Chief Financial Officer (CFO)
Trade Finance & Investments PLC
Total years of experience :17 years, 4 Months
Company Profile
Trade Finance and Investments PLC is a medium size finance company (about 400 employees) regulated by Central bank of Sri Lanka and listed on the Stock Exchange with 40 years record of profitability & statutory compliances.
Skills
• Strong Analytical skill developed through scientific methods and broader knowledge base with experience of financial data analysis and providing financial advices to various decision makers.
• Specialized experience gained on corporate planning, strategy formulation and implementation.
• Preparing the annual reports, quarterly accounts and monthly management accounts & ensuring they are robust and delivered in a timely fashion.
• Extensive knowledge on treasury management, tax planning, risk management and its hands-on experience.
• Thorough understanding of entire business process through direct involvement on process development activities.
• Inspire Teams to passionately commit to work through conducting leadership and culture development programs.
• Expert knowledge on ERP implementation, IFRS and developing sound internal control
Duties and Responsibilities
Responsible for all financial function of the company and providing advices and support to work colleague, senior management to enable them to make sound business decisions.
Corporate Strategy
• Liaise with Chief Executive Officer in determining the strategic direction & development of strategy plan.
• Design, implement and evaluate Key Performance Indicators of each department to ensure the achievement of monthly, quarterly and annual budgets and eventually with the alignment of corporate strategic plan.
Financial Reporting, Treasury Management and Tax planning
• Ensure the completeness and consistency and accuracy of the Financial Reporting process and ERP system.
• Authorization of Annual Report, Quarterly Financial Statements and Monthly Management Accounts.
• Preparation on five years, three years and annual budget for the company and review of its accomplishment.
• Design and implement financial reporting controls to ensure completeness and delivery in a timely fashion.
• Presentation of the monthly financial and operation review to the Board of Directors and operations meetings.
• Conduct of Audit Committees by coordinating external and internal auditors and ensure effective follow ups.
• Ensure effective functioning of the Treasury management, ALCO including high focus on cash flow forecast.
• Suggest improvements to the ERP system to review and monitor effective functions of the key business process.
• Ensure proper Tax planning functions and timely payment of VAT, NBT, ESC, VAT on FS and Income tax.
• Coordinate awareness programs among finance team about the development of accounting standards, particularly IAS32, IAS39, IFRS07 on Financial Instrument recognition, measurement and disclosure and IFRS 09.
Risk Management and Compliance
• Performing the duties of chief risk officer and compliance officer of the company.
• Planning, designing and implementing an overall risk management process for the company
• Asses market, credit, liquidity, operation and other risks on regular basis and presented to the Integrated Risk Management Committee.
• Update the company risk matrix on quarterly basis to assess the potential impact to the operation and implement corresponding controls through recommending changes to the procedures.
• Evaluate policies/procedures and ensure that compliance with all regulatory bodies including but not limited to Central Bank of Sri Lanka, Security Exchange commission of Sri Lanka, Inland Revenue and Financial Intelligent Unit.
• Annual review of the effectiveness of internal control relevant to the financial reporting and key operations.
• Lead the design of statutory reporting framework to ensure effective, timely, transparent and consistent reporting of all financial information.
• Review, design and implement financial reporting controls and ITGC and ITAC
• Preparation of Annual Report, Quarterly Financial Statements for publication and Monthly Management Accounts for internal purposes.
• Provide leadership to “IFRS Convergence Team” in converging local GAAP with International Accounting Standard (IASs) and International Financial Reporting Standards (IFRSs) for the first time
• Preparation of Annual Budget of the company for presentation to the Board of Directors.
• Comply with the financial reporting regulatory requirements.
• Manage asset and liability mismatch on long term, medium term and short term basis.
• Forecast liquidity position of the company and execute daily financing decisions.
• Liaising with financial institutions and brokers to establish funds management arrangements
• Overall responsibility of Planning all kinds of taxes for the company
• Computation and statutory compliance of Income Tax, VAT on Financial Charges, VAT, NBT and ESC.
• Manage and coordinate tax audits and handle all information data requests
• Research the implications of amendments of tax laws to the company and present them to the management
• Communicate with tax authorities to obtain different tax concessions
• Carried out statutory and non-statutory audits in
a wide spectrum of organizations including
Manufacturers, Banks, Importers, Exporters,
Financial Institutes and Non-Profit Making
organizations.
• Carried out consolidation of accounts of groups
of companies and ensures compliance with
statutory and other regulatory provisions.
• Preparation of different types of reports, e.g.,
Audit Reports to shareholders, Management
Reports to the Board of Directors on evaluations
carried out on the accounting systems and
operations, Reports to overseas group auditors,
memorandum to the Audit Manager/Partner on
audit issues, for their attention and
consideration, etc.
• Review of work carried out by sub-ordinates and
Liaise with client staff on matters pertaining to
the proper conduct of the audit, including timing
of audit and reporting requirements
• Engage on all activities from planning to
finalization of audits and tax related issues.
• Comprehensive completion of all areas of audit
work in a timely and competent manner.
• Engage on consolidation of accounts of groups of
companies and ensured compliance with statutory
and other regulatory provisions.
• Evaluation of internal controls and suggesting
improvements to ensure that the system functions
more effectively.
Four Year Special Degree Program - Internal Student
