Job Description

Introduction

To deliver the end-to-end IFRS17 reporting for Guardrisk Life in partnership with stakeholders across Group, BSM (Life) and Finance, as well as HAF and external audit. Further effectively lead the team responsible for the Life IFRS17 reporting, the preparation of the Group consolidation reporting and Guardrisk AFS.

Disclaimer

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Role Purpose

To deliver the end-to-end IFRS17 reporting for Guardrisk Life in partnership with stakeholders across Group, BSM (Life) and Finance, as well as HAF and external audit. Further effectively lead the team responsible for the Life IFRS17 reporting, the preparation of the Group consolidation reporting and Guardrisk AFS.

Requirements

At least 5-10 years experience in Life Insurance reporting
At least 3 years people management experience
In depth experience with implementation of, and actuarial reporting on, International Financial Reporting Standard 17 (IFRS17) basis essential
Insurance liability modelling experience
Group consolidation and reporting experience advantageous
Knowledge of Financial services industry
Knowledge of relevant legislation
Knowledge of applicable legislation landscape
Knowledge of IFRS17 requirements, with a focus on General Measurement Model application
Knowledge of accounting practices
Knowledge of relevant computer software: Prophet & Aptitude
Bachelor's Degree in Actuarial Science
Specific licensing or registration: Fellow of the Actuarial Society of South Africa

Duties & Responsibilities

Lead the on-going implementation of IFRS 17 accounting standard, ensuring timely and accurate adoption across the organization
Co-ordinate and lead the maintenance and management of the data, models and systems used for IFRS 17 reporting and work with Data and Balance Sheet Management teams to ensure their accuracy and robustness
Lead, oversee, manage, analyse, monitor and review the quarterly, bi-annual and annual IFRS17 modelling reporting requirements for Guardrisk Life (GRL) and Guardrisk Life International Limited (GLIL) to enhance the value of reporting to the business and stakeholders
Oversee the implementation of standards and regulations as related to reporting and take corrective action when standards and regulations are not met
Define and provide strategic input in terms of IFRS accounting standard impact, as well as the impact on financial reporting for the Momentum Group
Identify interconnected problems, determine the impact and develop solutions, driving best practice
Liaise with auditors on modelling, disclosure and reporting issues to obtain external audit sign off
Review and where necessary, prepare submissions to the Guardrisk Group Audit and Risk Committees and Momentum Group Actuarial Commitee
Partner with the finance community and reporting teams in the financial reporting process of the Guardrisk and Momentum Groups
Support stakeholder value enhancement initiatives through quantifying the expected financial impact of potential solutions
Oversee and manage the reporting process and monitor reporting tools such as Prophet, SQL and Aptitude to improve efficiency and effectiveness of the current reporting process
Take accountability for actuarial and accounting data input and output in the IFRS17 reporting process across systems and tools
Incorporate international companies and other entities into the reporting processes, in particular focusing on liabilities reporting requirements
Manage and utilise resource allocation, implementing systems and planning operations to optimise goal achievement of functional area
Ensure the effective liaison, planning and co-operation during year-end and interims and quarterly reporting with: + Balance Sheet Management
+ Guardrisk Financial Reporting teams
+ Momentum Group reporting teams
Effectively strategise, plan and manage the delivery of IFRS Reporting team deliverables
Manage and oversee the quarterly consolidation and reporting process of the Guardrisk Group
Review of key reporting deliverables prepared as part of the quarterly reporting process
Attending Guardrisk Group Audit and Risk Committee meetings where the Guardrisk Group financial statements are signed-off
Provide insights to business on various financial scenarios and financial implications for new business and acquisitions
Suggest and support process improvements within the team, include system enhancements and changes/improvements to controls
Ensure accurate and timely preparation of financial reports for management, regulators, and auditors in compliance with IFRS 17
Maintain effective and efficient controls over the financial reporting process to ensure accuracy and compliance.
Identify areas for process automation or enhancement to improve the efficiency of IFRS 17 reporting
Work with cross-functional teams (Balance Sheet Management, Data and Finance) to streamline workflows and reduce manual intervention in IFRS 17 calculations
Communicate and present IFRS 17-related information to key stakeholders, including senior management, auditors, regulators, board members and cell clients
Provide insights and advice on the impact of IFRS 17 on financial performance and reporting, both for Guardrisk Group and cell clients
Liaise with internal and external auditors to ensure smooth audit processes related to IFRS 17 reporting
Maintain existing and build relationships that allow for the managing of expectations; the sharing of knowledge and diverse insights; and the creation of buy-in across the Guardrisk and Momentum Groups
Lead, support and perform functions in the modelling of insurance liabilities under IFRS17, preparation of related disclosures and Guardrisk Group financial statements, having regard to key stakeholders and external audit
Lead and manage the IFRS 17 reporting team, providing guidance, coaching, and support to team members
Foster a culture of continuous improvement and professionalism within the team
Oversee the recruitment, training, and performance management of team members
Demonstrate exemplary leadership behaviour, through personal involvement, commitment and dedication in support of organisational values
Create a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity
Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness
Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members
Manage workflows
Coach, develop and mentor staff on an interpersonal level
Mentor the team to improve technical acumen and application, and communication skills with business, as well as with external auditors
Identify employee growth and development needs and schedule interventions to enable ongoing development, training and personal growth
Identify, attract, appoint, grow, engage, reward and retain top talent to drive strategic execution
Select and recruit suitably qualified talent in line with Employment Equity principles and Momentum Group values
Effectively manage performance within the team in order to ensure business objectives are achieved
Encourage innovation, change agility and collaboration within the team
Execute effective workforce planning practices to ensure that staffing requirements are accurately forecasted
Develop, implement, and maintain IFRS 17 reporting processes, controls, and documentation to through Aptitude system to ensure financial integrity and compliance
Establish and enforce policies and procedures for the production of IFRS 17 financial reports, specifically relating to actuarial modelling
Collaborate on the preparation and presentation of IFRS 17-compliant financial statements, including balance sheets, profit and loss statements, and related disclosures
Stay updated with changes in IFRS 17 regulations and standards, ensuring the company remains in full compliance
Provide technical leadership and guidance on complex IFRS 17 issues, including revenue recognition, risk adjustment, and contract grouping
Continuously monitor the company's IFRS 17 implementation to identify areas for improvement and ensure accuracy in reporting
Manage high risk and problematic financial issues in area of accountability and contribute to the development of policy
Implement risk management, governance and compliance policies in own practice area, to identify and manage governance and risk exposure liability
Investigate reported wilful acts of non-compliance to organisation policy and practice and report on findings

Competencies

Strong leadership and interpersonal skills, with the ability to lead and inspire a team
Excellent communication skills, capable of explaining complex IFRS 17 concepts to non-financial stakeholders
Strong problem-solving skills, with a proactive approach to addressing challenges
High attention to detail, accuracy, and a commitment to delivering high-quality outputs
Ability to manage multiple priorities and meet deadlines in a fast-paced environment
Client/ Stakeholder Commitment
Leads Change and Innovation
Motivating and Inspiring Team
Strategic thinking
Collaboration
Impact and Influence
Self-Awareness and Insight
* Diversity and Inclusiveness