The Insurance Regulatory Authority of Kenya (IRA) is the sole authority charged with regulation and supervision of the insurance industry within the Republic of Kenya. It ensures compliance by insurance/reinsurance companies, protects consumers and promotes a high degree of security for policyholders.

REF: AMF/15

Purpose

The role is responsible for effective safeguarding of utilisation of financial resources of the Authority. The position is responsible for ensuring that the Authority meets it financial obligation through a sustainable working capital and liquidity strategy.

Duties and responsibilities will entail:

Managerial/Supervisory responsibilities

• Monitor consolidation of the Authority’s Annual and Revised Budget in liaison with heads of functions;
• Monitor and report on utilization of Authority’s approved budget to ensure efficient and effective absorption of funds;
• Coordinate implementation of the departmental budgetary allocations and procurement plan;
• Provide guidance in decision making based on financial statement analyses;
• Monitor implementation of external and internal auditors’ recommendations;
• Develop and document financial processes, manuals and accounting policies to maintain and strengthen internal controls;
• Review and Approve performance targets of direct reports;
• Validate monthly management accounts to ensure accuracy of financial information;
• Monitor implementation of government policy directives and circulars; Supervise the updating of financial records to ensure adherence with statutory provisions;
• Supervise implementation of an effective Accounting system and Standard Operating Procedures to safeguard prudent use of financial resources and integrity of financial information; and
• Coordinate development of departmental work plans and preparation of Performance Contracting reports

Operational Responsibilities / Tasks

• Prepare the Authority’s budget in accordance with Government regulation and circulars;
• Verify accuracy of quarterly and annual financial reports to ensure presentation of reports free from material errors and misstatements; Undertake analysis of financial information to provide recommendations on management of financial resources;
• Carry out assessment on tax management to confirm adherence to statutory provision on taxes and adequacy of tax computations; Monitor remittance of revenue from designated sources;
• Review payments and confirm adherence to set requirements;
• Prepare correspondences to both internal and external contacts e.g.,
• auditors, bankers, financiers, Government ministries and statutory institutions such as Kenya Revenue Authority, suppliers, contractors and consultants to ensure timely feedback;
• Facilitate audit activities by providing responses to audit queries and providing relevant supporting evidence;
• Provide advice on the ability of the Authority to meet its financial obligations through monitoring working capital and liquidity;
• Respond to accounting inquiries from management and resolve financial queries as they arise;
• Contribute in review of existing accounting and internal controls procedures and a recommend changes; and
• Implement financial policies, plans and Departmental strategies

Person specification

• Masters’ degree in any of the following: Commerce, Accounting, Business Administration, Finance, or equivalent qualification from a recognized institution
• Bachelor’s Degree in Accounting, Finance or recognized equivalent.
• CPA (K) or equivalent
• Member of a relevant professional organization.
• Management Course lasting not less four (4) weeks
• Supervisory course lasting not less than two (2) weeks
• Six (6) years relevant working experience as an Accountant
• Certificate in Computer Proficiency
• Meets the provisions of chapter six of the constitution

Competencies and skills

• Strong negotiation skills
• Strong communication and presentation skills
• Good mentorship and coaching skills
• Good analytical skills
• Problem solving
• Leadership and supervisory skills