Chief Financial Officer (“CFO”) -UK

Job Description

Job Title: Chief Financial Officer (“CFO”)

Client:        Banking Institution

Location: London, United Kingdom

Salary:      £130,0000.00 + Benefits

Reports to:   CEO

Supervises: Head of Management & Regulatory reporting

Purpose of the Role

Working closely alongside the CEO, COO, CRO and HCM, reporting directly to the CEO, the CFO has overall responsibility for management of the firm’s financial resources and the production and integrity of the firm’s statutory and management financial information and all aspects of regulatory reporting, In line with the statements of responsibility under the Senior Managers Regime.

A key member of the Executive Committee, working closely with the CEO to develop, design and deliver the Strategic Business Plan and strategic objectives.

Specific responsibilities: Management Information

  • Provision of robust and accurate Management Information, regular reporting and data analysis to senior management and the Board to enable effective monitoring/control of the business and for informed decision making, in line with the Bank’s strategy.
  • Preparation of financial commentary based on financial data, trend and variance analysis for relevant business areas/functions, CEO and Board Reports.
  • Data analysis for accuracy and integrity - for financial/ management/ regulatory reporting
  • Financial analysis of data including performance ratios calculations to indicate achievement of business goals, identifying areas for improvement

Regulatory

  • Regulatory reporting - preparation and submission of regulatory returns (weekly, monthly, quarterly, annually).
  • An in depth knowledge and understanding of the data/data enrichment for the completion of the regulatory returns

Statutory

  • Preparation of statutory accounts including liaison with the external auditors and provision of relevant backup and commentary to auditors
  • Interpretation and implementation of IFRS accounting policies in line with the Group accounting policies
  • Corporation and VAT tax computations and submissions, including supporting paperwork, and acting as main point of contact for any communications with HMRC

Budgeting and expenditure

  • Oversee and supervise the following activities carried out by the finance function:
    • Engagement with Suppliers: utilities, phone, council etc.
    • Fixed assets register maintenance and depreciation schedule preparation
    • Petty cash transactions - control and reconciliation

 

  • Prepayments and Accruals
  • Invoice processing
  • Payment processing requests
  • Expense form processing
  • Intercompany accounts
  • VAT and other tax returns
  • Annual budgeting and financial planning process, with ongoing budget control and monitoring, to highlight overspending to relevant business areas to keep costs under control.

Departmental

  • Supervision and performance management of direct reports - setting objectives, regular reviews and staff development.
  • Monitoring and maintenance of the General Ledger, Financial accounts and Management accounts including back up, supporting schedules and reconciliations and Journal posting for month end and year end accounts
  • Optimise Finance team resourcing to ensure best utilisation of time and effort to deliver target results.
  • Improve, develop, and maintain financial processes to ensure effective running of the business area, ensuring procedures are put in place to execute the tasks effectively.
  • Prepare, review, maintain and update finance documentation, including Finance Process and procedures Manual

Control

  • 2nd line defence to challenge management and the business areas wherever necessary

Senior Management Functions (SMF) – FCA/PRA

Chief Finance Officer – SMF 2

SMCR Prescribed Responsibilities as documented in MRM

  • Q - Responsibility for the production and integrity of the firm’s financial information and its regulatory reporting under the regulatory system.
  • R - Responsibility for developing and maintaining the firm’s recovery plan and resolution pack and for overseeing the internal process regarding its governance.

