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Finance Director - Office Holder Description

To be read in conjunction with Director Duties in the UK

The Finance Director will lead the Board of Directors (BOD) in the oversight of the FSB’s strategic financial management. While all directors are collectively responsible for the management of the FSB’s resources, the Finance Director will act as the lead director in articulating the financial governance of FSB and will play an active role in ensuring all directors are fully able to understand the FSB’s financial arrangements and contribute to financial discussion and decisions leading to the achievement of FSB’s Vision, Mission and Corporate Objectives.  

The Finance Director, supported by the Head of Finance (HOF, staff role) is generally considered to lead on the following areas:
  • Financial Planning: Understand and present to the BOD financial plans produced by the Finance Department. Advise the BOD on the implications of these plans, satisfying themselves that they ensure the financial viability of the organisation
  • Investment: Provide oversight of selection of external investment managers, receive their advice and provide input into investment policies and procedures maintained by the Finance Department
  • Asset protection: Understand FSB asset protection policies, satisfying themselves, (for example via receipt of reports from external advisors and heads of department) that asset protection and insurance policies are robust and sufficient
  • Risk management: Satisfy themselves, (e.g. via reports from staff and external advisors) that risk management processes are appropriate, robust and adhered to
  • Contracts: Satisfy themselves, (e.g. via reports from staff and internal auditors) that appropriate procedures and controls, maintained by the HOF, are in place to ensure that procurement and contract management risks are well controlled
  • Financial Reporting: Understand and present management accounts and related information and financial statements to the BOD after discussion with the HOF
  • Financial Reporting: Receive the reports of external auditors and satisfy themselves that any material reporting errors identified have been addressed by the department
  • Financial Control: Receive the reports of external auditors (and internal auditors where applicable) and satisfy themselves that any recommended improvements in financial controls have been addressed as appropriate  
  • Financial Control: Satisfy themselves that financial spend guidelines ensure that resources are spent and invested in line with corporate objectives, organisational policy, good governance, legal and regulatory requirements
  • External advisors: Provide oversight of the appointment of external advisors such as auditors, tax advisors and internal auditors
  • Financial Governance: Appoint a suitably qualified Finance Committee with the appropriate mix of skills and chair the committee in line with its terms of reference, and report back to the board of directors
  • Act as a signatory on bank mandates, payments and in other cost authorisation processes as required in the company’s delegated authority matrix
  • Chairing of Remuneration Committee
The following characteristics, knowledge and experiences are essential for the office of Finance Director;
  • A good understanding of financial management and accounting
  • The ability to question and challenge financial information as well as to set the strategic direction
  • Strong business, commercial and financial acumen
  • Sufficient time and commitment to fulfil any additional responsibilities of the role