- As the Associate Director of the Planning & Expense Management function, the focus will be on leading the expense management oversight and discipline of company’s yearly expense budget.
- The Associate Director, Planning & Expense Management will be involved in the monthly/quarterly financial cycle, lead the expense planning/forecast process, coordinate the yearly budget and manage any expense related projects.
- The role is expected to provide insight and information to senior management and will be looked upon as a key liaison with the Regional Office (RO).
- The Associate Director, Planning & Expense Management will report to the Director, Finance.
- All expense management functions for the company including meetings with senior management and various department heads to review and discuss variance analysis;
- Responsible for the monthly expense process, which includes maintaining the integrity of monthly expenses, coordinating monthly schedules, and ensuring deadlines are adhered to;
- Performs budget verification prior to payment and reviews project proposals against budget;
- Investigate and effectively communicate expense variances. This will entail communicating/liaising with budget managers/senior management/other departments;
- Update on project spending progress and promptly advises related budget manager on project issues and expense overrun;
- Review expense accounts and propose necessary adjustments prior to closing the books;
- Actively seek out expense saving opportunities and present action plan to senior management;
- Build relationships with other departments within the company as well as those outside the BU (RO);
- Manage and lead the current Expense Management team as well as support other Finance and Actuarial areas where applicable;
- Ensure all deliverables and deadlines are met, and to effectively communicate any delays to all required parties.
- Develop/enhance expense model to support expense allocation by segment and fund splitting;
- Enhance expense model in order to support more accurate monthly/quarterly expense forecasting;
- Support IFRS 17 expense allocation requirements;
- Provide expense acquisition and maintenance data for reporting;
- Interact with key stakeholders will be critical to ensure that model results and changes are understood;
- Ensure that changes to the model assumptions are managed through interaction with key stakeholders. Formal sign-offs will also be a key component of this role;
- Implement and oversee a rigorous documentation and approval process over the expense model and its results. This will ensure the model/results integrity as well as provide the necessary approval.
Financial Planning and Budgeting:
- Assist with company Planning (Strategic and Final) by providing expense components and inputs;
- Review company projects and initiatives to ensure that expenses, capitalization and amortization have been properly captured and reflected;
- Proactively interact with all required area (Finance, Actuarial, IT, RO) where required;
- Lead the expense forecasting and budgeting processes;
- Provide support to budget managers with the different tools required to complete budgets;
- Prepare and present budget-training material for budget managers to improve expense control awareness.
- Key contact for all expense-related issues identified by company management and must have the ability to deal effectively with all levels of management;
- Must demonstrate solid management and problem-solving skills, delegate effectively and proactively work with staff members to resolve issues and handle numerous operational tasks and projects concurrently, with minimal supervision.
- Monitor initiatives and develop new KPIs to assess progress;
- Develop and monitor productivity measures;
- Assist with FTE monitoring;
- Timely delivery and submission of all requirements;
- Present information to senior management.
- Total number of direct reports: 2
- Total number of staff managed (direct and indirect): 2
Additional Job Information
- Strong financial projection skills and ability to deal with change due to complex environment;
- Strong financial knowledge of all expense reporting flows and drivers;
- Excellent PC skills (Excel, PowerPoint) and modelling capabilities.
- Strong achievement, motivation and prioritization (problem solving / decision making) due to short time frames for deliverables;
- Ability to identify inefficiencies and develop recommendations for process improvements;
- Flexibility/adaptability/creativity to meet deadlines and manage priorities.
- CPA/ACCA designation preferred and a minimum of 5 years’ experience in a similar or other Finance function;
- University degree in Finance/Accounting required;
- Knowledge of Insurance Industry and Products;
- Management/leadership background.
- Excellent communication skills - ability to effectively communicate complex ideas to, and collaborate effectively with, a wide-range of audiences;
- Strong interpersonal skills;
- Excellent command of the English language, both written and spoken.