reporting financial performance, preparing budgets, and monitoring expenditures and
costs. The Finance and Compliance Manager is required to present this information to
the board of directors at regular intervals and provide it to shareholders and regulatory
bodies such as the Financial Services Commission (FSC).
1. Financial Analysis and Modelling of Projects
2. Liaising with the other department managers and assist with compiling the budget
3. Review of Financial Statements
4. Serves as a resource person in assisting the Managers in the evaluation of the financial impact of proposed business strategies and
transactions and makes recommendations for ensuring that the Company's business objectives are met
5. Assists in the development of the accounting policies and procedures for the company
6. Enterprise risk management
7. Regulatory Compliance
8. Management of internal Controls
9. Makes recommendations to the President regarding changes in the Companies policies and/or procedures and improvements in internal controls
MAIN DUTIES and RESPONSIBILITIES:
1. Reviews and co-signs with Accounting Manager monthly financial statements.
Finalized statements are to be submitted to President no later than 8 regular days and 10 days for the audit committee, following the month end for MML and 15 regular days for MMMSL.
2. Review the monthly analysis on MML and MMMSL, and the provision of explanations for variances from the budgets to Management Committee 3rd Monday monthly for MML and 4th Monthly for MMMSL
3. Assists with the preparation for and completion of the annual audit, 45 days from year end and 90 days from year end respectively
4. Implementation and enforcement of Enterprise Risk Management System for the company
5. Review and assess laws and regulations that may impact the risk management function of the company and provide strategic guidance to the organization on
6. Preparing and monitoring regulatory filings and other regulatory information
7. Monitor and ensures company wide compliance with anti-money
8. Review and recommend liquidity and securities risk management portfolios to ensure the availability of sufficient funds to meet the
compliance and other regulatory issues.
laundering (AML)
and POCA policies
needs of the company and to
minimize the risk of losses due
to factors such as asset liability
mismatch, unplanned
maturities, asset marketability
and portfolios concentration
9. Review and implement regulatory changes and compile reference resource to ensure compliance with regulations.
10. Develop and propose adequate internal controls, codes of conduct, business procedures and appropriate measures and oversee
implementation in order for the companyto be compliant with the relevant regulatory agencies
11. Account Signatory 12. Revise compliance programs and policies to reflect changes in the company's needs, laws, regulations and procedures and related compliance issues
13. Ensure appropriate internal controls are implemented and maintained to mitigate organizational risks
14. Organize enterprise risk training
15. Maintain log of risks monitored on a regular basis and status on same
16. Identifying and coordinating needs and providing assistance in the enforcement of regulatory requirements and
legislations
17. Liaising with external agencies on regulatory matters
18. Provides direction, fosters teamwork and supervises the AccountingDepartment
19. Ensure that all company information documents reflect the
20. The updating or development of Company policies and procedures
4
Most up-to-date policies
ensures documentation of same
IMMEDIATE REPORTEES:
• Accounting Manager and Accounting Department
EDUCATION, TRAINING and WORK EXPERIENCE REQUIRED:
• Professional qualification in accounting (Association of Chartered Certified Accountants, ACCA).
• Expert knowledge of job-related laws and regulations (e.g. Companies Act, Securities, Cambio Regulations, Money
Laundering, Taxes, Pension Funds).
• Sound knowledge of International Financial Reporting Standards
• Sound knowledge of financial sector instruments, laws, regulations, ethics, and professional jargon.
• Excellent verbal and non-verbal communication skills
• High level of proficiency in the use of computers, particularly spreadsheets, word-processing and Accounting software
• Working knowledge of presentation programmes and equipment
• Five to seven years work experience at the supervisory level in accounting
AUTHORITY:
• To conduct random checks of the accounting functions (systems, files, reports and analyses)
• To approve expenditure of funds up to the specified limit within the approved budget
• To recommend the contracting of external assistance to ensure timely completion of projects, within the approved budget
• To sign on correspondences and cheques generated
• To sign documents on behalf of the company within the B signatory limits set
5
• To co-sign on documents prepared for the regulators, and other agencies
• To initiate contact with the regulators to seek clarification and to respond to queries
• To form strategic alliances with corporate partners
• To request required data from department managers
• To recommend training or other action, where necessary, to the President
• To identify and recommend training programmes which would enhance own on-the-job skills
• To initiate process reviews
• To recommend awards and/or disciplinary action for an employee
• To recommend the employment, movement or termination of accounts department employees
• To approve requests for earned leave for reportees
• To independently respond to internal and external queries using knowledge, creativity, initiative and sound judgement
DETAILED PERFORMANCE STANDARDS:
• The appropriate methods of calculation are employed in all the accounting done
• Reports to the Audit and Corporate Governance Committee and Regulators are done in a timely manner
• Transactions are correctly classified and booked
• Journals are reviewed on a timely basis with signatories verifying same and they are supported by documentation and evidence of review
