Senior Finance Manager
XLICSE, India Reinsurance Branch
Mumbai, India
XLICSE is an Ireland domiciled insurer with branches throughout the EU, as well as Australia, Hong Kong, Singapore, Malaysia and India. It primarily writes property, casualty and specialty insurance and facultative reinsurance for large national and multinational corporations and leading insurance companies. XLICSE is part of AXA XL (a division of AXA group) which also operates in several jurisdictions worldwide.
Having obtained the certificate of registration from IRDAI to operate as a reinsurance branch located in Mumbai in 2017, the branch is well positioned to effectively develop and service clients of AXA XL in India.
As the Senior Finance Manager of the India Reinsurance branch, you will be the Controller and Strategic Business Partner on all finance.
You will perform the role of Chief Financial Officer which is a Key Management Position regulated under the Insurance Regulatory and Development Authority of India (IRDAI). As a Key Management Personnel (KMP), you will also be a member of the branch executive committee which is responsible for formulating the overall strategy and direction as well as overseeing the management of the branch.
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What will your essential responsibilities include?
Business Partnering-
·Partner with the Chief Executive Officer to understand the businesses from an integrated financial perspective, provide insight into potential improvements and perspective on the feasibility of various initiatives.
·Manage annual planning and rolling forecast and projections in line with company long term strategic vision and getting alignment with business stakeholders.
·Set up framework of performance measurement & drive result accountability for business units, Improve accuracy in forecasting process through detailed analysis of business cycle and past trends
·Proactively looking for better ways to provide timely data and support to country manager through reporting and analysis.
·Actively monitor expense drivers and work with the business to ensure most efficient cost structure.
·Lead and oversee the Finance team with two main objectives: 1) dedicated business partner resources and ensure business and functional leaders are getting ‘best in class’ Finance support 2) controllership resources aligned to legal entities and ensure controls, governance and reporting requirements are met.
·Encourage and foster excellent working relationships with FinOps, ERM, Capital Management, Actuarial Reserving, Treasury, Compliance, Investment Accounting, Internal Audit and Tax, and feed into their processes where appropriate.
Financial Operations-
·Understanding of the operational and financial systems, and monitoring of internal controls over systems and/or processing to ensure monthly/quarterly accounts are produced timely.
·Perform effective review of management accounts, financial statements and regulatory returns, drill down to the underlying data and provide in-depth analysis.
·Ensuring the transition to IFRS 17 as and when required, provide necessary training to the finance team and other departments. Manage the external and internal reporting on timely basis. Engage all the relevant parties like regulators, actuaries, auditors, taxation authorities on timely basis.
·Effectively and efficiently manage external parties including IRDAI, auditors, actuaries, bankers, tax consultant etc.
·Review and at times, be involved in the production of internal Board and Management MI related to the legal entities alongside all external reporting requirements.
·Manage all the tax related matters along with tax team and ensure that all the open audits are close on time and tax filings are made on time.
·Manage the accounts as per the regulatory requirement to ensure that there is no breach in the financials.
·Evaluate financial and accounting procedures including investment middle and back office activities and make recommendations for changes to procedures and control functions.
·Liaise with internal and external actuaries and auditors for actuarial and audit related matters and queries. This includes communicating with other business functions on data requirements and resolving audit issues.
Capital Management-
·Ensure all quarterly/ annual/ ad-hoc reporting and information to regulators are on time and in compliance with the regulatory requirements.
·Reconciliation of regulatory, statutory and management accounts on quarterly basis.
·Effectively and efficiently handle queries from regulators and provide ad-hoc data, survey etc. to regulators as needed;
·Manage the financial risk within the legal entity risk framework (including Market, Credit and Liquidity), supporting on stress testing, where appropriate.
·Prepare capital projections on quarterly basis and provide meaningful insights to the management. Set up a review and control process to manage the Capital Adequacy ratio.