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Job Description

The Assistant Product Accountant role is required to assist the Product Accountant and Financial Manager by providing data required to support the reporting of Shareholder profits, Net Client Cash Flows, Assets Under Management & Funds Under Management. The incumbent is individually accountable for achieving results through own efforts.

Perform a critical analysis and reporting on the full monthly Trial Balance and movements for the assigned products within Wealth Life space.

Required to do HFM as well as Solvency Assessment & Management (SAM) submissions.

Generate financial information from the applicable systems and liaise with other teams that feed information that have shareholder impact to prepare reports with commentary.

This role is expected to drive the preparation, execution and a review of the business plan, forecast and strategic target setting for the Wealth Life Profit indicators, NCCF & AUM.

Responsible to review Control Accounts, Intercompany recons, and completeness of Trial Balance.

Key responsibilities will include amongst others the following:

Financial Control

Review of the monthly financials of shareholder and policyholder for the assigned products.

To ensure that all the financial accounting transactions, are accurately and timeously reflected in the general ledger.

Prepare monthly Income Statement files and analyse the profit margins and articulate the driver of profits.

Perform an analysis of the Assets Under Management (AUM), Net Client Cash Flows (NCCF) & Funds Under Management (FUM)

Review and Monitor on the status of all control/loan accounts within the business unit. Drive action with the responsible parties to clear reconciling items.

Assist in processing of intercompany balances settlement on a monthly basis.

Assist in obtaining and reviewing the bank reconciliations for both shareholder and policyholder accounts.

Implement the necessary processes and controls as a result of changes in the business or changes to administration platforms and accounting systems.

Ensure completeness and accuracy of HFM Submissions and Disclosure as well as SAM Regulatory submissions.

Ensure monthly, quarterly, and annual regulatory and tax reporting deadlines are met.

Management and Financial Reporting

Manage own reporting requirements on the assigned products.

Produces ongoing and ad-hoc reporting based on requirements from business unit, Central Finance, and other stakeholders.

Support projects such as the implementation of new products and IFRS standards.

Fund Accounting & Fund Administration Process

Ensure Fund Administration team in Fund Finance delivers on all required outputs (journals, extracts, reports, and recons) for the Policyholder accounting and reporting process.

Risk, Governance & Compliance

Responsible for providing quarterly Investment Assets reports to the central finance team.

Assist in maintain the OMW Life Masterfile.

Assist in maintaining and setting up the spreadsheet design and documentation of processes for all the activities assigned.

Liaise with auditors & internal governance team for control reviews.

Team Effectiveness

Balances own priorities.

Creates a climate for optimal performance.

Individually accountable for own time, tasks, and output quality.

Manages own performance.

Work together with a team.

Qualifications, Skills and Experience required

BCom degree or relevant or related degree

1-3 relevant years’ experience, preferably within financial services

HFM experience preferred.

Very strong Excel knowledge

Strong information monitoring skills

Perform professional accounting work, including compilation, consolidation, and analysis of financial data. The role requires an understanding of accounting fundamentals and principles, as well as experience in bookkeeping. Responsibilities may include any or all of the following: ledgers and preparation of journal entries, fixed asset or inventory accounting, preparation of trial balance or financial statements, cost accounting, bank account reconciliation.

ResponsibilitiesFinancial Management and Control

Work within established systems to deliver prescribed outcomes for a designated area of financial control.

Data Collection and Analysis

Collate and analyze data using preset tools, methods, and formats. Involves working independently.

Data Management

Manage basic aspects of the data management system with guidance from senior colleagues. This includes being responsible for developing or operating basic elements of the data management systems to deliver prescribed outcomes.

Insights and Reporting

Contribute to the preparation of various data and analytics reports.

Document Preparation

Organize and prepare complex documents using a variety of applications for technology devices, such as standard office software. Also responsible for gathering and summarizing data for special reports.

Information and Business Advice

Resolve queries from internal or external customers or suppliers by providing information on complex processes and the related policies, referring issues to others where necessary for interpretation of policy.

Financial Policies, Guidelines, and Protocols

Contribute to the development and delivery of financial policies, guidelines, and protocols to ensure the company complies with regulations and good financial practice.

Operational Compliance

Identify, within the team, instances of noncompliance with the organization's policies and procedures and/or relevant regulatory codes and codes of conduct, reporting these instances and escalating issues as appropriate.

Personal Capability Building

Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation, where relevant, to improve performance and fulfill personal potential. Maintain an understanding of relevant technology, external regulation, and industry best practices through ongoing education, attending conferences, and reading specialist media.

Skills

Accounting, Action Planning, Budget Management, Computer Literacy, Database Reporting, Data Classification, Data Compilation, Data Controls, Data Modeling, Evaluating Information, Finance Control, Financial Acumen, Financial Management Reporting, Fund Accounting, Funds Administration, Management Reporting, Numerical Aptitude, Oral Communications, Report Review, Risk Governance, Team Effectiveness

Competencies

Business Insight

Communicates Effectively

Decision Quality

Ensures Accountability

Financial Acumen

Manages Complexity

Plans and Aligns

Tech Savvy

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

07 January 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.

All prospective employees are required to disclose their vaccination status as part of the recruitment process.

Please refer to the Old Mutual’s Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.

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