes of data
- Database experience
Desirable Skills:
- General Ledger: PeopleSoft
- Reconciliations: AutoRek
What We Offer
The Tokio Marine HCC Group of Companies offers a competitive salary and employee benefit package. We are a successful, dynamic organization experiencing rapid growth and are seeking energetic and confident individuals to join our team of professionals. The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.
The Tokio Marine HCC Group of companies is an equal opportunity employer. Please visit www.tmhcc.com for more information about our companies.
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