Senior Manager, IFRS17

Ki Insurance; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

An established industry player is seeking a Senior Manager for IFRS17 to oversee the IFRS17 team’s operations and reporting. This pivotal role involves managing the production of quarterly and annual results, providing technical expertise in IFRS17 accounting, and ensuring compliance with financial reporting standards. You will play a vital role in finance-related projects and liaise with various stakeholders, including auditors and internal teams. If you are a qualified accountant with a strong background in the commercial insurance sector and a passion for delivering high-quality results, this opportunity is perfect for you to make a significant impact in a dynamic environment.

Qualifications

• Qualified Accountant with significant post-qualification experience required.
• Well-developed technical understanding of the IFRS17 standard is essential.

Responsibilities

• Manage the production of IFRS17 results and reporting.
• Provide technical knowledge and expertise on IFRS17 accounting.

Skills

IFRS17 Knowledge

Financial Reporting

General Ledger Systems

Commercial Insurance Knowledge

Analytical Skills

Microsoft Office

Communication Skills

Project Management

Education

Qualified Accountant (ACA or equivalent)

Experience in Commercial Insurance

Tools

OneStream

Dynamics GP

Prophix

Job description

Role Details

JOB TITLE: Senior Manager, IFRS17

DEPARTMENT: Finance

REPORTS TO: Head of IFRS17

Purpose of the Job:

This role will support the Head of IFRS17 in managing the day-to-day activities of the IFRS17 team, spanning both IFRS17 Operations and Reporting. This will entail the following:

1. Managing the production of the quarterly / annual Brit Group Ltd results, and provision of required IFRS17 results to wider stakeholders.
2. Managing the production of the IFRS17 components of the OneStream reporting package.
3. Managing the provision of explanations of the component parts of the IFRS17 result, including quarter on quarter movements and comparisons against peers.
4. Providing technical knowledge, advice and expertise on all areas of IFRS17 accounting to the business.
5. Playing a senior role in finance-related projects, including finance modernisation.

Principal Accountabilities:

IFRS 17 Overview

1. Be a key IFRS17 SME at Brit for both internal and external stakeholders (e.g. Fairfax, PwC).
2. Maintain and update Brit’s suite of IFRS17 accounting policy papers.
3. Provide IFRS17 accounting advice within the group, including assessment of the treatment of new insurance and reinsurance contracts.

IFRS 17 Operations

1. Manage the production of the Brit Ltd IFRS17 quarterly results on both a pre-consolidation basis and relevant consolidation adjustments utilising the relevant calculation models and data platforms, including the preparation of supplementary information (e.g. financial statement disclosures) as appropriate.
2. Ensure completion of production activities is in line with the agreed close process timetable, including agreement of the timetable in relation to IFRS17 activities with other relevant stakeholders.
3. Manage the process of preparing the Group’s financial statements, including the preparation or review of certain disclosure notes.
4. Manage the processes for populating the GL with the IFRS17 results for all relevant entities.
5. Manage the implementation of changes to IFRS17 systems and processes, working with other relevant parties (IT, Actuarial) as required.

IFRS17 Reporting

1. Manage Brit’s internal IFRS17 reporting, the IFRS17 components of Brit’s external reporting (including ARA disclosures and commentary).
2. Manage Brit’s IFRS17 reporting to Fairfax on a quarterly basis via the OneStream reporting platform, including initial submission and the resolution of any questions raised.
3. Liaise closely with other areas of Finance, including the Group reporting team.
4. Liaise closely with the Actuarial IFRS17 team.
5. Ensuring the sign-off of IFRS17 results by all SMEs, and ensuring it is performed to a high standard.
6. Manage the Group’s external auditor in respect of IFRS17. Ensure all deliverables are provided on a timely basis and questions satisfactorily resolved.
7. Develop the IFRS17 reporting process, improving efficiency and timeliness, and ensure a robust control framework is maintained.
8. Manage the IFRS17 analysis and narrative reporting including to Brit Executive, Audit Committee and Board, and to Fairfax, including variance and trend analysis and explanation.

Other accountabilities

1. To develop or maintain procedures manuals for your areas of responsibility, including review of procedure documentation prepared by any direct reports.
2. To provide support to the Head of IFRS17, Group Financial Controller or wider Finance leadership team as necessary.
3. To discharge your duties in respect of Financial Controls for your areas of responsibility.
4. Involvement in ad hoc projects where necessary, including leading them where appropriate.
5. To manage any direct report(s), including but not limited to:

• To undertake and submit performance reviews for division in a timely manner, providing direction for those direct reports, setting clear objectives and priorities, providing feedback on performance etc.
• To ensure employees have full awareness of the Brit training programme and undertake training modules in line with HR policy.
• To manage under performance in line with the Group’s policies and procedures.
• To discharge any other responsibilities that may arise from time to time.
• To direct and review work prepared by those direct reports including in respect of monthly MI submissions, technical memos and other day-to-day group reporting outputs (e.g. preparation of relevant financial reporting information, proposed ledger entries or analysis, and analyses prepared in response to ad-hoc queries).

Regulatory Conduct Rules

1. Act with integrity.
2. Act with due skill, care and diligence.
3. Be open and co-operative with Lloyd’s, the FCA, the PRA, and other regulators.
4. Pay due regard to the interests of customers and treat them fairly.
5. Observe proper standards of market conduct.
6. Act to deliver good outcomes for retail customers.

Education, Qualifications, Knowledge, Skills and Experience:

1. Qualified Accountant with significant post-qualification experience; preferably ACA or equivalent with “Big 4” background.
2. Experience within the commercial insurance sector, specifically knowledge of the London Market (Lloyd’s Market experience desirable).
3. Track record of delivering a high-quality product to tight deadlines.
4. Well-developed technical understanding of the IFRS17 standard and the practical experience of the application of it to Financial Reporting.
5. Experience and knowledge of general ledger systems (e.g. Dynamics GP), consolidation packages (e.g. Prophix), and reporting platforms (e.g. OneStream).
6. Good technical knowledge and practical experience interpreting and applying UK GAAP.
7. Good IT skills, including Microsoft Office, and an advanced Excel user.
8. Experience of using, developing and implementing general ledger and consolidation packages.
9. Knowledge of general, commercial insurance industry practices and policies.
10. Ability to adapt to changing requirements and work within a team.
11. Excellent interpersonal and communication skills.
12. Effective prioritisation and organisational skills.
13. Advanced numeric and analytical skills, with good attention to detail.
14. Well-developed report writing skills.
15. Clear understanding of financial controls.
16. Understanding of Solvency II principles including Pillar 3 requirements is advantageous.