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Reporting & IFRS 17 Manager, Hong Kong

Date: Jun 6, 2021

Location: Hong Kong, HK

Company: SCOR

     APAC     

Hong Kong Hong Kong (HK) 

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Reporting & IFRS 17 Manager, Hong Kong 

Permanent 

Finance & Accounting 

 

 

          About SCOR         

SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance as well as in P&C insurance. Our specialist teams operate in over 120 countries, developing value added and innovative products and services and making long-term commitments to their clients, namely insurers and large corporations.
SCOR's aim, as an independent global reinsurance company, is to develop its Life and P&C business lines, to provide its clients with a broad range of innovative reinsurance solutions and to pursue an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy, in order to offer its clients an optimum level of security, to create value for its shareholders, and to contribute to the welfare and resilience of Society by helping to protect insureds against the risks they face.

 

Job Summary

  1. The incumbent will support the Hongkong CFO in managing the IFRS 17 and IFRS 9 project, in coordination with local teams and Asia Pacific HUB. 
  2. The incumbent will act as the “right hand” of the CFO and will be involved in all matters related to financial reporting to internal & external stakeholders (Group, Auditors, Tax authorities, local Regulators etc)

 

Key duties and responsibilities

 

A) Financial Reporting (60%)

  • Assist the local CFO for the below reporting requirements
  • Group IFRS reporting on a quarterly basis
  • Local reporting on a quarterly basis (including business returns and management account preparation under both HKFRS and HKIO basis)
  • Preparation of finance section of board meeting materials on a quarterly basis
  • Local reporting on an annual basis (including annual business returns and financial statements preparation under both HKFRS and HKIO basis)
  • Annual ORSA reporting based on latest RBC requirements
  • Prepare annual budget and forecast for local board approval

 

B) IFRS 17 Technical Advice, Involvement and Project Management (40%)

  • Provide technical support for local CFO on all activities related to IFRS 17 project, both internal and external:
  • Conduct the E2E testing, contribute to the strong coordination of the various dependencies within the testing process with testers (Technical accountants, Actuary), report the results and ensure that any deadlines are met, issues are escalated and resolved
  • Dry-run activities preparation, execution
  • Analyse Group IFRS17 deliverables (position papers, Chart of Accounts, IFRS17 disclosures, process map) and prepare local requirements whenever applicable
  • Stay on top on the development on IFRS 17 in the industry and communicate developments, market insights, progress and issues
  • Build strong relationships and work closely with Asia Pacific Hub, P&C and Life teams
  • Ensure project progress is appropriately communicated to external parties e.g. Local regulators
  • Given interaction between IFRS 17 and IFRS 9 involvement and provide support to IFRS 9 project

 

Asia Pacific IFRS 17 project

  • Active participation in the Asia Pacific IFRS 17 project including discussing, sharing, supporting and working with different entities in the region

 

Other ad-hoc projects

  • Participation on other ad-hoc projects and daily responsibilities as arising and as directed, such as business plan preparation to local regulator, other finance change projects

 

Required experience & competencies

Experience:

Degree or Masters educated.

Qualified accountant, CFA preferred.

Big 4 insurance experience or in-house accountant in insurance companies preferred.

Strong understanding of Life and P&C insurance or reinsurance business and understanding economic value generation principles important.

Good level understanding of IFRS/HKFRS/HK Insurance Ordinance.

Good understanding and prior exposure to IFRS 17 Standard a clear advantage.

Experience in Solvency II is desirable.

Minimum 5 years of relevant working experience in Insurance/reinsurance fields.

 

Personal Competences:

Strong knowledge finance / accounting systems (SAP preferred)

Strong skill in Excel

Demonstrate ability to work collaboratively with multiple stakeholders and be pro-active

Have ability to work under pressure and meet deadline