Head of Financial Reporting Solutions

3 months ago

Johannesburg, South Africa Absa Bank Limited Full time

Empowering Africa’s tomorrow, together one story at a time.
- With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group. Job Summary

The Head of Financial Reporting Solutions is a crucial role responsible for overseeing the integration and alignment of legal entity financial reporting with consolidated and regulatory reporting. This position ensures the accuracy, efficiency, and compliance of financial reports, which are essential for informed decision-making and maintaining regulatory standards. The role involves developing and implementing strategies to integrate financial reporting processes, maintaining standardised mapping structures, and providing a roadmap for data quality improvement. Additionally, the Head of Financial Reporting Solutions is responsible for implementing scalable legal entity reporting tools that comply with International Financial Reporting Standards (IFRS), driving continuous improvement in financial systems and processes.

Job Description

Key Accountabilities

Accountability: Financial Planning and Strategy Participation
- Strategy and Efficiency Integration: Develop and implement strategies to integrate legal entity financial reporting with consolidated and regulatory reporting, enhancing efficiency and ensuring clear documentation and monitoring. This includes maintaining standardised mapping structures for legal entities, providing a data quality improvement roadmap, and implementing a scalable legal entity reporting tool compliant with IFRS.
- Standalone and Consolidated Reporting Compliance: Ensure that legal entity financial reports comply with IFRS and regulatory reporting standards on a standalone basis, considering each entity’s materiality. Additionally, these reports should align with the consolidated reporting framework to maintain overall data consistency and compliance.
- Advisory Role: Advise Business Unit Exco on integrating legal entity financial reporting into consolidated financial reporting and regulatory reporting to the Prudential Authority, highlighting key insights and impacts. Additionally, provide guidance on addressing compliance with reporting standards and effectively addressing auditors’ concerns on the financial statements.
- Opportunity Identification and Evaluation: Identify and assess opportunities for enhancing legal entity reporting efficiency and effectiveness. Evaluate changes to financial software and templates, and review new improvement opportunities, considering financial impact, benefits, costs, and implementation timelines. Present proposals and business cases to senior stakeholders for approval and oversee implementation.
- Financial Support and Engagement: Provide support to business unit seniors to understand the linkage between legal entity and consolidated financials, including intercompany transactions. Engage regularly with senior management and senior audit partners to communicate financial reporting processes, key findings, and strategic insights. Present updates and recommendations to ensure alignment with business goals and regulatory compliance.

Accountability: Performance Measurement and Reporting
- Financial Reports Oversight: Direct and oversee the preparation of legal entity financial statements by managing a team of financial accountants and communicating the standards for activities and outputs.
- Historical Financial Reporting and Compliance: Enable the presentation and reporting of accurate and timely historical financial information of the legal entities to the various boards before deadlines, ensuring financial reports meet International Financial Reporting Standards (IFRS) and the Group’s financial reporting standards and data definitions.
- Monthly and Periodic Review: Implement a high-level review mechanism for monthly legal entity results and create a periodic reporting framework for legal entities to support annual financial statement reporting.
- Results Analysis and Improvement: Oversee the review of financial and accounting reporting practices in place for legal entities to ensure they meet the required standards and implement corrective or improvement actions when required. Chair the Legal Entity Steering Committee, tracking the delivery of legal entity reporting with preparers, reviewers, financial controllers, and external auditors. Ensure accurate progress reporting on financial statements by providing insightful evaluations. Collaborate with relevant parties to address any concerns regarding deadlines and find effective solutions or escalate to senior stakeholders if necessary.".
- iXBRL Reporting: Establish an iXBRL centre of excellence for managing reporting risk and providing necessary training. Ensure consistent iXBRL reporting processes and represent the Group in Compa

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