Forex & Hedge Accounting Specialist

Forex and Hedge Accounting Specialist

Contract duration: 6 months

Location: Midrand

Role Purpose

• The Specialist: Forex and Hedge Accounting will be a member of the team managing the foreign transactions and accounting processes in a timely and accurate manner, in accordance with defined operating procedures, policies, SOX, compliance, IFRS 9 and business partnering.
• The Specialist: Forex and Hedge Accounting is responsible for the accounting treatment of hedge accounting, ensuring timeous forex payments and dealing of forex receipts.
• The individual will enjoy problem solving and striving to improve the metric of the operational process.
• The incumbent will be a member of the wider FinOps teams.
• They will be required to have excellent communication skills and to be able to interact with people from different environments, internal as well as external stakeholders
• A culture of continuous process improvement will be essential to ensure world class operational performance.
• Accountable for completeness and accuracy of accounting and reporting related to foreign exposure and hedge accounting in terms of IFRS 9
• Support the rest of all relevant stakeholders with forex related requests and queries
• Establish a close relationship with the other teams across Finance Operations, Finance Business Partners, Group Treasury, Transactional Cash Management team
• Interact with the Global Process members, peers in the Shared Services and cash management process team members;
• Advise all relevant stakeholders on forex related transactions, IFRS 9 accounting, processes, and reporting; and
• Identify opportunities to optimize forex related cash flows and strive to streamline and improve processes.

Your responsibilities will include:

• Daily and monthly activities IFRS 9 accounting, processes, and reporting specifically month end reporting in accordance with financial calendar
• Monitor sub-processes related to forex payments and receipts
• Applications to the South African Reserve Bank
• Perform monthly variance analysis and reports and provide valid reasons on variances identified.
• Analyse reported data for key trends and anomalies, exception reporting to be investigated and resolution of exceptions
• Work with other team members and key stakeholders across all business units to ensure all forex issues are resolved in a timely manner.
• Such as ensuring the accurate and complete accounting treatment of all forex related transactions by analysing financial transactions, identifying cost drivers and key vendors, reporting on spend
• Establishing adherence to the relevant Group policies
• Ensure compliance with SOX controls
• Work with other departments to ensure all cross department issues are resolved
• Interim and Year End Reporting
• Responsible for separate and consolidated statutory packs and other reporting requirements as part of the interim and year-end close process.
• Responsible for both the separate and consolidated interim and annual financial statements

The ideal candidate for this role will have:

• BCom: Accounting essential
• Minimum of 5+ years relevant experience with a strong background in financial reporting
• IFRS 9 knowledge

Job Related Skill:

• Analytical thinking
• Problem solving
• Innovative
• Adaptability
• Strong written and verbal communication skills
• Strong interpersonal and influencing skills
• Business leadership and transformation
• Effective communication
• Ability to work under pressure
• Ownership and drive for impact
• Attention to detail & quality conscious

Job Knowledge:

• Working knowledge of Accounting principles especially IFRS 9
• Experience in financial reporting and statutory reporting requirements
• Excellent working knowledge of MS Office, especially Advanced Excel, Word and PowerPoint
• SAP ERP and HFM
• SOX
• Leadership Competency
• Ability to engage effectively with management, business partners, auditors
• Manage deliverables from other departments
• Ability to train and manage resources on related activities
• Manage external relationships with key suppliers