Max Life Insurance - Leadership Role - Financial Controller

JOB SUMMARY:

- Monitor processes to ensure integrity & timeliness of financial, cost & management accounting & reporting.

- Supervise timely preparation of balance sheet, P&L statement & cash flows & their audits.

- Take stock of financial & legislative changes that impact business.

- Monitor performance dashboards from a financial perspective; collate annual & three-year plan.

- Monitor timely sharing of financial information with shareholders in order to ensure compliance with finance & accounting standards & high degree of controllership in the company.

A. Finance Strategy:

- Assist in setting finance strategy & future direction for MAX LIFE as part of the company's extended leadership team.

- Articulate strategy for the finance and control function that supports business strategy and incorporates leading practices; recommend necessary actions and plans to the management committee in order to ensure sustainable business performance & shareholder value.

B. Consolidation of Accounts:

- Supervise maintenance of the books of accounts by regularly accounting and updating of expense bookings, depreciation and accruals.

- Provide guidance to the Finance team on preparation of monthly, quarterly and annual reports, review the reports prepared.

- Resolve accounting issues, provide guidance on matters relating to annual audits, supervise the collation of financial information for presentation in the annual report in order to deliver a consolidated financial picture of MAX LIFE to Top Management and Shareholders.

- Ensure compliance as directed by IRDA.

C. Operational Finance:

- Monitor financial & operating performance regularly & suggest course corrections where necessary. Be directly responsible for all payments to customers, business partners, employees and vendors. Lead the accounts payable process.

- Oversee smooth functioning of financial processes, such as banking of premium cheques & reconciliation; identify performance improvement opportunities including cost reduction, etc.

- Oversee implementation; monitor adherence to finance & business control policies.

- Monitor accounts receivable and cash flow; monitor solvency margins & capital efficiency ratios in order to ensure smooth functioning of financial operations.

D. Taxation & Reconciliation:

- Formulate taxation policies for MAX LIFE; supervise tax planning & structuring for tax advantage, considering direct & indirect taxes, VAT, deferred taxes, etc;

- Oversee reconciliations in order to minimize tax incidence; ensure compliance; and ensure effective use of company funds.

- Work with consultants and lawyers to protect Max Life in case of litigations

- Proactively work with the business to constantly upgrade the tax positions taken by the business so that risks could be mitigated

- Work with Partners to ensure that the tax positions taken by them are harmonized to ours.

- Monitor the evolving tax regime and align the company policies and processes with the changes,

E. Financial MIS and Analytics:

- Monitor processes to ensure integrity & timeliness of financial, cost & management accounting & reporting.

- Supervise timely preparation of balance sheet, P&L statement & cash flows & their audits.

- Take stock of financial & legislative changes that impact business.

- Monitor performance dashboards from a financial perspective; collate annual & three-year plan.

- Monitor timely sharing of financial information with shareholders in order to ensure compliance with finance & accounting standards & high degree of controllership in the company.

F. Human Capital Management:

- Assist in drawing out the structure of Finance Control team and develop manpower budget for the function.

- Actively participate in the selection of suitable candidates for desired positions.

- Identify and monitor implementation of initiatives to improve work environment and culture.

- Analyze training and development needs of team members and ensure that they receive appropriate training in order to motivate the team.

- Assist in drawing out the structure of Finance Control team and develop manpower budget for the function.

- Actively participate in the selection of suitable candidates for desired positions.

- Identify and monitor implementation of initiatives to improve work environment and culture.

- Analyze training and development needs of team members and ensure that they receive appropriate training in order to motivate the team.

G. Investment Risk Management and Accounting

- Lead the risk management function for Investment, which is responsible to set up policies and procedures for managing risk of a Rs 28000 Crs Asset Under Management

- Continuously monitor and advise the front end on regulatory and internal breaches and act as a checker for the front end

- Ensure that the transactions are accounted for appropriately in our books of accounts. Lead the investment accounting function

- Act as the secretary to Investment Committee of the Board and participate in all the committee meetings

- Liaise with regulator and peer group to demonstrate thought leadership and drive favorable regime

H. Enterprise wide cost management program

- Lead the strategic cost management initiative to take out about 150 Crs of cost from the organization in next 2 years

- Work with functional leaders to indentify the opportunity, provide support in implementation and provide visibility to the organization on the agenda.

- Act as single point of contact for all cost related discussions and work closely with planning team in expense planning

Support financial systems implementation program

- The organization is undergoing financial system transformation. The incumbent will be expected to provide all support to the core team in executing this project as an important stakeholder.

- Lead the team that supports the financial systems and work closely with IT

Cash and Bank management

- Manage the bank relationship and optimize the structures

- Be responsible for the banking and related accounting

- Ensure that the controls around cash and bank accounts handling are appropriately maintained at all points of time

DESIRED COMPETENCIES:

- In -depth knowledge of financial accounting, payroll management, auditing principles.

- Good understanding of consolidation of accounts and internal controls.

- Understanding of accounting standards and application including international accounting

- Financial acumen and numerate.

- Strong analytical and problem solving ability.

- Sound understanding of laws and statutory regulations pertaining to financial management, accounting, audit, compliance and taxation. Knowledge of relevant laws pertaining to Insurance industry is desirable.

- Good communication and presentation skills.

- Ability to influence without formal reporting and relate to people at all levels.

- Demonstrated ability in developing, grooming talent and mentoring subordinates.

- Understanding of current technology and applications to enhance finance control operations.

- Knowledge of vendors and their capabilities in financial space.

- Relevant experience in financial services/insurance sector is desirable.

MEASURES OF SUCCESS:

- Performance measures:

- Timely completion of Finance strategy and approval from and Board.

- No adverse audit observations, deviation from targets

- Shareholder approvals on important decisions

- Savings in costs for company and function

- Accuracy and completion of books of accounts

- Designing financial processes and efficiency measures.

- Internal & External Customers:

Feedback from stakeholders

- Turnaround time, State of reconciliation, New payment conveniences, Customer feedback

MINIMUM EDUCATION, EXPERIENCE & ELIGIBILITY:

CA / ICWA/ CFA/, supplemented by further relevant professional study / qualification.

Preferably 15+ years of work experience in the area of Finance Control, Taxation, Budgeting and Financial Management.

We would prefer to hire people from financial service industry only