Job Opportunities at Coronation Insurance Plc

Job Summary

The job holder will be responsible for Coronation’s strategic risk-based internal audit plan and managing the internal audit function to provide reasonable assurance on the effectiveness of the organization’s risk management and the strength of internal controls.

Principal Duties & Responsibilities

Internal Audit Strategy

• Develop Internal Audit strategies for Coronation

• Develop tools/ methodologies/ procedures for efficient performance of Audit functions

• Develop and implement methodologies for identifying, assessing, monitoring, controlling and reporting compliance risks. Agree on the type and frequency of monitoring in relation to Coronation’s scale of the activity.

• Design and implement processes that ensures company-wide compliance with established controls (including NAICOM’s regulations) and ensure all violations are thoroughly investigated

Internal Audit Process

• Ensure methodical documentation of work plans, testing results, conclusions and recommendations. Ensure follow up on findings and corrective actions.

• Provide technical assistance with investigations, special audits, and provide subject-matter expertise as needed.

• Ensure that Internal Audit is performing its work in accordance with established professional standards and remain abreast of emerging trends and best practices that can be incorporated into the function

• Oversee Internal Audit’s participation in critical business and technology initiatives and projects ensuring that audit’s perspective is effectively voiced and appropriate controls are designed and implemented on a proactive basis

• Maintain audit technology platform leveraging support from the information systems group as needed.

Risk Management

• Oversee Identification and categorisation of risks into high and low-risk areas and put procedures in place to examine and monitor continually the high-risk areas.

• Oversee organization-wide risk assessments to identify significant risks or exposure related to internal controls or compliance with Coronation’s policies and procedures, laws and regulations, sponsored contract and regulatory requirements, efficiency of operations, and accuracy of programmatic and financial reporting

• Provide feedback and recommendations on business risks and improving operational efficiencies and processes where appropriate.

Stakeholder Management

• Direct the work of external auditors on select audits, as directed by the Audit Committee and senior management, to ensure the audit work remains within the prescribed guidelines.

• Coordinate the activities of external auditors including how best to leverage the work performed and results produced from Internal Audit’s work.

• Serve as the key point person on all regulatory exams and other third-party audits.

Regulatory Compliance and Reporting

• Issue all Internal Audit reports ensuring the reports are clear, concise, identify root causes with practical solutions, and ultimately provide value to management.

• Meet regularly with the Audit Committee to report the status of Internal Audit’s ongoing monitoring activities, educate/inform the committee of emerging risks and/or exposures (whether internal or external to the company) that should be considered, and serve as a “thought leader” with respect to risk management and internal control best practices.

People Management

• Recommend staffing requirement for the unit to achieve business objectives

• Set KPIs for internal audit team and evaluate their performance

• Recommend learning and development programmes required to build the capabilities of employees within the unit to ensure effective and efficient service delivery

Competency & Skill Requirements

• Strong Business Acumen.

• Excellent understanding of the local and global financial services industry.

• Excellent understanding of trends and recent developments in insurance industry.

• Extensive knowledge of MS Office tools.

• Excellent analytical and problem-solving skills

• Strong strategic orientation, creativity and innovation.

• Strong stakeholder management skills

• Exceptional communication skills – written, oral, interpersonal, and business presentation skills and the ability to effectively interface with senior management, and staff.

• Demonstrated commitment to ethical standards and high level of integrity.

• Strong risk management skills

• Strong knowledge of company’s insurance policies

• Strong understanding of insurance principles and practices

• Excellent mathematical and statistical skills

• Strong understanding of legal obligations and regulatory compliance

• Excellent leadership and people management skills

• Excellent finance and accounting skills

• Strong knowledge of Accounting Standards

• Strong knowledge of Generally Accepted Auditing Standards

• Strong internal audit skills

Minimum Qualifications

• Bachelor’s Degree in Finance, Accounting or any related discipline.

