Career Opportunities: Director Corporate Finance (19990)

INDEPENDENT ELECTRICITY SYSTEM OPERATOR (IESO)

Why join us? 

You’ve got great skills. And you want to use them in an organization where you know what you do every day matters. We get that.
We also know that ensuring Ontarians have access to affordable and reliable power doesn’t happen by accident. So we give you the tools, flexibility and support you need to achieve your goals, and development opportunities to help you grow. You’ll thrive in a collaborative, team-based environment that values your unique skills and experiences – and recognizes that when you do better, we become even better too.  

Who we are 

The Independent Electricity System Operator (IESO) works at the centre of the province’s power system, ensuring Ontarians have access to reliable and cost-effective electricity when and where they need it. We operate the province’s electricity grid 24/7, design, run and oversee the wholesale electricity markets, and plan and prepare to meet Ontario’s electricity needs – now and into the future.

 

The Opportunity

Reporting to the Vice President, Corporate Service and Chief Financial Officer; is accountable to lead and manage the Corporate, Pension and Market financial reporting; external and internal audit discussions and delivery of audited financial statements, compliance with tax, regulatory, government and legal requirements with appropriate and prudent risk management practices; policies and procedures in support of payroll, pension and accounting; treasury functions and Financial and Credit risks mitigation functions; and pension investments, pension governance, and pension entities regulatory functions. Financial Planning and Analysis for all entities of the IESO, Corporate, MRP, MACD, Smart Meter Entity and Pension. Lead the above functions in achieving accurate and timely performance and results from people, processes, and systems. Lead the above functions to ensure stakeholders, Executive Leadership Team, Audit Committee and Board of Director members, market participants, governments, and pension plan members receive complete and accurate information for decision making. Lead a team of 18 staff through 5 direct reports to deliver on the objectives of this team.  

What you'll do 

Strategy Development Execution:

• Develop, recommend and execute strategies, plans, and controls to ensure treasury, pension, and financial/credit risks policies, programs and services support the IESO’s capabilities to better serve electricity markets / stakeholders / employees / pension plan members.  
• Working with the CEO and CFO design and execute components of the Enterprise Planning Framework, which includes the design and implementation of the strategy development work and annual business planning process.  In addition, work with others to integrate the Strategic Enterprise Risks and Performance Measures.
• Identify strategic issues facing the IESO, including identification of external environmental and operational risks, 
• Confirm the corporation’s strategic plan and objectives, aligned with the vision of the corporation

Business Functions Management:

Specifically lead, direct, control, and be responsible for the following business activities to achieve desired results in the areas of:

Financial Reporting and Analysis:   

• Develop timely and accurate corporate and market statutory financial statements on a quarterly and annual basis. 
• Lead internal and external audit discussions for the review of quarterly and annual statements and accounting issues. .Maintain general ledger and balance sheet accounts including all sub-ledgers such as Accounts payable, accounts receivable, asset management, Markets and amortization, project/activity management., and that they are all reconciled monthly.
• Oversee taxation issues and application. 
• Provide financial expertise on business case reviews and approvals. 
• Support Human Resources in labour relations and other issues through ad-hoc financial analysis. 
• Provide support as necessary to the Financial Planning & Analysis and Enterprise Risk Management team. 

Financial Controls & Policy Development:

• Develop financial policies for all areas of the organization, assessing compliance with all financial regulations.
• Maintain knowledge of financial policy developments external to the organization.
• Present policies directly to executive leadership team, and the Audit Committee/Board of Directors for review and/or approval.
• Support business unit leadership in creation and development of financial strategies.
• Maintain an awareness of the latest developments in emerging accounting and financial issues.

