Expense Business Partner

This job is with Beazley, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

Job description and person specification

Role: Expense Business Partner - 9 Month FTC

Division: Finance - Global Business Management

Key Relationships:

Executive Management, Finance Leadership Team, Finance Global Business Management, Finance Business Partners, Support Function Heads, Underwriting Function Heads, Underwriting Business Managers and other Business Users.

Job Summary:

Responsible for delivering the expense allocation process across both actuals and budgeting / forecast scenarios. This involves smooth processing in accordance with month and planning timetables, completing the analytics process to support each cycle. Annually this also includes creation of expense allocation rules for the following year to ensure the integrity of the cost base.

Business partner for all functions / teams by providing regular MI and analysis in regards to the allocation result, working with all functions to ensure the allocations process is robust and reflects the origin of how expenditure is formed.

Strategically the focus is reshaping the transfer pricing policy and framework and supporting the Modernisation team in regards to the implementation of the new allocation software package Workday Prism Analytics, transitioning from the current models.

To conduct oneself in line with core & partnership competencies noted below.

Expense Allocation Process

Responsible for supporting the delivery of the allocated expense actuals, budget and forecast process, ultimately under the remit of the expense manager, in accordance with pre-approved timetables. Including:

• Month end recharge journals
• Variance analysis
• Expense allocation and trigger process
• Running analytics process
• Controls and governance framework

• Continue to develop and create a semi direct allocation framework to aid effective / data led decisions across the Beazley group of companies. This will include defining the principles of the allocation framework and partnering with the business to understand & define business drivers that will provide a robust & controlled output. Develop the analytics process to be able to review the allocated administration expenditure at a group level and how this relates to the total group expenditure.
• Be part of working groups on specific projects related to the allocation of expenses.
• Work with the finance business partners and underwriting business managers to continually improve their knowledge and understanding of the allocated expense base for indirect costs.
• Liaise and support user acceptance testing with the business and Modernisation team to ensure a smooth transition of the new Excel based allocation model into Workday Prism.

Business Partner activities

• Quarterly reporting of actual expense and revised full year forecasted / budgeted allocated expenses and variance analysis for all allocated costs – including the impact to allocations driven by changes in allocation methods / drivers / premium & entity mix.
• Liaise will underwriting business managers / teams on a quarterly basis to review and explain the variance analysis in both actuals and revised forecasts / budgets.
• Review and analysis of expense allocations MI to key stakeholders, working with them to provide suitable commentary and where appropriate approval, in a timely and professional manner as suitable for the report type and audience.
• Ad hoc requests from the business.
• Continuously strives to develop expense capabilities for process efficiency, reporting effectiveness & robustness of control framework.

Technical Competencies

These are in addition to the Core Competencies:

• Develop greater knowledge of the insurance market and the accounting policies adopted
• Ability to review existing models, processes and procedures and implement improvements to improve the efficiency and effectiveness of the team

Partnership Competencies

These are in addition to the Core Competencies:

• Strives to exceed the expectations of the client and actively seeks feedback
• Delivery of timely & accurate MI to all stakeholders, adding value at every opportunity
• Is outward and customer focused
• Confident in own skills and contribution; challenges the client so to support the client in achieving their optimal results

Partnership Capabilities

• Strives to understand all dimensions of the client and their underlying requirements as it influences their results:

• Knowledge of individuals within the teams (incl. communication preferences)
• Understands and identifies all key drivers (systems and processes) behind the different views of reported (Expense) results.

