The business has a new global operating model for Finance, based on shared services supporting the markets and a leaner corporate centre consisting of four pillars.
The four pillars of this global operating model are:
- Finance Markets (FM): a commercial team who will be a co-pilot to the market CEOs and business leadership teams.
- Finance Operations (FO): a highly effective and agile team managing resources and providing excellent services to the rest of the function.
- Finance Technical (FT): a team of Finance experts who will leverage the global technical expertise in areas like investments, tax, hedging, re-insurance and accounting and actuarial advisory to provide “solutions” which are consistent across Finance.
- Finance Corporate (FC): an insight-oriented team who own headquarter functions such as Investor Relations, Capital Allocation, Treasury, Financial Planning & Analysis, and Mergers & Acquisitions.
The Technical Advisory and Policy team, where this role sits, is part of FT and owns and advises on group accounting policy and its application globally. The team also advises on regulatory reporting policy.
In particular the team:
- Provides accounting advisory support on a wide range of queries, transactions and projects, partnering the Markets and Centre in making financial decisions.
- Supports high quality external and internal reporting delivery.
- Supports the interpretation and implementation of new accounting developments and inputs into the company’s lobbying position.
- Owns Group reporting manuals in respect of IFRS and Solvency II.
- Provides relevant training.
Key Role Responsibilities
This role is within the team responsible for developing the technical and methodological requirements for the IFRS 17 project.
The team will work closely with the wider project team to propose approaches to IFRS 17 that considers the Financial, Operational and Technical implications for the underlying markets and Group. These proposals will then be presented to the IFRS 17 Working Groups prior to seeking approval at the IFRS 17 Steering Committee.
This role will provide expert input to the development of the technical and methodological requirements for the IFRS 17 life insurance work stream. The role will have a global focus, ensuring that UK and overseas markets are aligned in their approach to the interpretation and application of IFRS 17, ultimately resulting in a set of Group accounting policies when the standard is implemented.
The role holder will work closely with the IFRS 17 Technical and Methodology and the Technical Strategy and Lobbying leads. The role holder will also work closely with IFRS 17 Market leads.
For information regarding the wider context, the team is part of the Global Finance & Strategic Change programme (“GFSC”). The purpose of GFSC is to establish the foundations for driving, delivering and governing change globally throughout the finance department.
Duties and Responsibilities
You will be specifically required to:
- Work with the IFRS 17 project team to ensure that IFRS 17 technical and methodology issues are logged, prioritised and work is appropriately phased across the Group.
- Act as a key point of contact between IFRS 17 technical experts in the UK, overseas markets, and the Group, ensuring appropriate sharing of knowledge and best practice, to ultimately derive the business accounting policies in respect of IFRS 17.
- Aggregate and summarise technical and methodology proposals and status updates for sharing with senior stakeholders (Steering Group, SLT, Audit Committees etc) and to inform external lobbying activity.
- Produce technical analysis on the application and implications of IFRS 17 from a Group wide perspective.
- Review and comment on papers and proposals produced both internally and externally (standard setters and industry working groups).
We’re looking for a qualified accountant with demonstrable post-qualified experience, gained within a large company environment or in practice, and with experience undertaking technical analysis (review, interpret, advise/apply) of accounting standards and reporting frameworks. You will have a strong mix of relationship management and technical accounting skills. In particular, you should have:
- Qualified accountant with significant financial reporting experience, ideally across both IFRS and SII.
- A proven ability to be able to undertake technical analysis of new accounting standards or reporting frameworks (eg SII).
- Excellent stakeholder management and organisational skills.
- Very strong interpersonal skills and a willingness to work with colleagues from across the Group
- Ability to work innovatively to develop solutions to fresh analytical problems
- Strong technical accounting or actuarial skills to review and understand impacts
- Good communication skills – ability to communicate with stakeholders to understand their requirements and to explain impacts
- Ability to work independently and on their own initiative and know when to escalate.
- Strong analytical and problem solving skills
- Flexible to look at a range of issues across a wide number of customers, products and markets