Job Description

Date Posted: 2009-11-02 Ref. JB1348522

Regional CFO Insurance
HSBC

Purpose of the job:
The role will direct and control the financial management across the region for the Insurance/Takaful business. This includes:

• Direct and control the financial, accounting and taxation activities for the Insurance Business across the region to support Group’s and Insurance’s strategies and business objectives

• Support the business expansion strategies across the region by ensuring appropriate financial framework is in place.

• Ensure that financial control and reporting activities across the region are conducted in compliance with Group’s guidelines, legal and regulatory requirements

• Direct the annual/rolling operating plan process for the Insurance business across the region

• Provide strategic support in the operations of the investment management of manufacturing operations in the region in accordance with internal control standards and external regulations.

• Develop an effective sales and business MI and other strategic information systems in support of business operations in order to improve decision-making process, cost effectiveness, service quality, operational efficiency and business development

• Additional responsibility for Risk and Compliance function for the regional insurance in addition to Finance role

The incumbent is critical in supporting the Regional Head of Insurance in providing financial direction and strategic advice to the insurance business across the region. In particular, the job holder will need to ensure the appropriate development of financial framework to support the regional business strategies. These include providing regional advice and direction to local CFOs and serve as the contact person between Regional Insurance Middle East and Group’s Finance Team on the Group’s finance, tax and audit policies and guidelines. He/she will need to be proficient in International Financial Reporting Standards (IFRS) and the legal regulations & requirements across the region. The incumbent will also act as a self-starter in planning and setting up financial & accounting policies and guidelines for the Takaful business in the region and globally. In addition to the Insurance expertise He/she will need to be proficient in Shariah/Takaful (AAOIFI) regulations & requirements with working knowledge of sales and business MI.

Major Challenges:
The most difficult aspect of the job will be the capability to perform the following -
1. In-depth understanding of financial and taxation regulations & practices and Group’s & Insurance’s strategies and financial reporting guidelines across the region
2. Able to integrate the technical financial expertise into strategic business decisions
3. Able to set up an insurance reporting and MI framework across the region as currently there is little awareness of Insurance
4. Able to work in synergy with both external auditors and internal Group’s regulators
5. Able to meet tight reporting deadlines for both regulatory and Group reporting
6. Comprehensive understanding of the business needs and be able to transform the needs into the design of and implementation of regional financial models
7. Help implementing GRCA reporting framework for Takaful business in the region

Skills

• CA/CPA qualified with proven track record in managing financial control and reporting preferably within insurance industry

• Insurance qualification (LOMA/ ACII, CPCU) will be an added advantage

• Extensive working knowledge of IFRS and SOX

• Knowledgeable of accounting and taxation principles & procedures

• Possess board-based knowledge of the Insurance/Takaful business and local country requirements across the region

• Commercially-minded with strong business acumen

• Strong verbal and written communication & interpersonal skills - must be able to communicate effectively both internally with Group executives & Board members and externally with auditors & regulatory bodies

• Courageous leadership - able to lead, inspire, motivate and develop the team to deliver business performance

• Excellent judgment and decision-making skills - able to make business-aligned and timely decisions

Company Profile

HSBC Bank Middle East Ltd has been a principal member of the HSBC Group since 1959. The Bank's unique relationship with the Middle East dates back more than a century.

Today HSBC Bank Middle East Ltd is the largest and most widely represented international Bank in the Middle East, with 30 branches and offices throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon and the Palestinian Autonomous Area.

This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt, and by its associate companies, The Saudi British Bank and the British Arab ommercial Bank. In addition to its Middle Eastern network, the Bank has a branch in London, UK, and a representative office in Tehran, Iran.

The Bank offers personal financial services, corporate and institutional banking, global cash management, trade services, treasury and custody and clearing services.

HSBC plays an important role in the communities which it serves by supporting a wide range of charitable and community projects, principally
through the HSBC in the Community Middle East Foundation, a £1 million sponsorship initiative.

Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world with some 9, 500 offices
in 79 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC Group has assets of US$ 983 billion as at 30 June 2003.