Team Manager - Internal Audit Retail

Skills:
internal audit, Risk Assessment, Risk Management, process audit, business audit, retail,

JOB DESCRIPTION Job Role: Team Member Money, Materials & Compliances Job Role ID: SECTION I: BASIC INFORMATION ABOUT THE JOB ROLE Outlines the count of employees reporting and financial and geographic scope of the role Job Role Variant Sr. Team Member Money, Materials & Compliances Manager Job Position Team Lead Money, Materials & Compliances Job Position ID Value Stream MM&C Job Family MM&C Grade/Level - - A two to three line statement outlining the objective or the reason for which the job exists. SECTION II: PURPOSE OF THE ROLE Sub-Job Family Location MMC - Business Partnership To operationally implement the strategy of Money Materials & Compliances with respect to Accounting & Reporting, Direct & Indirect Taxation, Treasury, Audits & Insurance, Procurement & Contracts, Legal in order to align objectives, manage business finance, control costs, prevent asset or financial loss, mitigate risks, drive & monitor internal & external compliances to the policies, systems & processes across the respective businesses thus facilitating business continuity towards the fulfillment of Annual Operating Plan (AOP) within the limits of RIL's processes, policies & budgets SECTION III: KEY RESPONSIBILITIES AND ACCOUNTABILITIES OF THE ROLE List of responsibilities attached to the role are documented below. These responsibilities are representative and the role holder is also responsible for any other job assigned by the superior authorities from time to time. This section in not intended to be an exhaustive listing of all activities done by the role holder. It should capture only the key responsibilities of the role Responsibilities - - Policies, Processes & Procedures - Collaborate with MMC P&L leader under the guidance of Team Lead to develop and implement financial business plans for the P&L, considering financial objectives, growth strategies, and market dynamics - Provide implementation support for cost control measures to optimize spending, minimize wastage, and improve overall financial efficiency within the team and across projects - Facilitate monthly Tax Deducted at Source (TDS) payments to ensure the calculated tax liability is deposited on time to the government treasury. - Assist in the preparation and filing of all required direct tax returns on a quarterly basis for all entities for which payments have been made. - Ensure issuance of TDS certificates to all vendors on a quarterly basis as required by tax regulations. - Assist in maintaining accurate and up-to-date records of various taxes, including VAT rates, GST, and excise duties, ensuring compliance with the latest regulations - Assist in completing the tax charge process, meticulously validating tax calculations to ensure precision and correctness - Validate GST information and other relevant documents to support seamless business transactions and maintain compliance - Assist in the preparation of detailed monthly MIS breakdown of Profit and Loss (P&L) account and Balance Sheet, providing valuable insights into financial performance - Participate in conducting comprehensive quarterly assessments of financial accounts, collaborating closely with cross-functional teams to support Supply Chain Management (SCM) preparations and reporting - Assist in predicting the organization's future cash flows to ensure that there is enough liquidity to meet operational and financial needs - Analyze costs associated with procurement to identify cost-saving opportunities and make data-driven decisions - Create, track, and manage purchase orders to ensure accurate and on-time deliveries - Participate in contract negotiations, ensuring favorable terms and conditions for the organization - Conduct a thorough review of contracts to ensure accuracy and compliance with company policies and applicable laws. - Contribute to the development and maintenance of procurement and contract-related policies and procedures. - Monitor TDS expenses closely, track anomalies, and investigate discrepancies. Implement corrective actions to address any identified issues promptly. - Prepare and submit Nil TCS reports, ensuring accurate and timely filing. Additionally, handle the e-filing process for Form 27C confirmation. Accounting & Systems Management - Maintain financial records (end-to-end accounting), including journal entries, general ledger, accounts payable, accounts receivable, and other accounting transactions for the respective businesses - Implement the month-end and year-end closing processes to ensure that financial transactions are recorded accurately and in a timely manner - Prepare and analyze financial data, such as underwriting results, claim expenses, and premium income to contribute to financial forecasting, budgeting, and planning activities - Assist in conducting budget-to-actual analysis, comparing budgeted figures with actual results, and explaining significant variances in the MIS reports - Download Form 26AS (Annual Tax Statement) and upload it in the SAP system. - Communicate with the business teams to reconcile receivables and ensure proper clearing of accounts. - Conclude the monthly TDS liability calculations and finalize related accounting entries in the system, ensuring accuracy and compliance with tax regulations. - Generate bank payment vouchers for the TDS liability of the month, ensuring that the payment is accurately documented and processed in a timely manner. - Prepare and present MIS reports to management detailing TDS liability for the month, including payment status, on or before the due date. Research & Process Optimization - Analyze financial statements, performance metrics, and KPIs to evaluate the company's financial performance and identify trends, patterns, and areas for improvement, and provide actionable recommendations - Monitor industry trends, competitor offerings, and regulatory changes; provide insights on