Purpose of the Job To implement the INSETA's financial strategy and operations by providing oversight and guidance in the execution of financial activities, managing working capital, assets and liabilities, and ensuring compliance with internal and external legislative and operational requirements. Maintain and implement effective and efficient management control systems to ensure sound financial management within INSETA. Oversee the execution of the full financial accounting and reporting cycle at INSETA. Ensure compliance with the organisational accounting systems, policies and procedures. Ensure prudent financial management, including financial planning, budgeting, and forecasting for both operational and capital expenditure needs. Maintain complete and proper records of income, expenditure, and liabilities and ensure the accuracy and integrity of financial information. Manage INSETA investments. Ensure accurate, complete and valid asset management, accounting and reconciliations. Oversee payroll processes and transaction recording. Deliver an effective management accounting service to INSETA. Manage the treasury function. Assume responsibility for risk management, including implementation of risk mitigation plans within the Finance Division. Report financial performance and position to the relevant internal and external governance structures. Perform all tasks related to the purpose of this role, as required and delegated. Key Performance Areas Financial strategy implementation and monitoring (10%) Implement the financial management strategy / long term financial plan to ensure effective execution and continuity of full financial management services in INSETA and formulate and implement the consolidated finance functional operational plan, aligned to the roadmap. Formulate financial management policies based on the financial strategy and conduct regular reviews to ensure adherence to best practice and certify compliance, including regular reviews of financial management delegations of authority. Provide inputs to the measurement and review of performance and achievement of INSETA financial strategic and operational objectives (including causes of deviation). Support the Chief Financial Officer in developing strategies to expand organisational revenue with new and diverse funding sources, researching and identifying and unlocking new and/or alternate funding opportunities. Financial Management (50%) Develop or review and implement accounting policies in line with legislative guidelines and the relevant financial reporting framework. Manage statutory compliance through submission of all periodic returns and reports to DHET & National Treasury by legislated dates. Develop or review and implement financial policies. Manage and lead the implementation and regular review and updates of financial standard operating procedures and processes. Implement and maintain internal control systems and processes to safeguard financial assets and implement funding allocation of programmes and goods/services as per the financial strategy / long term financial plan and MTEF. Provide inputs to financial process improvement initiatives and identify cost saving opportunities and implement processes to achieve efficiencies, best practice and standardisation. Prepare interim and annual financial statements. Perform daily, weekly, and monthly reviews of all accounting records. Oversee effective document management processes. Establish financial procedures and spearhead development, implementation and continuous optimisation of financial processes such as debt collection, budgeting, month-end closures, etc. Actively identify opportunities, systems and processes to automate financial transactions. Lead all initiatives to address internal control deficiencies identified by assurance providers including internal and external auditors. Expenditure and Payables management Review all expenditure transactions ensuring payments are valid, accurate and complete. Design processes and controls to ensure payments are made within reasonable timeframes. Review payments for correct classification among segments of administration, project administration, discretionary and mandatory grants and/or capital expenditure. Approve supplier and creditor payments in line with approved delegations of authority. Monthly review supplier reconciliations and weekly review aged listings to prevent transactions from ageing beyond thirty days payment period. Review all expenditure and liability reconciliations to the accounting records. Review updates to supplier master data. Lead financial operational activities: account reconciliations, journal and general ledger processing, trial balances, monthly and annual system closures in accordance with accounting requirements. Manage recovery of credit notes, disallowances and subsistence and travelling allowances. Oversee management of petty cash and travel claims or advances. Manage payment and reconciliation of all payroll related expenditures. Monthly review of payroll reports in preparation for salary payments. Prepare monthly payroll journals for recording payroll expenditure in the general ledger. Ensure submission of all statutory payments by deadline dates. Calculate payroll related liabilities and account for them. Revenue, receivables and cash management Manage effective and appropriate collection of all money due to INSETA, reconcile and report on all sources of revenue. Manage allocation, reconciliation and banking of revenue. Review weekly bank reconciliations and petty cash count reconciliations. Determine cashflow forecasts and projection requirements. Assets management Monitor and manage INSETA's investments in compliance with legislative precepts and organisational policies to ensure optimal return on investments. Identify excess financial resources. Analyse available investment options and select the most appropriate investment option and institutions. Report against investment performance. Make recommendations to enable optimal investment management. Monitor and manage achievement of asset and inventory management objectives. Ensure asset accounting treatment adheres to GRAP principles. Account for disposal of assets accurately. Ensure fixed assets verification and updating of fixed assets register on a regular basis per finance procedures. Ensure monthly inventory counts are undertaken. Review all asset reconciliations to the accounting records. Calculate payroll related receivables. Budgeting Responsible for development of the INSETA long-term financial plan and medium-term revenue and expenditure budget, cash flow forecasts for both operational and capital expenditure requirements in support of organisational Annual Performance and Strategic plans. Manage annual INSETA budgeting process and alignment of budgets to the financial strategy and objectives of INSETA. Oversee preparation of INSETA original and revised budget as part of the organisational strategic planning process. Manage and report on budget allocations at an organisational and departmental level with commentary, explanations and recommendations. Monitor and report on utilisation of administration budgets through the administration budget variance analysis report submitted as part of monthly financial management reporting. Financial Reporting and audit support Review month-end financial closure, reconciliations and related analysis of all accounts and verify submission