Chief Financial Officer, Group Change Financial - Sandton, South Africa - Absa Bank Limited

Absa Bank Limited

Verified Company

Sandton, South Africa

1 week ago

Posted by:

Thabo Mthembu

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Description

Bring your possibility to life Define your career with us

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

Contribute to the effective Group Change Financial Management, directing financial activities, business plan development and controlling accounting practices, including the timely preparation of financial reports, forecasts and business performance analysis.

Contribute to the overall strategy for change financial management, including oversight and control over Strategic Investment spend.

Job Description:

Key Accountabilities

Financial Planning - Strategy participation

Contribute to the development of the strategy for CFM through leadership and direction on the function's financial activities.
Provide advice on the financial, tax planning and financial risk management aspects.
Review and approve the consolidated financial plans (RAF, MTP and STP) before presenting to appropriate ExCos and

CFO:
Central Functions for final approval.

Advise ExCos on change performance against the strategic objectives and financials. Facilitate the discussions on the way forward.
Participate in the reviews of opportunities by conducting appropriate financial analysis. This could include due diligence on existing practices in the other organisations or checking forecasts of potential financial impacts.
Continuously consider the interplay between CFM as a function and the broader Group, the competitive environment and the financial market to identify new opportunities for commercial effectiveness and advise the ExCos of potential opportunities to pursue.
Support key senior stakeholders in understanding the financial and management accounts for change.
Advise and provide input into the transfer pricing processes and interlocks associated with changerelated costs/activities.
Formulate creative solutions to enhance the commercial and operating effectiveness of the function. Influence key organisational stakeholders to buy in to the proposed enhancements, ensuring that actions are documented and assigned to clear owners with monitoring of the financial effects of implementation.

Performance measurement and reporting

Direct and oversee the preparation of financial statements, financial reports, special data analysis, and adhoc information reports and communicating the standards for activities and outputs.
Sign off on the financial half yearend and yearend aspects.
Analyse financial results on a monthly basis and summarise it so as to enable key stakeholders to take timely and appropriate actions/decisions and to ensure effective financial and strategic decisions.
Present and report accurate and timely historical financial information on or before set deadlines. Financial reports have to meet generally accepted accounting practice and Absa Bank Limited financial reporting standards and data definitions.
Oversee the review of financial and management accounting reporting practices in place in the function to ensure that they meet the required standards. Implement corrective or improvement actions when required.
Arrange for the preparation of budgets and variance reports and ensure timely distribution to key stakeholders. Highlight variances from the business plans under spend and overspend and work to develop corrective actions.

Financial systems, analysis tools and models

Based on the standards determined by Group Finance, arrange for the evaluation and update of the financial systems in place in the function (systems include budget tools, tax planning tools, financial reporting systems, asset/investment/intangible registers etc). Make recommendations to Group Finance on systems enhancements required.
Participate in the development of data definitions for financial reporting to ensure that Group Standards are understood and maintained within the functions, and that functions' requirements are incorporated into Group Standards.
Where standard systems and tools do not meet reporting/analysis/forecasting requirements of the business, investigate alternative solutions and make comprehensive recommendations to source and implement alternatives. Oversee the programme management of the implementation.
Based on the criteria and frameworks developed by Group Finance, establish and maintain a system to evaluate all strategic initiatives/major projects prior to launch. Together with the ExCos, prioritise projects and project funding.
For major projects, support the project sponsors to develop the business case, in particular the financial components.

Compliance

Develop and implement finance, accounting, billing (where appropriate), funds release and auditing procedures by ensuring that records systems are maintained in accordance with gener