emerging risks and opportunities that could impact the company's insurance products and strategies - Conduct research on changes in laws, regulations, and rulings to ensure accurate compliance and thereby identify opportunities for process enhancements and automation to improve the efficiency and accuracy of compliance activities - Stay abreast of disciplinary developments industry trends, best practices, and changes in taxation, accounting, treasury and insurance regulations with respect to RIL's businesses and aspirations - Continuously identify areas within the taxation process that can be improved for efficiency and effectiveness. Propose and implement process enhancements to streamline workflows. - Provide inputs to the SAP system for the purpose of automation, ensuring that relevant tax processes are integrated into the system for seamless and efficient operations. Audit & Compliance - Ensure adherence to financial regulations, company policies, and industry standards including compliance with tax laws and regulations, including timely filing of tax returns and adherence to tax accounting principles - Prepare for external audits by coordinating with auditors, ensuring all necessary documentation and financial records are organized and accessible - Submit cost audit reports and other statutory requirements as per timeline - Coordinate with tax advisors and legal experts to comply with direct tax laws and regulations; Manage compliance with indirect taxes such as VAT, GST, and other applicable taxes - Gain exposure to identifying and managing financial risks and uncertainties that could impact the conglomerate's performance; by assisting in various risk mitigation strategies - Oversee contract administration and ensure that agreements with vendors and suppliers are favorable, compliant, and aligned with organizational objectives - Prepare, validate, and submit compliance reports to regulatory authorities, ensuring meticulous adherence to legal mandates and transparency in reporting - Thoroughly address audit queries, promptly providing accurate information and supporting documentation to meet audit requirements - Ensure procurement activities comply with company policies and government regulations. - Download and compile tax audit details in the Auditee format, ensuring accurate and comprehensive representation of information required for the audit process. - Reconcile and resolve audit observations, ensuring that any discrepancies or issues identified during the audit process are addressed in a timely and effective manner. Data Management & Reporting - Monitor the working capital for the respective businesses and prepare relevant reports for the same; also prepare regular financial reports and presentations for management, highlighting key performance indicators, budget variance analysis, and financial performance against targets - Collect, organize, and analyze proper documentation of tax; assist in maintaining organized and up-to-date records of financial transactions, tax filing, etc. to support tax return preparation and identify tax-saving opportunities and optimize tax positions - Provide inputs on the process of financial forecasting and market trends to project future financial performance and identify potential risks and opportunities - Prepare periodic MIS and transfer pricing reports, such as daily, weekly, monthly, and quarterly reports, presenting key financial and operational metrics; Continuously review and enhance MIS reporting processes to streamline data collection, analysis, and report generation - Prepare and submit the data/information requirements of Anti-dumping cases and handling the investigation process - Maintain organized records of TDS payments, return filings, certificates, and correspondence related to direct tax matters. - Regularly update the Payment master with accurate details of monthly TDS liability and payments. Similarly, update the TDS Return master with data related to quarterly TDS returns and filing details. - Maintain a Document Management System (DMS) for TDS payment challans and return acknowledgments within the ERP/SAP system, ensuring easy retrieval and accessibility of crucial tax-related documents. Metrics that are used to evaluate the success / performance of the role; specific targets do not need to be included as those would change from Y-o-Y SECTION IV: SUCCESS METRICS (TOP 3-5 KPI's) - % Financial Accuracy - % Compliance to the Budget - Quality of Reports generated - Zero Penalties - Timely Financial Reporting - Reduced Opex Costs - GST Compliance - Zero asset loss / revenue loss Key Interactions: Internal External Key interactions which are essential to execute the role. This will include both internal and external stakeholders SECTION V: OPERATING NETWORK Business team, Insurance Team, Treasury team, Direct Taxation team, Indirect Taxation team External consultants, Tax authorities, Government Authorities SECTION VI: KNOWLEDGE AND COMPETENCIES Minimum qualification, technical competencies and capabilities which are essential to execute the role. It may not be a reflection of job holder's own qualification and competencies Education Qualifications Graduate in any discipline (Finance preferred) with Management Degree (Preferred) Experience (Must Have & Good to Have) 6+ years of relevant experience FUNCTIONAL COMPETENCIES BEHAVIORAL COMPETENCIES Functional / Behavioral competencies required to execute the role - Business Planning, Forecasting and Budgeting - Knowledge of professional accounting standards - Knowledge of transactional accounting and closing processes - Operational Excellence - Business Partnering - Market scrutiny and impact analysis - Tax operations & validation - Financial Reporting - An outline of roles leading up to and out of the current role to contextualize career movement SECTION VII: CAREER MOVEMENTS Feeder Roles Team Member Money, Materials & Compliances Possible Next Role Movement Team Lead Money, Materials & Compliances