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Position Title : VP Finance (Financial Planning and Analysis)
Department : Finance
Position Holder : M8
Function : Finance
Location : Mumbai HO
Reports to : SVP Financial Planning and Analysis
Job Scope / Position Summary:
- To handle business finance, process improvement & efficiency, distribution MIS, financial accounting, capital management, audit & internal control, IFRS implementation & group reporting, IT systems and process to increase efficiency.
Main Responsibility:
1. Business Finance :
- Business Planning- 3, 5 & 15 years, and key contributor in Due Diligence process.
- Quarterly Rolling Forecast (QBR), monthly & quarterly finance/business update to shareholders & Board.
- Streamline Annual Planning process place deploy across functions.
- Monitor Business performance against agreed plans, targets, and budgets, working with the CFO and leadership team to identify and take timely and appropriate action to address performance issues and/or capitalize on opportunities arising.
- Review, assess, challeng, and make recommendations on business plans and cases to ensure they are financially sound and commercially appropriate.
- Provide insights to business and functional heads basis actuals trends for better efficiency & in driving profitable growth.
2. Process Improvement and Efficiency::
- Drive cost initiatives across the company continuously to optimize costs.
- Actively participate in business decisions and Cost Benefit Analysis to optimize costs at the point of commitment.
- Proactively work with stakeholder to provide solution for ease of business in both collection and payment areas.
- Identify opportunities to standardize, transform and automate financial processes, practices and services to maximize effectiveness and efficiency.
3. Distribution MIS :
- Business Partnering to provide support to zonal/ state team for control on branch P&L from overall perspective.
- Productivity Analysis of manpower at channel level/ branch level etc. to keep tight control on payroll costs and for higher productivity.
- Monthly Review Report on MTD & YTD basis with TP ULR & reported P&L at branch/ zone/ state at LOB & channel level
- Tight control on payroll and other operating expenses
- Review of IMD Level(COA +LR% ) to optimize profitability for channel etc
- Any other reports if any needed based on management requirement
- COA analysis with zonal team and INUBE System
4. Financial Accounting, Capital Management, Audit & Internal control:
- Closely work with accounting team for seamless monthly/quarterly/annual financial closing & reporting
- Manage statutory audit required for IFRS
- Ensure appropriate reserving and the continued availability of capital to meet agreed business priorities and satisfy all relevant regulatory requirements.
5. IFRS implementation and Group reporting :
- Liaison with consultant for IFRS 17/9 implementation project.
- Review IFRS17 result which is to be reported for Group Reporting in Tagetik.
- Review Group Reporting for all parameters like deferred Tax, own funds, sensitivities analysis, solvency II requirements, PIII reporting etc
- Liaison with GARO Team to understand the group requirements and prepare the response of query asked by the group
6. IT Systems and Process :
- Automate financial systems & processes to increase efficiency and effectiveness.
- Handle various IT systems/applications to optimize automation including financial applications (e.g., Sun GL), business intelligence, financial aspect of core Insurance system & applicable Integrations
- Identify, analyze, evaluate and treat (Mitigate) the business & information security risks for ensuring business continuity & also protect the information assets by adhering to the company IT Security policies
7. Overall/Others:
- Responsible for implementing financial strategy plan and priorities in line with organizational priorities.
- Recruit, structure, and lead a team of around 15
- Establish a customer centric Finance department, which contributes strongly to the strategic and day to day commercial success of the business. Drive a high-performing culture, where colleagues feel supported in challenging environment
Qualification and Experience Requirement:
Education : CA
Experience : 12 Years
Behavioural Skills (Role specific) :
- Problem Solving: Can find solutions and guide teams in difficult and complex situations.
- Result Orientation: Can persistently focus, enable, and drive teams to achieve assigned targets.
- Domain Knowledge: Can lead teams with subject authority and industry experience.
- Decision Making: Can come up with logical options to facilitate teams in making decisions.
- Stakeholder Management: Can understand and set expectations towards all stakeholders and deliver considering organizational success.
- Innovation and Creativity: Can seek new ideas from the team for improvement in current practices and industry best practices towards initiating required changes.
- Delegation: Can take personal responsibility for the team\'s actions, give autonomy and accountability to team members.
- Project Management: Can execute and monitor projects to achieve specific goals within defined timelines.
- People Development: Can understand people\'s strengths, capabilities, and motivates them, working towards their development and growth.
- Conflict Resolution: Can encourage teams within the function to engage in dialogues, where conflicting views and ideas are discussed with mutual respect.
- Developing a Strategic Mindset: Can understand and assess the key drivers of the business, market realities, and future trends while making decisions.
- Leverage Diversity: Can focus on building teams with diverse profiles, considering gender, experience, geographies, and industry.
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