Pickering, ON, CA, L1V 0C4
Accounting Manager - Insurance - NAR
Accounting Manager - Insurance - NAR
Volkswagen Financial Services, a wholly-owned subsidiary of Volkswagen Group, is the trusted key to mobility for its brand partners. We are committed to supporting the Audi, Ducati, and Volkswagen brands and their Dealers, specializing in providing accessible mobility solutions for its Customers. The company’s offerings include Retail Leasing, Retail Financing, Commercial Financing for new and used vehicles, and End-of-Term vehicle disposition.
Brief Role Description
Protection products are sold in both the US and Canada under various subsidiary structures that ultimately roll up to VW Credit, Inc. (VCI). In the US, VWFS Protection Services, Inc. is (direct subsidiary of VW Credit, Inc.) responsible for the development, underwriting, and marketing of branded vehicle protection products. VWFS Protection Services, Inc. acts as the Obligor Company for those products it underwrites and will interacts with and cedes risk to VWFS Insurance Service, Inc. (a wholly owned Captive Insurance Company) in the execution of its business. In Canada, VW Credit Canada, Inc. (direct subsidiary of VCI) services a similar purpose and is the 100% owner of Beetle BC Holding, Inc. (Captive Insurance Company).
Understand and support IFRS 17 process and system changes related to insurance products
This position leads the accounting for Vehicle Service Contracts and other vehicle protection products (GAP insurance, Lease Excess Wear charge waivers, Tire and Wheel Protection, etc.) in the US and Canada, ensuring that corporate accounting standards and required regulations are properly executed.
Manage the accounting implementation and documentation of launching new products from the initial idea to launch. This includes working with the Business to understand the goals and process flows, working with the Technical Accounting Manager to confirm all IFRS standards are followed, involving other members of the Corporate Accounting and 3rd party accounting vendor teams as needed, developing and testing sample JVs and accounting processes, developing official Guidelines and Practices (G&P) manuals, managing the initial accounting process after launch, developing transition plans within the Insurance accounting and other accounting teams.
The position supports enhancement of internal controls and key control documentation according to International Financial Reporting Standards (IFRS), VW Group Accounting Handbook, and Statutory
Position level: 10
Reports: Senior Manager Corporate Accounting
Role classification: Hybrid
Contract: Maternity Leave replacement (15 months)
Possible Tasks within this Role
Ensure timely and accurate reporting of financial information for in compliance with all required accounting standards and regulatory requirements.
Manage IFRS 17 process
Understand the requirements of the IFRS 17 standard, assist developing the logic and test the new IFRS 17 system.
Data Management – Identify and gather data requirements for Data Staging Area (DSA) and Cash Flow Inputs (CFI) tables for the design of the inbound files to Finevare. Ensure data sources are correctly sourced and work with IT and third-party vendors to support automation and accuracy.
Work closely with third-party actuarial and newly created in-house actuarial on data requirements, processing (Finevare calculations) and validating IFRS 17 results.
Co-ordinate with multiple stakeholders including VCI IT, third party consultant (Deloitte Poland), actuarial, product team, technical accounting manager, accounting/controlling team to bring to an alignment on new topics as they arise.
Layout, manage and stabilize the new and complex IFRS 17 process.
Mentor the insurance accounting team on IFRS 17 process.
Complete month-end closing processes including
Prepare, reconcile, review and/or approve various monthly journal entries, supporting schedules, and month-end schedules
Analyze and document material variances from prior period and budget
Review all required system financial reports from 3rd party vendors for accuracy and balancing, making necessary corrections as appropriate
Review and submit monthly Group Financial (FACTS) files
Research and resolve outstanding issues with 3rd party vendors and other departments as required
Manage the VW Parts statement collections process
Assist in the development and maintenance of financial control procedures for financial reporting under IFRS guidelines
Review and approve controlling’s cash investment proposals
Complete quarterly and annual closing processes
Lead internal and external audits with regards to control testing, account verifications, external confirmations, and other related projects
Prepare year-end IFRS financial statements and lead schedules for external auditors, review schedules prepared by others
Prepare all required accounting disclosures, schedules, and guidelines
Prepare annual balance roll-forward for all necessary accounts in Oracle and FACTS or other Group reporting systems
Prepare annual 3 audited statements in compliance with Statutory accounting standards. Support the resolution of queries related to the parent company’s consolidated financial statements.
Complete as required
Develop and train employees, review investment, cash management and intercompany accounting processes, and drive process improvements and automation. Lead accounting implementation for new ancillary products and entities, ensuring IFRS compliance and maintaining Guidelines and Practices (G&P) manuals. Prepare tax documentation, manage Oracle ARCs reconciliations, Oracle FCCS reporting and captive manager reporting, and partner with IT to ensure accurate data and reporting in SAP Business Objects.
Ad Hoc reporting as required
Qualification requirements
Qualifications:
Years of experience:
10 years of experience in:
- Financial accounting analysis and reporting
- Insurance accounting
- Financial services
Education:
Bachelor's degree in accounting or Finance
Specialized Skills:
Required – direct work experience in accounting for the sale of extended service contracts and/or P&C insurance products, including related knowledge of accounting standards and applicable regulations
In-depth understanding of IFRS17 standard requirements
Preferred – proven expertise specific to accounting for ancillary products such as Vehicle Service Contracts and other vehicle protection products (GAP insurance, Lease Excess Wear charge waivers, Tire and Wheel Protection, etc.)
Understanding of Financial Reporting Standards (IFRS) and financial reporting principles in a multi-entity environment (OEM/Obligor/Captive Insurance structures)
Microsoft Office advanced level; Excel, Access
Strong oral and written communications are necessary, ability to communicate with others on important, complex, and non-routine issues
Working knowledge of internal controls, business processes and experience in developing accounting policies
Salary range is dependent on factors such as industry-based experience, skills, training, credentials, and other qualifications.
The salary range for this role is $101,000 - $140,000. Actual pay may vary based on experience, education, and internal compensation practices.
This posting represents an existing vacancy that we are actively seeking to fill.
All applications are thoroughly reviewed by our recruitment team, and no artificial intelligence or automated technologies are utilized in the screening process.
Volkswagen Financial Services is committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to race, colour, religion, sex, sexual orientation, family status, gender identity, gender expression, national origin, age, disability or any other characteristic protected by federal, or local laws. Volkswagen Financial Services is committed to accommodating applicants and employees with disabilities. Should you require accommodation during the recruitment and selection process, please advise in advance.
Only shortlisted candidates will be contacted.
Pickering, ON, CA, L1V 0C4