Manager, Internal Controls

4 months ago

Toronto, Canada Porter Airlines Inc. Full time

Job Summary:
We are seeking a dynamic and experienced Manager, Internal Controls - Finance to join our team. Reporting to the Director, Finance Transformation, this role plays a pivotal part in overseeing and enhancing internal controls across various critical functions within the organization. The Manager, Internal Controls - Finance will lead assessments, identify deficiencies, and implement changes to strengthen controls and ensure compliance. This position requires a strategic thinker with strong analytical skills and a deep understanding of internal control frameworks.

Duties & Responsibilities:

- **Develop and Implement Internal Control Frameworks**:

- Design, document, and implement financial control procedures and policies in alignment with Airline industry standards and regulatory requirements.
- Evaluate the effectiveness of existing controls and propose enhancements to mitigate risks and improve operational efficiency.
- Collaborate with department heads to ensure controls are properly embedded in business processes.
- ** Risk Assessment and Mitigation**:

- Conduct risk assessments to identify areas of potential vulnerability and recommend controls to mitigate financial risks.
- Monitor and analyze key risk indicators (KRIs) to proactively identify emerging risks and develop strategies for their mitigation.
- Assist in incident response and recovery efforts related to financial control breaches or vulnerabilities.
- ** Compliance and Audit Support**:

- Prepare documentation and evidence to support compliance with audit requirements and regulatory standards.
- Coordinate audit activities and facilitate communication between auditors and internal stakeholders.
- ** Training and Awareness**:

- Develop and deliver training programs on financial controls, compliance requirements, and best practices to ensure awareness and adherence across the organization.
- Provide guidance and support to employees on implementing and maintaining effective internal controls.
- ** Reporting and Documentation**:

- Scope and Identify software for documentation of internal controls within the organization.
- Prepare clear and concise reports on the status of internal controls, audit findings, and recommendations for senior management and the Audit Committee.
- Maintain comprehensive documentation of internal control processes, procedures, and assessments.
- ** Continuous Improvement**:

- Monitor Airline industry trends, regulatory changes, and best practices related to financial internal controls and recommend improvements to enhance the effectiveness of controls.

**SPECIAL PROJECTS**:
Lead or participate in special projects or initiatives aimed at improving governance, risk management, and internal control processes. Scope of projects include:

- ** Maintenance - Inventory Controls**:

- Understand the financial controls at hangars at all bases for the purchasing of parts, receiving process and inventory management including cycle count program.
- Process mapping of procedures to understand gaps in controls, reporting and segregation of duties.
- Understand available reporting in the maintenance system (AMOS/RAAS) to understand usage, min max levels and safety stock and age.
- Understand available reporting for purchase orders management (open PO’s, price history, zero cost PO’s) to manage outstanding PO’s.
- Review the internal controls, audit reports, various workflows and approval chains within the maintenance systems.
- ** Fixed Assets**:

- Lead count of fixed assets at various stations.
- Review capex policy including purchase and disposition of assets. Provide guidance to improve current policy and processes.
- Monitor compliance with capex policy once policy is finalized.
- ** Voucher Issuance**:

- Understand the guidelines and approval process for authorization of voucher issuance to passengers.
- Analyze trends of voucher type, issuer and city pair segment for outliers and large swings to understand opportunities to improve upon leakage.
- Testing vouchers issued to determine if the guidelines were followed.
- Understand review process of vouchers (weekly/monthly) by department heads and standardize reporting.
- Understand if there is post issuance fraud. (transfer of non-transferrable vouchers prior to expiry)

The above scope of work will require the following:

- Perform internal reviews to ensure that all policies and procedures are implemented properly.
- Documentation of processes to identify any control gaps corresponding to identified risks.
- Mapping of key controls against identified risks.
- Review processes and identify opportunities for risk mitigation through proposing new controls or revising existing controls.
- Evaluate significant deficiencies and recommend remediation plans for control deficiencies.
- Actively participating in Porter’s Safety Management System (SMS) including, reporting hazards and incidents encountered in daily operations; understand, comply and promote th

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