Director, Finance and Accounts

The Real Estate Board invites applications from suitably qualified individuals to fill the following post that is to be assigned to the upcoming Real Estate Authority of Jamaica (REAJ):

Career Opportunity

The Real Estate Board invites applications from suitably qualified individuals to fill the following post that is to be assigned to the upcoming Real Estate Authority of Jamaica (REAJ):

Director, Finance and Accounts-Level 9

Vacant – (Three-year contract)

Salary Range: $5,597,715- 7,528,304 per annum

Job Summary:

The Director, Finance and Accounts, under the leadership and direction of the Chief Executive Officer, will be the authoritative source of guidance and advice on all matters concerning strategic financial administration including but not limited to full and complete compliance with all requirements under the governing acts; budget management and oversight; as well as supporting the continuous enhancement of the financial viability of the  entity.

The Director, Finance and Accounts will guide senior management in high level strategic and tactical financial decisions; while dutifully controlling and coordinating forward estimates, requisitions, allocations, and full accounting and reporting of all services, collections, and capital funding in the organization. The Director, Finance and Accounts also acts as the principal performance coach for people under his/her supervision; ensuring that key business processes are administered with a high standard of probity, propriety, regularity, transparency, accountability, and value for money. 

Key Outputs:

• Budgets formulated and implemented.
• Financial and accounting policies and procedures reviewed and modified.
• Financial and accounting processes (payroll, payable and statutory obligations) executed.
• Financial Statements produced and reviewed.
• Financial and accounting records maintained.
• Financial and accounting advice provided.
• Audit queries actioned.
• Corporate/Operational Plans and Budgets developed and managed.
• Annual/Quarterly/Monthly performance reports prepared.
• Individual work plans developed.
• Staff coached and appraisals conducted.

Key Responsibility Areas:

Technical Responsibilities

• Leads the management and governance of financial and budget operations, coordination, and reporting across the entity to meet statutory requirements and the directives of the Ministry of Economic Growth and Job Creation (MEG&JC).
• Leads and oversees the provision of high level strategic, tactical, and operational financial advice and support to the entity and the Chief Executive Officer.
• Leads and maintains effective relationships with MEG&JC’s functionaries and Auditor General’s Department to enable high level collaboration on financial reforms, initiatives, and budgets and to secure funding to achieve and sustain financial viability.
• Leads the development, implementation, and monitoring of the entity’s financial controls.
• Oversees the entity’s fraud and financial control methodology, probity and governance strategies to identify and mitigate financial risks, maintain appropriate financial governance processes, and ensure compliance with public sector financial policy and legislative requirements.
• Develops and implements a budgeting system that works in conjunction with corporate planning processes to ensure that budgets are formulated and submitted within the timeframe as stipulated by the MEG&JC.
• Leads delivery of detailed and robust budget and forecasting (Capital & Operational) information for the entity for inclusion in the GOJ’s yearly budget.
• Oversees detailed and robust forecasting of the Collections Schedules for the CSC Inspectorate.
• Analyses budget requests from the various divisions to determine reasonability and that they reflect appropriate allocation levels, as well as conforming with established guidelines supported by executive management.
• Provides finance and accounting guidance where necessary to divisions, in the preparation of the narrative in support of the budget allocations to ensure that it brings out the specific purposes and performance indicators as given in the corporate plan.
• Leads in the preparation of annual budget submission to meet legislative requirements and business management objectives in accordance with:
• The objectives and strategies of the entity, as outlined in its Strategic and Operational Plans,
• The entity’s policy priorities.
• Develops/modifies and implements measures that ensure agreed financial resources are available in a timely manner to realize effective and efficient execution of the entity’s operational plans and programmes.
• Devises and implements approaches that ensure appropriate financial and accounting policies and procedures are in place in order that the entity’s accounts and financial records are kept in accordance with the requirements of the FAA Act and Instructions.
• Guides the production of proper and timely financial reports and accounts for the entity to satisfy the requirements of the MEG&JC with regards to the control of expenditures and incomes in accordance with the budget.
• Provides monthly analysis of variances between actual results and budget/forecast and identifies areas for potential improvement.
• Develops financial models in relation to forecasting and expenditure data and interprets financial information and trends to support the strategic management decisions.
• Oversees the overall cash management function the entity by:
• Allocating the monthly and quarterly warrants in accordance with agreed priorities.
• Implementing an effective mechanism for containing expenditures within the warrant limits through a system of commitment planning and control.
• Analyzes areas of financial and accounting risk in the entity’s operations.
• Assigns resources to undertake special assignments and projects.
• Establishes and implements systems that evaluate and monitor operations of outstations as it relates to financial management.
• Ensures that there is a system for the maintenance of proper records of the entity’s financial affairs, the preparation of monthly accounts, financial reports, and annual appropriation accounts in accordance with the requirement of the MEG&JC and in keeping with the Financial Administration and Audit (FAA) Act.
• Monitors that there is an adequate system for checking, certifying and authorizing payments in accordance with the FAA Act, its regulations, and instructions.
• Designs and implements systems for ensuring the accurate computation and payment of salaries.
• Monitors that all deadlines are met for the payment of salaries, general payables, and other obligations, if funds are available.
• Develops, implements, and monitors systems and procedures for the timely actioning of statutory obligations pertaining to the finance and account’s function – i.e., Income Tax, NIS, Education Tax, NHT, Withholding Taxes, etc.
• Ensures that there is an effective system of internal control to detect and prevent corruption, fraud, irregularities, misappropriations, and any other loss of public funds.
• Designs, implements, and monitors internal Service Level Agreements for the various functions under superintendence to ensure smooth and judicious delivery of services.
• Responds to internal and external auditor’s reports and implements recommendations.
• Accompanies Chief Executive to official finance committee meetings as required.
• Keeps current with the latest tools/techniques in Public Financial Management to determine what new solutions and implementations will meet entity’s business/operational requirements.

