Global Head of Business Finance
- This role has overall global functional responsibility for the Business Finance sub-function of the Banks' Insurance and reports directly to the Global Insurance CFO. This sub-function covers three core finance competencies:
i) Financial Planning and Analysis (FP&A);
ii) Asset Liability and Capital Management (‘ALCM’); and
iii) Finance Actuarial (oversight over actuarial calculations and assumption setting, with support from actuarial resources)
- By leveraging core FP&A and actuarial skillsets across the team (comprising 2x directors and 5x senior managers), business finance is able to assess and challenge business unit planning, strategies, new products and transactions across the full suite of commercial and capital lenses.
- FP&A requires delivering insights for decision making and capital allocation, and supporting the internal and external messaging of the business’ financial results. Through the delivery of well-considered and value-adding quantitative analysis to management, Business Finance facilitates the development of solutions to the complex financial challenges faced by the business and shapes the future strategic direction, including the commercial impacts of the new IFRS 17 reporting standard effective from 2021.
- Actuarial techniques are used extensively within insurance financial reporting, asset and liability management, capital management, investment management and product pricing. A firm understanding of actuarial valuation concepts is required in order to enable full engagement with these aspects of the business. In this context, the role holder will partner closely with the actuarial, risk, investment and product team to enhance the sustainability, performance and capital efficiency of the business.
- The role is also responsible for global ALCM oversight of the insurance entities’ capital and liquidity across 8 separately regulated jurisdictions, with a view to achieving efficient allocation and utilisation of resources. Close partnership with the Risk function (which manages the Global Economic Capital Framework, closely aligned to Solvency II) and the Balance Sheet optimisation function will be critical in this element of the role.
- Strong engagement is also required with Bank capital, finance, risk and regulatory teams, managing the Insurance business impact on banking capital ratios and ensuring shareholder expectations on dividend distributions are aligned.
- Finance Actuarial
- The role holder will additionally lead for Finance the second-line review of assumptions and calculations underlying the Group’s regulatory and IFRS/embedded value results published externally. These reviews are conducted on a quarterly basis, with particular focus on the annual actuarial basis review of key judgements conducted during Q3 each year.
- Global Finance Operations
- A support team of c. 15x FTEs located in the Global Finance Operations Centre in India is available to support analysis and production of deliverables across FP&A, ALCM and Finance Actuarial.
Impact on Business - includes:
- Global responsibility for Insurance Management Information across Manufacturing and Distribution activity, including performance analysis, forecasting and annual planning, with accurate and timely delivery to support key business decision-making forums including Operating Committee & Executive Committee
- Maintenance of a formal framework to assess investment cases, and performing critical reviews of such cases
- High quality internal and external performance & agenda communication, including to investors and analysts
- Implementation of a robust governance over the actuarial processes used for the valuation of the insurance business’ assets and liabilities, and exercising oversight over the calculation processes.
Customers / Stakeholders
- The role requires strong leadership and business partnering skills, in order to be able to drive decisions in governance forums and leverage the wide range of expertise available in the Group, without the support of formalised reporting lines.
- Key stakeholders include the Insurance CEOs, CFOs, CROs, Chief Actuaries and Chief Investment Officers and Heads of ALCM – at Group and local level. Regular engagement will also be required with counterparts in the Group’s Regional and Global Business operating segment finance teams.
Leadership & Teamwork
- Ensure effective strategy formulation and buy-in from key stakeholders both within Group Insurance and across the Bank – at global, regional and local levels
- Keep stakeholders engaged on execution through regular progress updates.
Operational Effectiveness & Control
- Provide advice, guidance, and challenge on the control environment of performance measurement and reporting, and of actuarial activities relating to insurance financial reporting, including SOX controls where appropriate.
Local Job Requirements - include:
- Commercial awareness and a high degree of credibility with senior management
- Strong communication and influencing skills and the ability to work effectively across matrix reporting lines
- Track record of strategic partnering with business stakeholders