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Director of Internal Controls Financial Reporting
Pacific Life
Newport Beach, CA, United States
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Job Description
Director of Internal Controls over Financial Reporting (ICFR) will be responsible for the overall materiality and scoping guidance and provides the framework and methodology for ICFR and MAR compliance, assessment/evaluation, monitoring and reporting of deficiencies, and activities supporting the quarterly financial statement certifications. Position reports to AVP, Derivative and Investment Reporting.
Responsibilities and Duties:
• Responsible for the 1st Line of Defense for Corporate Financial which includes the day to day risk management activities over ICFR. Defines materiality thresholds, scoping and risks of misstatement. Directs the completion of risk and control matrices across the organization.
◦ Responsible for the program oversight and execution including program management (tracking, control, reporting). Certification of control design and effectiveness. Report quarterly to the CAO and CFO on the “effectiveness” of ICFR.
◦ Provides guidance and oversight to the business areas/divisions to maintain the ICFR program.
◦ Participate in the development of a continuous monitoring process, which enables the Company to self-assess the quality of internal control performance and effectiveness over time, and create action plans for anomalies as identified.
◦ Perform risk assessments and dynamically manage the ICFR program assessing the impact of the business changes to scope and coverage.
◦ Staying abreast of latest business, organizational, technology and regulatory changes and partnering with divisions to ensure ICFR and MAR guidance is consistently applied.
◦ Work with the process owners to ensure process and control documentation is continuously updated with process improvements and control optimization.
◦ Assist the 1st Line of Defense in the Divisions in the assessment of ICFR and MAR control deficiencies, analyzing issues and performing root cause analysis. Coordinate and manage internal control remediation assignments.
◦ Aggregate accounting errors for the total Company and conclude on the overall impact to the financial statements.
◦ Monitor issues identified through other control programs (external auditors, second and third line of defense) to assess their impact on financial statements and deficiency classification.
◦ Liaise with the Divisional Finance representatives who are responsible within the business areas to operate controls and provide evidence for control effectiveness.
• Divisional representative for Corporate Financial 1st Line of Defense.
◦ For the various areas within Corporate Financial including Investment Management and Corporate Accounting and Reporting, implement the internal controls and risk management framework.
◦ Design and operate key controls over financial reporting.
◦ Document the in-scope processes in narratives/flowcharts and identify the key controls within the processes.
◦ Collaborate with internal and external auditors to ensure that the proper controls are designed and operating effectively and being monitored on a regular basis.
◦ Report accounting errors in excess of inconsequential threshold and related control deficiency.
◦ In the event of a control failure or deficiency, the process owners are responsible for improving the control design, determining if there are mitigating controls in place and remediated the control failures.
• Participation on the Operational Risk Management Committee and Model Risk Management Committee and all related activities for Corporate Financial.
• Other Ad Hoc projects as assigned
Position has no direct reports but internal leadership responsibilities as a project lead, coordinator with the divisions and Corporate Finance.
Qualifications and Experience:
• Minimum of 10 years accounting experience with progressive financial and general controls leadership within a complex environment
• Public accounting experience is preferred
• Solid understanding of financial statement risks and controls
• Strong technical, analytical, organizational and problem-solving skills
• Ability to manage multiple responsibilities under tight time frames
• Strong oral and written communication skills
• Demonstrated ability to develop trusted working relationships across divisional Finance teams and at all levels of the organization
• Proven ability to build strong relationships and collaborate across a cross-functional team and influence senior leaders