Head of Financial Control, Group Insurance

Location:Greater London
Job Type:Full Time
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Role Title: Head of Financial Control, Group Insurance

Business: Finance

New or Existing Role:Existing

Grade: GCB3

Role Purpose

  • HSBC Life is a key strategic growth

business for HSBC and operates across Asia, Europe, and the Americas,

generating c.$1.8bn of annual profit before tax, and holding over $100bn

of assets. The role holder will lead the financial control function for

the business, and will also play a pivotal role in the implementation of

IFRS 17, the new Insurance accounting standard which will have a

significant impact across both Finance and the business.

  • The

Head of Financial Control, Group Insurance, manages a small dedicated

Group team as well providing indirect management and oversight of the

Financial Control teams within the Group’s Insurance manufacturing

entities. It incorporates second line of defence oversight of country

reporting processes, driving consistency and best practice, and generating

actionable recommendations to ensure a first class reporting process.

  • The role holder will partner and

also challenge local finance teams and the business, providing strong

financial leadership and controllership. This includes both ensuring the

high quality internal reporting by HSBC businesses, the central

consolidation of those results, and the design and execution of the Group

external reporting of Insurance results. In doing so the role holder will

need to apply sound judgement to ensure appropriate accounting treatment

for transactions and products, ensure that financial reporting valuations

fairly reflect reported balances and results, and that reporting deadlines

are met. The role holder will also oversee the transformation of the

function including simplifying and streamlining existing processes and

sharing best practice across the function.

  • The role holder will also oversee

the accounting policy, disclosure, and controls implementation of IFRS 17.

IFRS 17 is a flagship project which will fundamentally change the

accounting and business processes applied by HSBC’s Insurance business and

represents the most significant accounting change programme currently

being implemented across the HSBC Group. The project is jointly sponsored

by Financial, Actuarial, Risk and COO business areas working

collaboratively together to deliver against a complex and demanding

transformation programme. This role holder will represent financial

control within the project and will support and manage a talented group of

SMEs focused on delivering the ledgers, controls, and processes necessary

for ensuring a successful implementation. Key activities include:

  • A senior IFRS 17 lead for Financial Control, ensuringdelivery on the accounting and disclosure aspects of the project.
  • Lead and coordinate the development and businessownership Financial Control requirements including:
  • Leading the specification of ledger enhancementsrequired to support IFRS 17;
  • Providing build criteria to financial change teams,and reviewing progress to ensure it meets Finance users’ needs and deliveredwith appropriate time scales (working closely with Global Finance changedelivery teams);
  • Provide independent Financial Control review of designsolutions and implementation, ensuring that delivery meets requirements, andprovides sufficient comfort and control over reporting.
  • Ensure that the current state of ledgers across thegroup (FTP, Peoplesoft, Sage, etc), together with IFRS 17 planned improvements,deliver a sufficiently well controlled ledger environment with the right levelof automation and control. Oversee the design and build of central controls andprovide a central point of review, support, and guidance to all Insuranceentities including:
  • Ensure that plans for ledger feeds and relatedcontrols for sourcing of data from the CSM engine to ledgers is sufficientlywell controlled. Consider data matching processes between the CSM engine andeach ledger structure, including processes around cash flow matching andinformation required to generate movement disclosures;
  • Ensure that the embedding of IFRS 17 SOX controls isprioritised and reflects country processes and structures. The output from thiswill be a signed off global SOX control library together with local SOX RCMdocuments and process notes for each country (including local ledger structuresand mapping rules, local source systems and product types and local criticaldata element sourcing);
  • Lead the preparation of the quarterly analyticalreview packs to support the reported financial performance and position of theglobal insurance manufacturing subsidiaries.
  • In addition to the

above activities, the role holder will provide targeted backfill to the

BAU reporting teams at times of resource stretch. This will enable a

greater input and involvement from the BAU reporting teams into the IFRS

17 project. Examples of current demand which the role holder will support


  • Support over key reporting periods to allow continuityof involvement of the BAU team in IFRS 17 during key close times;
  • Supporting demand for BAU project

work, in particular where these have linkages to the IFRS 17 project, for

example, in the current initiative undertaken to improve the second line

of defence processes and controls. Participate in sample reviews of

country level controls, effectiveness and control environment

Key Accountabilities

Impacton Business

  • Responsible for external disclosure of

Insurance results ensuring that they meet user’s needs.

  • Leadership role that drives best practice

financial reporting and controllership across the function.

