Vacancies at Old Mutual Kenya

Job Description

The Reporting Accountant – Life, plays a critical role in ensuring the accuracy, compliance, and timeliness of financial reporting for the Life business. This role involves preparing financial statements, managing regulatory submissions, reconciling accounts, and supporting financial planning and forecasting. Additionally, the role ensures adherence to internal controls, facilitates audits, and collaborates with key stakeholders to maintain financial integrity.

KEY RESPONSIBILITIES

Financial Reporting & Compliance:

• Prepare accurate and timely financial reports (monthly, quarterly, and annual) in line with regulatory requirements and internal policies.
• Ensure timely preparation of audited financial statements, finance board papers, and key reporting packs, including consolidation packs, HFM submissions, and segment reports.
• Maintain compliance with IFRS standards, including IFRS 9, IFRS 16, and IFRS 17.
• Ensure timely preparation and submission of regulatory returns (monthly, quarterly, and annually) to the Insurance Regulatory Authority (IRA).
• Support external and internal audits by managing deliverables, reconciling schedules, and ensuring audit findings are addressed within required timelines.

Reinsurance Accounting:

• Liaise with underwriting and finance teams to ensure accurate recording and reconciliation of reinsurance transactions in the general ledger.
• Ensure timely submissions of quarterly reinsurance accounts and prompt payment to reinsurers.
• Prepare annual profit commission statements and ensure proper recognition in financial records.
• Monitor and track cash call collections and adherence to reinsurance credit control policies.

Financial Planning & Analysis:

• Support business planning, budgeting, and forecasting by providing accurate expense data and financial insights.
• Assist in monitoring and controlling expenditures by reviewing requisitions and ensuring budget adherence.
• Reconcile investment portfolios against asset managers’ and custodians’ records and ensure accurate investment income postings.

Month-End Close & General Ledger Management:

• Oversee month-end closure activities, ensuring adherence to reporting timelines.
• Perform reconciliations of general ledger accounts, including investment-related accounts, premium receipts, and asset records.
• Ensure revenue recognition is timely and accurate by reconciling premium receipts with source systems.

System Implementation & Internal Controls:

• Support implementation and testing of financial systems to enhance reporting efficiency.
• Maintain and update the fixed asset register, ensuring proper accounting for acquisitions, disposals, and transfers.
• Ensure adherence to internal financial controls and best practices in accounting processes.

Other Duties:

• Facilitate IRA licensing applications and approvals for new managers and directors.
• Undertake any additional responsibilities as assigned by management.

QUALIFICATIONS & EXPERIENCE

• Bachelor’s degree in Finance, Accounting, or a related field.
• CPA(K), ACCA, or an equivalent professional qualification.
• Minimum of 1-year relevant experience in financial reporting or accounting.
• Strong knowledge of life insurance products and industry regulations (e.g., Kenyan Insurance Act).
• Proficiency in ERP systems and accounting software (e.g., Thought Express, Microsoft Dynamics AX).
• Experience with IFRS standards (IFRS 17, IFRS 9, IFRS 16).

KEY SKILLS & COMPETENCIES

• Financial Analysis & Reporting: Strong ability to analyze financial data and produce clear reports.
• Attention to Detail: Ensures accuracy in financial reporting and reconciliations.
• Time Management: Ability to work under pressure and meet tight deadlines.
• Problem-Solving: Strong analytical skills to identify and resolve accounting discrepancies.
• Integrity & Reliability: Upholds the highest ethical standards in financial reporting.
• Collaboration & Communication: Works effectively with cross-functional teams and presents financial insights clearly.
• Adaptability: Ability to adjust to evolving regulatory requirements and business needs.

go to method of application »

Job Description

The purpose of this job is to support the Enterprise Risk Management and Compliance function through the implementation of the Risk Management and Compliance Framework within the standards defined by the Group, including the identification, measurement, monitoring and reporting of risk and enforcing compliance with policies, processes, procedures and controls.

Responsibilities

• Monitor implementation of the Group’s risk policies, procedures, standards, systems and guidelines and identify gaps to be closed (30%)
• In conjunction with the Group Head of Financial Risk, conduct stress tests, sensitivity analysis and scenario simulations to update the Board and EXCO on the risks that the company is facing and how to mitigate them (20%)
• Monitor full compliance against established risk standards/benchmarks and regulatory requirements, including transaction monitoring, tracking risk & compliance matrix and review of reports sent to the regulator (10%)
• Identify potential areas of risk and control gaps; provide guidance on how to mitigate the risks identified; conduct follow-up to ensure corrective actions are implemented (10%)
• Provide the necessary awareness among management and staff through guidance, communications, and training to ensure compliance with the company’s framework and methodologies, including internal policies, procedures, standards and guidelines (10%)
• Provide regular reporting as required on risk and compliance, including Dashboards and Reports for Financial, Operational risk (including business continuity), compliance and  AML/CFT reports, quarterly Board reports, and Risk Management Reports MANCO (10%)
• Adequacy of personal competence through continuous professional and technical education to effectively perform risk and compliance tasks (10%)

 Main Activities

• Conduct identification and assessment of the risk gaps for each functional area /department of the company and recommend controls to reduce residual risk.
• Conduct independent monitoring and oversight of the risk appetite limits.
• In conjunction with the Group Head of Financial Risk, conduct gap analysis and stress tests for market, credit risk and liquidity risk to update the Board and EXCO on the risks that the company is running and how to mitigate them.
• Prepare periodic reports to regularly update the financial and operational risk exposures and circulate them to the various Heads of Department for action.
•  Review of Risk and Control Self-Assessment (RCSA), incidence reports, key risk indicators (KRIs), loss data collection, and conduct other risk analytics.
• Assist in the development of the company Risk management standards reviews of all policies, policy guidelines and procedures that provide direction on processes within the company.
• Assist with conducting compliance risk assessments with a focus on AML/CFT and assess AML/CFT risk from new products, delivery channels, and services and conduct annual AML/CFT risk assessment. 

Knowledge and Experience

• Bachelor’s degree in actuarial science, finance, business administration or related field
• Professional certifications or qualifications in Actuarial Science or Risk Management required.
• A minimum of 5+ years in mid-level risk management experience in the insurance sector.

Skills and Competencies

• Excellent communication skills.
• Financial risk expertise highly preferred.
• Demonstrated ability to motivate and manage a diverse team toward strategic goals of the risk management function.
• Demonstrated ability to build consensus across various constituencies and achieve results through the effort of others.
• Strong planning and organizational skills, with an ability to establish a strategic direction and subsequently outline initiatives and develop priorities in support of that vision.

Skills

Action Planning, Analytics Software, Budget Management, Computer Literacy, Data Analysis, Database Reporting, Data Compilation, Data Controls, Data Interpretations, Evaluating Information, Management Reporting, Numerical Aptitude, Report Review

Competencies

• Business Insight
• Communicates Effectively
• Courage
• Ensures Accountability
• Financial Acumen
• Instills Trust
• Manages Complexity
• Optimizes Work Processes

Education

• NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent