Specialist Accounting Policy at Absa in South Africa

Specialist Accounting Policy
Location: Sandton
Empowering Africa’s tomorrow, together…one story at a time.
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
The main purpose of the Technical Advisory Group role is to provide technical accounting and regulatory support on complex transactions originating from a variety of Absa businesses in South Africa and rest of Africa. Overall job responsibilities include:
• Determining appropriate accounting and regulatory policies for Absa businesses.
• Providing practical assistance in implementing accounting or regulatory policies and treatment.
• Assess the impact of new accounting and regulatory developments on the business unit and manage the implementation thereof by preparing technical opinions.
• Engaging with a wide variety of stakeholders to provide accounting treatment for new transactions and/or providing regulatory treatment for new transactions
• Involvement with the development of new products and transactions from an IFRS and/or regulatory policy perspective.
• Technical accounting and regulatory opinion preparation for new products, structured trades and other approval forums.
Job Description
Job Description
Accountability: Changes in Regulatory or Accounting Standards
Stay up to date with accounting and regulatory guidance and developments issued by the International Accounting Standards Board ("IASB"), the South African Institute of Chartered Accountants ("SAICA"), the Prudential Authority etc. and communicate these to affected business areas.
Inform the relevant Group Financial Reporting and Group Regulatory Reporting owners of policy changes or other issues that might affect the annual financial statements (AFS) or Regulatory Returns.
Identify possible policy issues within the business units which may result in inaccurate financial or regulatory reporting and actively drive the process of resolving these issues through effective communication and problem solving.
Perform thorough and detailed assessments of any technical policy matters identified to effectively address finance and compliance risk.
Stay up to date and liaise with Regulatory bodies on any industry-wide matters pertaining to accounting standards or regulatory requirements to ensure Absa's policy positions are considered by these bodies when taking decisions.
Communicate proactively and continuously with business to discuss issues and concerns that might arise to ensure the correct accounting and regulatory capital treatment for transactions as achieved.
Respond to queries from business in a timely manner policy queries to ensure potential accounting or regulatory capital issues are resolved timeously.
Resolve any business-related issues within respective clusters which note owners/GFR experience.
Conduct periodic meetings with Business CFOs to identify any accounting or regulatory policy issues to be addressed to be able to address and resolve these pro-actively.
Accountability: Policy support including new product developments
·Provide guidance to the business unit on completing supplementary schedules required by Group Financial reporting for financial statement purposes. Review these schedules for accuracy and completeness.
Provide support to Finance and Reporting teams on any technical policy matters encountered.
Act as point of contact between Financial Control and Business for any reporting or other policy-related technical queries.
Collect information relating to new products, prepare technical opinions and assist Business with the implementation thereof.
Provide technical policy support that is practical by relying on own technical expertise and knowledge.
Keep updated with any developments on new products or Group structures launched based on products coming through the New Product Approval Process and ensure timeous policy assessments are undertaken for new products.
Enhance knowledge and understanding of business and product offerings to be able to provide relevant technical policy support by effectively liaising with relevant stakeholders i.e. Business Unit CFO, product owners etc.
Obtain and understanding of how the product/structure/technical issue affects other business units in the Group.
Education and skills:
BCom Accounting Science or BCom Financial Sciences
CA (SA)
3-5 years’ experience in a technical accounting or regulatory policy role, preferably in a Banking environment.
Education
Bachelor`s Degrees and Advanced Diplomas: Financial Sciences (Required)
Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.
Absa Bank Limited reserves the right not to make an appointment to the post as advertised