  • Responsible for driving transformation and

simplification initiatives.

  • Review and challenge of accounting

treatment applied by Insurance entities.

  • Responsible for driving the identification

and implementation of solution sets required to meet the Group’s

objectives in relation to all technical change projects (principally IFRS

  • Ensuring the end to end reporting

architecture is fit for purpose to meet the needs of the Insurance

Financial Control Function on implementation of IFRS 17.

Customers /Stakeholders

  • Regular interactions with the Group Chief

Accounting Officer, Head of External Reporting, and Group Head of

Accounting Policy, and Group Insurance CFO, and the IFRS 17 programme


  • Full engagement with other functional

areas within Group Insurance including other finance teams, Group Chief

Actuary and business development

  • Full engagement with business unit finance

and actuarial teams (including at CFO and Chief Actuary levels)

  • Regular Interface with the Global

FTP and Saracen development teams.

Leadership &Teamwork

  • Provide strong leadership and guidance to theFinancial Control function across HSBC Life
  • A member of the Insurance Finance leadership team.
  • Provide leadership within a talented group of SMEs andbusiness analysts working together to ensure a successful delivery of IFRS 17.
  • Working in a collaborative way across

geographies, ensuring effective team communication and delivery through

remote working collaboration.

OperationalEffectiveness & Control

  • To continually reassess the

operational risks inherent in the business, taking account of changing

economic or market conditions, legal and regulatory requirements,

operating procedures and practices, management restructurings, and the

impact of new technology.

Role Context

  • TheGroup’s insurance manufacturing operations have c. $100bn in assets and a PBTof c.$1.8bn
  • The role will focus on the

leadership of the financial control function as well as playing a key role

on the implementation of IFRS 17 for the Group insurance as a whole but

will need to ensure that implications and impacts for each of our

manufacturing sites are understood at a high level.

Management of Risk

  • The

jobholder will also continually reassess the operational risks associated

with the role and inherent in the business, taking account of changing

economic or market conditions, legal and regulatory requirements,

operating procedures and practices, management restructurings, and the

impact of new technology.

  • This

will be achieved by ensuring all actions take account of the likelihood of

operational risk occurring.

  • The job holder acts as Risk Steward

for accounting risk for HSBC Life.

Observation of InternalControls

  • Maintains

HSBC internal control standards, including timely implementation of

internal and external audit points together with any issues raised by

external regulators.

  • Understands, follows and

demonstrates compliance with all relevant internal and external rules,

regulations and procedures that apply to the conduct of the business in

which the jobholder is involved, specifically Internal Controls and any

Compliance policy including, inter alia, the Group Compliance policy.

Knowledge &Experience / Qualifications

  • Demonstrated

ability to lead a team, with a strong focus on delivery, across multiple


  • Significant

experience managing the implementation of complex transformation


  • Excellent

verbal and written communication skills, including experience of

preparation of reports, analysis, commentary and technical accounting

opinions on financial reporting matters suitable for presentation at

senior management and board level

  • Good

experience of monitoring and improving processes

  • Ability

to take the initiative and undertake and drive tasks forward with minimum


  • Strong

analytical and IT skills

  • Experience

of working with external and internal stakeholders on financial reporting


  • Chartered

Accountant or similar professional qualification preferred

  • There is a large element of ad hoc

requirements within this role - you will need evidence that you are able

to work under pressure and build excellent stakeholder relationships

whilst carrying out your core responsibilities. A strong team work ethic

is critical.

*Within HSBC certainroles are designated as Enhanced Vetting Roles. For these roles, all internaland external applicants are required (subject to local laws), to passsatisfactorily a series of additional checks both as part of the applicationprocess and, if successfully recruited into the Enhanced Vetting role, on anon-going basis. The Group reserves its position with regard to any steps whichit may take in relation to any material adverse findings which arise eitherwhen the checks are first carried out as part of this recruitment exercise,and/or if relevant, on an ongoing basis.

This role has been designated as an Enhanced Vetting Role.*

As a business operatingin markets all around the world, we believe diversity brings benefits for ourcustomers, our business and our people. This is why HSBC is committed to beingan inclusive employer and encourages applications from all suitably qualifiedapplicants irrespective of background, circumstances, age, disability, genderidentity, ethnicity, religion or belief and sexual orientation.

We want everyone to beable to fulfil their potential which is why we provide a range of flexible workingarrangements and family friendly policies.