MAIN PURPOSE OF THE JOB

To contribute to strategic decision-making and oversee the management of the Corporation’s finances, ensuring that financial resources are effectively aligned with the Corporation’s goals and objectives.

DUTIES AND RESPONSIBILITIES

1. Budget Preparation, Forecasting and Monitoring

• Collaborate with the Planning Department to prepare comprehensive budgets and financial forecasts, ensuring alignment with organisational goals and objectives.
• Approve departmental budgets and procurement plans, ensuring that they adhere to financial policies and strategic priorities.
• Oversee the preparation of forecasted financial statements to support borrowing initiatives by the Corporation.
• Ensure the timely preparation of budget and workplan analysis reports to facilitate management decision-making.
• Supervise the implementation of the budget ensuring effective and efficient operations.

2. Tax and Regulatory Compliance

• Ensure timely and accurate compliance with tax and NSSF regulations, including filing returns and making payments.
• Oversee the management of inventory, fixed assets, and other financial assets, ensuring proper accounting and reporting.

3. Financial Reporting

• Perform quality review of financial reports, including half-year and annual consolidated financial statements for UDC.
• Prepare and present Board papers on financial statements and other relevant reports to the Board, ensuring clear communication of financial performance.
• Coordinate external audits, ensuring all necessary information is provided, and address issues raised in the management letter.
• Prepare and present reports to management bi-annually on the status of implementation of audit recommendations.

4. Treasury Management

• Oversee the treasury management function of the Corporation ensuring that cash flow management and investment are well aligned with the Corporation’s strategic objectives, maximising returns without compromising on liquidity in collaboration with the Director.
• Ensure that treasury reports are prepared and presented to management promptly.
• Review payment vouchers, monthly payroll calculations, and other financial transactions to ensure accuracy and compliance.
• Monitor and review petty cash accountability, monthly accounts payable, and accounts receivable reports.

5. Financial Information Management System

• Oversee the management of the financial information management system ensuring that all financial data posted and reports from the system are accurate and complete.
• Ensure controls and checks are in place to achieve segregation of duties while avoiding unauthorised use and fraudulent transactions in the system.

6. Internal Controls

• Develop and implement robust internal control systems to ensure the accuracy, reliability, and integrity of financial reporting.
• Regularly review and update internal control procedures to safeguard against fraud, errors, and non-compliance with financial policies.
• Conduct periodic assessments of internal controls, ensuring proper segregation of duties and adherence to best practices in financial management.
• Oversee audits and ensure that audit recommendations are implemented to strengthen the organisation’s financial controls and processes.

7. Risk Management

• Conduct risk assessments to identify potential risks within the department and develop strategies to mitigate these risks in collaboration with the Director.
• Monitor departmental risks and report challenges to the Director.
• Implement contingency plans, adjusting plans as necessary to address emerging challenges.

8. Leadership and People Management

• Lead the team, manage performance and development, and foster teamwork among the team.
• Hold regular finance departmental meetings to discuss performance, issues, and improvements.

9. Other Duties

• When appointed, represent UDC on operational-level investee company boards, focusing on performance monitoring and compliance.
• Liaise with investee companies and report performance to the Director.
• Perform any other duties as assigned by the Supervisor.

KEY PERFORMANCE INDICATORS

• Percentage of departmental budgets and procurement plans approved within the set deadlines.
• Efficient allocation and utilisation of the operations budget.
• Quality and accuracy of financial statements.
• Timeliness and effectiveness of coordinating external audits.
• Return on investment with a balanced liquidity position.
• Quality and accuracy of reports from the financial management information system.
• Compliance with financial policies and procedures.
• Quality and effectiveness of policies developed or reviewed.

JOB SPECIFICATION

Minimum Qualification:

• Master’s degree in business administration (MBA), finance & accounting or related field
• Bachelor’s degree in business administration (MBA), finance & accounting or related field
• Certification in either Association of Chartered Certified Accountants (ACCA), Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or a related field.

Experience

• Eight (8) years of experience with three (3) years in a managerial role.

Competencies

• Good communication skills
• Demonstrated ability to apply complex financial analysis and strategic thinking.
• Problem-solving skills.
• Integrity and ethical conduct.
• Strong leadership skills.
• Strategic thinking and ability to understand UDC business

WORKING RELATIONSHIPS

Internal:

• All UDC staff, Management and Board.

External:

• Auditors, Contractors, Suppliers, Promotors, Investee companies, Govt Agencies, Banks, Consultants.