Manager – financial reporting

Who we are: GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with presence in 13 markets including the United Arab Emirates, Bahrain, Oman, Qatar, Saudi Arabia, Algeria, Egypt, Iraq, Jordan, Kuwait, Lebanon, and Turkey. GIG Group reported consolidated assets of US$ 3.83 billion and $69 million net profit for the year 2023. The majority shareholder of GIG Group is Toronto based Fairfax Financial Holding, a global leader in insurance and reinsurance with a presence in 40 markets. GIG Gulf is an 'A' rated regional insurer with a top 5 position in each of its markets (UAE, Oman, Qatar, Bahrain). GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. Our strategic objectives and guiding principles are focused on Regional Growth, Customer Experience and Digital Transformation. GIG Gulf has created a diverse and inclusive working environment and culture with a workforce of over 800 employees, with over 60 nationalities, across 15 branches and retail shops region-wide and over 1 million customers. GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. We are obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, committed to running our operations in a responsible, sustainable way. Job purpose: To work as part of regional finance team and primarily responsible for preparation of financial statements and regulatory reporting in compliance with applicable accounting standards and relevant regulatory guidelines. Supplementary support to the team for financial reporting and internal control requirements with ownership of relevant transactions, closing related activities and balances. The role ensures preparation of accurate financial statements, compliance with IFRS, and alignment with regulatory requirements in multiple jurisdictions and managing external audit requirements. Key Responsibilities: Financial Reporting & Accounting Oversee the preparation and consolidation of financial statements in accordance with IFRS and local regulatory requirements where applicable. Work as an integral member of the financial control team as the expert in IFRS standards. Ensure timely monthly, quarterly, and annual financial closing and reporting. Coordination with actuarial team for IFRS 17 requirements related to Financial Statements preparation including reconciliation with actuarial team on finance data, proper classification and measurement of insurance contracts. Manage the reconciliation between management accounts and IFRS 17 outputs. Ensure accuracy and completeness of technical and non-technical accounts, including premium, claims, reinsurance, and investment income in relation to the Financial Statements. Provide required inputs to the Group reporting team to ensure that the Group deadlines are met. Supporting in monthly closing activities. Perform monthly GL control and closing accounting activities in relation to tax and other areas assigned Maintain strong internal controls over financial reporting in compliance with SOX and ICFR requirements. Monitor and interpret changes in accounting and regulatory standards, support in ensuring timely implementation. Performing the technical accounting, control and reporting activities assigned. Coordinate with External auditors for statutory audits, covering the entity and its overseas branches, and ensure smooth audit completion. Support engagement with internal auditors, SOX testing, both management and external auditor, and support risk management team for risk requirements related to financial statements. Regulatory Compliance, Governance & Reporting Support in complying with financial reporting and solvency requirements as per the applicable insurance regulators. Support with regulatory reports for local authorities, including capital adequacy calculations, risk based solvency calculations, solvency reporting, and prudential returns and support related audit reviews. Support Perform ad-hoc reporting, including surveys, required by regulatory authorities. Oversee the regulatory reporting for Bahrain, UAE, Oman and Qatar and represent regional finance team for coordination with local Finance managers. Maintaining compliance with the Bahrain, Oman, Qatar and UAE regulatory requirements related to Finance in coordination with local finance team and Compliance teams. Make reports and presentations for Head of Financial control for Audit committee, Senior Management and support local finance team in preparation of local governing body presentation. Process Improvement & System Enhancements Suggesting improvements related to the activities assigned in terms of ensuring compliance, better internal control and process efficiencies, with focus on simplicity and collaboration and building dashboard for the team. Lead initiatives to improve financial reporting processes and enhance efficiency. Support finance transformation projects, including ERP system upgrades and automation. Ownership for GL accounts as assigned by Senior Finance Manager and manage these efficiently. Develop and implement best practices in accounting and reporting. Support actuarial teams with financial data for reserving and pricing models. Establish and maintain policy, process, manuals and procedures related to Financial reporting. Finance Business Partnering Act as a key Finance business partner to the operations team, providing financial insights to support decision-making and operational improvements. Collaborate within the team with Finance Managers in branch operations on standard related topics and IFRS 17 Financial statements. Ensure support for all control function requirements of internal audit, risk management, IT Security and compliance. Regular engagement with Group reporting team and actuarial team to ensure alignment on a regular basis. Prepare management reports and financial dashboards providing insights into business performance, profitability, and key financial trends. Be the champion within Finance team for IFRS topics and promote awareness within larger team. Essential Requirements: Experience and Qualifications: Qualified finance professional (CA/ACCA, etc.) with sound background and experience of over 5 years, preferably exposure to Big 4 Audit firms with relevant IFRS exposure and more specific to IFRS 17 and preparation of financial statements. Strong on spreadsheet skills (Design and build Macros, Power Pivot, Power Query), data skills and MS Office 365 Suite Knowledge of insurance accounting principles and regulatory requirement. Personality attributes: Strong on business / customer relationship, business partnering, inter-personal, communication skills. Stress and time management skills to comply with deadlines. Demonstrated ability to create and maintain policy and process documentation. Well planned and organized with the ability to multi-task and manage stakeholders. Self-starter taking ownership, driving results & initiatives on own, result oriented. Strong analytical skills, problem-solving skills, ability to plan ahead and solution oriented. Good team player with ability to work in, be a part of a diverse and multicultural workforce. Understand and imbibe Company purpose & values. Demonstrate appropriate behavior in line with values & purpose.
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