Position Overview
We are looking for an experienced and detail-oriented Finance Manager to oversee the financial operations of our Insurance Brokerage firm, which is registered under Labuan Financial Services Authority (Labuan FSA) in Malaysia. The Finance Manager will be responsible for managing financial reporting, budgeting, forecasting, financial analysis, compliance with regulations, and ensuring the overall financial health of the company.
Key Responsibilities
Financial Management and Reporting
- Oversee the preparation of financial statements, including balance sheets, profit and loss accounts, and cash flow statements in compliance with Labuan FSA regulations and accounting standards (IFRS/GAAP).
- Monitor and manage the financial performance of the company, including monthly and annual financial reporting.
- Prepare timely and accurate financial reports for senior management, ensuring alignment with strategic goals and business objectives.
Budgeting and Forecasting
- Lead the annual budgeting process and assist with forecasting.
- Provide detailed analysis on budget variances, identifying any financial risks or opportunities, and offering actionable solutions.
Compliance and Regulatory Oversight
- Ensure compliance with Labuan FSA regulations, tax laws, and other relevant local financial and regulatory requirements.
- Liaise with auditors, regulatory bodies, and tax authorities to ensure compliance and smooth financial audits.
- Maintain up-to-date knowledge of the regulatory environment in Labuan and broader financial markets.
Cash Flow and Treasury Management
- Manage cash flow and liquidity to ensure sufficient funds are available for business operations, investments, and debt obligations.
- Oversee banking relationships and ensure efficient treasury management.
- Ensure efficient and effective management of premium collections, claims payments, and reinsurance arrangements.
Risk Management and Internal Controls
- Identify and assess financial risks and work with management to implement effective mitigation strategies.
- Develop and monitor internal financial controls to prevent fraud and ensure financial integrity.
Team Leadership and Development
- Supervise and mentor the finance team, providing guidance and ensuring high-performance levels.
- Lead recruitment, training, and development of finance department staff to build a capable and motivated team.
Strategic Financial Planning
- Provide strategic financial advice to senior management, enabling data-driven decision-making.
- Evaluate investment opportunities and oversee capital expenditure decisions.
- Assist in business growth strategies, particularly in insurance brokerage, and evaluate the financial impact of business expansion or diversification.
Required Skills and Qualifications
- Bachelor's degree in Accounting, Finance, Economics, or related field. A professional accounting qualification (ACCA, CPA, CIMA, etc.) is preferred.
- Minimum 5 years of experience in a finance role, preferably within the insurance, financial services, or brokerage industry.
- Strong understanding of financial reporting and accounting standards, including IFRS and Labuan FSA regulatory requirements.
- Excellent analytical skills with the ability to interpret complex financial data and communicate findings effectively.
- Proficiency in financial software and tools (e.g., Microsoft Excel, ERP systems).
- Strong leadership skills, with experience managing and developing finance teams.
- Ability to handle multiple priorities in a fast-paced environment and work under pressure to meet deadlines.
- Strong communication skills and a proactive approach to problem-solving.
- Knowledge of the Labuan financial sector and insurance industry is a significant advantage.
Desirable Skills
- Experience in the reinsurance sector or managing financial operations of insurance brokers.
- Familiarity with Malaysian taxation and corporate law, especially related to offshore jurisdictions like Labuan.
- Knowledge of risk management strategies within the financial services sector.
Personal Attributes
- Detail-oriented with a high degree of accuracy in financial analysis and reporting.
- Strong ethical standards with the ability to manage sensitive information with confidentiality.
- Proactive, solution-oriented, and able to anticipate potential issues and resolve them promptly.
- Excellent interpersonal skills and ability to work with various stakeholders including senior management, clients, and external auditors.
