Financial Operations Director

7 days ago

Toronto, Ontario, Canada Healthcare Insurance Reciprocal of Canada (HIROC) Full time
Job Description:

We are seeking an experienced and strategic Financial Operations Director to oversee the financial operations of HIROC and other legal entities within the HIROC Group.

This individual will lead a team of professionals with responsibility for ensuring compliance with accounting standards in both financial and regulatory reporting, budgeting, and forecasting, and contribute to the financial stability of the HIROC Group.

The Director will collaborate with leaders to optimize the financial performance and support strategic initiatives.

Key Responsibilities:
  • Reporting and Compliance: Oversee the preparation of monthly, quarterly and annual financial statements in compliance with accounting standards and insurance regulatory requirements.
  • Oversee the preparation of variance analysis to identify trends, risks, and opportunities within the financial performance.
  • Oversee the preparation and analysis, and accurate and timely reporting of financial reports for Executives, Board and stakeholders.
  • Ensure the accuracy of general ledger accounts, journal entries and account reconciliations.
  • Ensure compliance with accounting standards e.g. IFRS 17, and regulatory requirements.
  • Ensure a sound system of internal controls, policies and procedures.
  • Ensure compliance with regulatory and statutory reporting requirements.
  • Coordinate audits and maintain relations with external auditors, the internal audit function, tax advisors and regulatory bodies.
  • Implement and maintain internal controls to safeguard HIROC's assets and ensure financial integrity.
Budgeting and Forecasting:
  • Lead the annual budgeting process and develop forecasts and cash flow projections.
  • Monitor cash flow, working capital and expense management, ensuring alignment with the budget and forecasts.
  • Provide insights and recommendations to improve financial results and support strategic planning.
Management of the Finance Functions:
  • Ensure highest quality of services provided to internal and external customers.
  • Approve payments as set out by the procurement policy.
  • Review and approve tax returns and filings.
  • Liaise with actuary, external auditors, investment managers and reinsurance broker.
  • Monitor investment performance and investment portfolio mix.
  • Manage the operations related to reinsurance transactions.
Management of Procurement and Facilities Function:
  • Oversee the purchasing ecosystem for HIROC, ensuring compliance to policies.
  • Oversee the facilities management.
  • Partner with stakeholders to understand business requirements.
  • Develop and maintain procurement strategy, policies, and procedures, with regular updates as needed.
  • Develop and maintain sourcing strategies that maximize value and mitigate risks.
  • Identify cost or service improvement opportunities.
  • Develop and maintain effective relationships with suppliers.
Team Leadership and Development:
  • Lead and monitor the Finance team, fostering a collaborative environment.
  • Oversee and create a continuous learning culture amongst the Finance team to enhance skills in financial analysis, regulatory reporting and insurance industry practices.
  • Set performance goals, conduct performance evaluations, and manage staff workload to ensure timely and accurate financial operations.
  • Manage employee performance and provide ongoing guidance and feedback to team.
  • Implement career development and training plans for Finance team.
Risk Management and Financial Strategy:
  • Identify and assess the financial risks, including credit, liquidity and operational risks relevant to the insurance sector.
  • Collaborate with the Vice President, Finance and Operations, to develop and implement financial strategies that strengthen HIROC's financial position.
  • Actively participate in the strategic planning process with HIROC's executive leadership.
  • Develop Board and management strategic indicators, and report on achievement of targets.
  • Communicate strategy and solicit input from Finance team members.
  • Spearhead strategic initiatives as assigned.
Requirements:
  • Bachelor's degree in Finance, Accounting or equivalent.
  • CPA designation or equivalent.
  • MBA considered an asset.
  • 8+ years of experience in accounting or finance with at least 3-5 years in a senior leadership role within the insurance industry.
  • Strong understanding and experience with insurance, reinsurance and investment accounting principles, statutory and regulatory compliance and financial reporting standards for insurance companies (IFRS-17, ASPE and ASNPO).
  • Proficiency in financial systems and software.
  • Excellent analytical, problem-solving, strategic and decision-making skills with a focus on continuous improvement.
  • Superior written and oral communication skills.
  • Strong leadership abilities, with experience managing and mentoring a team.
  • High level of integrity, attention to detail, and a commitment to upholding financial accuracy and transparency.
  • Knowledge of risk management practices and compliance in the insurance industry (e.g. ORSA).
Estimated Salary: $120,000 - $180,000 per year

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