Management/Administrative Responsibilities

• Directs the alignment of the Division’s corporate/operational plans and budget with the entity’s strategic objectives and priority programmes.
• Maintains mechanisms to effectively coordinate the alignment of plans, programmes, and projects of the Division to ensure a cohesive and complimentary execution of policy and programme initiatives.
• Participates in and coordinates the development of the strategic direction of the entity.
• Prepares and submits performance and other reports relating to the achievement of targets for the Real Estate Authority of Jamaica as required and ensures timely submission of all documents/information requested from the Division.
• Develops Individual Work Plan based on strategic alignment with entity’s Operational Plan.
• Establishes and maintains various Finance & Accounts Committees and Technical Working Groups that make recommendations for the implementation of improved procedures and systems.
• Represents the entity at sittings of the Public Administration and Appropriations Committee (PAAC)/ Public Accounts Committee (PAC), meetings, conferences and other fora as needed.
• Prepares reports and project documents as required. 
• Prepares and delivers Finance and Accounts presentations as needed.
• Sets and approves customer service principles, standards, and measurements. 
• Identifies and incorporates the interests and needs of customers in business process design.

Human Resource Responsibilities

• Provides leadership and guidance through effective planning, delegation, communication, training, mentoring, and coaching of high-performing audit professionals who possess outstanding knowledge, experience, ethics, and integrity.
• Evaluates and monitors the performance of staff in the Division and implements appropriate strategies.
• Coordinates the development of individual work plans and recommends performance targets for the staff assigned.
• Participates in the recruitment and training of staff of the Division.
• Recommends succession initiatives, transfer, promotion and leave in accordance with established Human Resource Policies and Procedures.
• Identifies skills/competencies gaps and contributes to the development and succession planning for the Division to ensure adequate staff capacity.
• Monitors the performance of staff and facilitates the timely and accurate completion of the staff annual performance appraisals and other periodic reviews.
• Ensures the well - being of staff supervised.
• Effects disciplinary measures in keeping with established guidelines/practices.

Other Responsibilities

• Performs other related duties as assigned by the Chief Executive Officer.

