Head of Finance

Primary Responsibilities
Reporting to the Director of Operations, the Head of Finance will be the principal financial advisor to the Office and will be responsible for providing leadership and strategic advice in the following areas to ensure that the financial objectives of the Office are met within the constraints of the Public Management and Finance Act (PMFA), Public Authorities Act (PAA), and the Utility Regulation and Competition Act:

• Financial Reporting and Accounting
• Strategic Advice and Financial Planning
• Budget and Forecasting
• Governance and Oversight
• Annual Audit
• Regulatory Advice and Reviews
   

Financial Reporting and Accounting

• Ensure the timely provision of monthly, quarterly, and annual financial statements in accordance with IPSAS to the Director of Operations, Senior
• Management and Board of Directors.
• Ensure the timely provision of monthly management reports and presentations to the Director of Operations, Senior Management and Board of Directors.
• Ensure the timely provision of monthly and annual financial reports and presentations to the Cayman Islands Government.
• Manage all financial and accounting transactions of OfReg in accordance with established objectives, policies, and GAAP.
• Ensure that all Balance Sheet items are reconciled to the general ledger each month.
• Ensure that expenditure and revenue are accurately recorded within the stipulated timeframe.
• Ensure that the Office’s revenue and expenses are accurately allocated to the respective sector in accordance with the URCA and maintain a fixed asset register.

Strategic Advice and Financial Planning

• Facilitate the preparation of the Office’s bi-annual Budget in line with the goals outlined in the approved Strategic Plan and within the stipulated time frame including preparing annual forecasts and additional forecasts during the year as necessary.
• Provide financial advice and specific recommendations to Senior Management and the Board of Directors concerning the development and implementation of financial policies, human resources (HR) policies where applicable, operational policies, and regulatory measures to support OfReg’s strategic objectives.
• Ensure that all expenditures are consistent with the agreed detailed budget and the Procurement Act.
• Facilitate the negotiation of Purchase and Ownership Agreements with the Cayman Islands Government.

Governance and Oversight

• Independently advise senior staff of current changes to local legislation and internal standards affecting Compliance/Risk Management issues.
• Act as primary liaison with the Office of the Auditor General (OAG), Ministry of PAHITD, commercial banks, suppliers of goods and services as it pertains to accounting and finance matters.

Annual audit and Annual Report

• Responsible for the organisation and supervision of the annual audit and report on the financial statements as related and required by OAG and PMFA.

Regulatory Advice and Reviews

• Ensure the timely review of quarterly submissions from major licensees; assist with regulatory groups with regulatory and finance matters and independently schedule and conduct compliance reviews of due diligence records and immediately communicate all issues affecting financial and operational performance.

Management and Administration

• Monitor cash flow and take necessary steps to maintain a positive cash balance, making contingency plans for reasonable uncertainties while at the same time managing cash resources to maximise returns.
• Manage accounts receivable to ensure collection policies and procedures are being consistently adhered to.
• Manage and develop the members of the Accounts Department, ensuring that Annual Performance Agreements and Assessments are completed, including developing training plans for team members of the Accounts Department.