The Manager- Finance will oversee the full spectrum of financial and management accounting, including regulatory reporting for Bahrain National Life (BNL). The Manager Finance will have specific responsibilities related to Life and Medical insurance accounting apart from general accounting responsibilities.
1. Accounting & MIS: Responsible for preparation of management accounts and all related activities including the accurate recording of transactions, review of vouchers, payments, reconciliations with counterparties – brokers, reinsurers, policyholders, TPA banks. To ensure timely monthly closing and transfers in the IIMS – Core system after due reconciliation. To provide timely and insightful MIS, quarterly board reports apart from adhoc reports.
2. External and internal auditors – liaison, preparing data, supporting documents, preparing draft financial statements, finalization of accounts in a timely manner.
3. Budget preparation: Assist in the preparation of BNL budget, including assumptions based on past relationships, update all financial databases and charts required for preparing budgets and 3y business plans.
4. Productivity: Continually reviews processes and procedures for better operational efficiency; adequate controls and checks and balances, financial processes and controls and proactively raise management attention to act and resolve issues. Update and maintain finance procedures in line with changes in internal process flows, authority levels, external changes- regulations, accounting principles.
5. Financial Control: Adequately reviews and controls expenditure within approved budgets. Alerts relevant departments of excessive deviation from budgets.
6. Regulatory: Ensure accurate and timely reporting and regulatory filing, including IFR, answering follow up queries. Assist with the Group, with monthly VAT filing, documentation, reconciliation – as it relates to BNL.
7. Receivables Control & Treasury – regularly communicate with counterparties and send account statements, prepare internal ageing schedules, maintain simplified model for provisions, follow up for payments – in co-ordination with business development/underwriting team. Prepare monthly cash forecasts to assist the Group Treasury to manage liquidity optimally.
8. Actuarial/Risk: Extract required actuarial data and interact with actuary for finalization of reserves as well as related actuarial reports. Provide relevant risk reports for the use of Risk Management Dept.
9. Other Key Projects: Additional responsibilities and projects include
o Transition to IFRS-17- dealing with external consultants, data extraction
o Core Insurance System: Transition to new Core system – User Acceptance Testing for finance module, feedback on business requirements, use of Business Intelligence Tool for improved reporting
o Digital Transformation: Assist with finance and accounting aspects of digital transformation, including UAT, process and controls.
1,500 to 1,800
per month inclusive of fixed allowances.
Knowledge and Experience:
1. Minimum of 8 years’ relevant experience in the (preferably in the life insurance industry) of which at least 3 years at a managerial level with full responsibility of producing financial statements.
2. Thorough knowledge of accounting standards, IFRS 4,9 and highly conversant with the new IFRS17 standards
3. Experience in Life and medical insurance with a primary insurer preferred.
4. Knowledge of group life/group credit insurance accounting is a requisite. Additional knowledge of Individual Life and Savings Products is preferred.
5. Recognized graduate qualification in accounting/finance/commerce combined with a professional qualification in finance. CA/CMA/CPA. Insurance certifications/ qualifications will be a plus.
6. Reasonable knowledge of legislation and regulations related to insurance.
7. Expert knowledge of operating insurance accounting software/systems.
1. Takes ownership of tasks and enthusiastic
2. Diligent and accurate
3. Work effectively in team environment.
4. Self-motivated and performance driven.
5. Confidentiality and tact in dealing with various departments
A leading insurance group in Bahrain.