The Chief Financial Officer (CFO) is responsible for all aspects of the Finance / Accounting / Tax, Treasury, Strategy as well as Procurement functions at ING Bank of Canada (the “bank”), a Canadian chartered bank with approximately $40 billion of total assets, more than 1.8 million customers and its chief regulators including, but not limited to, OSFI, CDIC and MFDA. The bank includes its two primary operating subsidiaries supporting its mutual funds business.
The CFO is also a voting member of the following bank-wide committees: Executive Committee, Asset Liability Committee, Credit Risk Committee, Non-Financial Risk Committee (Operational Risk Committee), Valuation Committee, Project Prioritization Committee, Disclosure Committee as well as the Capital Management Committee. Furthermore, the CFO serves as a board member for the bank owned two mutual funds related companies: IDAML and IDFL.
The CFO serves as the primary owner of relationships with certain key stakeholder, including, but not limited to, the bank’s external auditor as well as tax services. S/He is also the primary bank Executive that reports to the Chairman of the bank’s Audit Committee on all financial matters of the bank and its subsidiaries.
The CFO plays a critical role in driving the strategic planning and business development for the organization.
In addition to the immediate responsibilities, the CFO provides counsel to the executive management on financial control, adheres to tax laws and regulatory compliance to properly reflect the financial position of the Bank, and ensures compliance with ING policies and procedures. The CFO is also responsible for ensuring that the financial objectives and activities of the Bank are pursued in a manner consistent with sound risk management practices.
The CFO takes the lead in attaining established Bank and department financial goals. The CFO reports to the CEO of ING Bank of Canada.
- Responsibility for all aspects of compiling the bank’s consolidated financial statement, including signing off on financial statements and management representation letters
- Responsibility for all aspects of the bank’s annual and quarterly MD&A. These documents serve as key instruments from both a compliance as well as commercial perspective
- Direct the management of accounting functions, including development and implementation of systems and procedures to maintain proper financial records and for the computation of regulatory capital position.
- The CFO is the primary owner of the systems environment for his areas of responsibility
- Responsibility for all statutory and regulatory reporting related to the functions supervised by the CFO
- Develop and maintain an environment that supports effective Internal Controls over Financial Reporting (ICFR) both with respect to design as well as the operating effectiveness of controls.
- The CFO provides the attestation on behalf of ING Bank of Canada that the institution is in compliance with the principles stipulated as part of SOX within the context of ING Group
- Responsibility for all aspects of management accounting, including cost allocation, product profitability and returns on optimized capital structures
- Responsibility for all tax related matters related to the bank as well as any of its subsidiaries, including the compilation, signing and filing of tax returns as well as documentation and the identification of opportunities to optimize the bank’s tax position
- Provide leadership to the bank’s Procurement function and leverage its capabilities across the organization for purposes of sustaining the bank’s cost leadership and enabling operational excellence
- Responsible for the development and maintenance of all procurement and sourcing programs, policies and tools
- Support strategic real estate planning as well as retain full accountability for the development and management of the facilities management program for all sites across Canada
- Serve as the primary bank Executive to maintain relationships with regulators as well as rating agencies, such as Moody’s, regarding any financial matters of the bank
- Support the President & CEO and other members of the executive team in the coordination and planning of strategic initiatives and serve as a member of the Executive Committee
- Represent ING DIRECT Canada on issues related to finance and accounting and strategy at Board of Directors meetings
- Coordinate bank wide activities supporting the bank’s annual 4-year planning activities with the objective of establishing financial plans, operational plans, cost center budgets, capital expenditures, capital plans, tax matters, liquidity and other plans as well as investment activities. The CFO is responsible for the presentation of these plans to key stakeholders, including the bank’s regulators, the bank’s Board of Directors, rating agencies as well as its chief shareholder.
