Manager of Subsidiary Accounting

Company
Munich Re America Services
Location
Princeton , United States

Manager of Subsidiary Accounting

 

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

 

The Company

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

 

 

The Opportunity

 

Future focused and always one step ahead

 

This position reports to the Assistant Controller and will lead the subsidiary financial reporting department. Subsidiary financial reporting includes all non-statutory companies supported by the MRAS Shared Service Organization.  Primary responsibilities include (i) overseeing the analysis and preparation of selected Munich Re entities financial data and reports under International Financial Reporting Standards (“IFRS”) and under US Generally Accepted Accounting Principles (“GAAP”), (ii) managing the preparation and submission of selected quarterly IFRS financial statements and footnotes as part of Munich Re’s worldwide corporate close system and (iii) leading the review and processing of financial reports prepared by third-party providers.  The latter responsibility includes understanding the complexities associated with limited partnership accounting as well as taking the lead in communicating this information to both internal and external parties.

 

Responsibilities: 

• Manage the Subsidiary Accounting department to ensure subsidiary accounting data is delivered in a timely and accurate manner.
• Direct supervision of one Subsidiary Accounting Lead and subsidiary accounting staff. Apply performance management practices, including continuous conversation to evaluate employee performance.  Actively identify training opportunities to grow skills across the team.
• Management of the subsidiary accounting processes (financial reports, footnotes, management reporting) under IFRS and US GAAP accounting. This involves overseeing the third-party accounting service provider relationship.
• Provide guidance and support the Subsidiary Accounting team in preparing the IFRS data files that produce footnotes as well as any manual notes required for the Subsidiary companies, as assigned. Ensure the satisfactory resolution of all footnote-related issues. Ensure the financial statements and footnotes are completed accurately and completely, as well as timely as defined by the Munich Re calendar.
• Liaise with third party accountants performing day to day accounting activities for the limited partnership portfolio. Direct third party accountants on proper booking of transactions. Review financial statements prepared by third party accountants, review cash funding requests from third party accountants and review the underlying financial statement information after entered into the general ledger and consolidation systems. This includes reviewing the quarterly journal entries prepared by the Subsidiary Accountants. 
• Provide technical accounting research & guidance related to subsidiary entities as well as other topics to support the Assistant Controller.
• Present financial statement data to the board & finance committee of selected entities on a quarterly basis.
• Review management financial reports for assigned Subsidiary Companies. Mange the annual audit process for the Subsidiary Companies that require GAAP audits.
• Review annual budgets, and assist with quarterly forecasts and dividend calculations for Subsidiary Infrastructure and Real Estate Companies, as required.
• Resolve reporting issues arising from new system implementations, new IFRS reporting guidance, new or changed Munich Re accounting/reporting changes, new limited partnerships or other reporting structures, and new company or group transactions. 
• Support ongoing Tax Department requests as they relate to subsidiary accounting.
• Perform special projects as required.

 

Qualifications:

 

• Bachelor’s degree with a major in Accounting
• 7+ years experience in GAAP and/or IFRS financial reporting
• CPA required. Public accounting firm experience is a plus.
• Knowledge of IFRS and GAAP accounting guidance – ability to research accounting related issues
• Ability to supervise, guide and teach others and work effectively with people in varying departments at varying staff levels and management
• Experience with Limited Partnership reporting and accounting a plus
• Experience with SAP financial systems and IBM Cognos TM1 a plus
• Ability to communicate in a clear and concise manner, both in writing and verbally, along with the ability to interact and present to Senior Management.
• Strong analytical skills, project management skills and ability to provide a consulting perspective.
• Position requires a self-motivated individual, able to work independently and bring complex issues to resolution.
• Ability to adapt to varied situations during periods of ambiguity, uncertainty, and change
• Ability to apply knowledge and expertise to wide ranging and complex problems
• Ability to multi-task while working under very tight deadlines at times with extended hours
• Continually seeks to improve the accuracy and efficiency of the processes

 

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

 

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

 

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