Management Reporting:

• Monthly, quarterly and annual management reporting and analysis to senior management and the Audit Committee of the Board of Directors.
• Conduct quantitative and qualitative financial analysis that provides insight and clarifies the business impact of financial reporting to multiple stakeholders including Board of Director members.
• Assist in designing and preparing presentations and ad hoc analysis for senior management, Audit Committee. Board of Directors and government agencies in support of projects or initiatives

Business Planning:

• Lead the timely and accurate delivery of all Business Plans and forecasts to deliver on the Corporate Strategic direction and for their inclusion in the enterprise wide financial vision. This includes both operational and capital budgets and working will all business units of the IESO to coordinate into an integrated plan.   This includes broad oversight and direction to ensure the process delivers the appropriate outcome.
• Lead the financial planning and analysis team to facilitate the production of the 3-year Business Plan each year.
• Develop and identify complete project plans for deliverables (technology, process, people) including an agreed timeline and deliverables
• Develop, lead and maintain forecasting processes and criteria, and assist management in the review, assessment and evaluation of complex investment and business decisions, forecast and variance analysis
• Develop, distribute, and educate on the tools and processes to be used in business planning & budgeting.
• Evaluate and identify opportunities to improve, standardize and simplify the budgeting and forecasting process
• Responsible for financial support and input to annual revenue requirement submission to OEB – own development of evidence, strategy on OEB fees case

Management Reporting:

• Monthly, quarterly and annual management reporting and analysis to senior management and the Audit Committee of the Board of Directors.
• Conduct quantitative and qualitative financial analysis that provides insight and clarifies the business impact of financial reporting to multiple stakeholders including Board of Director members.
• Assist in designing and preparing presentations and ad hoc analysis for senior management, Audit Committee. Board of Directors and government agencies in support of projects or initiatives

Business Planning:

• Lead the timely and accurate delivery of all Business Plans and forecasts to deliver on the Corporate Strategic direction and for their inclusion in the enterprise wide financial vision. This includes both operational and capital budgets and working will all business units of the IESO to coordinate into an integrated plan.   This includes broad oversight and direction to ensure the process delivers the appropriate outcome.
• Lead the financial planning and analysis team to facilitate the production of the 3-year Business Plan each year.
• Develop and identify complete project plans for deliverables (technology, process, people) including an agreed timeline and deliverables
• Develop, lead and maintain forecasting processes and criteria, and assist management in the review, assessment and evaluation of complex investment and business decisions, forecast and variance analysis
• Develop, distribute, and educate on the tools and processes to be used in business planning & budgeting.
• Evaluate and identify opportunities to improve, standardize and simplify the budgeting and forecasting process
• Responsible for financial support and input to annual revenue requirement submission to OEB – own development of evidence, strategy on OEB fees case
  • Be a witness in OEB fees case, as required
• Liaise and co-ordinate with other finance business functions (Treasury, Procurement, Enterprise Change and Accounting) to ensure budgets and forecasts are developed consistently 
• Present and review the operating and capital budgets, including financial management strategy and variance analysis, to the Audit Committee and Board of Directors.  Once approved by the Board, uses these budgets to develop the financial aspects of IESO’s revenue requirement submission to the Ontario Energy Board
• Develop, execute and monitor the financial plans and implement corrective measures to achieve the IESO’s financial objectives
• Keep current with advances in the finance, accounting, and regulatory sectors.
• Identify metrics, tools, and processes to measure results for department activities

Treasury & Pension:

• Lead the processes and internal controls for all treasury functions including meeting external audit requirements for the annual IESO audited financial statements, MACD audits/sanctions, and bi-annual Settlements Audit;
• Optimize and maintain the treasury systems, processes, infrastructure; and multiple third party agreements (debt, FX, banking, government variance funds)
• Take timely action to sell investments that have become unacceptable to minimize IESO impacts (e.g. Asset Backed Commercial Paper matter) 
• Be responsible for the performance and management of the IESO pension portfolio, SERP and OPEB portfolio, and overall governance;
• Optimize and maintain the pension systems, processes, infrastructure, and manage multiple agreements (actuary, custodian, investment managers, investment consultants) 
• Ensure the IESO’s a) investment portfolios, b) pension portfolios, c) financial risks exposures and d) market credit risk exposures ($1.5 billion per month exposure) are effectively managed;

Pay Services:

• Lead the development and maintenance of the payroll processes, practices and procedures, ensuring compliance with applicable government directives and policy. 

