Assistant Manager – Finance at Kenya Orient Insurance Limited

Job Description

JOB PURPOSE:

Reporting to the Chief Finance Officer, the Assistant Manager – Finance is responsible for overseeing and managing the company’s financial operations, treasury and liquidity, financial accounting and reporting, taxation and statutory compliance while maintaining a strong internal control and revenue assurance environment. The role delivers accurate, timely financial information, management and Board reporting, and branch performance insight to support effective decision-making, planning and control, and provides day-to day leadership to the finance team.

Treasury, Liquidity & Cash Management

• Monitor the company’s daily cash position, creditor accounts, payments and surplus funds to ensure optimal liquidity and a positive cash flow at all times.
• Prepare and review daily cash flow reports that give management timely visibility of the liquidity position to support informed financial decision-making.
• Manage cash inflows and outflows, revenue assurance, recoveries and reserves to sustain financial stability.
• Review treasury transactions journals, interest computations, accruals, deposits and investment transactions ensuring accurate recording and reconciliation.
• Support the development of asset–liability strategies and the investment portfolio, including deposit placements, bond investments, trade confirmations and settlements.
• Review and authorise petty cash and imprest, reconcile staff imprest accounts, and ensure supplier payments are settled by their due dates.

Financial Reporting & Statutory Compliance

• Ensure accurate and timely preparation of financial statements, management accounts and Board papers in compliance with IFRS, internal policies and regulatory requirements.
• Own the end-to-end bank reconciliation process, ensuring no open items age beyond 30 days, and drive the timely resolution of un-receipted credits with the credit, underwriting and branch teams.
• Conduct periodic review and analysis of the trial balance and general ledger accounts, and pass all required periodic journals, accruals and prepayments.
• Act as a key liaison with statutory and regulatory authorities, ensuring accurate preparation and filing of returns including IRA returns, withholding taxes and levies within stipulated timelines.
• Review quarterly reinsurance accounts with the reinsurance department, advise on claims above deductible, and participate in the annual treaty renewal process.
• Consolidate group financial statements and prepare branch and business performance reports.

Internal Controls, Risk Management & Audit

• Develop and maintain effective financial management systems, policies, procedures and internal controls that safeguard company resources and mitigate financial risk.
• Monitor capital adequacy ratio (CAR), performance ratios and other key financial indicators, reporting positions and recommendations to management.
• Lead the annual external audit process to conclusion, coordinate internal audit and regulatory inspections, and ensure effective closure of all recommendations.
• Ensure timely, accurate recording of financial transactions and full compliance with accounting standards, best practice and government regulations.
• Maintain accurate banking documentation bank account records, mandates, signatories and operational contacts keeping them current at all times.
• Continuously review and improve workflows and business processes to strengthen accuracy, efficiency and control effectiveness.

Profitability, Budgeting & Business Insight

• Facilitate the preparation and monitoring of annual budgets, forecasts and financial plans, tracking performance against approved budgets and flagging areas needing corrective action.
• Monitor all income, expenditure and financial transactions against approved budgets and financial management guidelines, providing timely control feedback to management.
• Maintain the highest level of confidentiality on sensitive information, and on Board and management decisions and developments.
• Ensure product profitability analysis is conducted quarterly and shared with the commercial team with clear recommendations.
• Ensure claims above the company’s deductible are captured in the income statement, and review reserves regularly for fair and reasonable accuracy. • Ensure corporate tax is optimised and advise the business on exposures prone to tax penalties.
• Provide management with timely financial analysis, insight and recommendations to support strategic planning, investment decisions and overall business performance.

Leadership & Stakeholder Management

• Lead, supervise, coach and develop the finance team to strengthen technical competence, performance and delivery of departmental and company objectives.
• Champion talent, career development and performance management within the function, sharing expertise and creating development opportunities for the team.
• Maintain strong working relationships with internal stakeholders, banking partners, service providers and business line contacts, ensuring prompt resolution of financial and payment-related queries

REQUIREMENTS

• A Bachelor’s degree in Commerce, Finance, Accounting or an equivalent qualification from a recognised university.
• CPA (K) or an equivalent professional qualification, and registered membership of a recognised accounting professional body.
• Minimum of seven (7) years’ relevant finance experience, with at least three (3) years at Supervisory Role.
• Strong working knowledge of IFRS, insurance industry regulation and IRA reporting requirements.
• Demonstrable experience in treasury and cash management, financial reporting, taxation and audit coordination.
• Hands-on experience with an insurance/ERP accounting system and advanced Microsoft Excel skills.