Core competencies

Core competencies in addition to those noted as specific requirements for the role and which are considered to be pertinent to the Expense team are as follows:

• Analytical Thinking: Logical analytical approach to rapidly changing data and situations. Considers wider implications across functions and varying scenarios to Beazley.
• Professionalism: Consistently demonstrates integrity, is highly credible, respectful and trustworthy and represents the expense team in a professional manner. Builds and maintains successful working relationships and is seen to go the extra mile
• Learning and development: Identifies strengths and weaknesses and seeks to improve performance. Recognises and takes responsibility for mistakes and learns from them. Continually seeks self-development opportunities. Regularly engages in self-assessment and gives/receives feedback to enhance personal awareness
• Adaptability: Effectively manages changing priorities in a dynamic environment. Seeks training opportunities to understand new working methods. Proves resilient in uncertain and difficult situations and adapts approach/plans/style as required.
• Responsibility and Accountability: Assumes full responsibility for the consequences of own behaviour and decisions. Delivers on commitments to clients demonstrating reliability and dependability. Admits mistakes and takes responsibility for correcting them.
• Communicating Effectively: Timely communication of new information to relevant parties. Adapts communication style / form as appropriate to the audience and illustrates an understanding of their experience and needs. Conveys complex information clearly and concisely. Persuades through uncovering shared benefits and outcomes, looking for mutually satisfactory solutions.
• Demonstrating Teamwork: Seeks collaboration as appropriate and shares knowledge/best practise and helps others when asked. Acknowledges when other members of the team are under comparatively increased pressure and volunteers to support them while maintaining responsibility for own tasks. Teaches new team members & coaches others; identifies opportunities for collaboration (NB: definition of team is extended beyond the expense team as appropriate).
• Innovative approach: Independently finds solutions to advanced problems and identifies potential barriers to solutions and provides alternatives. Challenges assumptions and “the way we have always done it”. Embraces change & communicates the benefits of change to others.

Integrity and Control

• Use business knowledge to identify potential errors with financial impact and take steps to prevent and/or correct such errors, highlighting where necessary to management.
• Act as a conduit between the Finance department and other departments in order to maintain financial data integrity.
• Produce and maintain procedures documentation for own tasks.

General

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct. Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification

We are a flexible and innovative employer offering a friendly, collaborative,  diverse and inclusive working environment. We actively encourage and expect applications from all backgrounds. We empower people to choose where to work given the work they need to do. Collaboration in office spaces is important, therefore we offer a hybrid working environment, with a minimum of two days a week in the office. Beazley will offer the person a competitive salary and discretionary bonus with a strong benefits package including commuting reimbursement, free in-office lunch, excellent parental leave and financial physical and mental wellbeing contributions among others.

Relevant qualifications and capabilities are listed as follows:

Education and Qualifications

• Experienced qualified accountant (ACA/ACCA/CIMA)
• Experience of the insurance market, preferably Lloyd’s
• Experience of expense allocation models within complex organisations
• An understanding of Workday Prism would be advantageous

Capabilities

• Analytical and conceptual thinking
• Stakeholder management and relationship building
• Customer focus
• Understanding of controls frameworks including documentation
• Experience of a deadline driven environment
• Strong written and verbal communication skills
• Strong attention to detail
• Problem solving / Decision making
• Creativity / Innovation
• Adaptability

The rewards:

• The opportunity to connect and build long-lasting professional relationships while advancing your career with a growing, global organization
• Attractive base compensation and discretionary performance related annual bonus
• Private medical insurance coverage for both you and your dependents
• Company paid life assurance and long term disability insurance
• Pension with 10% employer contribution, plus a further matched contribution up to 2.5%
• 25 days of annual leave (prorated for 1st calendar year of employment), plus public holidays, with the ability to flex the religious bank holidays to suit your religious beliefs, subject to approval. Additional annual leave purchase is also available up to a maximum of five additional days per year.
• Up to 2.5 days matched paid leave for volunteering at a charity of your choice and 5 days paid leave to provide or arrange care for a dependent with a long term care need annually
• Up to £550 reimbursement towards home office setup
• Free in-office lunch and monthly lifestyle allowance
• Monthly travel allowance or annual season ticket
• The opportunity to save for, and purchase, shares of Beazley stock
• Six months fully paid parental leave, regardless of how you come to parenthood
• Company paid sabbatical up to 12 weeks after 10 years of continued service
• Support with exam/study leave and fees for relevant qualifications related to furthering education
• Smart working policy and flexible working culture, trusting our employees to do what works best for them, their role and the needs of the business