Position Overview: The Director of Financial Operations at an insurance firm will play a critical role in shaping the company's financial direction and ensuring adherence to the regulatory standards mandated by the Central Bank of the UAE (CBUAE), the Department of Health (DOH), the Securities and Commodities Authority (SCA), and the Abu Dhabi Securities Exchange (ADX). This leadership position involves managing a team of four finance professionals, overseeing financial planning, reporting, and risk management, and engaging with the board and investment committee. Expertise in IFRS 17, particularly in the Premium Allocation Approach (PAA) and the General Measurement Model (GMM), is essential, and an actuarial background is preferred.

Primary Responsibilities:

• Team Leadership: Supervise and mentor a team of four finance experts, ensuring optimal performance and regulatory compliance.
• Regulatory Compliance: Direct the creation and submission of precise financial reports in line with CBUAE, DOH, SCA, and ADX requirements. Stay informed about regulatory updates to align the company’s financial strategies accordingly.
• Financial Strategy: Develop and execute financial strategies that support corporate growth and objectives. Use financial modeling to predict trends and assess risks, with a focus on IFRS 17’s PAA and GMM.
• Board Engagement: Act as the main financial liaison for the board, investment committee, and other sub-committees, offering strategic financial insights and recommendations.
• Risk and Compliance Management: Ensure all financial activities adhere to national and international regulations. Implement strategies to manage risks and protect the company's financial health.
• Actuarial Integration: Utilize actuarial principles to improve financial processes, enhancing the company’s ability to evaluate, price, and manage risk. An actuarial background, though preferred, enhances the role's capacity to ensure financial precision and innovation.
• Investment Accounting: Prepare, present, and interpret financial statements according to relevant accounting standards such as IFRS 9, including investment accounting treatments.
• Financial Analysis and Planning: Expertise in creating sophisticated financial models to predict performance, simulate business scenarios, and assist in strategic planning. This includes an understanding of balance sheets, income statements, and cash flow statements.

Qualifications:

• Bachelor’s or Master’s degree in Finance, Accounting, or a related discipline. Professional certifications (e.g., CA, ACCA) or an actuarial science degree are highly desirable.
• At least 10 years of experience in finance, with a minimum of 5 years in a senior role within the insurance industry. Specific experience in regulatory reporting to CBUAE, DOH, SCA, and ADX is crucial.
• Extensive knowledge of IFRS 17, especially PAA and GMM, along with strong skills in financial modeling and risk assessment.
• Proven ability to navigate complex regulatory requirements and financial reporting for multiple regulatory bodies.
• Exceptional leadership, communication, and interpersonal skills, capable of fostering team synergy and engaging effectively with senior stakeholders.

Preferred Skills:

• Demonstrated success in strategic financial planning, risk management, and regulatory compliance within the UAE.
• Advanced financial analysis and modeling capabilities, with the ability to translate complex data into actionable insights.
• Strong project management skills, capable of leading cross-functional projects and implementing financial systems and controls.