Senior Financial Control Analyst
Overview
Financial controls are an integral part of the firms Risk and Control infrastructure. They mitigate the principal risks for which Finance is responsible and which may materially impact the financial statements or other reports prepared by Finance. They also serve to evidence the robust control environment that is a key requirement of Risk and Capital management.
The Financial Controls Framework has the primary objective of eliminating the risk of material misstatement in the financial statements by:
- strengthening internal controls over financial reporting and other financial responsibilities;
- documenting all financial reporting risks and controls in a consistent manner and creating a controls repository;
- determining clear ownership and accountabilities for those risks, controls and processes;
- ensuring financial data is accurately captured and reported;
- enabling regular assessment and monitoring of the state and adequacy of financial control across the Group, ensuring pro-active risk mitigation;
- investigating breaches and exceptions and ensuring appropriate and timely remedial action;
- providing assurance over the integrity of data in business and financial systems;
- assisting the Group’s growth strategy.
FCF covers all of the Group’s core financial processes, including premiums, claims, reinsurance, investments and treasury, expenses and reserving. It ensures the completeness and accuracy of data throughout each stage of each process, from initial recording to inclusion in the financial statements or other financial outputs.
PURPOSE OF ROLE
- To assist in developing, embedding and managing an effective and efficient control environment with a consistent approach to the design, implementation, monitoring and evaluation of controls on an on-going basis.
- To assist in mitigating the key risks owned and addressed by Finance.
To help train, develop the offshore service provider as appropriate and ensure proper oversight of work outsourced.
ACCOUNTABILITIES
(a) Financial Control responsibilities
- To monitor control performance and undertake quality assurance (testing) on a regular sample basis.
- To liaise with business areas and support functions with regard to controls as necessary at all levels (e.g. attending team/departmental meetings), and reporting to management in designated areas of responsibility.
- To investigate and resolve issues and control gaps (including action tracking) on a pro-active basis.
- To ensure that the model evidence library is up-to-date as this provides the benchmark for control testing.
- To manage administrative and reporting processes as directed, ensuring further refinement where appropriate;
- To assist with the preparation of MI and reporting at departmental, Board and Committee level.
- To assist preparation and management of the annual control certification process
- To provide training and ad hoc support to the business in carrying out detailed controls performance.
- To help plan and run workshops to identify and capture key controls.
- To provide training and ad hoc support to the business re. controls performance and documentation requirements.
(b) Group/Cross-functional responsibilities
- To help develop and enhance the control infrastructure across the Group;
- To ensure that processes and risks potentially impacting Finance are identified, assessed and managed as appropriate with specific responsibility for designated business areas;
- To help map and understand new and changed processes, risks and controls, assisting Management with control-related queries and requirements.
- To help develop and enhance the control infrastructure across the Group;
- Where required, to participate in Change initiatives, helping to identify, monitor and advise on matters potentially impacting on Finance or the Financial Statements.
- To help monitor external developments potentially impacting the way in which business is undertaken, managed or accounted for, providing specialist advice and expertise regarding any changes to the financial control infrastructure which may result.
- To liaise regularly with Risk Management, Compliance, Data Management and Internal Audit in order to ensure alignment their respective objectives and approach and to minimise potential duplication of work and resources;
(c) System (FCF) responsibilities
- Take an active role in FCF maintenance and development, including upgrading and migration to SharePoint 2013, and helping manage fault diagnosis and reparation work as necessary
- To assist the investigation and resolution of current system issues / deficiencies and reporting on these as directed
(d) General Finance responsibilities
- To undertake the bi-annual Letters of Representation exercise
- To manage the Client Assistance Schedule [‘CAS’] and the requirements of the Group’s external auditors at half year and full year.
- Where required, to deputise for the Head of Financial Control.
EXPERIENCE
(a) Qualifications, Training and experience
- Degree from a recognised university
- Fully qualified or part qualified accountant (or overseas equivalent)
- Strong business analytical skills including process mapping.
- Good basic knowledge of Risk Management, Risk and Control frameworks (e.g. COSO).
- Sound knowledge and understanding of the insurance industry, Lloyds Market and insurance operations preferred
- Hands-on experience of MS SharePoint preferred
- Advanced Excel-Skills (incl. pivot tables, v.look-ups, if functions, array formulas and macros. Knowledge of ‘Visual Basic’ would be advantageous but is not essential))
- Experience and knowledge of auditing techniques would also be beneficial.
(b) Personal skills
- Strong inter-personal skills with ability to act proactively and on own initiative
- Analytical thinker with ability to work systematically and see different perspectives.
- Pragmatic problem-solver with good commercial aptitude;
- Ability to deal with technical issues at a detailed level;
- Excellent written and oral communication skills;
- IT-literate and good numerical skills;
- Self-motivated and organised.
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