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: MF/10

Purpose

The position is responsible for implementing strategies aimed at prudent management of the Authority’s financial resources through planning, financial management and control, analysis and providing reports on financial position in accordance with applicable laws and standards.

Duties and responsibilities will entail:

Managerial / Supervisory Responsibilities

• Lead in implementation of financial policies, plans and Departmental strategies;
• Champion implementation and management of the Authority’s financial reporting system to cater for departments operations;
• Lead in implementation of government policy directives and circulars; Oversee maintenance of financial records in accordance with statutory provisions;
• Coordinate preparation of monthly management accounts and analyse financial discrepancies to ensure correctness of financial information; Monitor utilisation of allocated funds, analysis of revenues and outline of variances to ensure revenues and costs are duly captured and reported; Manage implementation of approved departmental budget;
• Coordinate implementation of recommendations of external and internal audit reports.
• Manage tax compliance measures and adherence to other statutory obligations of the Authority;
• Oversee preparation of quarterly and annual financial statements in accordance with reporting standards and statutory provisions;
• Coordinate payroll management and processes;
• Coordinate implementation of effective Accounting system and Standard
• Operating Procedures to safeguard prudent use of financial resources and integrity of financial information;
• Manage departmental risk to ensure risks are effectively monitored and controlled;
• Oversee implementation of departmental performance contracting activities and ensure targets are met;
• Provide leadership in execution of assigned accounting tasks within set deadlines;
• Contribute in preparation and presentation of board papers

Operational Responsibilities / Tasks

• Review and approve month-end account closing activities such as reconciliations and journal entries;
• Respond to accounting inquiries from management and resolve financial queries as they arise;
• Contribute in review of existing accounting and internal controls procedures and recommend changes;
• Verify and confirm corporate tax assessment and compliance with statutory requirements;
• Verify weekly cash flow forecasts;
• Review and approve payments;
• Facilitate audit activities by providing responses to audit queries and providing relevant supporting evidence.
• Review and Approve performance targets of direct reports;
• Mentor and coach staff members within the department;

Persons Specifications

• Masters’ degree in any of the following: Commerce, Accounting, Business Administration, Finance, or their equivalent qualification from a recognized institution
• Bachelors’ Degree in Accounting, Finance or equivalent qualification;
• CPA (K) or equivalent
• Member of the relevant professional body;
• Nine (9) years relevant working experience,
• Management Course lasting not less four (4) weeks
• Supervisory Course for not less than two (2) weeks;
• Proficiency in computer application;
• Meets the provision of chapter six of the constitution

Competencies and skills

• Strong communication and presentation skills
• Good mentorship and coaching skills
• Good analytical skills
• Problem solving
• Professionalism
• Strong negotiation skills
• Leadership and supervision skills.