CFO

This position is a key role responsible for the financial soundness of the company. Appointment to the role is subject to Prudential Authority approval.

The Finance Executive is responsible for the full spectrum of financial, regulatory, and operational finance functions, including payroll, ORSA, IFRS 17, and credit control. The role ensures accurate reporting, strong internal controls, and effective risk management across all finance activities, while supporting both local and group objectives.

Financial Reporting Responsibilities

Statutory Financial Statements

• Prepare and review annual financial statements in accordance with IFRS, including IFRS 17 for Insurance Contracts.
• Ensure timely submission of financial results to the parent company for group reporting.

IFRS 17 Insurance Contracts

• Oversee the ongoing application of IFRS 17, ensuring compliance in the recognition of insurance contract liabilities, revenue, and expenses.
• Maintain and update IFRS 17 accounting policies, methodologies, assumptions, and measurement models, including PAA.
• Coordinate with actuarial teams to ensure accurate calculation and disclosure of insurance contract liabilities, risk adjustment, and related disclosures.
• Review and sign off on IFRS 17 data inputs, calculations, and journal entries.
• Prepare IFRS 17 disclosures for inclusion in the financial statements.
• Liaise with auditors on IFRS 17 matters and address queries and audit findings.
• Provide IFRS 17 training and guidance to finance and relevant business teams.

US GAAP Compliance

• Maintain reconciliations and adjustments between IFRS, including IFRS 17, and US GAAP.
• Support audit requirements for US GAAP, including documentation and evidence for group auditors.

SOX Controls

• Design, implement, and monitor internal controls over financial reporting to comply with Sarbanes-Oxley (SOX) requirements, including controls over IFRS 17 processes and data.

Planning & Forecasting

• Lead the annual plan process and rolling forecasts for the South Africa business in line with group and regional requirements and timelines.
• Provide variance analysis and commentary for management and group/regional reporting.

Management Reporting

• Prepare management accounts using QlikView/QlikSense dashboards to provide analysis of the Net to Region P&L.

Regulatory Reporting Responsibilities

Prudential Authority (PA) Reporting

• Oversee the preparation and submission of quarterly QRTs and annual statutory returns required by the Prudential Authority.
• Prepare the annual QRR and oversee its submission to the Prudential Authority.
• Prepare reports relating to governance, risk management, and internal controls.
• Lead the preparation of the annual ORSA report, including scenario analysis and forward-looking solvency projections for Board approval.
• Prepare the financial and regulatory base projections for inclusion in the ORSA report.
• Respond to ad hoc regulatory requests and thematic reviews from the Prudential Authority.

SARS Reporting

• Complete all SARS-related submissions on eFiling, excluding payroll-related taxes.
• Oversee the preparation and submission of annual company tax returns, including supporting schedules, tax computations, and provisional tax returns.
• Oversee the annual transfer pricing review performed by third-party consultants.
• Ensure accurate and timely filing of monthly VAT201 returns and supporting documentation.
• Oversee the submission of EMP201 and EMP501 returns for payroll taxes, UIF, and SDL.
• Ensure compliance with withholding tax obligations, including dividend payments to the Group.

Other Regulatory and Statutory Reports

• Manage the B-BBEE verification process, including evidence gathering and coordination with the verification agent.
• Oversee the filing of annual returns and financial statements with CIPC.
• Submit data and reports to industry bodies such as SAIA, as required.
• Complete required templates for the INSETA Workplace Skills Plan and oversee submission by the third-party consultant.
• Prepare data required for the annual COIDA Return of Earnings submission.

Board and Committee Reporting

• Prepare and submit financial, solvency, risk, and compliance reports to the Board and relevant committees, including the Audit & Risk Committee.
• Ensure timely notification to the Board and regulators of any material breaches or non-compliance events.

Own Risk and Solvency Assessment (ORSA)

ORSA Process Leadership

• Lead and coordinate the ORSA process in accordance with Prudential Standard GOI 3 and other relevant South African regulatory requirements.
• Coordinate independent actuarial review of ORSA by the Head of Actuarial Function.
• Ensure the ORSA process is embedded in the company’s risk management and decision-making frameworks.

Risk and Solvency Analysis

• Assess the company’s current and future solvency position under a range of scenarios and stress tests, incorporating IFRS 17 impacts on insurance liabilities and profitability.
• Prepare financial data projections for use by the Chubb Capital Actuarial team in scenario and stress testing.
• Identify, assess, and document material risks, including insurance, market, credit, operational, and liquidity risks, and their impact on solvency.