• Anomalies or potentially significant trends are highlighted in a timely manner
• Provisions recommended include consideration of all likely factors and proves to be appropriate at least 95% of the time
• Advantage is taken of credit periods granted by suppliers
• Payments are made in a timely manner
• Appropriate approval is given prior to signing for all payments
• The appropriate methods of calculation are employed for all statutory requirements
• Calculations are 100% correct, subject to materiality
• Returns and remittances are dispatched in order to reach the relevant regulatory offices by the deadline set
• Corrective action is promptly initiated to deal with any anomalies or breachesidentified
• Monthly Financial Statements are ready with supports, within the agreed timeframes
• The Fixed Asset Schedule and Financial Statements are 100% accurate, subject to materiality
• Supporting Notes show consideration of all relevant factors given of the nature of the business, are presented in a coherent professional
manner and are ready for discussion with the Management Committee within 10 working days of the month-end
• The Statements are prepared in accordance with the reporting standards of the IFRS and the regulators
6
• The audit process runs smoothly
• All Audit Schedules are ready for presentation to the auditors at least one week before a scheduled audit is due to commence
• Audit schedules from reportees are 100% accurate, subject to the availability of information
• Agreed corrective action is swiftly initiated and pursued within the agreed timeframe
• Storage methods are cost-effective and the need for storage space is minimised
• Confidentiality of documents is protected with clear desk policy pursued
• There is easy retrieval of documents or equipment even in the absence of the person directly responsible
• Purging to be done according to the agreed schedule and standard
• Appropriate internal controls are in place for all aspects of the firms operations
• Documents are in the appropriate format and accurate in content
• Documents are meeting their required deadlines
• The presentation of the document is appropriate to its purpose and target audience
• On-the-job training starts on the new Team Member’s first workday and there is minimal disruption to the department’s workflow
• Information shared is 100% accurate, subject to the availability of information
• Department employees trained are able to operate independently and accurately at the agreed standard, within the pre-determinedtimeframe
• Reportees are cross-trained and versatile in performing department job functions
• Staff Members are advised of changes in policy or procedure within one day of the incumbent being advised of the approval by Executive
Management or the Board
• Training documents drafted are accepted as presented at least 75% of the time
• Team Members express a sense of equity in the manner in which they are treated
• Corrective/Recognition action is taken whenever necessary and in a timely manner
• Department Meetings are held at least once monthly, as scheduled, and result in decision-making and specific action plans; Minutes of
meeting are to be made available for review
• There is strict implementation of ethical standards for the department
• Manpower forecasts are prepared annually, prior to budget submission
• HR Department is advised of any departmental re-organization within one week of the decision to change
• The incidents of poor client service or crisis due to a staff shortage are minimised
• Willingly shares ideas on how the business of the department may be improved
• Priorities are appropriate to the achievement of the strategic vision and the immediate objectives
• Unusual situations are highlighted for Executive Management’s attention in a timely manner
• Systems used are efficient in processing and generate reliable data
• Reports provided are timely and comprehensive, including threats and opportunities for the Company, cost-effectiveness and timeframe and is
a reliable guide for decision-making
7
• Approved vacation leave causes minimal disruption in the workflow and the service quality in the department
• The planned Leave Schedule and approved Leave are sent to the HRD by the deadline set
• Anomalies in attendance patterns are addressed within one working day of being brought to the incumbent’s attention
• There is minimal disruption in the processing of the responsibilities of the desk
• Company is not exposed nor compromised by the commitments given to Clients, Team Members or others during this period
• Flexibility in terms of work hours to facilitate the smooth operation of the department
• Willingly accepts short-term additional duties to ease pressure in the department
LIAISES WITH: External and Internal contacts deemed essential for carrying out the duties of this position:
EXTERNALLY FREQUENCY and HOW REASON
Regulators (e.g. Financial Services Commission [FSC], Bank of Jamaica
[BOJ])
As needed. Via telephone, in writing.
To respond to queries raised; to get information to guide the company’s activities.
Company Auditors As needed. Via telephone, in writing, in person.
Completion of Statutory Audit. Resolution of any technical issues as the
need arise.
INTERNALLY FREQUENCY and HOW REASON
Board of Directors (including any assigned Sub-Committees) Bi-Monthly and as needed.
Via telephone, in writing,
in person.
To present reports; to follow-up on tasks assigned by Board Members to employees;
to align on Sub-Committee objectives.
President/Chief Operating Officer/Internal Auditor Manager / Monthly and as needed.
Via telephone, in writing, in person.
To present reports. To review alignment of corporate objectives.
Managers and other Team Members As needed. Via telephone,
in writing, in person.
To provide information, feedback and advice on accounting practices; to deal
with escalated budget and control issues.
PHYSICAL FREQUENCY % OF TIME
8
Normal office environment. Daily 100%
SPECIAL FREQUENCY % OF TIME
Working outside of normal office
Hours – Meeting report deadlines, drafting documents/reports.
As needed. 20%