Job Purpose 

The role will lead and manage the financial accounting and performance reporting functions of the both life and general insurance lines of business.  

He will be responsible in ensuring the accuracy and timeliness of the monthly closing process to come up with sound financial statements compliant to various reportorial requirements, and to ensure the completeness and timely submission of various reports in compliance with external regulators including but not limited to IC, SEC, BIR and Local Government Units (LGU). 

The role will also manage the timely delivery of financial information related but not limited to local and regional reportorial requirements in order to keep track of company performance and to serve as a guide in management decision making. Lastly, he is also tasked to lead the planning, execution and communication of expense initiatives to build strong partnerships with stakeholders across the company. 

The role will manage the Annual Company-wide Financial Planning Exercise including updating of the Submitted Plans on a regular basis as required by Group 

He will lead Expense Management and Efficiency Initiatives to ensure ME and DAP spends are within acceptable levels 

The role will cover review of Strategic Projects and tracking of Committed Benefits vis-à-vis Actual results 

The role will lead key Finance projects involving system enhancements, adoption of new Accounting Standards and Policies,  Business Partnering with other Divisions for Strategic projects i.e., development of New Channels, new Technologies or Improving/ Monitoring of Controls over key processes with financial impact.   

Critical Accountabilities 

Key Result Areas 

Major Activities 

Output 

Challenges and Risks 

• Accurate and timely monthly Financial Statement 

• Ensure proper recording of all financial transactions including proper accruals 

• Coordinate with other FCA managers to understand investment, disbursement and insurance accounting 

• Ensure accurate and timely financial close process i.e. adhere to standard work day requirements 

• Coordinate and collaborate with other accounting functions and project teams for various adjustments based on their review of accounts reconciliation. 

• Sound financial statement (BS and PL) in various forms of requirements  i.e. statutory, PFRS and IFRS 

• Accurate and timely submission of financial reports  

• Audited Financial Statement 

• Understanding Life systems and accounting systems. 

• System related issues 

• Coordination, time and commitment with other departments/divisions or units 

• External compliance and Statutory reporting (IC, SEC, BIR and LGU) 

• Ensures compliance of Regulatory reports e.g Annual Statement, Year-end FS, IC Quarterly Stats 

• Ensure the accuracy, completeness and timely submission of tax compliance and reporting. 

• Ensure timely renewal of business permits and payment of taxes and licenses to LGU.  

• Manages the conduct of audit performed by External auditor in relation to Financial Audit, Insurance Commission as to Annual Statement and BIR for Tax Audit. 

• Act as a key contact person for the external audit and regulatory audit (IC, SEC and BIR and LGU) 

• IC approval on renewal of Company license 

• Timely financial audit 

• Accurate, complete and timely submission of various reports and compliance with IC, SEC and BIR and LGU. 

• No penalty 

• Coordination, time and commitment with other departments/divisions or units 

• Proving the legitimacy of assets with IC 

• Incurring penalty due to delayed in submission or wasn’t able to support the result of the audit performed by various regulator 

• Accounting and Tax research and advisory 

• Provide Accounting and Tax Bulletin for updates relevant to Company 

• Conduct research to answer accounting and tax queries and concerns of internal units, department and Regional Office 

• Coordinate with external Tax advisors 

• Timely bulletin for tax and accounting updates 

• Timely response on inquiries 

• Keeping updated on accounting and tax matters 

• Understanding Life Insurance Industry regulations, standards and practices 

• Establish proper internal controls and process efficiency 

• Regularly reviews procedures to improve efficiency and utilization of accounting system 

• Develops policies and procedures over financial accounting 

• Coordinates and resolves audit issues (Financial and Internal controls) raised by external and internal audit (local and RO) 

• Partners with Finance Standards and Controls team for proper Internal controls 

• Increase process efficiency 

• Proper documentation of policies and procedures 

• Resolve audit issues on a timely manner  

• Coordination, time and commitment with other departments/divisions or units 

• System related issues 

• Quarterly/half-year/full year local and regional performance reporting 

• Group Management Dashboard reporting including Magnitude input (serves as the point person; prepares, analyzes, and consolidates pack ensuring accuracy of information and coherence of commentaries and business insights) 

• Completion of Magnitude input (all KPIs other than Earnings and Balance Sheet) and checklist 

• Preparation and analysis of consolidation questionnaire sign off, analytical review (for B/S and P&L), and large client management (LCM) templates 

• Coordination with various units for needed information and analyses. 

• Handling of inquiries. 

• Group Management Dashboard (pack) 

• Magnitude input (all KPIs except Earnings and Balance Sheet) 

• Consolidation questionnaire sign off, analytical review, and large client management (LCM) templates 

• Providing coherent and meaningful business insights and commentaries. 

• Understanding and analyzing the results from different sources of information. 

• Getting information from different sources/dependencies accurately and timely. 

• Consistency of reports across all business units. 

• Inquiries from RO and local management. 

• Strategic Planning  

• Assist in the preparation of reports (particularly APE) for the Strategic Planning exercise 

• Providing commentaries and business insights as needed. 

• Coordination with Investments, FC&A, the channels, and other business units and provision of data to Actuarial. 

• Handling of inquiries. 

• Strategic Plan pack 

• Providing coherent and meaningful business insights and commentaries. 

• Understanding and analyzing the results from different sources of information. 

• Getting information from different sources/dependencies accurately and timely. 

• Consistency of reports across all business units. 

• Inquiries from RO and local management. 

Key Decisions/Dimensions 

Decisions 

Quantifiable Data Related to Job 

• Financial and management reporting close 

• Business insights 

• Inquiry resolution 

Skills and Knowledge 

Educational Qualifications 

Relevant Experience 

• CPA preferred.  Can also be investor analyst, researcher, CFA taker, actuarial. 

• At least 5 years of work experience in financial/management reporting, preferably with audit background 

• Must have work experience in the insurance industry 

• Must have experience in writing commentaries and business insights to financial results 

• Proficient in Excel, and any accounting software 

Personal Characteristics/Behaviors 

Other Requirements 

• Analytical and keen to details  

• Good oral and written communication skills 

• Good interpersonal skills 

• Willing to work on extended hours if needed 

• Proactive and can work under minimal supervision