Western & Southern Financial Group has an immediate opportunity for a Manager, Financial Controls Compliance.
Summary of Responsibilities:
Responsible for planning, executing, and managing resources to evaluate the adequacy of the Company’s control structure regarding financial reporting, as required by the National Association of Insurance Commissioners (NAIC) Annual Financial Reporting Model Regulation (also known as the Model Audit Rule or MAR) for Western & Southern Financial Group and all its subsidiaries. Under the direction of the AVP, Accounting Operations, this position is responsible for the planning, executing, managing and reporting compliance with Titles II, III and IV of the NAIC Annual Financial Reporting Model Regulation. This position is responsible for coordinating with all business units and shared services functions at W&SFG to ensure compliance with the Model Audit Rule regulation. Coordinates annual control assessment activities with Directors in the Internal Audit Department, the external auditors and regulatory auditors. Manages the completion of selected departmental account reconciliations, and the collection, monitoring and analyses of all W&SFG account reconciliations, to ensure compliance with the Enterprise Reconciliation Policy. Works with minimal supervision and is responsible to make an established range of decisions, escalates to AVP when necessary and updates AVP on a regular basis.
A.Manages and Monitors NAIC Model Audit Rule Compliance Activities (65%)
•The NAIC Model Audit Rule scope includes the followings areas:
•Business Process Cycles (45% of work),
•Information Technology General Computer Controls (40% of work), and
•Entity Level Controls (approximately 15% of work).
•The Manager of Financial Controls compliance performs the following activities for all these areas:
•Assists in developing the approach, strategy and annual plan to evaluate the adequacy of the Company’s financial reporting controls structure as required by the NAIC Annual Financial Reporting Model Regulation.
•Demonstrates advanced knowledge of internal control concepts for each assigned Model Audit Rule activity and provides timely information to the AVP, Accounting Operations and Financial Controls Compliance regarding certification status, internal control strengths and weaknesses, including compensating controls to mitigate risk.
•Prepares materials for annual plan with core business units and shared services leaders, CFO, Controller and Assistant Controller.
•Manages cross-functional resources in the execution of the strategy and plan to evaluate the financial reporting control structure per the NAIC Annual Financial Reporting Model Regulation, including the published Implementation Guidelines.
•Prepares and reviews Model Audit Rule work papers that accurately and sufficiently document control assessments performed in accordance with department guidelines.
•Coordinates the annual control assessment activities with Directors in the Internal Audit Department, the external auditors, and regulatory auditors to ensure appropriate control assessment coverage, avoid duplication of activities and to minimize external audit and regulatory exam fees through reliance on the Enterprise’s NAIC Model Audit Rule control assessments.
•Thinks strategically to continue the integration of control assessments into business processes by continuously improving the efficiency of the assessment process. This includes developing specifications for automated tools and working with Information Systems personnel to satisfy software needs via existing or new applications.
•Performs special projects, as requested, to consult with management to evaluate how strategic initiatives impact internal controls over financial reporting (such as new system implementations, etc.).
•Stays current on guidance from the Public Company Accounting Board Accounting Oversight Board (PCAOB), the NAIC, etc., to sustain expertise and knowledge of internal control concepts, including controls best practices.
•Evaluates the overall effectiveness and adequacy of the financial reporting control structure, monitors the testing of the control structure, identifies internal control strengths and weaknesses, assists with remediation plans and establishes a monitoring system.
•Performs other duties and project as assigned by management.
B.Manages Enterprise-Wide Account and Departmental Account Reconciliation Processes (25%)
•Maintains and updates the Enterprise Account Reconciliation policy, incorporating a risk-based approach to monitor compliance with the Enterprise Account Reconciliation Policy across the W&SFG Enterprise.
•Manages the collection, monitoring and analyses of all W&SFG reconciliations, to ensure compliance with the Enterprise Account Reconciliation Policy.
