22 Oct
Foresters Financial Services
Toronto
AVP, Financial Reporting and Investment Services - 15 Month Contract
Location: Toronto, Ontario
Time Type: Full time
Posted on: Posted 3 Days Ago
Job Requisition ID: R-1782
Career Opportunity
Purpose of Role
This role leads and is responsible for the production of key aspects of the organization’s financial reporting including: consolidated internal reporting, Canadian and US statutory reporting (OSFI and NAIC) including capital adequacy measures (LICAT and RBC) and other senior management and Board reporting.
This role, as owner of the organization’s consolidated general ledger (EAS) and financial reporting system (Essbase),
through the establishment of on-going controls and proper design provides accurate financial records for the organization. Also, this position is responsible for the accounting, including financial statements, regulatory and LICAT reporting for Foresters Life Insurance Company (FLIC), Canadian segregated funds and Canadian and US pension plans. This role will also be responsible for researching and developing Accounting Policy papers and assessing the impact of policy choices on the data requirements and processes required to comply with the group policies. The incumbent will also assist senior management on special projects as required.
Key Responsibilities/Accountabilities
- Manage the accurate and timely completion of financial reporting including but not limited to:
- Co-ordination of all financial reporting for the Board of Directors
- Internal Management Statements
- Canadian IFRS Financial Statements (IOF and FLIC) including consolidation working papers
- OSFI Life 1 (IOF and FLIC) and NAIC (US branch) quarterly and annual returns including US State Filings
- LICAT and RBC solvency ratios
- Preparation of the quarterly management discussion and analysis (MD&A;) report
- Other financial statements: Pension Plans, Canadian Segregated Funds (FGF, FGF+, FLIC), Havens and certain non-insurance subsidiaries
- Participate in and support the annual business planning process
- Manage the quarterly and annual Finance calendar review meetings with Corporate Actuarial, Capital Management and subsidiaries
- Review reconciliations and approve journal entries in the Corporate Finance department
- Identify and resolve issues that arise during the quarterly and annual reporting process from auditors, regulators, senior management or the divisions
- Ensure deadlines are met and issues resolved on year-end and interim external audits
- Maintain an understanding of Foresters strategic direction and its impact on management reporting requirements
General Ledger and Reporting Systems
- Owner of the General Ledger (EAS) and Financial Reporting System (Essbase)
- Manage the integrity and accuracy of the organization’s financial information in the General Ledger and Financial Reporting systems with other business units
- Maintain control of all Essbase management statements ensuring proper change control and data integrity
- Review and approve all changes to information feeding the general ledger and other financial systems (including new product development changes)
- Responsible for managing system upgrades and enhancements and engaging IT
- Responsible for coordinating annual business continuity planning with IT and testing relating to EAS and Essbase
- The incumbent is expected to advocate to senior management for improvements to ensure the most effective use of the organization’s general ledger software to improve controls and realize operating efficiencies
Policies and Procedures
- Assess the impact to Foresters Financial for all changes in Canadian IFRS, OSFI and NAIC regulations
- Provide accounting and reporting assistance/expertise to other areas of the company (i.e. Subsidiary Finance teams, IT, Membership, Insurance Operations, Actuarial) as required
- Establish and maintain financial controls over financial information and processes including FLIC’s accounting for third party administrators
- Establish and maintain procedural documents for all reports and business processes
- Initiate process improvements as necessary for all accounting and reporting processes, within Finance and in other areas of the company
- Establish and maintain financial controls over the completion of reconciliations and ensuring suspense items are monitored and cleared in a timely manner
- Communicate effectively with senior leaders including Global CFO and other senior management on various special projects and accounting/actuarial issues
- Deal directly with auditors, regulators and rating agencies
- Provide leadership and mentorship of the Financial Reporting and Investment Services teams
Key Qualifications/Competencies
- University graduate - with a major in finance/accounting and a CPA accounting designation
- 10-15 years post qualification experience in a life insurance/financial institution corporate reporting environment; public company reporting experience is an asset
- IFRS 17 exposure for life insurance
- High degree of technical and analytical expertise
- Excellent verbal and written communication skills as well as presentation skills to all levels in the organization
- Ability to communicate and work effectively with senior management
- Strong team orientation, with the drive to share and develop their people
- Demonstrated ability to prioritize responsibilities to meet tight deadlines with little to no supervision; experience delegating and supporting staff in prioritizing competing demands
- Expert knowledge of Canadian IFRS and Canadian and US statutory accounting policies
- Demonstrated ability to resolve financial and technical issues, engage outside resources where required i.e. OSFI, CLHIA, ACLI, NAIC and know when to escalate matters to the VP level
- Demonstrated leadership skills and strong interpersonal skills with the ability to build strong relationships cross-functionally and maintain a strong “team”
- Able to use diplomacy and tact when interacting with others; focused on creating win/win scenarios
- Articulate, self-assured, driven with the credibility to interact, negotiate and influence at various levels of the organization, regulators, industry working groups, auditors
- High degree of accountability,
ownership and initiative
- Well organized, strong time management skills with the ability to establish priorities to meet tight deadlines while balancing multiple and constantly changing needs and schedules – flexibility is critical
- Strong analytical and problem-solving skills
- Detail-oriented, able to manage several complex processes/tasks with a high level of accuracy
- Exposure to Workiva Wdesk and Oracle Essbase reporting would be an asset
Equal Opportunity Employment and Inclusion: at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.
Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email **************@foresters.com in advance of your appointment.
Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.
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▶️ AVP, Financial Reporting and Investment Services - 15 Month Contract
🖊️ Foresters Financial Services
📍 Toronto