IFRS 9 and Regulatory Reporting Specialist

3 weeks ago

Lagos, Nigeria Wema Bank Plc Full time

ABOUT THE COMPANY

Wema Bank Plc - Widely reputed as the longest surviving and most resilient indigenous bank in Nigeria, Wema Bank Plc has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.

JOB SUMMARY

Qualifications and Skills Bachelor’s degree in Accounting, Finance, or related field; CPA, ACCA, or equivalent professional certification preferred. In-depth knowledge of IFRS 9 standards, regulatory reporting requirements, and financial instruments. Experience in financial reporting, accounting, or audit functions within the banking or financial services industry. Strong analytical and problem-solving skills, with the ability to interpret complex financial data and regulatory guidelines. Excellent communication and interpersonal skills, with the ability to collaborate effectively with cross-functional teams. Attention to detail and accuracy in financial reporting and data analysis. Proficiency in financial reporting software and Microsoft Excel.

RESPONSIBILITIES

Job Summary The IFRS 9 and Regulatory Reporting Specialist is responsible for overseeing the implementation of International Financial Reporting Standard 9 (IFRS 9) and ensuring compliance with regulatory reporting requirements. This role involves managing the end-to-end process of financial reporting under IFRS 9 guidelines, as well as preparing and submitting regulatory reports to relevant authorities. The specialist will work closely with internal stakeholders to ensure accurate financial reporting and compliance with regulatory standards.Key Duties Lead the implementation of IFRS 9 guidelines across the organization, ensuring alignment with international accounting standards and regulatory requirements. Computation of ECL for on-balance sheet and off-balance sheet exposures under the IFRS 9 standards Classify credit facilities into risk groups and homogenous groups. Periodic back-testing of the models for ECL and its parameters (PD, LGD and EAD) Forecasting of macro-economic variables for purpose of forward-looking information Computation of effective interest rate (EIR) and authorized cost for the Bank’s credit portfolio Preparation of ICAAP and stress test reports Analysis of risk asset for preparation of ad-hoc reports Risk reporting and risk analysis for regulatory and management reports. Expertise in Microsoft Excel and PowerPoint Aptness on stress testing and sensitivity analysis  Analyze the impact of IFRS 9 on financial statements, including impairment calculations, classification, and measurement of financial instruments.Regulatory Reporting: Prepare and submit regulatory reports in compliance with regulatory requirements, including but not limited to Central Bank reporting, Basel III requirements, and other regulatory filings. Stay updated on regulatory changes and updates affecting financial reporting and ensure timely adjustments to reporting processes and procedures.Data Management and Analysis: Oversee the collection, validation, and analysis of financial data to support IFRS 9 implementation and regulatory reporting requirements. Collaborate with internal teams, including IT and Risk Management, to ensure data accuracy, integrity, and completeness for reporting purposes.Internal Controls and Audit Support: Develop and implement internal controls and processes to ensure accuracy and completeness of financial data for reporting purposes. Provide support during internal and external audits, including responding to audit inquiries and addressing audit findings related to IFRS 9 and regulatory reporting.Stakeholder Engagement: Communicate effectively with internal stakeholders, including Finance, Risk Management, and Regulatory Compliance teams, to ensure alignment and collaboration on reporting requirements. Provide guidance and training to stakeholders on IFRS 9 guidelines and regulatory reporting standards.

REQUIRED SKILLS

Risk analysis, Regulatory reporting, Due diligence, Customer support, CRM systems, Regulations

REQUIRED EDUCATION

Bachelor's degree

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