and monthly reconciliations of statutory returns. Analyse monthly and quarterly expenditure reports for all accounts and divisions and submit information to the relevant divisions. Review any financial reports and statements for financial analysis, forecasting, trending and results analysis, including supporting schedules. Manage compilation of monthly and quarterly financial reports. Prepare interim and annual financial statements in accordance with GRAP and PFMA, including notes and supporting schedules, and submit to the Chief Financial Officer on time. Ensure all statutory financial reports and submissions are made on time and accurately. Manage and report on levy income and all other sources of revenue. Manage audit process through effective coordination and preparation for financial audits, prepare reports regarding audit findings, outlining discrepancies and recommending corrective actions. Risk, Regulatory and Compliance Management (5%) Contribute to and support the Chief Financial Officer in establishing, implementing and maintaining financial management and accounting administrative, management and control systems. Provide advice and guidance to INSETA management on an ongoing basis to ensure compliance and governance. Enforce compliance to all regulatory frameworks for finance activities by stakeholders and the team, ensuring adherence to risk and compliance policies and procedures, including delegations of authority. Work closely with Human Resource partners to enforce effective disciplinary steps against employees who contravene financial management prescripts or undermine internal control systems. Identify and assess operational risks within the division. Design and implement controls to address identified risks and reduce residual risk ratings. Determine and implement corrective action in response to internal and external audit findings. Reporting (20%) Implement appropriate reporting practices in line with GRAP and PFMA regulations. Support the analysis and interpretation of financial results. Report on financial performance to the CFO via monthly management accounts. Report monthly administrative expenditure against approved budgets. Review quarterly financial performance reports to National Treasury and DHET and any other ad hoc financial reports requested from INSETA. Prepare and timely submit information required by National Treasury annually. Manage compilation and timely submission of interim and annual financial statements and related schedules to stakeholders. Provide financial information for inclusion in the annual report. Prepare financial performance reports timely for submission to Governance Committees through the Office of the CFO. Provide timely progress reporting on action plans against audit findings. Stakeholder Relationship Management (5%) Maintain effective relationships with internal and external stakeholders to drive provision of financial information and support. Give input to development of proposals to obtain strategic partnerships and support CFO in managing existing agreements with external entities such as industry, government, universities, and international partnerships. Resolve stakeholder concerns and queries relating to financial management, reporting and accountability. Build INSETA's credibility and reputation in the sector. Ensure stakeholder satisfaction on service delivery matters. Provide periodic training to stakeholders on updated SOPs. People Management (10%) Lead and develop staff in accordance with the Labour Relations Act, Employment Equity Act, Basic Conditions of Employment Act and Skills Development Act. Unite employees around INSETA values and demonstrate the values in everyday behaviour. Ensure correct number and competence of staff are promptly appointed to meet division objectives. Build and maintain a positive, empowering, performance-driven culture within the division. Ensure all employees understand their role and expectations. Ensure each employee sees how their work contributes to INSETA's and the division's mandate, vision, and mission. Ensure all employees have a mutually agreed and signed performance contract. Monitor staff performance and provide regular feedback. Conduct regular performance discussions with subordinates. Coach and support staff to achieve objectives. Motivate and inspire employees to deliver on and exceed expectations. Ensure employees have access to information, equipment, job aids, tools, processes, SOPs, policies and resources needed to fulfil their role. Promote cross‑divisional support and teamwork to harness multidisciplinary knowledge, insights and skills. Manage staff activities and ensure service levels are met and protocols are followed. Manage staff leave and general time management issues in line with organisational standards. Lead divisional project management teams to achieve functional objectives. Manage and deliver succession plans to develop future leaders and specialists, ensuring optimal turnover and retention. Ensure employees have an active, needs‑driven PDP supported by INSETA and champion staff training and development through available opportunities or new solutions. Maintain optimal employment relations and follow labour relations policies and procedures to ensure fairness. Lead team towards meeting strategy and targets through regular communication and talent management tools. Hold regular team and one‑on‑one meetings and share feedback, ensuring action plans are delivered. Establish effective communication structures and systems for real‑time vertical and horizontal communication. Ensure employees have a mutually agreed career plan that is compelling and energised to pursue. Manage disciplinary, grievance procedures and incidents. Plan and manage finance staff activity to achieve efficiency in reporting. Qualifications and Experience Minimum Qualifications: Grade 12 (or equivalent). NQF 7 Bachelor’s Degree in Financial Accounting or Accounting Sciences. Preferred Qualifications: BCom Honours / Post Graduate Diploma in Financial Accounting or an equivalent, with completed articles in accounting. Professional registration with an appropriate accounting body (e.g., CIMA, SAICA, SAIPA, IRBA). Minimum Experience Requirements: Minimum of 5 years’ proven experience in financial management and accounting at management level. Minimum of 5 years CaseWare experience. Applicable experience in the public sector, including knowledge of PFMA and GRAP reporting frameworks. Preferred Experience Requirements: Minimum of 8 years in financial management and financial accounting at management level. Applicable experience in the public sector, including knowledge of PFMA and GRAP reporting frameworks. Required Knowledge and Skills Knowledge: Knowledge and understanding of PFMA and NT regulations. Knowledge and understanding of the appropriate legislative and regulatory frameworks (PFMA, Treasury Regulations, etc.). Skills and Competencies: Computer literacy (especially Excel). Knowledge of relevant legislation within the SETA environment. Ability to do trend analysis and advise. Strong financial skill. Good communication skill. Ability to interpret data and convert data to management information. Problem solving skill. The Insurance Sector Education and Authority (INSETA) is an equal opportunity employer committed to Employment Equity and diversity with opportunities afforded in line with the approved Employment Equity Plan. #J-18808-Ljbffr