Group Consolidation Analyst
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Job Description
The role of Group Consolidation Analyst, within the Group IFRS Financial Reporting team, is responsible for assisting the Business Partners in the Old Mutual Limited Group (Group), with a larger focus on the Old Mutual Life Assurance Company South Africa (OMLACSA) segments. The successful candidate will work closely with the lead Business Partners within the Consolidation team; however, the role will also work closely with the Head of Statutory Reporting by assisting with the preparation of the financial statements for both OMLACSA and OML.
Preparing and/or reviewing specific inputs and outputs of the Group consolidation, in accordance with International Financial Reporting Standards, Group accounting policies, Companies Act, and JSE Listings Requirements.
Interpretation and communication of complex financial issues and concepts to all stakeholders, including senior management.
Understanding and explaining the internal and external business unit and consolidated Group information.
Working closely with the segment finance teams to ensure they achieve Group reporting requirements in a timely and accurate manner.
Assist with ad-hoc analysis required by the Consolidation Business Partners.
The role will also manage and/or support other formal internal and external reporting deliverables including the OML financial statements, SENS announcements, as well as the preparation of internal documents to support these deliverables.
KRA's
Financial Reporting
Accountable for the deliverables of the segment consolidation, which includes inter alia:
The statutory OML and OMLACSA consolidation supporting monthly reporting and the production of interim and annual financial statements and related disclosures.
Analyze and review the financial performance of the segments forming part of OMLACSA as well as the consolidated Group, preparation of analytical reviews, and write commentary as appropriate to assist understanding and insight.
Quarterly consolidation supporting where required.
Identify the need for consolidation journals and correcting entries to segment submissions and the Group consolidation and understand the impact on the Group result.
Preparation and/or review of relevant consolidation journals and consolidation proofs.
Review of business unit submissions, raising and efficient resolution of queries.
Prepare ad hoc information, presentations, or reports and provide challenge and explanation to stakeholders where required.
Assist with management of the inter-company matching and eliminations processes.
Management and preparation of ancillary information around the interim and year-end reporting as appropriate.
Provide guidance to the segments on the practical application of technical accounting opinions (e.g., Accounting for business combinations in the Hyperion Financial Management system (HFM) to ensure complete and accurate reporting.
Keeps abreast of current accounting and tax developments, integrating accounting, actuarial, and tax knowledge in terms of analysis and interpretation of technical issues.
Ensuring compliance with International Financial Reporting Standards, Companies Act, JSE Listings Requirements, and Group accounting policies through active engagement with segments, technical accounting, and accounting systems (HFM) teams.
Ensuring HFM structures and Chart of Accounts are accurate by timeously logging amendments as part of the HFM change release cycles.
Pro-actively reviewing and improving the consolidation process, including proposing and testing changes to the consolidation tool (HFM) as required.
Adherence to the financial and internal controls framework for Group Finance.
Management Effectiveness
Creating, maintaining, and enhancing productive working relationships with segments and the wider IFRS Financial Reporting Team.
Managing interdependencies and relationships with key stakeholders such as External Reporting, Internal Reporting, Regulatory Reporting, Balance Sheet Accounting, Central Finance, Group Actuarial, and Tax.
Liaising with external auditors, ensuring the timely and accurate proofs, and audit trail for segment consolidation and the annual and interim financial statements.
Understanding the interactions of all financial reporting aspects of the Group and use this knowledge to provide advice to stakeholders as required.
Participating and/or lead on other ad hoc projects and activities as appropriate.
Manage and prioritize multiple tasks.
Job Requirements
Qualified CA (SA) with approximately 1-3 years post qualification experience.
Must have experience in consolidations and/or financial reporting of a listed multi-national, as well as significant exposure to financial services.
Understanding of legal and management consolidation structures with a strong appreciation of the need for process disciplines and controls.
Thorough understanding of International Financial Reporting Standards, JSE Listings Requirements, and the accounting treatment of Insurance Companies. Exposure to IFRS 9 is a requirement and exposure to IFRS 17 would be beneficial.
Ability to deal with complex technical issues, good attention to detail, and strong analytical skills.
Extensive and demonstrable experience with HFM or similar consolidation and reporting software.
Team player and flexibility and willingness to work outside strictly defined role and hours when required.
Willing and able to learn fast and assimilate a significant amount of information.
Able to work constructively under pressure and adapt to change.
Motivated self-starter with the ability to cut through complex issues, proactive approach to the resolution of problems and obstacles.
Skills
Education
Bachelors Degree (B): Accounting (Required)
Closing Date
02 October 2024
The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.
Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.
All prospective employees are required to disclose their vaccination status as part of the recruitment process.
Please refer to the Old Mutual's Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.
About Us
Old Mutual is a premium African financial services organisation that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries. The lines of business include Life and Savings, Property and Casualty, Asset Management, and Banking and Lending. We are rooted in our purpose of Championing Mutually Positive Futures Every Day and believe that a great customer experience is anchored in a great employee experience.
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