Membership of Governance and other Key Committees

Board Committees:

  • Audit & Compliance Committee – attendee
  • Finance & General Purposes Committee – attendee

Executive Committees:

  • EXCO – member
  • ALCO – member
  • NPAC – member
  • Security Committee – member

Experience

Technical

In-depth knowledge and experience of:

  • Finance Function in a financial institution
  • IFRS Accounting rules and industry standards
  • PRA and FCA Regulations and reporting rules
  • UK Company Legislation
  • Financial planning, forecasting, budgeting and data analysis
  • Financial reporting and management information provision

General

  • General experience and background experience for successful execution of the role
    • Banking experience, particularly in an emerging market institution.
    • Trade and Treasury product knowledge
    • Stakeholder management and engagement with senior and board level
    • Staff management, leadership and control
    • Analytical and applications skills

Qualifications/Education/Training

Desirable

 

  • Degree educated - Honours degree level or equivalent qualification
  • Fully qualified accountant
  • Member of Professional Accounting Organisation
  • Postgraduate business or management qualification e.g. MBA

Key Competencies

Market Knowledge

Awareness and understanding of the wider business, economic and market environment in which the Bank operates:

  • Knowledge of the financial, regulatory and legislative developments affecting the UK and the markets that the Bank operates in
  • Product knowledge – specifically Treasury and Trade Finance.

Customer Focus

Awareness and understanding of the Bank’s customer needs and requirements:

  • Ensure that our customers are central to our decision making process
  • Ensure that all products and services offered are transparent, appropriate and fully understood by our customers
  • Ensure that all customer journeys are efficient, effective and monitored to ensure appropriately satisfactory outcomes are achieved.

Business Strategy & Business Model

Awareness and understanding of the Bank business strategy:

  • Ensuring the business plan is compliant with all relevant financial and regulatory rules and regulations.
  • Ensure that effective finance operational processes and procedures are embedded in the business model
  • Finance’s business continuity plan tested and maintained

Risk Management & Control

Identify, assess, monitor, control and mitigate risks to the Bank:

  • Identify and monitor financial risks, providing mitigation strategies to counter them
  • Develop and maintain a Financial Dashboard for senior management focusing on relevant Financial risks and issues
  • 2nd line defence to challenge management whenever required

Financial Analysis & Costs

Interpret the Bank’s financial information, to identify key issues based on this information and to put in place appropriate controls and measures

  • Analysis and explanation of revenue variances to budget
  • Monitor, manage and minimize costs incurred in finance function
  • Ongoing analysis of expenditures against budget and cost tracking to ensure cost minimization and cost efficiencies achieved wherever possible

Governance Oversight & Controls

Assess the effectiveness of the Bank’s arrangements to deliver effective governance, oversight and controls in the business and, if necessary, to oversee changes in these areas:

Ensure “good governance“ concept embedded in Finance,

effective controls and monitoring are in place to identify issues and rectify them quickly.

Regulatory Framework & Requirements

Awareness and understanding of the regulatory framework in which the Bank operates and the regulatory requirements and expectations

  • Ensuring the financial data produced is at all times compliant with UK legislation and regulations
  • Regulatory Reports are accurate and trustworthy
  • Comply with FCA and PRA conduct rules
  • Horizon monitoring for reporting developments etc.

Per Regulators Conduct Rules

  • Acts with Integrity,
  • Acts with due skill, care and diligence.
  • Must be open and cooperative with the PRA, FCA and other regulators.
  • Pays due regard to customers interests and treats them fairly.
  • Observes market conduct standards.
  • Ensures reasonable steps taken to ensure that the business of the firm for which the CFO is responsible for:
    • Is controlled effectively.
    • ensure the business of the firm for which the CFO is responsible complies with relevant requirements and standards of the regulatory system and
    • ensure that any delegation of responsibilities is to an appropriate person and that the discharge of the delegated responsibility is overseen effectively.
  • Disclose appropriately any information of which the FCA or PRA would reasonably expect notice.

