Chief Financial Officer - BFSI - CA

CHIEF FINANCIAL OFFER- BFSI

Title: Chief Financial officer

Division/Dept: Finance

CA is mandatory

Location: Corporate Office, Bhubaneswar

1. Job Purpose:

The need for this job and its contribution to the overall mission/objective of the organization. Formulate, develop, and implement financial and accounting policies and direct all finance-related strategies and initiatives to allocate resources to the various departments to deliver return on investment with compliance to all regulatory guidelines to safeguard the interest of stakeholders.

2. Primary Accountabilities:

A. Formulate, review, and implement policies and accounting standards:

a. Oversee financial functions such as accounting, insurance, and tax, regularly with respective business and department heads.

b. Guide and advise tax and insurance management to comply with regulatory guidelines keeping the organisation's interest intact.

c. Review and adhere to regulatory compliance of RBI and all statutory compliance such as GST, tax payments, Income Tax, Companies Act, Service Tax, VAT and CST, ROC filings etc., Payroll, and Audits of the entity to ensure compliance as per the latest regulations.

d. Monitor and review financial policies regularly, making changes to back-office processes as required.

e. Identify processes that may be automated to improve efficiency, productivity, and accuracy within the finance team.

f. Monitor asset-liability (ALM) mismatches for defined time buckets to ensure deviations within internally approved/regulatory guidelines.

g. Identify possible breaches in ALM in advance, providing resolution and fixed actionable.

B. Budget allocation and profitability measurement:

a. Present the proposed budget to the Board for approval for the upcoming financial year.

b. Oversee the allocation of budgets across various business and support functions and challenge their cost management to bring efficiency.

c. Review the quarterly performance of critical functions and engage with the Heads to deliberate the opportunities and challenges in exceeding the business targets.

d. Engage with the business and department heads at regular intervals and explain the return-on-investment concept that every spend is made wisely, keeping the cost-income ratio target

e. Create presentation metrics for the Board to view month-on-month spending vis-a-vis the approved budget.

f. Design and coordinate the presentation of various statistical metrics for data analytics and reporting to the Board and external regulators.

g. Review all data input points used to calculate critical profitability indicators before finalisation.

h. Present trends in key profitability indicators such as net interest margin, return on assets, and net efficiency for the management to take strategic calls in product offerings.

C. Oversight of Internal Control:

a. Formulate and implement a robust internal control framework in managing the accounting standards, including IND AS and financials of the RE.

b. Assess the current internal control and identify susceptibility to fraudulent activities due to coercion or collusion.

c. Drive the team to document the control structure and identify the vulnerable internal accounts.

d. Review the accounting structure and strict oversight on direct posting by users into the internal accounts or GL without routing through customers' accounts.

e. Formulate a policy for creating accounting GL set codes for various business/processes to monitor and segregate the same basis the treatment of income and expenses.

f. Creation of accounts with other banks and entities to fulfil other obligations in delivering its financial objectives.

D. Enhance the efficiency of the Finance and Accounts function:

a. Review and monitor accounting processes regularly to ensure the robustness of the processes.

b. Implement accounting standards in the organisation.

c. Automate dashboard for reporting key metrics to view real-time accounting parameters.

d. Have regular review meetings with tax, cash management, and department heads to provide prompt resolutions on any issues.

e. Engage with senior management to improve the key financial ratios and evaluate the same to implement them appropriately.

f. Sign off on all accounting reports being finalized for internal and external regulatory reporting.

g. Oversee and support external audits, ensuring all queries are resolved within given timelines.

E. Oversee regulatory and statutory reporting:

a. Identify formats, key metrics, and definitions of these metrics for reporting to the regulator.

b. Create a process to ensure that all data collected for reporting is cross-checked before being presented for review and submission to the regulator.

c. Drive automation of all the reporting processes to deliver the data directly from the source base as per regulatory requirements.

d. Oversee the timely completion and submission of financial and statistical reports to the management and regulatory agencies

e. Make presentations on the organisation's financial performance at Board meetings

f. Participate and handle the financial-related questions in the AGM and provide the financial statistics while responding to shareholders.

3. Key Decisions:

Decisions to be made in the course of this job:

a. Provide input and approve all financial policies pertaining to cash management, accounting, and taxation, keeping in mind statutory regulations and the overall strategy of the organisation.

b. Approve and sign off on all statutory and regulatory reports presented to the Board and regulators.

4. Skills and Knowledge

5 a. The minimum acceptable proficiency for this job.

a. Extensive knowledge of managing budgets, understanding of taxation, and accounting in the BFSI space

b. Able to manage multiple stakeholders across locations.

c. Develop and enforce sound processes, implementation, and control mechanisms.

d. Knowledge in financial reporting and providing expert financial perspectives and opinions.

e. Strong analytical, problem-solving, and decision-making skills to evaluate alternatives and provide recommendations on business issues.

f. Experience in handling/managing Ind AS reporting, including consolidation under Ind AS.

g. Robust understanding and knowledge of RBI requirements applicable to an NBFC, especially those having financial implications.

5 b. Educational Qualifications - Must be a Chartered Accountant