Head - Finance Controlling Team Leader - Insurance Specialist

2 weeks ago

Navi Mumbai, Maharashtra, India Hipos Consulting Services LLP Full time
Head Finance Controlling Team Job Description:


As a key member of our Finance team, you will be responsible for ensuring the effective management of financial processes and controls at our Insurance Firm. Your primary goal will be to provide expert advice to senior management on opportunities for process improvements and the establishment of necessary controls to minimize operational loss due to frauds or misuse of gaps. Additionally, you will be responsible for administering realignment of processes to best organizational practices and assuring process compliance.


  • Review existing processes across all sub-functions of Finance to identify areas for improvement.
  • Ensure key control testing within the Finance function and cross-functional processes to ensure process compliance using Risk Control Self-Assessment techniques.
  • Interpret analytics and technology frameworks to identify, mitigate, and manage potential frauds in various payables in the accounts area.
  • Analyze operational losses and report on the reasons and causes of incidents leading to such losses.
  • Review roles and responsibilities within and beyond functions/processes to identify potential risks and inadequate controls.
  • Publish the Noise Dashboard to highlight the Time Taken (TAT) of key activities in accounts and functions.
  • Review policies and initiate appropriate changes to improve the quality of accounting.
  • Review organizational accounting policies and other policies with a financial impact to identify gaps/areas of improvement.
  • Design changes to policies in consultation with relevant departments/stakeholders to plug apparent gaps/areas leading to leakage.
  • Review accrual management processes and devise an appropriate mechanism to validate accruals.
  • Review the aging of balance sheet accounts and recommend necessary actions for clean-up of accounts.
  • Review and comment on the completeness of accounts.
  • Establish system controls, wherever necessary, to ensure the quality of books of accounts.
  • Analyze key accounts to identify any major gaps and highlight them in the MIS dashboard.
  • Secure access to accounts within various units of the Finance function to ensure the quality of books of accounts and segregation of duties.
  • Initiate process integration and influence process automation initiatives within the Finance function to increase visibility and transparency of information.
  • Identify interrelated activities within the Finance function and comment on the flow/availability of information.
  • Recommend and implement suitable integration techniques.
  • Identify manual intervention areas with potential control risks.
  • Suggest automation for enhanced controls.
  • Provide collaborative support in the implementation of automation initiatives.
  • Conceptualize and accomplish exception reporting for financial processes.
  • Design and conceptualize 'Exception reports' for key control areas and publish dashboards to sensitize senior management.
  • Interpret process gaps or areas of misuse of policies and recommend appropriate changes.
  • Analyze trends of exceptions to take suitable action on the factors contributing to exceptions.
  • Conduct investigation based on trends in exception reports and report findings to the appropriate forum for suitable action to be initiated.

Expense Control:

  • Identify areas of leakage through exception reporting.
  • Interpret trends to highlight areas of expense control or areas where there is scope for better expense management.
  • Establish standards for the incurrence of expenditure at branches or HO and highlight outliers to the appropriate forum for taking corrective action.

Facilitate Internal Audit Coordination:

  • Supervise liaison with other sub-functions within Finance for smooth conduct of internal audit.
  • Coordinate within Finance verticals to facilitate closure of audit points within stated timelines.
  • Be the Single Point of Contact (SPOC) from the Finance function for all interactions with the Internal Audit team.
  • Initiate corrective action on the basis of internal audit reports within various units of the Finance function.
  • Deduce process gaps from audit reports and plug them by designing appropriate changes.

Team Management:

  • Optimize Employee Talent and Expertise.
  • Ensure adequate Training, Development opportunities, and Career pathing is established for the team.
  • Motivate the team and maintain employee satisfaction at optimal levels.

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