Head of Financial Reporting

3 weeks ago

Toronto, Ontario, Canada Liberty Mutual Canada Full time
Job Summary

We are seeking an experienced Head of Financial Reporting to join Liberty Mutual Canada, a leading insurance company in Canada. The successful candidate will be responsible for overseeing the accurate and timely reporting of financial information to internal and external stakeholders, ensuring tax and financial compliance with regulatory requirements and accounting standards.

Key Responsibilities
  • Financial Statements
    • Responsible for all Canadian regulatory reporting - in accordance with IFRS and statutory accounting principles and any other relevant/replacement reporting requirements.
    • Review, analyze, report upon financial results and ensure timely and accurate filing of the Canadian Branch external financial reporting (including OSFI filings); (P&C & Life).
    • Establish and maintain accounting policies and procedures that align with regulatory requirements and best practices, ensuring consistency and accuracy in financial reporting across the organization.
    • Ensure proper disclosure of financial information in external reports, highlighting significant financial events, risks, and uncertainties.
  • Financial Analysis
    • Conduct in-depth analysis of regulatory financial statements to identify trends, anomalies, and potential areas of concern, providing valuable insights to the Branch Governance committee and other key stakeholders.
    • Effectively communicate financial information and results to Branch Governance and relevant external stakeholders (i.e., OSFI).
    • Collaborate with key stakeholders (i.e., UW, Reinsurance, Claims etc.) and Identify opportunities to improve Branch profitability. Assist the CFO in the review, analysis, presentations and ad-hoc requests of competitor analysis.
  • Tax Compliance and Management
    • Ensure accurate and timely preparation and filing of all tax returns, including corporate income tax returns, premium tax returns, and other relevant tax filings, in compliance with local tax laws and regulations.
    • Minimize corporate tax position through effective tax planning and management - inclusive of consideration to US GAAP requirements for parent company consolidation purposes.
  • Capital Management
    • Oversee capital management for the branch, including monitoring of capital and optimizing use of capital. Lead treasury and cash management roles to maximize investment returns.
    • Review capital adequacy analysis, and lead quarterly updates for Branch Management including forecasted capital and forecast accuracy.
  • External Audit
    • Lead the Canadian Branches through the external audit of the statutory financial statements (and capital filings).
    • Collaborate with external auditors to plan and execute annual financial audits, coordinating information requests, ensuring proper documentation, and addressing any audit findings or recommendations.
  • Regulatory Guidelines & Filings
    • Assist the CFO in the review, implementation, and on-going compliance of regulatory guidelines & filings.
    • Monitor and implement procedures to ensure compliance with all Canadian and US legislative requirements - including OSFI, FSCO/IBC, FCAC, OFAC, Sarbanes Oxley legislation etc.
  • Team Management
    • Provide leadership, guidance, and mentorship to a team responsible for external reporting, ensuring their professional growth, performance, and adherence to deadlines.
    • Proactively identifies, participates in, or manages cross functional/departmental projects. Defines project scope and prioritizes resource commitments. Monitors projects while challenging and developing staff. Communicates project opportunities of high complexity and constraints to Senior Management. Appropriately holds staff accountable for project deadlines.
Requirements
  • Designated CPA;
  • Minimum 10 years of financial reporting and analytical experience, with at least 5 years of leadership experience;
  • Proven experience in a senior financial reporting role within the insurance industry or related sector.
  • Excellent analytical and problem-solving skills, with attention to detail and accuracy.
  • Technically proficient in IFRS and US GAAP;
  • High proficiency (advanced level) with MS Windows based applications (Excel being the key applications);
  • Proven track record of effectively building constructive relationships with others at all levels of the organization; and
  • Excellent communication skills, both verbal and written, with the ability to articulate complex financial information to non-financial stakeholders.

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