Head of Accounting Production
The Finance Reporting team within Finance is accountable for delivering on time and accurate financial results (statutory and regulatory) and disclosures across all reporting metrics, which providing real business insights, quality assurance and technical advice. The team is also responsible for ensuring that our reporting evolves in line with regulatory and industry requirements.
The Head of Accounting Production will be the custodian of the General Ledger and processes supporting the update and close of the PeopleSoft General Ledger. This team will perform all accounting processes for insurance and non-insurance entities as well as maintenance of the accounting systems and supporting tools.
The Head of the Accounting Production team will be responsible for setting up this team and delivering the services below:
· Oversight and review of transaction processing received from services teams - bank and policy administration reconciliations, including the review of any manual journals processed to the GL.
· Ensure robust accounting rules in place and communicated to service teams.
· Fixed Asset Accounting - Process and update the Fixed Asset data, adhering to company policies.
· Investment Assets Accounting - Load invested asset data received from 3rd parties (incl. M&G into the ledger).
· Managing the General Ledger - Ownership of the ledger chart of accounts, ensuring consistency across entities and teams where possible through liaising with systems support teams.
· Upload actuarial liabilities from the SH and PH Actuarial Valuation teams.
· Perform a hard close of the GL.
· Reconcile and settle the intercompany and interfund relationships each month.
· Own and maintain the ledger to consolidation tool mapping.
· Production and sign-off of the quarterly HFM reporting packs to required standards (including TB, disclosure data and other required information).
· Provide commentary on non-linked assets and movement to support the P&L process in the actuarial valuation and financial reporting teams.
· Provide commentary on the overall IFRS Balance Sheet and Income Statement (e.g. other non-financial assets movements, other non-policyholder liabilities movements, expenses etc.)
· Responsible for the application of the Control Framework for the team. To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to
support improvement of the overall control environment, customers outcomes and a reduction in Prudential UK's operational risk.
Responsible for managing the costs and forecast run rate of this team in light of the cost challenges of the business.
The inputs into this team will be as follows:
Reconciliations to cash / banking
Fund accounting and asset information
Asset data from the Data Production team
Liabilities from the SH and PH Actuarial Valuation teams
Reconciled peoplesoft ledger feeds from PAS
Detailed understanding of the regulatory environment and the associated reporting.
Detailed level knowledge of financial services regulatory and legislative frameworks.
Detailed level knowledge of life and pensions products, markets and competitors.
Detailed knowledge, expertise and experience in reporting - UK GAAP and IFRS.
Experience of dealing with complex transactions and associated accounting.
Detailed knowledge of Prudential products, systems and distribution methods.
Understanding of the Statements of Principles and Code of Practice.
Significant experience of leading accounting production teams.
Significant experience of making decisions based on the financial information provided and seeking additional information where required.
Significant experience of using knowledge of the external environment to shape thinking internally.
Significant experience of reviewing and editing financial reports to ensure compliance with auditing and accounting standards.
Be a visible leader with a strong focus on execution and role models behaviours.
Ability to lead through change.
Significant experience of leading teams to deliver under pressure and/or tight timescales.
Significant experience of communicating vision to gain support, motivate others, and build a sense of shared purpose.
Drive continuous improvement by encouraging the teams to seek out issues, innovate solutions and act on opportunities.
Significant experience of coaching and guiding others in using advanced actuarial principles and methodologies to solve complex or unique problems and in ambiguous or unique situations.
Please be advised that by applying for this role, you are agreeing to share your personal data with both M&G and Prudential.