Financial & Regulatory Reporting Manager

Cairo Regional Office
,
Closing date for applications 2020-08-25
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Introduction of the Corporation

The African Reinsurance Corporation (Africa Re) is a leading pan-African reinsurance company in Africa. Headquartered in Lagos (Nigeria) with diplomatic status in its current 41 African member countries, Africa Re operates through six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Port Louis (Mauritius) as well as one (1) Contact Office in Addis Ababa (Ethiopia). It also has two (2) Subsidiary Companies - Africa Re South Africa Ltd in Johannesburg (South Africa) and Africa Retakaful and in Cairo (Egypt).

Africa Re has a broad-based shareholding of 41 African member States; the African Development Bank; 114 African insurance and reinsurance companies; and four (4) non regional shareholders, including leading global insurers and reinsurers.

The Financial Strength and Credit Rating of Africa Re is A (Stable Outlook) by A.M. Best Company and A – (Stable Outlook) by Standard & Poor’s.

Africa Re hereby announces the vacancy of the position of Financial and Regulatory Reporting Manager in her Cairo Office on the Professional Staff Grade level.

Job Details

RESPONSIBILITIES

The Financial and Regulatory Reporting Manager will handle preparation of various reports, reconciliations, analysis schedules and ensure that all accounting records are accurate and maintained in accordance with the company’s financial regulations, international accounting standards, applicable local laws and regulatory authorities in Dubai.

DUTIES/JOB DETAILS

The duties of the Financial and Regulatory Reporting Manager shall comprise amongst others:

Compliance:

  • Preparing quarterly and annual DFSA returns for Africa Re’s DIFC office in a timely manner.
  • Implementing VAT reporting controls.
  • Preparing and submitting all required VAT returns on a timely basis.
  • Assist in Performing the Risk Management & Compliance duties for the DIFC office under the supervision of Head Office and consulting experts hired to assist Africa Re on compliance matters in DIFC and DFSA.
  • Preparation and submission of all relevant reports required by the Dubai Financial Services Authority and any other legal/regulations under DIFC rules.
  • Monitor the existence of insurance coverage on company assets and personnel.
  • Monitor the compliance with the established policies and procedures and ensure effective controls are in place.
  • Monitor the implementation of operational best practices.

Technical/Financial Accounting:

  • Coordinating and managing the internal and external audit protocols.
  • Preparing the annual budgets and assisting in monitoring them during each fiscal year.
  • Prepare and submit bank reconciliations for Africa Re DIFC office.
  • Prepare quarterly management financial reports and financial analysis for the various profit centres managed by the regional office.
  • Ensure timely preparation of the company’s quarterly and annual financial statements and
  • Assist in maintaining relationships with auditors.
  • Assist in monitoring and managing outsourced functions.
  • Assist in monitoring treasury activities and managing relationships with all banks and financial institutions
  • Managing the credit control, OPEX, Technical accounts and reconciliation functions.
  • Monitor cash balances.
  • preparation of schedules and reports for the final annual audit for the Company’s accounts
  • Reviewing and controlling the reinsurance debtor’s ledger for accuracy and collectability and generally managing the credit control function to ensure outstanding balances are collected within their agreed terms.
  • Overseeing the maintenance of the reinsurance debtor balances by technical accounting staff and driving the collection process by Underwriters and the ADFA
  • Cash matching of receipts and payments with related reinsurance debtor transactions for assigned cedants and overseeing the cash matching duties of the technical accounting staff

Credit Control of other Profit Centers

  • Supervise the Credit Control Team and Function/Activities for other Profit Centres covered by Cairo Regional Office (Egypt, Sudan and Takaful)
  • Prepare account reconciliations of top key brokers and cedants as assigned
  • Review all Claims requests to confirm their processing and that premiums are settled
  • Review and recommend payments to be processed for Claims and accounts settlement
  • Ensure adequate follow up of cedants and brokers balances and prompt resolution of issues
  • Ensure confirmations and statements are circulated regularly to cedants and brokers
  • Manage the reconciliation, cash matching and settlement of assigned retrocession accounts such as the special retrocession
  • Provide support to the ADFA Cairo in Technical Accounting for the Region and assist with additional responsibilities as may be required
  • Perform any other duty that may be assigned by Management.

Main Competencies

MAIN COMPETENCIES REQUIRED FOR THIS POSITION

  • Good knowledge of DFIC/DFSA reporting system

  • Good knowledge of re/insurance technical accounting (both Takaful and Commercial non-takaful)

  • Exhibit good organizational, planning and reporting skills

  • Ability to work and communicate (oral/written) appropriately with all levels of Management and across group operations.

  • Ability to work without close supervision and within established timeframes

  • Good team player with proven leadership and managerial experience;

  • Ability to work in a bi-lingual multi-cultural environment;

  • Ability to multitask and mange change

  • Excellent Problem-solving skills (i.e., conceptual and analytical thinking).

  • High level of Integrity.

  • Good disposition to embrace change and innovation

  • Ability to work without close supervision and deliver results within established timeframes;

  • Computer literacy with good interactive knowledge of financial and insurance applications as well as other Microsoft Office Packages

  • Fluent in English and Arabic with working knowledge of French. A good knowledge of the three languages will be an added advantage

Academic Qualifications

QUALIFICATIONS AND PROFESSIONAL EXPERIENCE

Applicants shall be holders of:

• Minimum of a Bachelor's Degree in Accounting, Finance, Insurance, Risk Management, Economics, Commerce or any related discipline

• Minimum of nine (9) years post-graduation experience, six (6) years must have been in a Financial Reporting / Credit Control / Financial Officer positions, with at least four (4) years in similar roles preferably in the reinsurance industry, insurance industry, financial services sector and/or in international finance institutions.

  • Relevant professional qualifications include ACII, ACCA. and their equivalents.
  • Experience with companies regulated by DIFC/DFSA and familiar with its legal and organizational framework is required.
  • Relevant working exposure in a multicultural environment for at least four (4) years in the African and Middle East context.
  • Experience in the reinsurance / insurance Industry is necessary.
  • Experience in the Takaful reinsurance / insurance Industry is necessary.
  • Working knowledge and understanding Africa Re’s business.
  • Knowledge of Insurance / Reinsurance practices will be an added advantage.
  • Working experience with an external audit firm will be an added advantage.

Salary & Benefits

SALARY AND BENEFITS

The successful candidate shall have the following benefits:

  • Competitive Salary and Benefits on the Corporation’s Professional Staff Grade Level
  • Variable Pay (Annual Performance Bonus)
  • Provident Fund/Pension
  • Children Education Subsidy for each child up to 26 years (maximum 4 children)
  • Medical Cover for staff and family;
  • Home Leave to country of origin every year paid by the employer (if non-national);

Additional Requirements

Applicants must be:

  • Nationals of Member States of Africa Re;
  • Fluent in English and Arabic with working knowledge of French. A good knowledge of the three languages will be an added advantage

Procedure for Application

PROCEDURE FOR APPLICATION

Interested candidates for this positions are requested to visit the Africa Re website (https://www.africa-re.com/career) to complete the employment form and upload their curriculum vitae.

The Company reserves the right to appoint at the advertised level or at any other level that may suit the profile, qualifications and experience of the successful candidate.

Closing date for submission of applications: August 25, 2020