• Master’s Degree in Accounting or related discipline

• Professional certification such as CISA, ACCA, ICAN or relevant qualification

• Minimum of 13-15 years’ relevant experience

• Experience in the insurance industry will be an added advantage

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Job Summary

The primary objective of the role is to provide leadership and strategic direction of efficient use of the company resources in order to maximize shareholders return and meet other stakeholders’ expectations. This role will also be accountable for the financial operations of the company which includes the development of financial and operational strategy, monitoring of performance control systems which are designed to preserve the assets of the company, financial budgeting and tracking and strategic financial planning.

Principal Duties & Responsibilities

Strategy

• Provide insight and recommendations to drive both short and long term growth strategies of Coronation Life Assurance Ltd
• Create and establish yearly financial objectives and targets that align with the Company’s growth plans
• Oversee the preparation of the company’s annual budget.
• Approve all capital requests and budgeting processes.

Investment

• Oversee cash, investments and asset management
• Explore new investment opportunities and provide recommendation on potential returns and risks

Cash Flow Management

• Manage Coronation Insurance’s cash flow planning process and ensure funds availability
• Use forward-looking models and activity-based analyses to provide financial insights into the organization’s plans and operating budgets
• Oversee Coronation Insurance’s cash management, approve large payables, sign checks
• Supervise accounts receivable management and provide guidance relating to the collection process

Performance Management

• Assess and evaluate financial performance of Coronation Insurance with regards to long-term operational goals, budgets and forecasts
• Understand and mitigate key elements of Coronation’s risk profile
• Monitor all open legal issues relating to financial matters
• Develop appropriate key performance indicators to monitor and drive the financial performance of the company.

Stakeholder Management

• In conjunction with Management and Board, provide guidance for the development and implementation of appropriate strategies for long term business continuity and delivery of shareholder values
• Recommend to the board an annual operating plan and financial budget that supports the company’s financial strategy.
• Negotiate with financial institutions and vendors concerning service lines agreements.

Regulatory Compliance and Reporting

• Ensure that Coronation complies with all legal and regulatory requirements
• Report risk issues to the audit committee of the Board of Directors
• Design and implement policies and processes for internal control to minimize business risk and comply with local and internal accounting standards
• Coordinate the preparation of the company’s financial statements ensuring appropriate disclosures and supporting statements are included
• Review and approve, in consultation with the Head of Legal, the company’s annual and interim earnings releases, financial statements and management discussion and analysis.

Other Responsibilities

• Motivate and lead the finance team members by clarifying roles and providing helpful feedback.
• Make improvements and updates for accounting systems, including payroll and invoicing.
• Monitor the company’s financial activities in respect of financial arrangements
• Ensure that safeguards are applied to mitigate threats that could hamper the true and fair view of the financial statements
• Oversee the development and implementation of finance policies and initiatives
• Perform other duties or responsibilities that may be reasonably required from time to time and in relation to services provided by the organization.

Competencies & Skills Requirements

• Strong verbal and written communication skills; strict attention to detail
• Excellent time management and multi-tasking abilities
• Comfort with ambiguity and uncertainty
• Drive and enthusiasm in getting things done.
• Industry Experience
• In-depth knowledge of Financial Reporting
• Understanding of regulatory compliance
• Experience in using relevant accounting software
• Knowledge of tax planning and management
• In-depth knowledge of International Financial Reporting Standards (IFRS)
• Leadership and People Management
• Financial and Business Acumen
• Strategic thinking
• Judgement and Decision-Making skills.
• Strong Interpersonal skills to manage broad based internal and external stakeholders
• Conflict Management skills
• Effective organisational and interpersonal skills including written and verbal communication skills.
• Highly organised with strong attention to detail and accuracy
• Strong organisation, follow up, analytical, problem solving skills
• Extensive knowledge of MS Office tools
• Ability to work under pressure.

Minimum Qualifications

• Minimum of bachelor’s degree in a numerate discipline such as Finance, Accounting, Economics
• An MBA or relevant master’s degree in any business-related discipline.
• Relevant professional certifications such as Chartered Financial Analyst (CFA), Institute of Chartered Accountants of Nigeria (ICAN), or Association of Chartered Certified Accountants (ACCA) is required.
• Minimum of 13-15 years’ post-graduation experience in Finance with at least 5-7 years in the insurance sector.
• Evidence of strong insurance industry knowledge.