IFRS 9 and Regulatory Reporting

1 month ago

Lagos, Nigeria Wema Bank Plc Full time

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 Responsibilities:

  • 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.

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.

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