Job Purpose
The Chief Accountant is responsible for providing strategic leadership and oversight in financial management, accounting, treasury operations, budgeting, and financial reporting for Kenya Re as a Government Owned Entity (GOE).
The role ensures accurate preparation of financial statements under IFRS 17, group accounting and consolidation, effective treasury and cash flow management, robust budgeting and strategic financial planning, performance contracting, and full compliance with statutory and regulatory requirements. This includes oversight of sustainability disclosures under IFRS S1 (General Sustainability-related Financial Disclosures) and IFRS S2 (Climate-related Disclosures) to support ESG integration, financial sustainability, and the achievement of Kenya Re’s strategic objectives.
Primary Responsibilities
Strategic Planning, Budgeting & Performance Contracting
- Lead the development, coordination, and implementation of the Corporation’s annual budget, and long-term financial projections in line with GOE requirements.
- Coordinate the preparation, review, and monitoring of performance contracts, ensuring alignment with strategic plans and timely reporting on performance targets.
- Advise Senior Management on strategic financial planning, resource allocation, expenditure prioritization, and financial sustainability.
- Review budget performance, undertake variance analysis, and recommend corrective actions.
Treasury & Cash Flow Management
- Oversee treasury operations, including cash flow forecasting, liquidity management, banking relationships, and investment of surplus funds.
- Ensure optimal management of working capital, foreign currency exposure, and investment portfolio in line with approved policy.
Financial Reporting, IFRS 17 & Group Accounting
- Oversee preparation of accurate monthly, quarterly, and annual financial statements, management accounts, and consolidated group accounts in compliance with IFRS 17, IFRS, and Public Sector Accounting Standards.
- Lead group accounting processes, including consolidation of subsidiaries and Retakaful operations.
- Ensure timely preparation and submission of quarterly and annual regulatory returns to the Insurance Regulatory Authority (IRA).
Sustainability & ESG Reporting (IFRS S1 & S2)
- Lead the preparation, integration, and disclosure of sustainability-related financial information in line with IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures).
- Coordinate the identification, measurement, and reporting of ESG risks and opportunities, ensuring they are appropriately reflected in financial statements and management reporting.
- Support the integration of ESG factors into strategic planning, budgeting, and overall financial decision-making.
Compliance, Tax & Statutory Obligations
- Ensure full compliance with the Public Finance Management Act 2012, IFRS 17, tax laws, and all other statutory requirements.
- Manage timely processing and remittance of all statutory deductions, taxes, pension contributions, and regulatory payments.
- Liaise with external auditors, internal auditors, IRA, and other oversight bodies during audits and financial reviews.
Internal Controls & Accounting Operations
- Develop, implement, and continuously strengthen internal financial controls and accounting systems.
- Maintain an accurate general ledger, fixed assets register and perform timely reconciliations of all control accounts.
- Oversee payroll processing, bank reconciliations, creditors management, and expenditure authorization within approved limits.
Advisory, Policy & Leadership
- Provide high-level advice to the General Manager, Finance & Credit Control and Senior Management on financial policies, revenue optimization, costing, pricing, and cost efficiency.
- Initiate and recommend improvements to financial policies, procedures, and governance frameworks, including ESG integration.
- Supervise, mentor, appraise, and develop staff in the accounting function while fostering professionalism and accountability.
- Prepare departmental work plans, procurement plans, and periodic management reports.
Other Duties
- Perform any other duties as may be assigned from time to time.
Requirements / Person Specifications
Academic Qualifications
- Bachelor’s Degree in Commerce, Business Administration (Finance or Accounting Option), Business Management (Finance or Accounting Option), Strategic Management, Finance, Accounting, or an equivalent qualification from a recognized and accredited institution.
- Master’s Degree in Commerce, Business Administration (Finance or Accounting Option), Business Management (Finance or Accounting Option), Strategic Management, Finance, Accounting, or an equivalent qualification from a recognized and accredited institution.
Professional Qualifications
- Certified Public Accountant of Kenya (CPA-K) qualification from KASNEB or an equivalent qualification from a recognized and accredited institution.
- Active membership in the Institute of Certified Public Accountants of Kenya (ICPAK) in good standing.
- A Management Course lasting not less than four (4) weeks from a recognized and accredited institution.
- Proficiency in computer applications.
- Fulfillment of the requirements of Chapter Six of the Constitution of Kenya.
Experience
- At least fifteen (15) years’ relevant work experience in accounting, financial reporting, or auditing, with at least three (3) years served at the level of Assistant Manager or in a comparable senior position in a reputable organization, preferably in the insurance or reinsurance sector.
- Demonstrated knowledge and practical application of IFRS in the preparation and presentation of financial statements.
Other Requirements
- Excellent interpersonal, communication, and stakeholder management skills.
- Superior planning, organizing, problem-solving, and decision-making skills, with the proven ability to work effectively under pressure.
- Strong analytical, report writing, and presentation skills.
- Demonstrated team leadership and stakeholder management abilities.
- Sound knowledge of auditing concepts, corporate governance frameworks, internal controls, and risk management principles.