- Responsible for the identification of KPI’s to measure long and short term success of the Bank
- Manage regulatory requirements and interact with OSFI, CDIC, FCAC, FINTRAC, OSC, the Ministry of Finance as well as industry associations and stakeholders
- Plan and execute methods of improving business performance to achieve financial and operational goals
- Identify key performance indicators and track performance against these measures
- Maintain current knowledge of organizational policies and procedures, accounting standards, financial industry and economic trends to mitigate risk and identify opportunities for the organization
- Ensure that all financial activities and objectives of the Bank are pursued in a manner consistent with sound risk management practices as well as applicable policies and procedures. If required, initiate the amendments of existing policies, procedures and governance standards
- Responsible for overseeing the activities of the Treasury department, including developing, implementing and directing investment and risk mitigation strategies to ensure that financial objectives are met.
- Responsible for day-to-day cash management and capital markets activities.
- Create strategies designed to expand and meet portfolio growth objectives of the Bank. Direct the implementation and execution of said strategies.
- Monitor and forecast the Bank’s capital needs including options to optimize the bank’s capital and return position
- Position the investment portfolio of the bank to remain within and optimize performance with respect to policy risk limits including treasury credit risk, liquidity risk, foreign exchange (F/X) risk and interest rate risk
- Monitor and maintain adequate liquidity ensuring compliance with policy and regulatory standards
- Manage, lead and coach the finance and accounting teams
- Provide vision, leadership and guidance in the development of ING DIRECT’s strategic priorities
- Provide guidance to the Strategic Planning team in creating financial models to identify and address both tactical and strategic business problems and opportunities
- Interface with the CEO and Executive Committee to ensure consistency between corporate planning and strategic planning
- Work with the Executive Committee in the coordination and completion of ING DIRECT’s annual planning, strategic planning and financial forecasting process
- Accountable for the identification and development of the Bank’s identified high potentials
- Responsible for the performance management and development of Leaders of Groups and Functions with a focus on increasing cross-functional learning
- Responsible for the ongoing communication of the Bank’s vision and strategy
- Participate in the Project Prioritization Committee and thus dynamically calibrate the strategic and operational plans of the bank in line with established and potentially changing corporate priorities
- Conveys an Inspirational ING Vision & Strategy
- Builds High Performing ING Teams
- Acts as a Team Player
- Results Oriented
- Focuses on the Customer
- Committed to Self Development
- Understanding of accounting and economic principles and practices, banking and financial markets and the analysis and reporting of financial information
- Knowledge of Canadian/US GAAP, IFRS, Basel Accords and SOX
- Knowledge of complex accounting transactions such as, but not limited to, SWAPS, derivatives and hedges
- Ability to develop and implement strategic business and operating plans. Able to prioritize goals and manage changing priorities
- Demonstrate insight with regard to the meaning of financial data as it relates to the operations of a business; know how to measure and achieve efficiencies which reflect in bottom line results
- Well-balanced executive with sound, common-sense business judgment and strategic insight; able to add value as an executive
- Technically grounded in planning, budgeting, controls, financial and management reporting and systems
- Experience working within an entrepreneurial environment
- Minimum of 10 years of related experience
- 10+ years in a senior leadership and management role in financial industry
- 10+ years related experience in retail banking
- CA, CPA or CFA qualification/ Professional designation
- University degree in finance, business administration or related. MBA an asset
- Audit experience an asset
ING DIRECT will make reasonable accommodations for the known physical or mental disabilities of an otherwise qualified employee or applicant for employment, unless undue hardship to ING DIRECT would result. Any applicant or employee who requires accommodation in order to perform the essential functions of a job should contact Human Resources or his or her supervisor.
The Executive Team is accountable for the identification, monitoring, and mitigating of all risks within their respective business area, and to manage those risks in compliance with the Risk Appetite of ING DIRECT. If any risks exceed the Risk Appetite, it must be escalated to the Risk Management department and to the relevant Senior Management Committee(s).
1. Location: 3389 Steeles Avenue E, Toronto, Ontario, M2H 3S8
2. Term of employment: Permanent, Full Time
3. Wage and benefits:
- $250,000.00 to $400,000.00 Yearly, Bonus
- Medical Benefits, Dental Benefits, Disability Benefits, Life Insurance Benefits, Group Insurance Benefits, RRSP Benefits, Vision Care Benefits
How to Apply:
Please apply online only by December 31, 2013 in order to be considered for this position.
We appreciate all expressed interest in this position, however, only the candidates selected for interview will be contacted.
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