Performance Standards:

• Finance and Accounts philosophy and culture established and maintained in keeping with industry standards, GOJ guidelines and timeframes.
• Entity’S Budgets formulated and implemented in accordance with GOJ priorities and corporate plans coupled with agreed timeframes.
• Financial and accounting processes (payroll, payable and statutory obligations) executed in accordance with established standards and agreed timeframes.
• Prompt, evidence-based and accurate financial advice given to all stakeholders in keeping with government policies and the Financial Accounts and Audit Act.
• Financial, budgetary systems, policies and procedures reviewed consistently in accordance with the Government of Jamaica’s FAA Act; and modifications conforms with stipulations.
• Financial statements prepared are accurate, credible and in keeping with Government of Jamaica’s FAA Acts and submitted within the specified timeframe.
• Budget and operational plans are prepared and presented within the given timeframes.
• Financial and accounting records are accurately maintained in accordance with the FAA Act (Instructions) and Records & Information Management (RIM) Policies.
• Audit Query responses are comprehensive and accurate and submitted within the established timeframes.
• Annual/Quarterly/Monthly performance reports are prepared in accordance with agreed format, are accurate and submitted on time.
• Individual Work Plans developed in conformity to established standards and within agreed timeframes.
• Staff coached and appraisals completed and submitted in accordance to agreed timeframes and standards.
• Confidentiality, integrity, and professionalism displayed in the delivery of duties and interaction with staff.

Authority:

• Prepares and recommends budgets for the Finance & Accounts Division as well as any requirements for related assignments.
• Recommends financial and accounting procedural changes.
• Recommends budgetary allocations in accordance with corporate plans.
• Authorizes payments on the FinMan and related accounting solutions.
• Approves/Administers procedures for the monitoring and reviewing of programmes and systems.
• Engages a range of related stakeholders.
• Approves Terms of Reference and other specifications.
• Recommends staff appointments, promotion, recruitment, disciplinary action, leave and general welfare issues.
• Recommends relevant training and development programmes for direct reports to enhance knowledge and performance.

Required Competencies

Core:

• Excellent interpersonal and team management skills
• Excellent communication skills
• Strong analytical and problem-solving skills
• Strong leadership skills
• Strong customer relations skills
• Excellent planning and organizing skills.
• Excellent judgment and decision-making skills

• Ability to influence and motivate others.
• Proficiency in the use of relevant computer applications

Technical:

• Expert knowledge of Financial and Accounting Principles and Practices.
• Knowledge of Audit Principles and Techniques.
• Expert knowledge of the Public Finance Legal Framework (FAA Act & Regulations and Instructions) Public Expenditure Policy and Public Finance Management Reforms.
• Expert knowledge of and experience in GOJ operations and Public Sector matters.
• Deep analytical capability and ability to apply strategic thinking to financial reporting and analysis.
• A strong sense of trust and a high level of confidentiality and integrity.
• Knowledge of GOJ ICT Finance & Accounting systems.
• Good understanding of the public expenditure policy environment and the goals.
• Good knowledge of Finance and Accounting monitoring and evaluation frameworks.
• Strong ability to synthesize multiple ideas and complex information into a coherent summary, as in reports and briefing notes, and to make cogent recommendations for the modification or creation of legislation, policies, and programmes.
• Good verbal and written communication skills, with the ability to deliver presentations with tact, clarity, enthusiasm, and accuracy to widely varied audiences.
• A high level of initiative and self-motivation.
• Demonstrated interpersonal and negotiation skills.
• Aptitude for developing and maintaining collaborative relations with team members both within and outside the entity.
• Familiarity with procedures, policies and legislation governing the machinery of government.
• Knowledge of the Government processes, including policy development, financial planning, performance management systems and basic theories, principles, and methods of analysis.
• Knowledge of computerized systems and software, with an emphasis on the MS Office suite and projects.

Minimum Required Qualification and Experience:

• Master’s degree in finance, Accounting, Management Studies, Public Sector Management, Public/Business Administration, or a related discipline, OR Professional designation such as Association of Certified Chartered Accountant, (ACCA – Level 2 or 3);
• Certification in Change Management or Leadership.
• Seven (7) years’ experience in a Finance/Accounting environment, with at least four (4) years in a senior management capacity.

OR

• Bachelor’s degree in Finance, Accounting, Management Studies, Public Sector Management, Public/Business Administration, or a related discipline, OR Association of Certified Chartered Accountant (ACCA) Level 2 or 3.
• Certification in Change Management or Leadership.
• Ten (10) years’ experience in a Finance/Accounting environment, with at least six (6) years in a senior management capacity.

Working Conditions:

Work will be conducted in an office outfitted with standard office equipment and specialized software. Occasionally required to work late and on weekends.

Applications accompanied by résumés should be submitted no later than Friday, November 10, 2023, via https://rebcsc.bamboohr.com/jobs

Please note that we thank all for responding, but only short-listed applicants will be contacted.