Chief Financial Officer, Group Change Financial Management (CFM) at Absa Group Limited (Absa)

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 change-related 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 year-end and year-end 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 generally accepted auditing standards. Establish and maintain appropriate internal control safeguards in line with Absa Bank Limited requirements.
• Comply and adhere to tax regulations and regulatory compliance to properly reflect the financial position of the function.
• Ensure the production of timely, reliable and complete financial information to meet the various needs of the senior management, regulatory authorities, and government agencies.
• Act as subject matter expert by frequently communicating financial policies, procedures, standards and guidelines in the functions and functions finance teams.
• Participate in the development of the functions’ BCM (Business Continuity Management) plan by reviewing recovery arrangements and ensuring the critical financial processes are adequately covered and tested.
• Interact with Absa Internal Audit, Management Assurance and External Auditors during the setting of audit or review scope, furnishing information required and reviewing findings. Advise the functions’ ExCos on appropriate corrective actions.
• Coordinate the resolution of all internal and external audit findings related to year-end financial audits.

Financial Risk Management

• Implement an effective control environment including the regular review of control effectiveness.
• Ensure that measures are in place to control costs appropriately, including capitalisation and impairments, supported by an appropriately maintained and governed intangible asset register.
• Application of appropriate change funds management.
• Appropriate review of change business cases with challenge where appropriate.

People Investment Accountabilities

• Developing key talent and succession through ensuring appropriate training and mentoring is in place:
• Establish a motivated team of high calibre, innovative and creative individuals and develop the highest standards of leadership and people management amongst direct reports
• Be an enabler of capabilities, talent and service level to fulfil functional responsibilities in an innovative efficient manner.
• Lead the Finance team in obtaining a holistic view of the Group, whilst ensuring that each direct report maintains an in-depth understanding of his/her areas of influence.

Role / Person Specification

Qualifications and experience:

• Post Graduate Degree (NQF level no.8+)
• CA (SA) or CIMA
• 10+ years professional financial management experience
• 10+ years Banking Experience, engaging at an Executive Level
• Experience of accounting and related internal control processes
• Experience in Financial Management, Strategic Planning, governance processes and reporting
• Proven experience of successful stakeholder management, negotiation and influencing to Senior Executive level 

Knowledge and skills:

• Managing complexity and ambiguity 
• Financial Management and planning
• Financial Modelling
• Strategic planning and development
• Financial statements and key financial metrics
• Ability to contribute effectively as a Leader 
• Strong cross-functional working 
• Strong intellect balanced by pragmatic approach 
• Strong self-belief and open to challenge
• Entrepreneurial and commercial thinking 
• Adapting and responding to change 
• Persuading and influencing 
• Coping with pressure and setbacks

Education

• Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)