Key Performance Indicators

  • Key KPIs – Cost to income, RoC, RoA, etc.
  • Costs: Cost reduction and cost management efficiencies
  • Budget: Variances to Budgeted expenditure for Finance Business
  • Reconciliations: Zero reconciling items following reconciliation process
  • Timings: Submission of relevant regulatory reports, annual reports and Tax/Vat returns are on time and without subsequent corrections or challenge.
  • Zero sanctions, zero breaches and zero fines
  • Month end process executed on time
  • Feedback from internal clients, from senior management and from board level on performance of responsibilities

SENIOR MANAGEMENT FUNCTIONS EXPECTATIONS

 

As a Senior Manager function, the Bank  has the following expectations of you when fulfilling your role. These expectations are that you:

  1. are appropriately skilled and experienced to complete your job to the expected/required level;
  2. fully understand your responsibilities and accountabilities as detailed in the firm’s MRM, SoR and job description to which you have attested;
  3. exercise reasonable care and challenge when considering all information made available to you;
  4. can demonstrate reasonable and justifiable conclusions to support your actions;
  5. fully aware of all past and current regulatory issues relating to your role and responsibilities;
  6. are fully aware of any actual or suspected issues that involved possible breaches of relevant requirements relating to your responsibilities and have taken reasonable steps to ensure that the issues have been dealt with in a timely and appropriate manner;
  7. act in accordance with statutory, common law and other legal obligations, including, those set out in the Companies Act 2006, the Handbook (including COCON), and, any other relevant guidance;
  8. ensure that any delegation of your responsibilities, where this was itself reasonable, is to an appropriate person with the necessary capacity, competence, knowledge, seniority and skill,
  9. take reasonable steps to oversee the discharge of your delegated responsibility effectively;
  10. ensure reporting lines in relation to the firm’s activities for which you are responsible, are clear to your direct reports and that they operate effectively;
  11. satisfy yourself, on reasonable grounds, that, for the activities for which you are responsible, the firm has appropriate policies and procedures for reviewing the competence, knowledge, skills and performance of each individual member of staff, reporting to you, to assess their suitability to fulfil their duties;
  12. assess, on taking up each of your responsibilities, and monitor, where reasonable, the governance, operational and risk management arrangements in place for the firm’s activities for which you are responsible (including, where appropriate, corroborating, challenging and considering the wider implications of the information available to you), and whether you took reasonable steps to deal with any actual or suspected issues identified as a result in a timely and appropriate manner;
  13. ensure an orderly transition when another SMF manager under your oversight or responsibility is replaced in the performance of that function;
  14. ensure an orderly transition if you are replaced in the performance of your function;
  15. take reasonable steps to understand and inform yourself about the firm’s activities for which you are responsible, including, but not limited to:
    1. adequate reporting or an adequate explanation of issues within a business area, whether from people within that business area, or elsewhere within or outside the firm, if they were not an expert in that area; or
    2. maintaining an appropriate level of understanding about an issue or a responsibility that you have delegated to an individual; or
    3. obtain independent, expert opinion where appropriate from within or outside the firm as appropriate; or
    4. permitted the expansion or restructuring of the business only after reasonably assessing the potential risks; or
  16. monitor highly profitable transactions, business practices, unusual transactions, or individuals who contributed significantly to the profitability of a business area or who had significant influence over the operation of a business area;
  17. where involved in a collective decision affecting the firm’s activities for which you are responsible, and it was reasonable for the decision to be taken collectively, you fully informed yourself of the relevant matters before taking part in the decision, and exercised reasonable care, skill and diligence in contributing to it;
  18. take all reasonable steps to follow the firm’s procedures;

 

  1. ensured an orderly transition and handover when you took up your responsibilities;
  2. taken reasonable steps to implement (either personally or through a compliance department or other departments) adequate and appropriate systems and controls to comply with the relevant requirements and standards of the regulatory system for the activities of the firm.

Maintenance of Role Profile

The role holder is responsible for the on-going review and maintenance of their own role profile to ensure that it is up to date and reflects the current:

  • role purpose, responsibilities, accountabilities and competencies required
  • organizational structure for reporting lines and lines of delegation of authority Ensure that:
  • any material changes to the above are agreed with your line manager, flagged with the
  • previous versions are kept for reference, a version is emailed to Head of HR and your line manager, and a signed version is kept on file for regulatory and audit purposes.
 
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