Position Title: Finance Director

Transcription

1 Position Title: Finance Director SASRIA SOC LIMITED Sasria, a state-owned company, is the only short-term insurer in South Africa that provides affordable voluntary cover against special risks such as civil commotion, public disorder, strikes, riots and terrorism to any individual, business, government or corporate entity that has assets in South Africa. Sasria has a dual mandate legislative mandate that directs our day-to-day business operations, and a broader strategic mandate, like any other business in South Africa, to make a positive contribution to transforming our industry and our country, in order to make our country a better place for all her people. Vision To protect the assets of all South African against extraordinary risks Mission The vision will be achieved via our mission of driving sustainable and vibrant business by: Balancing shareholder value creation with having a positive social impact; Providing excellent customer service; Being clear and consistent in our communication; Developing the skills and capacity of own employees; Improving our current strategic current strategic partnerships, and establish new ones; and Providing innovative and relevant products; Core Values The following values underpin Sasria s pursuit of its stated vision and mission: Professionalism - we will treat our stakeholders i.e. customers, employees and shareholders - with respect and dedication while remaining accountable to them; Integrity - we will conduct ourselves in a manner that is fair, transparent and ethical, and uphold high levels of equality and trust; Teamwork in the performance of our tasks we will be guided by the ideals of unity of purpose, cooperation and mutual respect; Innovation - we will create opportunities for creativity and learning and encourage same amongst our employees; and Customer Centricity - We strive to meet and exceed our customer's expectations.

2 ROLE DESCRIPTION Job summary statement/purpose To provide Financial Leadership to Sasria, ensuring that strategic and operational objectives are successfully achieved. To contribute to the effective financial management by providing financial leadership, directing divisional financial activities and business plan development and controlling accounting practices, including the timely preparation of financial reports, forecasts and business performance analysis. Contribute to the overall strategy around functions of Sasria, advising on growth, areas of cost waste and oversight and control over investment spend in CAPEX and Strategic Investment. Key performance areas (duties & responsibilities) Corporate portfolio strategy and capital allocation Support the development of Sasria s strategy through the strategic planning process, advising the MD and business heads. Reinforce an institutional focus on: o Shareholder value and capital management, in addition to revenue and earnings; o Longer term horizon 2 and 3 growth strategies; o The solvency and rating aspiration of the firm Translate the strategy into action by; o Allocating capital between existing business for organic/inorganic growth and strategy investment, returning any unused capital to shareholders; o Aligning and allocating other financial resources, especially financial and operational leverage, liquidity and rating agency or regulatory capital; and Setting performance targets against KPIs aligned with the corporate strategy. Business unit strategy and performance Advise and challenge business unit strategies through the strategic planning process. o Provide external and internal benchmarks as well as industry and market intelligence. o Critically challenge key assumptions, aspiration levels and management actions are they realistic and aggressive enough? o Critically evaluate the plans from the perspective of shareholder value why would you invest your money in the business? Help drive superior operating performance. o Define segment-specific KPIs against which performance is measured. o Challenge and agree on short-term operating activities, plans and budgets. o Translate plans into a balanced score card based on corporate and segment KPIs o Regularly monitor, discuss and challenge, operating performance with the MD and business unit leaders through monthly/quarterly business reviews. Drive cross-divisional and corporate-level improvements in the areas of expense management, capital efficiency, corporate development etc. Effective reporting to and information sharing with the Board of Directors

3 Balance sheet, liquidity and capital management Optimise the capital structure and other financial resources against external constraints set by regulators and those set internally by the firm s own risk appetite Define the optional target capital, financing and liquidity profile of the firm: o Set the mix between Tier 1 and other forms of capital, the level of financial leverage, the allocation of operational leverage to the business and the desired liquidity profile of the firm; o Keep within the solvency and liquidity constraints imposed by regulators; o Define and keep within the risk appetite of the firm, especially with respect to the firm s target solvency, rating and liquidity profile Manage the firm s capital and liquidity profile through: o Capital market transactions, including capital raising and dividend policy etc. and o Cash and liquidity management. Define and implement the high-level asset/liability management strategy of the firm: o Set and review the firms ALM strategy; o Ensure executions of the strategy through the treasury and investment activities. Financial and management reporting Ensure the cost efficient, well controlled and error-free financial reporting process to meet all external reporting requirements. Develop an efficient and controlled management reporting process focusing on a limited number of corporate KPIs required to steer the firm and evaluate performance. Discuss the efficient production of additional, operational KPIs required by the firm, coordinating the development of reporting systems as appropriate. Ensure compliance with all required reporting standards, establishing the appropriate internal controls, evaluating their adequacy and testing their effectiveness. Communicate an independent view on the financial landscape to senior management. Managing external stakeholders Build and maintain external stakeholder relations, especially across: Regulators (Financial Services Board) and supervisors on their perception of the capital required as well as the adequacy of the liquidity and profit of the firm; Financial analysts and investors (National Treasury) on the performance of the firm and how value is created; Politicians, regulators and industry associations to ensure the changing laws and regulations encourage, rather than discourage, good business practices in the industry; Understand and identify key sustainable requests from stakeholders Ability to implement actions without the direct responsibility of resources Negotiate and leverage information off different groups across the organisation in order to meet stakeholder demands Manage the link between Finance, Business Heads and the COO function Become the go-to person for all key senior stakeholders for all Finance matters Provide feedback and updates on financial/business matters into the Executive and Board Committees

4 Communicate the Finance and Business related objectives to relevant stakeholders, ensuring alignment to the wider National Development Plan objectives. Leadership of the finance division and promoting a value-orientated culture Inculcate a value management culture across the firm through training, incentives and setting the tone at the top Develop personnel in the finance functional network through talent management, job rotation, cross-functional staffing etc. Develop skill in the finance functional network, especially in terms of technical skills, business acumen and communication skills, through training, work experience etc. Help identify strong performers across the organisation Manage and motivate performing individuals, ensuring their efforts are recognized Ensure poor performance is addressed Forward thinking with regards to establishing and maintain a succession plan within the team Qualifications Chartered Accountant (SA) Post graduate Management / Leadership qualification would be advantageous Minimum experience 8 to 10 years senior / executive financial experience in financial sector environment, specifically interfacing between the CEO and Board Senior management experience Experience in the short term insurance industry will be an added advantage Knowledge Financial sector environment Experience in the short term insurance industry will be an added advantage Investments and Financial Markets Knowledge of Preferential Procurement Policy Framework and National Treasury relevant guidelines Taxation (VAT, PAYE and other relevant tax laws) Understanding of legislative environment within insurance industry/financial industry Skills and Competencies Good Leadership Business acumen Analytical ability Strategic thinking Ability to create new ideas and creative solutions Excellent interpersonal skills

5 Customer Centric Persuasive & Influential Stakeholder Management People management Verbal and written communication Attributes/values Professional ethics Sound judgement Empathy Resilience and agility Decisiveness Ability to work under pressure High attention to detail Reporting Lines and governance The Finance Director will report to the Managing Director The Finance Director will be part of the Executive team The Finance Director will be responsible for the Finance function Key measures of success Financial soundness of the business (solvency, liquidity and cost of capital targets) A strong internal value management culture Adherence to functional budget Efficient implementation of investment strategy Enabling performance of the Board of Directors Demographics A South African citizen of any gender, preference will be given to a EE candidate Location of the role The role will be located in Illovo, Johannesburg CLOSING DATE: 31 January 2018 CONTACT PERSON: tshepisoc@sasria.co.za