 Audit Committee Lead:

• Drive the agendas for each Audit Committee and coordinate the production of the materials for review of the CFO and distribution to the Audit Committee.
• Lead to discussion with the CFO against relevant agenda topics.

Staff Management, Coaching and Development:

• Manage staff and their work programs/projects ensuring priorities and deadlines meet business needs and goals.
• Ensure training and staff development plans, including performance management objectives, succession plans, are in place
• Lead changes based on the outcomes of employee engagement surveys and measure evolved outcomes
• Lead the evolution of the equity, diversity and inclusion such that it becomes part of the way people are managed.
• Develop teamwork and promote good employee relations by Living the corporate values.
• Responsible for effective recommendations on matters of salary, performance, recruitment and hiring decisions, including issues of the Collective Agreement, discipline and dismissal.
• Participate as a management resource to labour relations matters such as job challenges, grievances, arbitration and whistle blowing cases.

Continuous Improvement:

• Directs the identification, development and implementation of continuous improvements in Financial Accounting & Compliance, Planning and Analysis, Pay Services, Treasury, Financial Risks, and Pension processes and systems; 
• Ensures the development of appropriate control processes, including performance measures and targets that meet requirements for IESO objectives over the long term.

What you need to succeed

• Undergraduate degree in business, accounting, finance or economics; post graduate degree an asset 
• A Chartered Professional Accountant (CPA) designation
• 12 - 15 years accounting experience in a senior accounting or financial management role; experience with public standard accounting an asset
• Expert knowledge in Public Sector Accounting Standards and extensive experience working with generally accepted accounting and financial principles and practices. 
• Demonstrated experience leading the external audit function and strong understanding of the audit standards required for a public sector organization similar to the IESO.
• Experience in the development and application of financial policies and payroll processes. 
• Strong interpersonal, change management and communication skills with an ability to work closely with the Executive Leadership Team, Audit Committee and Board of Directors. 
• Demonstrated leadership skills and an ability to influence and motivate others to work collaboratively as team members.
• Rigorous analytical and organizational skills; able to use trouble shooting techniques to solve solutions or devise new courses of action within the intent of existing programs, legislation or professional standards   
• Requires supervisory experience to exercise full managerial accountabilities including human resource management in the areas of employee engagement and development, succession planning, performance management, salary recommendations, coaching and mentoring. 
• Other experience that would be helpful, although not essential, includes knowledge and understanding of the design of the IESO-administered markets, and a broad understanding of the electricity industry in general. 

What’s in it for you

• A comprehensive total rewards program, including best-in-class benefits and a flexible workplace 
• A challenging, fast-paced and collaborative team environment, where your perspectives and experiences matter 
• Leaders who support your growth and success through regular feedback and coaching 
• The opportunity to work with some of the brightest minds in the industry 
   

Deadline: September 27, 2024 

For future reference, please ensure to save a copy of the job description as it will no longer be available once the posting closes.

At the IESO, we know that achieving great results depends on embracing diversity by attracting, developing and retaining people from a wide variety of backgrounds. We do this by ensuring our recruitment and advancement policies are fair and equitable, and by creating an accessible and inclusive environment – one that values every team member’s unique skills and experiences and ensures they have the support they need to achieve their potential. If you require accommodation during the recruitment process, please let us know. 

We thank you for your interest in a career at the IESO, but we will only contact those candidates selected for an interview. 

Note: The successful candidate must be eligible to work in Canada and will be subject to a background check.

The IESO offers a hybrid work model program to most of our employees, based on business needs. Individuals participating in the program can work an average of three days per week remotely within Ontario. It also offers three flex weeks when individuals can work remotely within Ontario . When working in the office, you will be located at our Mississauga, Toronto, or Oakville location.

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