Manulife International Limited (MIL) was incorporated in Bermuda back in 1984 as a subsidiary of Manulife Financial Corporation. We offer a diverse range of protection and wealth products and services to 2.2 million customers in Hong Kong and Macau. Our product portfolio encompasses individual and group life and health plans, MPF products, ORSO schemes, and wealth management solutions.
The Controller function strives to be the most professional finance function in the world by providing valued financial information and acting as a trusted advisor to the business to enable achievement of our strategic priorities.
Reporting to the Chief Financial Officer (CFO), the Controller & Treasurer has responsibility and accountability for leadership, management, and development of the Controllers area and to collaborate effectively with other local business functions and various regional, group and share services functions.
This role is accountable for accurate, complete and timely financial reporting and analysis, establishing prudent expense budgets and other financial targets, controlling cash management and treasury functions as well as ensuring effective financial controls. As part of the Hong Kong Finance Management (HKFM) team, the incumbent also has an accountability to provide complete transparency into the financial performance of the business and to promptly escalate issues and concerns. The incumbent is a key person in financial control function of MIL pursuant to the Insurance Ordinance.
Take responsibility for the recruitment, development and motivation of Controllers staff to achieve the current and future business objectives.
Contribute to the leadership and strategic direction of the function both at locally, regional and group wide.
Establish a framework for external reporting that allows all necessary information to be provided on an accurate and timely basis in a highly efficient manner.
Ensure that a Management Information System is in place to provide relevant internal management reporting that is of extremely high quality, with accurate and timely service and that serves as the principal tool for strategic management decision-making. The reporting should provide key financial information, and advice to all areas of the operations.
Develop a detailed financial analysis that provides management with comprehensive insight into the financial dynamics of all aspects of the business operations.
Identify key material issues and provide a deeper understanding of the causes, effects and remedies.
Support business managers to better understand and manage their operations by developing performance measures that enable the effectiveness and efficiency of the business at an operational level to be continuously improved. This will require an understanding of the business dynamics of all aspects of the operations.
Direct and coordinate the preparation of financial projections as part of the annual Planning Cycle. The results will be used as a basis for monitoring the ongoing progress of the business as well as determining future objectives and strategic direction.
Clearly present information on an accurate and timely basis, with scope to carry out sensitivity tests at short notice. An in-depth understanding of the key business issues will be essential for knowledgeable and insightful advice.
Budgeting and Expense Control:
Prepare annual expense budgets through consultation with each cost center with the aim of ensuring that all expenses are tightly controlled and duly authorized.
Continuously monitor and control the level of expenses using an effective monitoring system to allow expenses to be managed within product allowances.
Work with business units to driving expense efficiency.
Financial and Operational Controls:
Interpret, develop, modify, implement and monitor policies, processes and standards to ensure compliance with Group and Divisional practices, professional accounting practices and external requirements within the jurisdictions in which business is conducted.
Continuously improve the quality of internal controls to minimize the business exposure to all forms of operational, financial and compliance risks.
Manage internal and external audits related to financial reporting and monitor compliance with SOX process and controls across the business unit.
Analyze and evaluate the development and implementation of financial systems to support the needs of the business unit, in relation to system development methodologies and sound business controls.
Monitor and control changes to the general ledger, administration interfaces, unit valuation systems and investment reporting applications to ensure the integrity and robustness of the financial information provided by each system.
Direct and coordinate fully auditable reviews of key business functions and processes to continuously maintain a sound control environment ensuring no material audit issues arise.
Manage all aspects of the treasury functions including, but not limited to, monitoring and reconciling daily cash balances, ensuring that cash flow is adequate to allow for effective optimal operations, forecasting cash payments, anticipating challenges arising from limited cash flow and managing bank partner relationships.
Lead or assist in managing special projects that require financial expertise, detailed analysis of financial information or the development of sophisticated financial models to provide insight and understanding of the nature of the project.
Owner of MIL’s Controller & Treasury function including financial results, management reporting, financial plan and analysis; and annual incentive plan framework and metrics.
Provide leadership to finance community in ensuring that the function is robust including talent development and succession planning.
Integrity of all external group level financial information and related disclosure
Integrity of accounting processes, procedures and controls
Implementation of both local & Bermuda and group accounting policies
Owner of relationship with external auditors covering MIL’s legal entities
Support of MIL’s growth initiatives
Key Shared Accountabilities:
Earnings analysis, goodwill assessments
Building finance community
Annual incentive plan framework and metrics
Key leadership behaviours
Demonstrate a strategic, disciplined, collaborative approach to ensuring this change is successful
Focus on the good of the enterprise; commit to being BOLD
Trust and respect are the foundations of collaboration
Challenging the status quo
Good meeting disciplines – objectives, actions, responsibilities
Proven leadership skills
Demonstrated financial leadership in a large financial multinational company and demonstrated track record of leading and developing staff.
Over 10 years of relevant finance experience with a life insurance company
Excellent oral and written English and Chinese communication skills.
Ability to work with multiple audiences (Management, Group, Asia Regional, local business areas) involving complex financial issues.
HKGAAP and CGAAP experience.
Good track record of improving processes.
Discussing complex financial issues with multiple audiences
Managing tight deadlines and unplanned requests for information and analyses
Navigating and managing compliance in a highly regulated environment
Position Dimensions (Organizational Impact):
7 employees under its direct supervision with over 40 staff in the department
Annual controllable expense budget of over US$400 million
Total assets under management of over US$50 billion
Total insurance weighted premium income of nearly US$1 billion
Core earnings for year 2020 exceed US$800 million