Job Purpose:
The role will be responsible for assessing the effectiveness and efficiency of financial operations and controls, reliability of financial reporting, and compliance with applicable laws and regulations. The role will be responsible for reviewing and monitoring internal controls, financial operations compliance audits, monitoring financial operations and controls, and identifying and addressing any control gaps.
Enhance the revenue assurance function for all revenue products (recurring & ad hoc), including identification and prevention of revenue leakage activities, evaluation of controls coverage, gap analysis, expansion of controls across systems and products, and promote a continuous improvement culture across all revenue assurance activities.
Key responsibilities:
Financial Operations Controls Assurance:
Collaborate with Corporate and Retail Chief Finance Officers to prioritize legacy financial operations, financial controls and compliance areas to address and refine.
Ensure the scope of all projects aligns with the allocated budget and that stakeholders complete each phase of the project within the scheduled timeline.
Develop a detailed work plan which identifies, and sequences activities and resources required to successfully complete a project.
Collaborate with finance department heads on the development of IT business requirements and monitor projects implementation.
Identification and addressing of legacy financial problems within Retail, Corporate, Britam Asset Managers (BAM), Alternatives and International.
Examine and evaluate the adequacy and effectiveness of the company’s system of internal control and the quality of performance in carrying out assigned responsibilities.
Prepare periodic reports to management and, as appropriate, to the audit committees providing information on the status and results of the audit plan on the legacy and financial operations projects.
Prepare periodic reports for management and, as appropriate, for the audit committee on significant issues related to internal control processes to ensure that these processes are appropriate for the current and evolving business environment and to provide information concerning such issues through resolution.
Ensure quality control over financial transactions and financial reporting.
Develop and document business processes and accounting policies to maintain and strengthen internal controls.
Monitor, manage and report on the progress of projects and identify control gaps, and address them.
Lead in implementation of standardised finance operations and processes across the Group.
Monitor implementation of audit recommendations/ closure of audit exceptions within agreed timelines.
Continuous review and monitoring of ledger balances integrity with a view to address long outstanding items, legacy incidences, identifying process gaps and closure of the same.
Revenue assurance and cost efficiency:
Embed and then be accountable for the process, including the design and execution of projects to deliver new capabilities, which facilitates the systematic revenue recovery and cost-saving across all revenue products through the establishment and performance of revenue leakage controls/cost assurance controls through the end-to-end order to cash process.
To lead a risk-based approach to revenue assurance across all of Britam’s revenue streams which constantly adapts to changing business processes and priorities.
Lead the design and development of both recurring and ad hoc revenue assurance reviews and processes to address changing risk profiles, systems evolution both inside and outside Finance or high visibility revenue streams.
Driving profitability and added value for Britam by seeking and identifying revenue enhancement opportunities as part of both recurring and ad hoc reviews.
Reduce revenue leakage and costs by ensuring controls are automated wherever possible.
Raise the awareness and profile of Revenue Assurance within the business by working effectively across teams and with key stakeholders in driving the end-to-end best practice model for Revenue Assurance.
Accountable for the overall assessment and continuous improvement of Britam’s business practices, processes, and controls with respect to revenue protection.
Working closely with the Finance team including CFOs and other stakeholders, ensure effective revenue assurance processes and controls are built into new products, services and processes wherever reasonably justified.
Setting standards across Britam group on Revenue Assurance activities to achieve revenue maximization and high data integrity and processes.
Champion a high-performance culture and continuous improvement mind set.
Any other financial and operations assurance matters that require input and resolution with the business leaders in consultation with the Finance Director and Finance Heads of Departments.
Key Performance Measures:
Operational efficiency and effectiveness measures.
Cost savings on budget.
Reconciliation preparation and review.
Revenue findings/enhancement opportunities.
Cost assurance findings/enhancement opportunities.
Reduction in revenue leakage.
Continuous improvement benefits achieved.
Knowledge, experience and qualifications required:
University Degree in Business related field.
Internal Audit experience in the industry.
Professional accounting qualification such as CPAK or ACCA.
Membership of accounting professional body.
Technical/ Functional competencies:
Knowledge of internal audit procedure.
Report writing-ability to develop reports.
Decision making – ability to make strategic decisions in a timely and effective manner.
High moral and ethical standing.
Highly motivated.
Leadership category responsibility framework (Core Competencies):
Change Leaders in Britam need to:
Strategically lead a function to service customers from a sustainable and growing customer base whilst increasing profit.
Continuously configure and adapt the functional area to most effective suite the future view of the business.
Introduce new concepts so that they are adopted appropriately at the right time (manage the rate of change).
Be in touch with the changing industry, customer needs and international best practice.
Improve the efficiency of the function by appropriately challenging managers about operational and tactical issues.
Ensure the function has the most appropriate people capability through effective inspirational leadership, people development, and optimized succession planning.
Ensure clarity of expectations for individuals in the function and other stakeholders across the group.
Facilitate functional integration.
Ensure the development and establishment of appropriate behaviour and values (culture) within the function that aligns with the strategic direction and values of the business.
Coordinate between functions and divisions to ensure optimization of the value chain and resources.
Ensure alignment of strategy, objectives and deliverables within the function.
Develop innovative partnerships and distribution channels to increase Britam’s market penetration.
Ensure a seamless experience for clients.
Appropriately allocate funds and capital to maximize shareholder value.
Adequately manage operational risk.
Increase operational efficiency.
Provide access to accurate and consistent information and services across all channels.
Improve quality and speed of decision-making across the business.
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