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Reporting Accountant Head

Vacancy Details

Reference No.

PG-44369

Synopsis

Our client in the banking is looking to employ a Reporting Accountant (Head : Financial, Regulatory Reporting and Tax) who will be supporting the Head of Finance, Chief Executive Officer and Chief Financial Officer by providing them with critical financial information to support them in their interactions with investors, analysts, ratings agencies and the financial press.

Description

  • Supervise and review of the work done by the group financial, regulatory reporting and tax teams
  • Taking ownership for maintaining positive working relationships with regulators and auditors
  • Representing the group on banking industry forums and in interactions with the South African National Treasury and SARB.
  • Ownership of special projects for the financial, regulatory reporting and tax teams

 Responsible for the Financial Reporting department, which addresses all the external financial reporting responsibilities to investors and regulators as well as reporting monthly financial results, including financial key performance indicators, including:

  • Public reporting (IFRS and Integrated Reporting [production of Annual Report and interim reporting via SENS]; Related results presentations, Regulatory Risk reporting Basel III [Regulation 43 in South Africa])
  • Public financial reporting carries a significant responsibility as it is intimately tied to the reputation of the bank in the public space. Public reporting also involves the exercise of discretion and judgment in matters that can be complex
  • Regulatory reporting (Returns to the South African Revenue Services [SARS], South African Reserve Bank [SARB] risk and economic data returns and National Credit Regulator [NCR] returns)
  • Reporting to regulators carries a significant responsibility as it is a key element of managing the compliance reputation of the Bank. Key external stakeholders such as SARS, SARB and NCR continuously request feedback and response from the business on an ad-hoc basis which include for example SARS audits, scenario stress testing from SARB or queries from the NCR. This requires a skill of working across departments and divisions and collating and responding to comply to the requests of external stakeholders. This would include various queries from investors and shareholders from a financial, regulatory and tax perspective. 1st and 2nd provisional income tax calculations and tax disclosure in the financial statements. Review of monthly VAT submissions to SARS
  • In-house reporting (Management Accounts, ALM/ALCO reporting, including the Internal Capital Adequacy Assessment Process/Plan [ICAAP]), monthly tax calculation for the income statement.
  • In-house reporting is key in providing the EXCO with strategic input regarding the financial activities of the Bank

Department management

  • Responsible for ensuring the structure of the function and the allocation of resources are in line with specific business needs/focus areas
  • Responsible for the recruitment of direct reports
  • Responsible for performance management of team, including:
    • Overall responsibility for the contracting of team’s personal development plans (functional and soft-skills) and
    • Mentoring and coaching of team members
  • Ensure transfer of knowledge, maintain motivation and personal development for team members.
  • Responsible for on-the-job training of team (both functional and soft-skills) to ensure the sharing of knowledge and key learning with the team on a regular basis
  • Create and maintain a positive working environment

Advocacy

  • Represent the Bank at relevant industry forums, establish an industry network and keep EXCO abreast of important industry developments
    • Expected to consider the impact of new developments of the bank, consider and anticipate potential risk and opportunities and lobby the banks position, with the understanding and support of EXCO and the Board.
    • The forums are:
    • Banking Association of South Africa (‘BASA’) committees:
    • Basel 3 - Capital
    • Basel 3 - Liquidity
    • Basel 3 - Credit
    • Basel 3 - Interest rate risk
    • Direct taxation (Liaison with SARS)
    • Financial Reporting Matters (IFRS)
    • Direct Tax Committee (SARS, National Treasury and BASA
    • National Treasury via the Prudential Committee (Committee of Twin Peaks regulators meeting with industry)
    • National Treasury - as regarding lobbing positions on new legislation impacting financial and Regulatory reporting and prudential management
    • SAICA – to keep pace and influence the application of accounting standards positively. Ensure that the bank’s position is represented and have a good understanding of the impact of impending changes on the business model of the bank

Requirements

Qualifications

  • Charted Accountant with a recognized CA body SAICA or Accounting Institutes with recognized reciprocity/equivalence (i.e. inter alia CA(SA), CA(Z), ICAEW)

Experience

Minimum:

  • At least 12 years’ post CA qualification (articles) experience
  • Proven experience in managing a team of specialists within a similar environment

Ideal:

  • At least 5 years’ experience in financial and regulatory reporting within the financial services / banking industry
  • Preferably related experience within a ‘commerce’ environment (i.e. not in an audit environment)
  • Proven experience in and responsibility for preparing key EXCO reports and presentations
  • Experience as a direct report to an Executive committee member
  • Detailed tax calculation, returns, VAT and interpretation of relevant tax law
  • A successful track record in leading successful finance teams

Knowledge

Minimum:

Extensive knowledge of:

  • IFRS and Accounting Principles
  • Accounting Standards Knowledge
  • BANKS Act and the Application thereof
  • Basel 3
  • Tax law

An understanding of:

  • The link between Return on Equity (RoE), capital, costing and risk impact
  • Credit Risk and other risk model theories (concepts of expected and unexpected losses)
  • IT Systems and impact on area
  • Banking legislation
  • Tax Knowledge

Ideal:

Knowledge of:

  • Credit Risk Management
  • Accounting for bad debt
  • Approaches to liquidity and interest rate risk
  • Product knowledge and how this impacts the reporting environment
  • Tax law
  • Insurance

Skills

  • Communication skills (written & verbal) in English – speak clearly and persuasively; listens and gets clarification; responds well to questions; demonstrate group presentation skills; participate in meetings
  • Ability to communicate clearly and succinctly on the status of key matters
  • Exceptional writing and presentation skills
  • Absolute integrity and ability to handle highly confidential information
  • Emotional resilience
  • Planning and organizing skills - prioritizes and plans work activities
  • Diagnostic, analytical & problem-solving skills
  • Attention to detail (accuracy)
  • Ability to work well under pressure
  • Ability to effectively manage a team
  • Financial analysis and interpretation skills
  • Numerical skills.
  • Computer literacy (MS Excel, MS Word).
  • Information integration & report writing skills – responsible for collating information for reporting purposes.
  • Confident and enthusiastic self-starter who can take initiative
  • Must be able to work independently as well as part of a team
  • Action orientation - Ability to work under own initiative without guidance, cope well under sustained pressure and deliver to deadlines
  • Ability to motivate self – sets and achieves challenging goals; demonstrate persistence and overcomes obstacles; measures self against set standard of excellence
  • Flexibility and adaptability
  • Coaching and mentoring skills (leadership)
  • Project Management Principles in terms of meeting deadlines, planning, etc

Additional Information

  • Own car & valid driver’s license
  • Ability to work in an open plan office
  • Willingness to work after hours / over weekends if required
  • Ad hoc travelling (SARB, SARS, National Treasury, BASA)
  • Clear credit record
  • Clear criminal record

Kindly note, if you have not heard from us within two weeks of your application please consider it unsuccessful.

Position Type

Permanent

Work Level

Management

Salary

Market Related

Industry

Banking/Finance And Investment

Salary Type

Monthly

Package

Cost To Company

Affirmative Action

Yes

Geographic Location

Western Cape - Stellenbosch