March 29 2024

Job Vacancy Specifications

Schedule: Full Time
Location: Lagos

About Wema Bank

Wema Bank is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them to achieve their personal and financial goals.

Job Description

Job Summary

The IFRS 9 and Regulatory Reporting Specialist is responsible for overseeing the implementation of International Financial Reporting Standard 9 (IFRS 9) and ensuring compliance with regulatory reporting requirements. This role involves managing the end-to-end process of financial reporting under IFRS 9 guidelines, as well as preparing and submitting regulatory reports to relevant authorities. The specialist will work closely with internal stakeholders to ensure accurate financial reporting and compliance with regulatory standards.

Responsibilities

Key Responsibilities:

Lead the implementation of IFRS 9 guidelines across the organization, ensuring alignment with international accounting standards and regulatory requirements.
Computation of ECL for on-balance sheet and off-balance sheet exposures under the IFRS 9 standards
Classify credit facilities into risk groups and homogenous groups.
Periodic back-testing of the models for ECL and its parameters (PD, LGD and EAD)
Forecasting of macro-economic variables for purpose of forward-looking information
Computation of effective interest rate (EIR) and authorized cost for the Bank’s credit portfolio
Preparation of ICAAP and stress test reports
Analysis of risk asset for preparation of ad-hoc reports
Risk reporting and risk analysis for regulatory and management reports.
Expertise in Microsoft Excel and PowerPoint
Aptness on stress testing and sensitivity analysis
Analyze the impact of IFRS 9 on financial statements, including impairment calculations, classification, and measurement of financial instruments.

Regulatory Reporting:

Prepare and submit regulatory reports in compliance with regulatory requirements, including but not limited to Central Bank reporting, Basel III requirements, and other regulatory filings.
Stay updated on regulatory changes and updates affecting financial reporting and ensure timely adjustments to reporting processes and procedures.

Data Management and Analysis:

Oversee the collection, validation, and analysis of financial data to support IFRS 9 implementation and regulatory reporting requirements.
Collaborate with internal teams, including IT and Risk Management, to ensure data accuracy, integrity, and completeness for reporting purposes.

Internal Controls and Audit Support:

Develop and implement internal controls and processes to ensure accuracy and completeness of financial data for reporting purposes.
Provide support during internal and external audits, including responding to audit inquiries and addressing audit findings related to IFRS 9 and regulatory reporting.

Stakeholder Engagement:

Communicate effectively with internal stakeholders, including Finance, Risk Management, and Regulatory Compliance teams, to ensure alignment and collaboration on reporting requirements.
Provide guidance and training to stakeholders on IFRS 9 guidelines and regulatory reporting standards.

Requirements

Qualifications and Skills:

Bachelor’s degree in accounting, Finance, or related field; CPA, ACCA, or equivalent professional certification preferred.
In-depth knowledge of IFRS 9 standards, regulatory reporting requirements, and financial instruments.
Experience in financial reporting, accounting, or audit functions within the banking or financial services industry.
Strong analytical and problem-solving skills, with the ability to interpret complex financial data and regulatory guidelines.
Excellent communication and interpersonal skills, with the ability to collaborate effectively with cross-functional teams.
Attention to detail and accuracy in financial reporting and data analysis.
Proficiency in financial reporting software and Microsoft Excel.