Financial Control & Reporting Manager

Job description

Richemont, one of the world leaders in the luxury sector, has various Houses specializing in jewelry, watches and high-end accessories. Each Maison proudly embodies a tradition of style, quality and craftsmanship and Richemont strives to preserve the heritage and identity specific to each of them. At the same time, we are committed to innovating and designing new products in line with the values ​​of our Houses, through a process of permanent creativity.

MAIN PURPOSE

This is a key position in the India Finance team to ensure regular operations and reporting are efficiently administered and compliant with Richemont’s finance policies, procedures and international accounting standards. Key to the position is oversight and management of risk, including financial, legal, tax and regulatory requirements. The position will have strong focus on continuous improvement, and establish a culture of trust, compliance, and financial control with all internal and external stakeholders.

The primary duties of the position include:

• Leading the FC&R accounting departments with a focus on best practice, compliance and learning to create an enabling environment that achieves the targets and goals of the function.

• To manage the financial reporting and taxation function of Richemont entities in India

• Ensuring financial reports are accurate and compliant with Richemont policies and international accounting standards by maintaining oversight and responsibility of financial transactions.

• Assessing procedures, processes and systems with an emphasis on efficiency and innovation to enable the India FC&R team to contribute business orientated solutions to Maisons and Functions.

Key Responsibilities

Leadership and Management

• Manage and oversee the FC&R accounting function, working closely with and supporting department supervisors to set clear objectives, responsibilities and targets.

• Oversight recruitment, performance management and professional development of team members, with the goal to continually build and develop the capacity of the India FC&R accounting team.

• Confirm team member development plans and review the assessment of team member performance by identifying learning and development opportunities which enable succession planning.

• Actively support and participate in the regional Community of Experts, working with other markets/entities to share knowledge, best practices and opportunities to improve the FC&R function.

• Establish a culture of trust, compliance, and financial control with all internal and external stakeholders.

Accounting

• Oversee and supervise month end closing process, including Group closing deadlines and checklists, complete supporting documents, reviews and sign off approvals in compliance with Richemont internal controls.

• Review and escalate balance sheet variances and risks, investigating causes with the General Ledger team and ensure compliance with Richemont policies and procedures.

• Credit management -Monitoring risk on receivables, debtor management and credit control to meet collection targets, minimise overdue debts and credit risks.

• Accounts Payable management to ensure the supplier invoice process is efficiently administered and compliant with local taxation regulations and Richemont procedures.

• Cash flow management - Ensure entity liquidity levels are adequate, work with internal stakeholders including Group Treasury team to generate cashflow forecasts and ensure bank accounts are reconciled and payments are processed efficiently.

• Support the management and compliance of local statutory tax requirements and keep up to date on taxation developments

Reporting

• Ensure that financial statements are accurate and in compliance with Richemont Group policies and procedures, and with IFRS standards and local regulatory requirements.

• Review and analyse the trial balance, Group reporting pack and provide explanations on movements and variances for follow up actions.

• Review and validate the monthly tax filings making sure the return is compliant with local tax laws and submitted within the required deadline.  

• Oversee the resolution of any technical reporting issues and concerns

• Ensuring general ledger accounts in use are up to date and in line with the Group Operational Chart of Accounts.  

Financial Excellence and Process Improvement

• Work across accounting functions to review and evaluate workflows, processes and systems to improve efficiency, timeliness and accuracy, with a focus on innovation and automation and simplification.

• Lead and participate in financial control and reporting projects and initiatives either within the function or across other functions.

• Act as a Subject Matter Expert for finance process areas and a point of contact to support harmonisation and knowledge sharing, team capacity, development, and the achievement of targets.

• Liaise with Group Finance departments and build relationships with key stakeholders to keep up to date with new initiatives, processes or changes and to promote the local finance function.

Compliance, Internal Controls, Tax and Audit

• Lead a culture of compliance ensuring policies, procedures and internal controls are documented updated and implemented.

• Perform regular tests on controls as per ICS requirements and ensure that all required ICS reviews are completed in accordance with agreed timetables.

• Ensure full compliance with relevant legal, statutory, regulatory and corporate guidelines (Withholding taxes, GST, Income Tax, Transfer Pricing and other taxes as may be applicable), tracking of all open litigations and matters in progress with various authorities

• Manage and oversee external and internal audits to ensure information is provided and deadlines are met. Implement recommendations (if any) during and after audits and take corrective action(s) when required.

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