Reporting and Documentation

• Prepare the annual ORSA report for submission to the Board and the Prudential Authority.
• Ensure the ORSA report meets regulatory expectations and group requirements.

Board Engagement

• Present ORSA findings and recommendations to the Board and relevant committees.
• Advise on actions required to address identified risks or capital needs.

Continuous Improvement

• Review and update ORSA methodologies and assumptions regularly to reflect changes in the business, regulatory environment, and accounting standards, including IFRS 17.
• Coordinate with actuarial, risk, and business teams to ensure comprehensive and accurate ORSA outcomes.

Governance & Risk Management

Internal Controls & Risk Management

• Establish and maintain a robust internal control environment, including risk management frameworks.
• Support enterprise risk management and compliance with group risk policies.
• Liaise with the Head of Actuarial Function on matters such as annual quantitative return review, risk policy review, product and reinsurance reviews, and ORSA review.

Audit Coordination

• Liaise with internal and external auditors, both local and group.
• Prepare specific audit workpapers, including payroll and IFRS 17 support.
• Support the local finance team in audit preparation and meeting agreed deadlines.
• Address audit findings and implement corrective actions.

Board & Committee Support

• Prepare financial and regulatory reports for Board meetings and the Audit & Risk Committee.

Operational Finance

Cash Flow & Treasury Management

• Manage cash flow, banking relationships, and investment portfolios.
• Ensure liquidity and capital management in line with group and local requirements.

Expense Management

• Oversee procurement, expense controls, and cost optimisation initiatives.

Payroll Preparation and Sign-Off

• Oversee the end-to-end payroll process, ensuring accurate calculation of salaries, benefits, deductions, and statutory contributions.
• Prepare schedules and supporting documentation, including monthly variation analysis, prior to payment to the payroll provider.
• Ensure payroll compliance with SARS and Department of Labour requirements.
• Maintain confidentiality and integrity of payroll data.
• Coordinate with HR on employee changes, terminations, and new hires, and update monthly payroll input data accordingly.
• Ensure payroll controls are SOX-compliant, including segregation of duties, authorisation, and audit trails.

Credit Control Management

• Oversee the credit control function, ensuring timely collection of premiums and other receivables.
• Establish and monitor credit policies, limits, and procedures to minimise bad debts and credit risk exposure.
• Monitor aged debtors, follow up on overdue accounts, and escalate collection issues where necessary.
• Ensure accurate and timely reconciliation of debtor accounts and premium receivables.
• Report on credit control performance, outstanding balances, and provisioning for doubtful debts to management and the Board.
• Ensure compliance with IFRS 9 for impairment of receivables and coordinate with auditors on credit risk and provisioning matters.

Group Reporting & Liaison

Group Consolidation

• Coordinate with group finance teams on reporting and audit requirements.
• Respond to group queries and complete supporting schedules and templates within agreed timelines.

Policy Implementation

• Implement group finance policies, procedures, and reporting standards locally.

Credit Rating Agency Liaison and Management

Credit Rating Process Management

• Act as the primary point of contact for credit rating agencies engaged by the company.
• Coordinate annual credit rating review processes, ensuring timely and accurate submission of required financial, regulatory, and operational information.
• Oversee responses to rating agency questionnaires and due diligence requests.
• Facilitate meetings and site visits between rating agency analysts and company management, including Board and executive leadership as required.

Information and Data Provision

• Ensure all data provided to credit rating agencies is consistent with audited financial statements, regulatory filings, and group reporting.
• Review and validate all information and disclosures prior to submission to maintain data integrity and confidentiality.

Monitoring and Communication

• Monitor rating agency communications, rating reports, and criteria updates, and assess their impact on the company’s rating and capital strategy.
• Communicate rating outcomes, rationale, and any required management actions to the Board, Group, and relevant stakeholders.
• Qualified accountant or finance professional with senior leadership experience in insurance.
• Strong experience in financial control, statutory reporting, and regulatory reporting within an insurance environment.
• Proven knowledge of IFRS, including IFRS 17, and exposure to US GAAP and SOX controls.
• Experience preparing ORSA reports, solvency analysis, and Board-level reporting.
• Strong understanding of South African regulatory and tax requirements, including Prudential Authority and SARS submissions.
• Experience managing payroll, credit control, treasury, and broader operational finance functions.
• Strong stakeholder management skills, with the ability to work effectively with auditors, actuaries, regulators, and group finance teams.
• Excellent analytical, communication, and leadership skills.
• Insurance industry experience is essential.