Manager, Regulatory Reporting & Tax
Deadline of this Job:
07 January 2023
Within Tanzania , Dar es Salaam , East Africa
Date Posted: Monday, December 26, 2022 , Base Salary: Not Disclosed
• Provide strategic support to the Financial Controller and CFO on matters relating to Regulatory Environment, requirements and reporting.
• Monitor the Regulatory Environment for any Regulatory changes and preparing an impact analysis that provide insights for management decision making.
• Understanding of the Regulatory requirements and their impact into our business and influencing Regulators for regulatory requirements that do not meet Global best practice.
• Monitor compliance with Regulations, International Standards, Local Statutory and Group Policies and guidelines, and report any potential breaches in time for remedial action.
• Review and maintain financial reporting systems to ensure high quality of financial data reported, ensuring timely and accurate regulatory reports to External Regulators, Group and Management.
• Coordinating, facilitating and promoting understanding of Operational Risk and implementation and management of OR within the unit.
• Manage overall design and outcome of the end-to-end process. And also owns the process output performance in terms of client service, financial performance and risk where appointed as Process Owners.
• Contributing to the new agenda through the existing forums such as Data Management Committee (DMC) and Finance Operational Risk Committee (FORC).
• Performing analysis on regulatory information and providing insightful commentary on emerging trends, whilst linking current performance with future projections, risks and opportunities.
• Reviewing Control Self Tests (CSTs) in the unit and completing actions on exceptions.
• Local Regulatory and Group Reporting.
• Perform first cut detailed analysis and review of daily, weekly and monthly regulatory reports, making the necessary corrections before submission to ensure accurate and timely reporting to the regulator.
• Deliver accurate and timely regulatory, financial and statistical information to the Central Bank.
• Liaise with Central Bank on issues arising from financial, statistical and other reports.
• Ensuring the quarterly and annual publications are done timely and accurately reflecting the performance of the bank and ensuring compliance with regulatory requirements. These should be signed by INEDs timely.
• Contribute in ensuring that statutory accounts are drawn up in accordance with local requirements, accurately and in a timely manner.
• Maintain the Department Operating Instructions (DOI) and Service Level agreements (SLAs) (where applicable) ensuring these are always detailed and up to date.
• Preparation/review of various reports required as per Group guidelines and ensuring accurate and timely delivery of the respective reports to the Group.
• Lead the continuous review and strengthening of Regulatory Unit Control environment by providing subject matter expertise on Local Regulatory Guidelines and Group Regulatory Policies.
• Being the key contact person for Central Bank and Tanzania Revenue Authority (TRA) regulatory audits.
• Work closely with the FC and Balance Sheet and Performance Management and Finance Transformation team to identify and coordinate opportunities for both BAU including rationalization and automation of regulatory reporting.
• Work with the Finance Systems Team at the hub to ensure that all Local Regulatory Reports where possible, are automated ensuring accuracy and timely reporting to the Regulator.
• Managing the Regulatory Reporting Unit, supervision of the Regulatory Reporting Officer and ensuring appropriate training and couching is provided timely and on an ongoing basis.
• Provide strategic support to the Financial Controller and CFO on Regulatory Environment and ensuring the Bank maintains good relationship with all Regulators.
• Assist in the preparation of Board papers particularly those relating to regulatory reporting including the quarterly regulatory reports, regulatory changes and local regulatory compliance.
• Attend to any other Bank business as requested from time to time by the FC and CFO.
• Operate 1st line responsibilities of Process owners as outlined under Operational Risk Framework (ORF) and associated policies and procedures. Including, but not limited to the following:
• Identify, assess, treat and monitor significant operational risks
• Submit gross risk and residual risk ratings with rationales for approval by authorized Risk Owners
• Propose risk acceptance requests with justification to the authorized risk acceptance authority and abide by any conditions of acceptance
• Promptly execute any remediation or risk treatment actions in order to remain within risk tolerance
• Record and maintain a record of all formal risk assessment and risk acceptance decisions in the Operational Risk systems.
• Work closely with the Balance Sheet and Performance Manager to review the ALCO pack and document commentary for circulation to ALCO on a timely basis.
• Work closely with the Balance Sheet and Performance Manager on closure of actions coming out from ALCO regarding Regulatory reporting.
• Carry out analysis of regulatory information and highlight opportunities and risks for management action
• Review and recommend improvements in the reporting environment/templates etc.
• Preparation of competitor analysis on a quarterly basis and ensuring appropriate commentary and insights relevant to the Bank for decision making.
KEY RELATIONSHIPS INTERNAL & EXTERNAL
• FC, APU, Balance Sheet and Performance Manager, East Africa Tax Manager and Hub Reporting Team
• Central Bank of Tanzania
• Tanzania Revenue Authority
• CMSA and DSE
• External Auditors
Role Specific Technical Competencies
• Financial Accounting
• Tax Operations
• Financial Reporting
• University degree preferable in Business or Accounting coupled with second level professional accounting qualification e.g. CPA, ACCA or CIMA plus at least three years experience in a middle management accounting position of a busy financial /commercial organisation
• High level of computer literacy and understanding of business computing environments
• Comprehensive understanding of the Banking practice and theory in operating systems and internal reporting requirements
• Strong knowledge in Financial Management Accounting Principles
• Strong analytical skill and an eye for detail
• Good communications and interpersonal skills
• Understanding of IFRS.
About Standard Chartered
We’re an international bank, nimble enough to act, big enough for impact. For more than 160 years, we’ve worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you’re looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can’t wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you’ll see how we value difference and advocate inclusion. Together we:
• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Be better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
• In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations
• Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with with minimum global standards for annual and public holiday, which is combined to 30 days minimum
• Flexible working options based around home and office locations, with flexible working patterns
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies – everyone feels respected and can realise their full potential.
• Recruitment assessments – some of our roles use assessments to help us understand how suitable you are for the role you’ve applied to. If you are invited to take an assessment, this is great news. It means your application has progressed to an important stage of our recruitment process.