IFRS 9 and Regulatory Reporting at Wema Bank Plc

Job Summary

The IFRS 9 and Regulatory Reporting Specialist is responsible for overseeing the implementation of International Financial Reporting Standard 9 (IFRS 9) and ensuring compliance with regulatory reporting requirements. This role involves managing the end-to-end process of financial reporting under IFRS 9 guidelines, as well as preparing and submitting regulatory reports to relevant authorities. The specialist will work closely with internal stakeholders to ensure accurate financial reporting and compliance with regulatory standards.

Key Responsibilities:

• Lead the implementation of IFRS 9 guidelines across the organization, ensuring alignment with international accounting standards and regulatory requirements.
• Computation of ECL for on-balance sheet and off-balance sheet exposures under the IFRS 9 standards
• Classify credit facilities into risk groups and homogenous groups.
• Periodic back-testing of the models for ECL and its parameters (PD, LGD and EAD)
• Forecasting of macro-economic variables for purpose of forward-looking information
• Computation of effective interest rate (EIR) and authorized cost for the Bank’s credit portfolio
• Preparation of ICAAP and stress test reports
• Analysis of risk asset for preparation of ad-hoc reports
• Risk reporting and risk analysis for regulatory and management reports.
• Expertise in Microsoft Excel and PowerPoint
• Aptness on stress testing and sensitivity analysis 
• Analyze the impact of IFRS 9 on financial statements, including impairment calculations, classification, and measurement of financial instruments.

Regulatory Reporting:

• Prepare and submit regulatory reports in compliance with regulatory requirements, including but not limited to Central Bank reporting, Basel III requirements, and other regulatory filings.
• Stay updated on regulatory changes and updates affecting financial reporting and ensure timely adjustments to reporting processes and procedures.

Data Management and Analysis:

• Oversee the collection, validation, and analysis of financial data to support IFRS 9 implementation and regulatory reporting requirements.
• Collaborate with internal teams, including IT and Risk Management, to ensure data accuracy, integrity, and completeness for reporting purposes.

Internal Controls and Audit Support:

• Develop and implement internal controls and processes to ensure accuracy and completeness of financial data for reporting purposes.
• Provide support during internal and external audits, including responding to audit inquiries and addressing audit findings related to IFRS 9 and regulatory reporting.

Stakeholder Engagement:

• Communicate effectively with internal stakeholders, including Finance, Risk Management, and Regulatory Compliance teams, to ensure alignment and collaboration on reporting requirements.
• Provide guidance and training to stakeholders on IFRS 9 guidelines and regulatory reporting standards.

Qualifications and Skills:

• Bachelor’s degree in accounting, Finance, or related field; CPA, ACCA, or equivalent professional certification preferred.
• In-depth knowledge of IFRS 9 standards, regulatory reporting requirements, and financial instruments.
• Experience in financial reporting, accounting, or audit functions within the banking or financial services industry.
• Strong analytical and problem-solving skills, with the ability to interpret complex financial data and regulatory guidelines.
• Excellent communication and interpersonal skills, with the ability to collaborate effectively with cross-functional teams.
• Attention to detail and accuracy in financial reporting and data analysis.
• Proficiency in financial reporting software and Microsoft Excel.