•Thinks strategically to identify ways to improve the efficiency and effectiveness of the preparation, review and monitoring of account reconciliations throughout the Enterprise. This includes efficient and effective utilization of the Trintech reconciliation tools.
•Partners with account reconciliation owners across the Enterprise to resolve reconciliation issues and to develop corrective actions to address instances of non-compliance with the Enterprise Account Reconciliation policy.
C.Recruits, Trains and Develops Associates (10%)
•Educates and trains cross-functional teams, as necessary to execute annual control assessments, to understand and document the financial reporting control structure and to prepare, review and monitor account reconciliations in accordance with the Enterprise Account Reconciliation policy.
•Trains and develops direct reports. Provides direction to and development of associates through daily coaching, the administration of the Performance Management Program and the creation and implementation of development plans and training programs.
•Progressive experience as a manager or lead audit role within a Big Four national public accounting firm, an internal audit function of a Fortune 500-type Company or the accounting and financial reporting function of a Fortune 500-type Company.
•Progressive experience managing and training cross-functional teams in a Future 500-type company (i.e., across multiple shared service functions, business units, functions and skill sets).
•Advanced knowledge of the principles and practices of accounting/auditing theory and financial reporting and disclosure to include GAAP and statutory accounting.
•Significant experience in utilizing the COSO risk-based model for evaluating the financial reporting control structure.
•Proven work experience in evaluating controls in automated systems, including mainframe, client server, LAN and WAN-based applications.
•Proven strong analytical skills, including demonstrated experience identifying and quantifying problems and providing effective and efficient resolutions.
•Proven experience coordinating multiple projects/assignments simultaneously (4-5) and completing assigned tasks accurately and on a timely basis. Possesses a strong attention to detail with excellent organization skills. Solid project management skills with proven experience successfully planning and executing control assessments from start to finish.
•Substantial experience in supervising and developing personnel in an audit, accounting or finance function to the successful achievement of time bound department goals. Must cite direct personal examples of motivation, coaching and feedback techniques used with subordinates.
•Proven experience dealing with pressure, resistance and pushback, occasionally in a confrontational environment. Handles situations associated with high volumes of work and/or customer demands in a professional manner.
•Demonstrates superior verbal and written communication skills with the ability to successfully interpret and communicate business needs and controls in a clear, focused and concise manner. Must demonstrate ability to effectively interact and communicate with all levels of staff and management and internal and external customers.
•Knowledge and working application of financial services operations.
•Bachelor’s degree in Accounting, Finance or Business Administration or related field.
Computer skills and knowledge of hardware & software required:
•Proficiency in the use of Microsoft Office (Word, Excel, Visio, PowerPoint, Access).
•Exposure to automated systems to include mainframes and Local Area Network and Wide Area Network based applications.
Certifications & licenses (i.e. Series 6 & 63, CPA, etc.):
•Certification as a Certified Public Accountant (CPA), Certified Internal Auditor (CIA), or Certified Information Systems Auditor (CISA).
•10 to 15% travel annually.
•Extended hours required during peak workloads or special projects.
Western & Southern Financial Group, a Fortune 500 company, is a dynamic family of diversified financial services companies that provides life insurance, annuities, mutual funds, retirement planning and investment products and services to help millions of consumers nationwide to plan and protect their financial futures.
With more than 5,000 associates and more than 50,000 individuals in our selling group, Western & Southern offers consumers and businesses the financial products and services they require to meet their insurance needs and investment goals. Having reached more in excess of $50 billion in assets owned and under management, we are leveraging our industry leading financial strength to fuel our growth through strategic acquisitions, increases in our current product revenue stream and expansion into new distribution channels and businesses.
Western & Southern provides a host of benefits that include medical, dental, life, pension, 401K, free fitness facility, on-site cafeteria, and generously subsidized parking. Western & Southern promotes a stable, fulfilling and challenging environment with an emphasis on excellence and continued career development.
Western & Southern Financial - 16 months ago