The Director of Risk Management Accounting is responsible for all aspects of accounting for North America’s self-insurance programs. The self-insurance programs include workers compensation, general liability and auto liability exposures. With annual expense of nearly $100 million, the accurate accounting and control of the insurance cost is a critical element of Sodexo’s overall success.
Core Competencies Needed:
Managing Finances
Technical Skills
Data Analysis
Managing Multiple Priorities
Project Oversight & Management
Building Strategic Relations
Talent Management
Strategic Leadership
Technical Duties and Responsibilities:
Responsibilities:
Develop the annual Total Cost of Risk (TCOR) model which estimates and allocates the current year insurance expense to the segments. This is a critical aspect to each operational unit’s financial performance and as such, is a high-visibility and essential responsibility.
Monitor insurance claim payment activity to ensure it is accounted for properly.
Forecast insurance surplus or deficit precisely
Engage with our outside actuaries to confirm that the data on which their valuations are based are accurate and that the outcome of the valuation is reasonable
Collaborate with Risk Management and others to implement risk mitigation strategy, ensure that the impact of the strategy is accounted for properly.
Certifies that the insurance liabilities are valued accurately through timely and detailed reconciliation.
Reviews all insurance-related payables activity for propriety and, as many items such as insurance premiums are critical in nature, ensures that cash is disbursed on time.
Innovates process improvements to the insurance accounting process to capture efficiencies.
Creates and manages Key Performance Indicators for the Insurance Accounting processes.
Manages and develops the Insurance Accounting Analyst, delegate actions, monitor status and coach performance.
Reconciles claims payment data and ensures that the claims database is complete and accurate.
Reviews financial statements prepared for the captive insurance company to determine that the results are reported accurately.
Prepare and submit reports to certain State regulatory agencies.
Motivate employees to excel by providing feedback, incentives, and rewards.
Assist Senior Director of International Accounting with special projects.
Duties:
Ensure accuracy and timeliness of financial data and statistics, including operating and administrative budgets.
Plan or assist in planning annual or project-specific budgets.
Perform ad hoc financial analysis
Generate special reports and respond to data requests from units or districts.
Prepare and/or review team account reconciliations and balance sheet/inventory analysis.
Prepare and/or approve adjustments to Sodexho general ledger, as necessary.
Prepare financial statements and general ledger account reconciliations
Validate transactional and master data and recommend/implement solutions to correct and eliminate validation exceptions.
Monitor compliance with the existing system of internal controls, evaluate the adequacy of existing internal control systems, and develop recommendations to improve the internal control environment.
Interact with external auditors, internal audit, and Corporate Security related to internal control issues and assessments.
Identify training requirements for staff, including the development and implementation of training plans.
Provide coaching and mentoring that includes developmental plans, training, resources, and opportunities.
Conduct performance appraisals using a process that includes establishing and tracking developmental goals.
Provide specific and meaningful feedback on performance, recognizing employees' accomplishments and rewarding their efforts, as well as providing corrective guidance when needed.
Prepare general ledger account or legal entity variance analysis, as required.
Develop and distribute exception reporting, monitor data trends, report changes and causes over time.
Assist in the monthly/quarterly/year-end close process to ensure accuracy and integrity of results at the unit/district/region/division level.
Reconcile liability accounts for contracts.
Provide support to GM's/DM's/RVP's/DVP's in order to ensure accurate results, help improve profitability and assist with Division initiatives as requested
Work with Division Finance teams to develop, document, implement, and maintain internal controls.
Typical Knowledge and Skills:
Financial Acumen: The ability to interpret, analyze, and explain financial information. This includes understanding financial data and accurately interpreting financial statements and reports; identifying the key factors affecting the financial performance of the division, as well as the organization as a whole; using financial data to accurately diagnose business realities, identify key issues, and develop strategies and plans.
Accounting Knowledge: Knowledge of general accounting principles and current Sodexho accounting policies and procedures. This includes general accounting and financial reporting, cost accounting, auditing, budget and forecasting, payroll, accounts payable, and accounts receivable.
Budgeting: Knowledge of budgeting guidelines, practices, and techniques and the ability to perform budgeting activities, including complex payment schedules and criteria.
Forecasting: The ability to make projections into the future (volume, financial statements, economic data, consumer preference, headcount, etc.) and use these projections to help plan future operations.
Financial Research: Ability to conduct comprehensive financial research.
Financial Processes: Knowledge of financial processes, such as cash handling, forecasting/budgeting, audit, contract, billing, capital, sales survey, pricing, and reporting.
International Financial Reporting Standards (IFRS) Knowledge of the principles, practices, and techniques of accounting
Forecasting: Knowledge of and the ability to make future projections (e.g., volume, financial statements, economic data, consumer preference, headcount) and use these projections to help plan future operations.
Financial Analysis: Ability to perform financial analyses to assist in exploring strategic options, developing creative solutions to complex business issues, and/or supporting decision-making. This includes the ability to perform analyses that require the application of single or multiple financial and non-financial concepts and tools (e.g., NPV, IRR, Discounted Cash Flow, statistical analyses, economic analyses, loss projection, exposure analysis).
Cost Accounting: Knowledge of cost accounting and analysis techniques (e.g., activity based costing, standard costing, cost performance measurement, benchmarking techniques) used within a business environment.
Financial Reporting: Knowledge of financial and public reporting systems and disclosure requirements
Diversity Awareness/Sensitivity: The ability and willingness to be aware of, understand, and behave in a manner that is respectful of the diverse cultural, ethnic, racial, religious, gender, educational, age, sexual orientation, linguistic, professional, and other differences that make us unique. This includes clearly communicating and reinforcing aims and goals of team, diversity, unity, cooperation, and excellence.
Decision Making: The ability to know when a decision needs to be made and having the readiness to make timely, sound decisions. This includes selecting the most promising alternative or course of action that is consistent with sound business practices, and with overall Company practices; recognizing when outside advice is needed; and committing to action, even in uncertain situations.
Achieving Solutions: The ability to effectively resolve problems. This includes identifying and analyzing key information from multiple sources; facilitating the determination of the root causes of problems and finding solutions to eliminate them; proactively anticipating potential problems and implementing or modifying systems to prevent their occurrence; and recommending alternative solutions to resolving issues.
Delegating and Directing: The ability and willingness to delegate the authority to complete work activities, giving clear direction as to what needs to be done, and monitoring performance against a predetermined deadline and/or measure of quality to ensure quality and timely completion of assignments.
Project Management: The ability to plan resource requirements and secure resources to ensure the successful completion of designated projects and to effectively manage time and resources to ensure that work is completed efficiently.
System Design: Ability to design cost effective systems and procedures to ensure that assets are safeguarded and that transactions are properly authorized, recorded, and reported.
Training: The ability to deliver training to employees. This may include conducting a training needs assessment; creating training curricula; delivering training sessions; and/or evaluating training programs.
Position Summary
Responsible for general accounting and financial reporting, cost accounting, auditing, budget and forecasting, and systems for assigned Division. Leads a team of accounting professionals. Works in partnership with the Division to execute its business strategy.
Qualifications & Requirements
Basic Education Requirement - Bachelor's degree in accounting, business, finance or related field
Basic Management Experience - 5 years
Basic Functional Experience - 7 years
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