Here’s an HTML formatted overview of the role of a Deputy Director Finance at the Employees’ State Insurance Corporation (ESIC):
The Deputy Director Finance (Dy. Director Finance) at the Employees’ State Insurance Corporation (ESIC) plays a crucial role in managing and overseeing the financial operations of the organization. The ESIC is a self-financing social security and health insurance scheme for Indian workers. Therefore, the Dy. Director Finance is responsible for ensuring the scheme’s financial stability, efficiency, and compliance.
Key Responsibilities:
- Financial Planning and Budgeting: Developing and implementing annual budgets, forecasting revenue and expenditure, and monitoring budgetary performance to ensure adherence to financial guidelines and targets.
- Accounting and Financial Reporting: Overseeing the maintenance of accurate and up-to-date accounting records, preparing financial statements (including balance sheets, income statements, and cash flow statements), and ensuring compliance with accounting standards and regulations.
- Investment Management: Managing the investment portfolio of the ESIC, ensuring optimal returns while adhering to risk management principles and regulatory guidelines. This includes analyzing investment opportunities, monitoring portfolio performance, and making recommendations on investment strategies.
- Internal Controls and Audit: Establishing and maintaining robust internal control systems to safeguard assets, prevent fraud, and ensure the accuracy of financial information. This involves conducting internal audits, identifying weaknesses in internal controls, and implementing corrective actions.
- Compliance and Regulatory Reporting: Ensuring compliance with all relevant laws, regulations, and accounting standards. This includes preparing and submitting regulatory reports to government agencies, such as the Comptroller and Auditor General (CAG) and the Insurance Regulatory and Development Authority of India (IRDAI).
- Fund Management and Disbursements: Managing the ESIC’s funds effectively, ensuring timely disbursements of benefits to beneficiaries, and maintaining adequate liquidity to meet operational needs.
- Coordination and Liaison: Coordinating with various departments within the ESIC, as well as external stakeholders such as banks, auditors, and government agencies. This involves providing financial advice and support to other departments, and representing the ESIC in financial matters.
- Team Management: Supervising and mentoring a team of finance professionals, providing guidance and support, and fostering a culture of teamwork and continuous improvement.
Required Skills and Qualifications:
- A Master’s degree in Finance, Accounting, Economics, or a related field.
- Professional certifications such as Chartered Accountant (CA) or Cost Accountant (ICWA) are highly desirable.
- Extensive experience in financial management, accounting, and auditing, preferably in a government or public sector organization.
- Strong knowledge of accounting standards, financial regulations, and investment management principles.
- Excellent analytical, problem-solving, and decision-making skills.
- Strong communication and interpersonal skills.
- Proficiency in using financial software and systems.
The Dy. Director Finance at ESIC plays a vital role in ensuring the financial health and sustainability of the organization, contributing to the well-being of millions of Indian workers covered under the scheme.
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