If you are open to the challenge for leading this very critical function, this is an exciting career opportunity for you, and we invite you to apply.
About the JDIC:
The Jamaica Deposit Insurance Corporation (JDIC) was created by the Government of Jamaica to protect depositors and promote stability and confidence in Jamaica’s financial system and has a mission to:
- Protect insured deposits against loss due to the non-viability of Deposit Taking Institutions;
- Provide financial and other assistance in the restructuring/resolution of non-viable Deposit Taking Institutions consistent with the parent legislation for the resolution of financial institutions and other applicable law and standards of best practice;
- Manage the Deposit Insurance Fund consistent with its statutory objects;
- Support the promotion of financial consumer protection and financial inclusion;
- Take such necessary steps to minimize its exposure to loss.
To execute its Mission, JDIC operates a knowledge management environment which promotes excellence in professional and technical expertise allowing employees to realize their potential. The JDIC core values of Accountability, Communication, Excellence, Professionalism and Teamwork support the institutional strength of the JDIC and its expert cadre of staff.
The JDIC is regularly cited for its strong reputation for compliance. JDIC Officers currently sit on the Executive Council and Committees of the International Association of Deposit Insurers (IADI), including chairing its Audit & Risk Council Committee.
More information on the JDIC and its current fund size can be viewed on their website: https://www.jdic.org
About the Role
- Managing the Treasury Management and Investment functions of the Deposit Insurance Fund (DIF) in accordance with the Deposit Insurance Act (DIA) and reviewing and finalizing Accounting, Treasury and Investment, and other relevant reports.
- Causing the preparation of final financial reports, budgets, ad hoc reports for the Board, management and external stakeholders and performing financial analysis to monitor the Corporation’s performance.
- Developing and implementing policies and procedures for the Finance, Accounting, and Investment functions to support the effective financial management of the Deposit Insurance Scheme (DIS) and DIF taking into account best practice approaches for deposit insurance systems.
- Undertaking decision-making and strategic solutions in novel, complex and dynamic environments impacting the financial management of the administration of the estates of non-viable financial institutions to support restructurings; resolutions and crisis management planning and other operations of the Corporation in periods of financial institution failure or systemic crisis while ensuring the least possible exposure of the Corporation to loss taking into consideration creditor and investor positions and financial system stability in support of critical economic functions.
- Ensuring that subject matter expert cross-functional support and guidance are provided on behalf of the Branch/Section to achieve the strategic objectives and key initiatives of the Corporation.
- Acting in the absence of the Chief Finance and Corporate Services Officer as required.
Technical & Professional Responsibilities
Finance & Accounting Functions
- Oversees the operations of the accounting unit including accounting for investments, accounts receivable, accounts payable, reconciliations and other accounting related routine activities and manage banking relationships for maximum efficiency and minimum risk.
- Supports the CFCSO in the development and oversight of management controls across the JDIC to ensure adequate risk management and adherence to required standards.
- Responsible for setting the annual budget assumptions and guidelines, leading the preparation of the annual budget (with CFCSO alignment) by preparing working papers and liaising with Division/Department Heads on input for the budget.
- Participates as a member of the Committee of Management, in development and execution of long term strategic vision of the Corporation.
- Provides leadership to and assist the CFCSO in the policy direction of the Corporation and the Finance and Corporate Services Branch.
- Responsible for the delivery of cost effective and efficient accounting and financial systems, policies and processes that meet the current and future business requirements of the Corporation and ensure that the financial structure is resilient and able to respond to external factors.
- Secures accurate and transparent accounts through adequate internal structures, policies procedures and controls and ensure that JDIC’s external and internal auditing requirements are met.
- Oversees the preparation of monthly management accounts, the External Audit, review and analyse results and recommend for approval the Audited Financial Statements.
- Manages the annual budgeting process, garnering input from the departments, compiling projections and presenting and justifying the proposed budgets to the Board of Directors for approval.
- Oversees the Treasury and Investment Management function and manage banking relationships for maximum efficiency and minimum risk.
- Ensures that the Corporation is in compliance with all internal policies and relevant regulations and ensure filings are completed in a timely manner.
- Ensures that financial records are in accordance with accepted accounting principles.
Fund Management- Exercises overall responsibility for financial management of the Funds for customers of financial services.
- Develops and promote an approach to responsible investment decisions consistent with the Corporation’s statutory mandate and investment policy, while aligning the portfolio with consideration of environmental, social and corporate factors.
- Develops and review procedures, policies and guidelines in respect of risk valuation and pre and post loss corrective actions in respect of the management of funds.
- Responsible for financial management reporting on Funds under management.
- Liaises with the Monitoring and Risk Assessment Department to ensure that the annual or sooner periodic Funds’ Review and Evaluation is conducted based on assessed risk and potential liabilities.
- Updates the contingency funding plan on an annual basis.
- Advise CFCSO and senior management in a timely manner on financial matters, assessing and explaining long and short-term projections and implications for the Funds, providing contingency options.
- Responsible for the preparation of the necessary journal entries and adjustments for accruals and prepayments and the preparation of monthly financial statements and general accounting matters and the maintenance of accounting records and any other accounting reports as required.
- Responsible for preparing General Ledger and extracting trial balance on a monthly basis and the posting to the General Ledger on the Microsoft Dynamics computer system from journal entries, cheque payment vouchers, bank statements and receipts.
- Manages day-to-day treasury functions and prepares for approval the documentation relating to investments and in general, investments administration.
- Advises on improvements in the financial systems, computer accounting system and procedures and executes approved changes.
- Responsible for the maintenance of the Receivables and Payables accounts on a monthly basis.
- Has reconciliations (including bank accounts) prepared and reviewed and approved on a monthly basis.
General Administration
- Directs the preparation and maintenance of such reports as are necessary to carry out the functions of the Finance and Investments function. Prepare periodic reports for Management, as necessary to track initiatives and targets accomplishment.
- Provides leadership and guidance to direct reports through effective planning, delegation, communication, training, mentoring and coaching.
- Monitors and evaluates the performance of direct reports, prepares performance appraisals and recommends and/or initiates corrective action where necessary to improve performance and/or attaining established personal and/or organizational goals.
- Participates in the recruitment of staff for the Division and recommends promotion, termination and leave in accordance with established human resource policies and procedures.
About the Person
(a) Qualifications and Experience:
- ACCA qualification or a Master’s degree in Accounting or Finance, or Business Administration with the respective specialization from a certified institution, or other equivalent qualifications
- A minimum of ten (10) years’ practical working experience, with at least five (5) years senior management experience at the Comptroller level and with multi-function leadership experience in a financial management, policy development and strategic planning environment.
(b) Required Skills and Specialized Techniques:
- Demonstrated leadership and management capabilities at a senior level.
- Expert knowledge and experience in financial, accounting, treasury and investment management including budgeting and financial reporting and the development of supporting policies and procedures.
- Sound knowledge of IFRS and best practices.
- Expert knowledge of the financial sector and the local and overseas investment markets.
- Practical knowledge of relevant information technology and systems for finance and investment management.
- Knowledge of applicable human resource and administration policy and practice.
- Demonstrated relationship building skills.
- Sound knowledge of enterprise risk management and internal controls, disaster preparedness and business continuity management.
- Strong analytical skills to support investigation, identification, decision making and reporting.
- Ability to be flexible and open to changing priorities and challenges
- Communicate effectively both orally and in writing in respect of complex issues.
- Effective negotiating skills
- Sound knowledge of Microsoft Dynamics, Word, Excel, PowerPoint, Outlook and Visio.
We thank all applicants for their interest, however, only short-listed canddiates will be contacted.