Requisition ID 942 - Posted 10/21/2021
Job Title- Head, Finance & Administration
Reporting Line- General Manager
Job Summary
Oversee the development and execution of an effective financial strategy to achieve optimal return on investment and to safeguard bank assets by ensuring correctness and completeness of banking transactions, proper accrual of incomes from investments in accordance with bank policies and procedures.
Recommended: BOFYA HAPA NA JIUNGE NASI TELEGRAM KWA NAFASI ZA AJIRA (2500+ POSTS)
Key responsibilities:
- Engage with other members of the senior management to develop, finance and implement Bank growth initiatives and objectives including new offerings.
- Ensure the delivery of effective financial decision making - support to the business and its management and oversee the development and execution of an effective financial strategy to achieve optimal returns on investment.
- Provide strategic financial management and leadership support across the Bank, in line with the overall corporate strategy.
- Develop, update and implement finance and tax strategies, policies and processes.
- Initiate and coordinate the formulation of business plans and annual budgets and monitor progress towards achievement.
- Provide advice on liquidity, investment, interest rates policies and financial assets management.
- Develop and implement a sound accounting framework in compliance with statutory provisions both for industry regulators and tax authorities
- Review and contribute to the enhancement of the financial policy and procedures for the Bank to ensure that this is aligned with current business and statutory requirements.
- Review, develop, monitor and control the budget for the unit and monitor the budget of the department to ensure budgets are aligned with the business plan and expenses are controlled within agreed limits.
- Liaise with all stakeholders, for example, clients, government institutions, the Bank of Tanzania and other financial institutions to ensure that the Banks interests are properly represented and safeguarded.
- Review all unit reports and related processes and procedures to ensure sound quality control and recommend appropriate interventions in line with policy.
- Prepare financial analysis to ensure actual performance; changes of key economic indicators and other market information are communicated to business units timely in order to manage variations.
- Supervise, verify and submit prepared statutory reports to regulators to ensure compliance with prudential guidelines and procedures.
- Oversee the preparation and communication of monthly, quarterly and annual financial accounts to both internal and external stakeholders
- Review and monitor reports on in house bank accounts to ensure the correctness of the transactions booking and classification of the same to comply with the Financial policy and procedures.
- Develop and implement reconciliation procedures to ensure the timely detection of errors and irregularities in the bank’s accounts and corrections taken in line with the financial policy and procedures.
- Supervise, verify and approve reversal and settlements transaction files before posted to the Core Banking system to ensure correctness and timely settlement as per approved policy and procedures.
- Manage the performance of subordinate staff and develop and implement training and development plans to ensure their performance is aligned with business goals and objectives.
- Liaise with all stakeholders, for example, clients, government institutions, the BOT and other financial institutions to ensure that the Banks interests are properly represented and safeguarded.
- Review all unit reports and related processes and procedures to ensure sound quality control and recommend appropriate interventions in line with policy.
- Prepare financial analysis to ensure actual performance; changes of key economic indicators and other market information are communicated to business units timely in order to manage variations.
- Supervise, verify and submit prepared statutory reports to regulators to ensure compliance with prudential guidelines and procedures.
- Oversee the preparation and communication of monthly, quarterly and annual financial accounts to both internal and external stakeholders
- Review, consolidate, monitor and control the budget for the bank to ensure it is aligned with the corporate business plan and expenses are controlled within agreed limits and recommend re-allocation / supplementary to achieve corporate goals and objectives.
- Develop and implement payment procedures to ensure payments and transfers, detection of errors and irregularities in the payment instructions and correction thereof are effected in line with the financial policy and procedures.
- Supervise, verify and approve bank payments and settlements transaction files before posted to the system to ensure correctness and settlement as per approved policy and procedures.
- Prepare and review financial policy and procedures for the bank to ensure that it is aligned with accepted accounting principles and regulatory bodies.
- Coordinate and supervise periodic audit processes with internal and external auditors to ensure that the exercises are performed in accordance with procedures and regulations.
- Prepare interim and annual financial reports in accordance with International Financial Reporting Standards to ensure that the management, regulators and the public obtain the financial performance of the bank as per policy and procedures.
- Monitor and supervise the bank assets register to ensure that assets are classified, amortized in line with bank policy and procedures.
- Review annual tax returns from consultants to ensure that they are properly computed and filed in accordance with the inland tax legislation and business strategy.
- Manage and supervise daily departmental accounting entries to ensure that the transactions are properly booked in accordance with to generally accepted accounting principle
- Provide accounting technical support to business units to ensure reported issues/complaints are addressed or corrected timely in accordance with service level agreement.
Experience, Knowledge and Skills Requirements
- Bachelor Degree in Finance, Economics, Business Management or related academic field from an accredited institution.
- Minimum of 5 Years working experience in the field of banking, finance, administration and accounting with 3 years at managerial level.
- Must possess CPA and or equivalent in accounting and finance professional.
- In-depth knowledge of operations, business management and financial performance analytics.
