Posted:June 20, 2023
Collins Recruitment Group has partnered with our client, a schedule I chartered bank in search of a new CFO.
The role is based in London, Ontario.
Position Summary:
Reporting to the President & Chief Executive Officer (CEO) and working closely with executives and the Board, the CFO is responsible for managing the Banks’s overall financial position and plays a critical role in developing and implementing the financial strategy of the Bank.
The CFO is responsible for the strategic leadership of the Accounting & Finance Department (F&A Department) as well as ensuring the efficient operation of the Department which includes the accurate and timely reporting of the overall financial position and related risks of the Bank on a consolidated and required basis.
The CFO is also responsible for stewardship of organizational assets by ensuring effective compliance and control and responding to ever increasing regulatory developments, including financial reporting, capital requirements, and corporate responsibility.
The CFO demonstrates fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.
Key Responsibilities:
Oversee the Bank’s F&A Department
❖ Lead the finance and accounting functions including annual budgeting, forecasting, business planning, analysis, reporting, capital planning, insurance, asset management, audits, and cost control
❖ Participate in developing the strategic plan to advance the Bank’s guiding principles, and to promote revenue, profitability and growth of the organization
❖ Create and establish yearly financial objectives that align with the Bank’s strategic plans
❖ Work closely with the CEO, the Chief Development Officer (or other title TBD) and other executives in the development of the annual Business Plan
❖ Translate the strategic and business plans for financial planning and accounting into operational plans
❖ Develop and maintain financial models that can reflect different scenarios and can be used in long-term planning in accordance with model risk management policy, framework, and procedures
❖ Review prior financial results and discuss anticipated changes to highlight future needs and trends
❖ Monitor financial performance against budgets and work with senior management to explore, analyze and report variances for discussion and decision-making
❖ Ensure the accounting practices of the Bank adhere to IFRS accounting standards
❖ Accountable for compliance with required OSFI and other regulatory reporting
❖ Establish and maintain a sound and strong system of internal controls
❖ Responsibility for compliance with NI 52-109 (ICFR & DC&P)
❖ Provide general financial advice on the day-to-day operation of the business and provide value add by providing input to the improvement of processes
❖ Maintain relationships with external auditors and federal regulators including responding to or directing all auditor and regulatory requests
❖ Coordination of the Bank’s external audit with its external auditors
❖ Facilitate, manage, and directly influence the effectiveness and efficiency of the F&A Department
❖ Create a challenging and rewarding work experience for all team members
❖ Responsibility for payroll including accurate completion of annual tax forms and timely remittance of all statutory deductions.
Financial Reporting
❖Coordination of the timely preparation of internal monthly financial reports
❖ Supervision and preparation of monthly, quarterly, and annual reports for filing with federal government regulators
❖ Provide guidance to the Bank’s operations and strategic management through expertise in financial reporting
❖ Daily monitoring of key financial and capital ratios including asset-to-capital ratio and risk-weighted capital ratios
❖ Preparation of interim quarterly financial statements for the Bank
❖ Preparation of quarterly and annual Management’s Discussion and Analysis
❖ Oversee the preparation of annual financial statements for all companies in the bank including the financial disclosures in the annual report
❖ Preparation of other reports and analyses as required Bank Corporate Income and Other Tax Matters
❖ Coordination of the completion of all corporate income tax returns for the Bank
❖ Responsible for effective corporate income tax planning for the Bank including efficient utilization of income tax losses
Bank Corporate Income and Other Tax Matters
❖ Coordination of the completion of all corporate income tax returns for the Bank
❖ Responsible for effective corporate income tax planning for the Bank including efficient utilization of income tax losses
General
❖ Assist in preparation of material to be included in prospectuses and offering memorandums and any other public filings
Regulatory Compliance
❖ Responsible for being informed and having knowledge of the laws, rules, regulations and prescribed practices (regulatory requirements) applicable to the position’s areas of responsibilities, designing and implementing policies and procedures that are adequate and effective in managing regulatory compliance risks, and ensuring that departmental staff is aware of such policies and procedures.
❖ Monitor day-to-day compliance with policies and procedures applicable to the position’s business activities, conduct independent verification of compliance with regulatory requirements on a risk-based basis and report to the Chief Compliance Officer quarterly on the state of compliance as well as on remedial actions taken.
Operational Risk
❖ Be aware and manage operational risk applicable to the position’s areas of responsibilities, design and implement policies and procedures that are adequate and effective in managing operational risks and ensure that Department staff is aware of such policies and procedures.
❖ Monitor day-to-day compliance with operational policies and procedures applicable to the position’s business activities and report to the Chief Risk Officer quarterly on operational risk events.
Business Continuity
❖ Ensure all critical documents of the position’s business activities are either safely stored off-site or are scanned in the Bank’s computer systems;
❖ Ensure all F&A Department staff are familiar with the Bank’s Business Continuity Plan;
❖ Recommend changes to the Business Continuity Plan with respect to the position’s business activities; and;
❖ Generally ensure that the position’s business activities have an effective business continuity plan in place.
Temporary Absence
❖ Ensure the person assigned to replace the CFO during temporary absences (see management succession plan) is up to date concerning key projects, the location of files, important issues, significant activities etc. Also, ensure vacation is not booked at the same time as the person assigned to replace the CFO unless with the approval of the President & CEO
❖ Develop and communicate a back-up plan for key positions in the F&A Department
Other Duties
❖ Officer immediately responsible for policy compliance including;
▪ Customer Complaint Policy and Procedures (joint with Internal Ombudsman)
▪ Aspects of the Retention of Books & Records Policy
▪ Disclosure Controls and Procedures
▪ All accounting policies
❖ Liaise with regulators, as required
❖ Give presentations to the Board and its Committees, as necessary
❖ Any and all other duties, as assigned
Qualifications:
❖ Bachelor’s degree in specializing in accounting or finance or related area, Master’s degree preferred
❖ Chartered Professional Accountant (CPA) designation or equivalent
❖ Minimum ten years progressively responsible experience in the financial services industry, banking sector preferred
❖ Minimum five years senior management experience in a senior accounting role in a public company
❖ Demonstrated ability to ‘see the big picture’ and develop innovative solutions
❖ Excellent written and verbal communication skills
❖ Superior interpersonal skills and reputation for effective team building ability
❖ Demonstrated ability to work effectively with the Board of Directors
❖ A strong track record of collaborating across functional areas within a financial institution at a senior management level
❖ Demonstrated experience providing strategic management of the accounting and finance functions
❖ Demonstrated, strong understanding of finance, accounting practices/procedures (including IFRS), investments, internal controls, regulations, and reporting requirements for Canadian banks
❖ Experience recommending and implementing improvements to ensure the integrity of a company’s financial information
❖ Experience overseeing financial systems implementations and upgrades
❖ Minimum five years successful people management experience including demonstrated ability to effectively manage and develop team members through training, coaching and mentoring
❖ Demonstrated ability to work effectively with internal and external auditors and regulators
❖ Proficient knowledge of standard office equipment including PC skills with emphasis using MS products including Word and Excel
❖ Experience identifying and managing business risks and insurance requirements
❖ Excellent analytical, organizational and project management skills
Interested candidates please contact Stephanie Williams at swilliams@collinsrecruit.com.