Financial Services – Chief Financial Officer

Headquartered outside of the GTA, our client serves 50,000 customers with online, mobile, and telephone banking and a full range of financial products through a couple dozen branches. Additionally, they provide access to thousands of Exchange® Network surcharge-free ATMs in Canada. With over half a century of banking history and a focus on values-based personal service, our client delivers needs-based advice and financial solutions tailored to each customer. With assets well in excess of $1 billion and over 350 employees they are one of Ontario’s most highly respected FS providers. Their success is the result of dedication to customer and employee engagement. They are repeatedly recognized as one of the Best Small & Medium Employers in Canada.

Scope of Position

Reporting to the CEO, this Chief Financial Officer will lead and oversee all finance (including financial planning, accounting and taxation), treasury, risk management, compliance and internal audit functions in pursuit of the “mission” for the company, supporting their operational, growth and expansion objectives; as well as contributing to optimal efficiencies, control and profitability in all areas of the business.

The scope of responsibilities for this senior executive leader covers all aspects of; Accounting, including controllership, financial analysis, reporting and budgeting; Risk Management; Compliance, including anti-money laundering (AML/Fintrac), privacy (PIPEDA), corporate records management; Treasury; and Internal Audit; and Facilities; and any Merger & Acquisition activities. Furthermore, this CFO will lead the development of all capital and operating budgets and all strategic financial plans.

This senior executive role will appeal to individuals who are passionate about being part of an organization focused on customer and employee engagement and delivering the highest levels possible in strategic financial leadership, organizational and capital efficiencies, while managing risks to business objectives, cost efficiencies and profitability throughout the business.

Functional Tasks

• Contribute to the success of the company by respecting, upholding and demonstrating by example the company’s ‘Values’ through words and actions – setting an example for all employees.
• Development of, in cooperation with the CEO, the department’s strategy, objectives and supporting business plans.
  • Develop short and long term strategies to maximize customer value;
  • Develop annual and long term business objectives against which to measure the company’s performance, including annual budget.
• Responsible for executing financial performance, against annual and long term performance targets and compliance with statutory requirements, the company’s by-laws and Board approved policies.
• Ensuring the efficient and effective enterprise-wide management of all risks to which the company is exposed in accordance with Board approved risk management policies. Ensuring an effective system of internal controls and procedures.
• Purchase and employ derivatives, as required, to hedge structural risk in the balance sheet.
• Leadership of the Finance Team, and through personal behaviour modelling to all employees, demonstrating capable, highly functional leadership, with the trust and respect of employees, earned by superior decision making and communication skills and demonstrated commitment to the company’s success.
• Ensure high levels of employee engagement by delivering consistent and strong people leadership through effective communications with employees ensuring they understand the company’s strategies and goals and to align employee activities with strategic priorities.
• Manage compliance to all relevant legislation, Standards of Sound Business and Financial Practices or by regulators, by-laws policies and procedures, and to ensure provision of timely and accurate financial statements and reports for management, Board, and external reporting.
• Ensure an objective and efficient Internal Audit function, with independent reporting to the Audit Committee, to manage risk and improve efficiency.
• As a key member of the senior executive team, to work to develop and to manage the execution of strategic plans and to evaluate financial impact of all plans and strategies.
• Manage the company’s cash and liquidity positions, investments and borrowings, including securitizations, ensuring adequate funding for the needs of the business.
• Develop appropriate capital plans and manage the company’s capital levels and composition, including adequacy under stressed conditions.
• Review and evaluate all insurance policies.
• Participation on the following management committees: Asset / Liability Committee (ALCO); Crisis Response Team (CRT); Senior Management Team (SMT); Consumer Credit Committee; Commercial Credit Committee; and holds the designations of Compliance Officer and Privacy Officer. Attendance at meetings of the Board of Directors and Audit Committee as a management resource.

Key Performance Deliverables

In light of the identified responsibilities, the following arespecific deliverablesthat the position is designed to achieve.

Specific key performance measures will be discussed and agreed upon with the successful candidate

Competency Profile

The following competencies listed below define the role of Chief Financial Officer:

Integrity & Sincerity
Inspires trust and supports others through own authenticity and following up on commitments. Maintains high ethical standards both personally and professionally. Shows consistency among principles.

Customer/Client Orientation
Strives to provide internal clients/customers with personalized and efficient service. Anticipates customer needs. Quickly follows up on internal client/customer contacts and complaints. Monitors and acts on measures of customer and employee engagement. Considers the impact on customers of all decisions and seeks win/win solutions for customers and the company.

Communication
Expresses ideas in a clear, fluent and concise manner. Written and oral arguments are compelling and responsive to the needs of the audience. Comprehends communications from others and responds appropriately.

People Management
Establishes and communicates clear priorities and sense of direction. Clarifies roles and responsibilities. Adapts management style to achieve optimum results.

Developing & Coaching Others
Accurately assesses strengths and development needs of employees. Challenges others to improve their abilities and actively supports their development. Continually provides timely and constructive feedback, coaching and challenging learning opportunities. Adjusts coaching style based on each employee’s ability and motivation level.

Role Expertise
Demonstrates critical technical or professional knowledge/skills related to the role. Has thorough knowledge of relevant products, services and methods. Expands technical knowledge/skills and keeps up-to-date in own area of expertise.

Planning & Objective Setting
Systematic in approach to work. Produces action plans in which objectives are defined and steps for achieving them are clearly specified. Plans by breaking down large task into subtasks. Develops plans that anticipate obstacles. Is realistic about time-scales and builds in appropriate checkpoints, milestones and controls to ensure that desired results are realized.

Strategic Approach
Develops a strategic plan to realize the vision. Revises strategy considering changing circumstances. Takes a long-term view of organizational success. Works to clarify long term organizational goals. Able to stand back from immediate problems to focus on more far reaching ideas.

Other competencies which will be focused on include: Interpersonal Understanding and Sensitivity, Team skills, Boundary Spanning and Quality Orientation.

Preferred Experience / Education

The following indicates specific industry, academic and functional experience/qualifications that are important to the successful achievement of the identified responsibilities and performance deliverables.

• Relevant undergraduate University degree required, plus an Accounting (CMA, CA, CGA) designation is preferred.
• A minimum of ten years of progressive Financial Services industry experience with at least five years at the senior executive level managing high performance finance, accounting, risk management and treasury functions and teams.
• Proven track record of developing and implementing budgets and financial controls in a timely manner.
• Demonstrated proficiency in leading the development of effective strategic business plans and programs in support of strategies.
• Intimate knowledge of current retail banking products and a follower of consumer trends, especially regarding the evolution of consumer products in the financial services space. Understanding of commercial (SME) credit and credit risk in general preferred.
• Committed to being a visible and approachable leader with the ability to: manage, coach, inspire, motivate and influence others.
• Strong work ethic, well organized and with a strong commitment to achieving success.
• Exceptional communicator … superior listening skills; well developed verbal and written communications skills; able to deliver a clear message, either publicly or privately.
• Capable negotiator, experienced in leading negotiations of major purchases and leases.
• Must be ‘hands-on’; a capable delegator but passionate about staying involved and leading by example.
• A champion of corporate values; integrity, service excellence, care for others, fun and community engagement.
• Demonstrated knowledge of Corporate Governance and ability to work confidently with the Board.
• A competitive compensation package for the successful candidate.