AFC’s mission is to help address Africa’s infrastructure development needs while seeking a competitive return on capital for its shareholders. Since it began operations in 2007, AFC has created the building blocks with which to achieve this objective.
Associate Vice President, Business Performance & Product Control
- Job Type: Full Time
- Qualification: BA/BSc/HND , MBA/MSc/MA
- Experience: 8 – 10 years
- Location: Lagos
- Job Field: Finance / Accounting / Audit
Job Summary
- Support the performance of the day-to-day product control function of the Corporation, with the specific role of financial reconciliation of Treasury systems to the Corporation’s ledger systems, derivative and hybrid instruments valuations, repurchase agreements etc.
- Take responsibility for the accounting, monitoring and implementation of world class internal financial controls around all the operations of the Corporation, including supporting the efforts of the business performance and product control (BPPC) function in ensuring accurate reporting of the Corporation’s profitability.
- Work with the Unit Head on various system improvement initiatives, including new Information Technology systems automation projects, that will help to ensure a consistently robust, speedy, and accurate financial reporting environment for the Finance division, and the Corporation at large.
- Support the BPPC function of the Finance Division by proper monitoring of financial management and control processes. Work closely with the various ‘Strategic Business Units’ (SBUs).
Principal Duties and Responsibilities
- Assist in the planning and coordination of the monthly Business Performance Review sessions, including preparation of the monthly management reports for the review of the Product Controller.
- Collate all divisions’ financial and non-financial key performance indicators (KPIs) at the beginning of every financial year, by liaising directly with SBU Heads across the Corporation.
- Monitor and assess financial and non-financial KPIs across the Corporation. Perform divisional performance appraisal and ranking of each division, on a Corporationwide basis, in line with agreed performance score cards in conjunction with the Product Controller.
- Prepare monthly net open position reports for the Treasury department and ensure proper hedge is in place for the Corporation’s foreign currency balance sheet exposures.
- Support the Unit Head in the management of the quarterly and year-end quasi-equity investment valuations process and coordinate external consultant valuation, in line with the board-approved internal valuation policy.
- Prepare the periodic (or where applicable, the daily P&L for trading environment) reporting process for the treasury business.
- Carry out daily validations of the Treasury department’s derivative/repo transactions and associated margin call requirements, ensuring no gaps in the settlement or recall of margin positions.
- Initiate and develop Treasury accounting policies for new products to ensure adherence to IFRS, ALCO, and other applicable standards.
- Reconciliation of profit to the general ledger and substantiation of balance sheet accounts, for Treasury and hybrid products.
- Support the treasury business head with quality MIS reporting across all aspects of their business. This will include P/L validation, analytics, risk-based P/L explanation, MTM computations & accrual rate analysis, balance sheet analysis and performance commentary, some cost analysis and limited planning and budgetary support.
- Under the supervision of the Product Controller, support the roll out of any new product programs by Treasury, including providing support for system implementation.
- Work with Unit Head and IT to implement system changes as they impact the treasury business and financial reporting of treasury and investment products.
- Prepare the monthly operating results against board-approved plans/target report for the review of the Product Controller.
- Capture and document all financial records, ensure the books of accounts are compiled at the end of every reporting period, and ledger account ownership is complete and balance sheet assessments are performed.
- Conduct tests on independent price verification, trading P&L reconciliation, serving as an interface for market and credit risk. Ensure that for financial assets and liabilities, proper valuation has been carried out and consistent with IFRS and the Corporation’s accounting policies.
- Monitor financial controls and procedures and suggest improvement mechanisms as the Corporation’s activities expand.
- Provide necessary inputs and recommendations for month-end entries on financial instruments such as equities, debts, deposits, money market securities, derivative, hybrid instruments etc, to aid timely month-end financial close.
- Perform other duties as may be delegated by the Product Controller and Chief Financial Officer.
Key Relationships (Internal & External) Internal
- Financial Controller
- Head, Portfolio Management
- Head, Operations & Settlements
- Corporate Treasurer
- Sector and Business Unit Heads
- Chief Risk Officer
- External
- PwC/KPMG/E&Y/Deloitte
- Software vendors/system providers as may be necessary Requisite Competencies and Attributes
- Experience in valuation of derivatives, hybrid instruments, and structured products.
- Experience of global markets treasury products, ideally covering FX, interest rate derivatives, options, ALM, Fixed Income. Other products would be an advantage.
- A strong understanding of the International Financial Reporting Standards (IFRS).
- A strong understanding of the financial reporting requirements and issues for treasury products. Africa specific experience & product knowledge would be an advantage.
- Ability to meet tight deadlines and deliver high quality output.
- Excellent interpersonal skills, with the ability to communicate & challenge at all levels both written (report and guideline writing) and verbally.
- Excellent communication and presentation skills.
- Lateral thinker with ability to use own initiative.
- Applies technical knowledge and skills and efficient use of resources.
- Work at the leading edge of own technical specialism to ensure that the department achieves its Key Performance Indicators (KPIs).
- Ability to analyze and evaluate data for acceptability and correctness.
- Analytical mind with strong orientation to financial analysis.
- Ability and experience in communicating with all levels of management regarding management information needs.
- Global mindset and appreciation of global issues in financial services.
- Strong professional ethics, accountability, and dependability.
- MS Office tools proficiency, with exceptional use of MS Excel and Power Point.
- Bloomberg, SAP and other Treasury applications proficiency.
Key Performance Indicators
- Timely monthly business performance reporting to Executive Management.
- Monthly balance sheet and profit or loss reconciliation for relevant Treasury and relevant Investments ledgers
- Active participation in the successful holding of the monthly business performance review sessions.
- Timely dispatch of net open position reports to the Treasury department and proper monitoring of the adequacy of the Corporation’s FX hedge
- Active and accurate management of the derivatives portfolio and monthly valuations
- Accurate and correct accounting treatment of new investments and treasury deals, in compliance with IFRS.
- Qualitative and prompt support to Investments division on deal pricing, performance management and management of KPIs.
- Weekly validation of the daily market data upload and maintenance on SAP, with zero miss.
- Prompt validation of all margin call positions for both repo and derivative transactions, with zero miss on calls and recalls.
- Timely preparation and submission of month-end entries impacting own work area.
- Monthly validation of the Loan Pricing Model System, ensuring accuracy of output.
- Timely and error-free preparation and upload of all new derivative contracts (including plain vanilla and structured products) on the Bloomberg application.
- Timely completion of external audit exercises within board-approved timelines.
Minimum Qualifications
- First Degree in Finance, Economics, Business Administration, or a related field.
- MBA/MSc/MA or relevant postgraduate degree will be an added advantage.
- Qualified chartered accountant with 8-10 years’ post-qualification direct relevant experience, preferably in a major auditing/accounting practice and/or within the financial services industry.
- Possession of the CFA charter or at least a pass of the CFA Level 2 Exam will be an added advantage.
- Relevant experience and understanding of infrastructure development issues, infrastructure finance, project development and private equity.
Method of Application
Interested and qualified? Go to Africa Finance Corporation (AFC) on career2.successfactors.eu to apply