Written by Maud on 2009-11-03
Purpose of the job:
The role will direct and control the financial management across the region for the Insurance/Takaful business. This includes:
• Direct and control the financial, accounting and taxation activities for the Insurance Business across the region to support Group’s and Insurance’s strategies and business objectives
• Support the business expansion strategies across the region by ensuring appropriate financial framework is in place.
• Ensure that financial control and reporting activities across the region are conducted in compliance with Group’s guidelines, legal and regulatory requirements
• Direct the annual/rolling operating plan process for the Insurance business across the region
• Provide strategic support in the operations of the investment management of manufacturing operations in the region in accordance with internal control standards and external regulations.
• Develop an effective sales and business MI and other strategic information systems in support of business operations in order to improve decision-making process, cost effectiveness, service quality , operational efficiency and business development
• Additional responsibility for Risk and Compliance function for the regional insurance in addition to Finance role
The incumbent is critical in supporting the Regional Head of Insurance in providing financial direction and strategic advice to the insurance business across the region. In particular, the job holder will need to ensure the appropriate development of financial framework to support the regional business strategies. These include providing regional advice and direction to local CFOs and serve as the contact person between Regional Insurance Middle East and Group’s Finance Team on the Group’s finance, tax and audit policies and guidelines. He/she will need to be proficient in International Financial Reporting Standards (IFRS) and the legal regulations & requirements across the region. The incumbent will also act as a self-starter in planning and setting up financial & accounting policies and guidelines for the Takaful business in the region and globally. In addition to the Insurance expertise He/she will need to be proficient in Shariah/Takaful (AAOIFI) regulations & requirements with working knowledge of sales and business MI.
Major Challenges:
The most difficult aspect of the job will be the capability to perform the following -
1. In-depth understanding of financial and taxation regulations & practices and Group’s & Insurance’s strategies and financial reporting guidelines across the region
2. Able to integrate the technical financial expertise into strategic business decisions
3. Able to set up an insurance reporting and MI framework across the region as currently there is little awareness of Insurance
4. Able to work in synergy with both external auditors and internal Group’s regulators
5. Able to meet tight reporting deadlines for both regulatory and Group reporting
6. Comprehensive understanding of the business needs and be able to transform the needs into the design of and implementation of regional financial models
7. Help implementing GRCA reporting framework for Takaful business in the region