The Chief Financial Officer (CFO) directs all aspects of the accounting and financial activities of the company, providing leadership and coordination in business planning, accounting, budgeting and other tasks necessary to achieve the company’s strategic plan.
Departmental Responsibility. Supervises and coordinates the work of the following disciplines: Accounting, Risk Management and Investments. Establishes and implements departmental goals, objectives, policies and procedures. Ensures that employees are properly trained and supervised and provides for appropriate succession management.
Financial Records and Analysis. Responsible for ensuring accurate financial records are maintained and that financial statements, financial reports and financial analyses are prepared and performed on a timely basis. Analyzes key financial metrics to identify key trends in the business, including opportunities to improve the financial results.
Compliance Requirements and Internal Controls. Ensures that the company is in compliance with regulatory, tax and accounting requirements. Establishes and maintains appropriate internal control safeguards within accounting to ensure the completeness and accuracy of financial data.
Annual Corporate Plan. Coordinates and assembles the annual corporate plan and assists in presenting to the Board of Directors. Assists in the development and implementation of strategic business and/or operational plans and projects.
Budgeting and Expense Reporting. Manages the annual operating and capital budget process for input into the corporate plan. Ensures that budget variance reports are prepared and analyzed monthly. Assists departments, as necessary, in improving departmental operations to realize efficiencies, reduce costs and improve controls.
Long-Term Strategic Planning. Assists the President in long-term strategic planning, assuring that all appropriate efforts are made to maximize the company’s financial position.
Investment Policy. Responsible for the development of the company’s investment policy, including appropriate asset allocation targets, to ensure the investment strategy complements the overall business strategy and risk tolerance.
Loss Reserves. Responsible for the coordination of the Group’s loss and loss adjustment expense reserve review with the outside actuaries, auditors and regulators and is the key contact for inquiries from all parties.
Chairs the internal Reserve Committee with the responsibility of assuring the company adheres to the targeted reserve margins as approved in the reserving policy.
Reinsurance Program. Negotiates and administers the company reinsurance program. Performs a regular review of the reinsurance program, including reinsurers in the program, to ensure the program complements the overall business strategy. Chairs the internal ERM Committee with the responsibility of assuring the reinsurance philosophy aligns with the overall business strategy.
Corporate Insurance. Negotiates and administers the corporate insurance program (D&O, fidelity bond, commercial package).
Tax Planning. Coordinates federal tax planning issues primarily between accounting and investments. Reviews and identifies strategies to minimize federal, state and local income taxes.
External Relationships. Manages the relationships with external auditors, regulators and bankers.
Corporate Governance. Attends board meetings and appropriate committee meetings as a management attendee providing financial analyses and recommendations, as necessary. Assists in the preparation of committee charters, meeting agendas and minutes and stays abreast of developments within the NAIC to maintain appropriate corporate governance policies and procedures.
Risk Management/Corporate Committee Participation. Responsible for establishing the overall risk management framework, including the establishment of risk metrics and methodologies for identifying, evaluating and monitoring risk exposures. Chairs the internal ERM Committee with the responsibility of communicating all aspects of the risk function to the Risk Committee of the Board. Participates in other various standing risk management committees such as Operating Committee, Loss Reserve Committee, Pricing Committee, Employee Benefits Committee and the 401(k) Trustee Committee.
Compensation Administration. Maintains oversight over the administration of the company’s deferred compensation plan, including coordination of contributions and distributions with Charles Schwab (recordkeeper).
Business Opportunities. Participates in due diligence on merger and acquisition activities.
Financial Counseling. Acts as a financial consultant by providing financial counsel and assistance to the various business units.
Other. Completes other projects as assigned by the President.
Responsible for objective-setting, performance evaluation and salary administration for all accounting management, with ultimate responsibility for the entire department.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
4-year degree in accounting
Post-baccalaureate degree in a related field is a plus
Minimum of ten years of industry experience, preferably P&C insurance
CPA designation required
Insurance industry course work or professional designations (e.g. CPCU) is a plus
Exceptional leadership and people skills required
Strong business acumen; analytical, communication, problem-solving skills; and demonstrated effectiveness in strategic planning, organization and execution required
Demonstrated ability to effectively negotiate and manage difficult situations
Ability to analyze financial data and prepare financial reports, statements and projections
Knowledge of finance, accounting and budgeting principles required
Requires effective written and verbal communication and interpersonal skills; ability to motivate teams to produce quality materials within timeframes and simultaneously manage several projects
Ability to foster and cultivate business opportunities and relationships
CPA designation required
Insurance industry course work or professional designations (e.g. CPCU) is a plus
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Employees are required to sit at a workstation to perform various PC functions and to process paperwork. Employee may be required to devote time to telephone communication.
While performing the duties of this job, the employee is regularly required to sit and talk or hear. The employee frequently is required to use hands to finger, handle, or feel. The employee is occasionally required to stand, walk, and reach with hands and arms.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The Chief Financial Officer (CFO) will be assigned a cubicle workstation, office, or other individual work area. The work area has the necessary equipment to perform the position duties including personal computer, telephone, file space, and needed worktable space.
The environment is reasonably quiet with needed interaction between other departmental employees. Moderate noise levels from telephone calls should be expected.
The Western Reserve Group operates exclusively through over 400 independent insurance agents, providing insurance protection to over 167,000 households,farms and businesses in the states of Ohio & Indiana. The company is rated A (Excellent) by A.M.Best. The Western Reserve Group offers a wide range of value added property and casualty insurance products for auto, homes, farms and businesses in Ohio and Indiana.
