Senior Manager Finance at Insurance Regulatory Authority (IRA)

DIRECTORATE Directorate of Corporate Services
DEPARTMENT Finance
GRADE/LEVEL IRA 3
IMMEDIATE SUPERVISOR Director Corporate Services

TERMS OF SERVICE Five (5) years Contract renewable subject to performance

Job Purpose

The Senior Manager, Finance will provide strategic leadership in prudent management of the Authority’s financial resources particularly management and development of policies, systems and processes that will safeguard
resources to ensure adequate distribution of financial resources and ensure  provision of services both to the internal and external stakeholders in
accordance with applicable laws and standards. This position also advises the Commissioner of Insurance on financial matters and oversees the implementation of short term and long term investment plans.

Job Specifications

Duties and responsibilities will entail: -

1. Managerial / Supervisory Responsibilities
   1. Coordinate preparation of the Authority’s Annual Budget in liaison with heads of functions and justify the budgetary provisions for approval;
   2. Provide guidance on effective and efficient management of Authority’s financial resources;
   3. Coordinate monitoring of absorption of approved budget to ensure conformity;
   4. Coordinate effective and efficient revenue management from designated sources;
   5. Direct analysis of financial information to guide in decision making;
   6. Coordinate preparation and presentation of board papers for consideration by the Board;
   7. Coordinate provision of information and compilation of responses to audit issues for both internal and external audits;
   8. Coordinate Formulation of Financial policies, Plans and Departmental Strategies;
   9. Direct implementation of Financial policies, Plans and Departmental Strategies;
   10. Ensure adherence to relevant laws and regulations relevant to the department;
   11. Coordinate preparation of correspondences to both internal and external contacts such as bankers, Government ministries and statutory institutions such as Kenya Revenue Authority, suppliers and consultants to ensure timely feedback;
   12. Provide oversight in development and implementation of the Department’s budget, work plan and procurement plan;
   13. Coordinate setting of performance targets of direct reports;
   14. Contribute in development of Authority’s Strategic plans;
   15. Coordinate management of Mortgage and Car Loan Schemes;
   16. Guide in development, improvement and implementation of the Departmental Service Charter to ensure quality of service;
   17. Provide leadership in development and implementation of departmental risk management guidelines;
   18. Provide oversight of department’s implementation of Quality Management System.
2. Operational Responsibilities / Tasks
   1. Oversee management of operations of Finance department;
   2. Develop Accounting Systems, Standard Operating Procedures that will ensure accurate and timely reporting and safeguarding of Authority resources and compliance with legal and financial requirements;
   3. Represent the department in steering development and implementation of new technological innovations and requirements for the Authority to enhance financial reporting;
   4. Present the Authority’s budget to Management and Board for approval;
   5. Assess adequacy of budgetary provisions to cater for planned operational activities of the Authority to ensure seamless delivery of services;
   6. Coordinate preparation and submission of the Directorate’s budgets for approval;
   7. Interpret and communicate budgetary guidelines as stipulated in the Public Financial Management Act and Regulations
   8. Ensure efficient utilization of the Authority’s budget;
   9. Oversee accuracy of revenue receipting and recording;
   10. Approval of payment of expenditure in the Authority;
   11. Review and approve monthly management accounts for submission to management;
   12. Review and present the quarterly and annual financial statements of the Authority to the Board;
   13. Oversee implementation of external and internal audit recommendations on financial matters;
   14. Provide advice on financial matters to the Authority;
   15. Coach and mentor direct and indirect reports;
   16. Conduct performance appraisals of direct reports;
   17. Authorise master payroll and initiate payroll disbursements in accordance with the approved policies and procedures;
   18. Coordinate transmission of financial reports and correspondence to relevant stakeholders;
   19. Oversee knowledge management in the Department;
   20. Liaise with the bank on transaction confirmations and other correspondences;
   21. Manage investment portfolio of the Authority; and
   22. Custodian of the Authority’s fixed assets register.

Persons Specifications

• Master’s degree from a recognized university in Accounting, Finance, Business or any other relevant, related and equivalent qualifications;
• Bachelor’s degree from a recognized university in Accounting, Finance relevant, related and equivalent qualifications
• Nine (9) relevant experience, six (6) years of which served in a Management position;
• CPA (K) or its equivalent
• Leadership Course lasting not less than four (4) weeks

OR

• Management Course lasting not less four (4) weeks
• Supervisory Course for not less than two (2) weeks;
• Member of a relevant professional institute in good standing;
• Demonstrated a high degree of professional competence in accounting, financial management and administrative capability in work performance and results.
• Proficiency in computer application
• Compliance with the requirements of Chapter Six of the constitution.

Competencies and skills

• Strong communication and presentation skills
• Good mentorship and coaching skills
• Good analytical skills
• Problem solving
• Professionalism
• Strong negotiation skills
• Leadership and supervision skills