Compensation Accounting

Compensation Accounting (1 year contract)

Prudential's purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people's career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

The role holder responsible Distribution Channel Compensation accounting and administration of deferred payment scheme/long term Scheme. The team report to Lead of Finance Compensation Team. The expectation of the team is accurate, an efficient and timely accounting of legitimate compensation while ensuring all financial operations are in compliant with relevant policies, statutory and regulatory requirement/guideline. The role holder is also expected to continuous seek and formulate strategy for an efficiency, productive, and an effective recordings/reconciliation of the compensation. All recordings are expected to in compliant with rules and regulations. Reconciliation is key control to ensure there is no misstatement in financial statement. PACS has complex multi-layer of business rule against system design and stay align with all governing rules. The role is expected to maintain appropriate records to ensure control are embedded in appropriate checked as risk mitigation. It is the team's esteem responsibility to alert the management of any potential issue and risk that could potential impact the company unfavorable from all angles.

Responsible for Distribution Compensation Accounting
- Fortnight closing for agent payment to ensure all compensation due are paid, posted and reconciled
- General Ledger closing. Monthly/Yearly provision, amortisation, schedules are carried out according to the stipulated accounting paper/guideline
- Policy System Distribution Compensation Accounting Rule eg Life Asia, Group Asia, Datahub or any auxiliary system where accounting rule is required
- Posting of journal for all manual processing and payment
- Reconciliation and audit schedule relating to Distribution Compensation
- Primary contact for audit (internal/external/regulatory/SOX) of Distribution Compensation
- Maintenance of Distribution Compensation process flow/SOP documentation
- Maintenance of NBP provision and monitoring
- Administration of deferred/long term incentive scheme
- Support Finance Compensation Operations team for any queries relating to compensation
- Oversight of End to End processing for compensation team
- Maintenance of risk register and risk representative for compensation team
- Settlement for invoices for Non Agency Channel in Coupa

Responsible to support the Distribution Compensation related project, enhancement or initiatives
- UAT for compensation related enhancement/initiatives
- Preparation of Business Requirement
- Trouble shooting for production issue / fixes
- Support the BAU processing

Other
- Filing for Distribution Compensation to IRAS
- Administer the self-billing for GST registered Agent
- Daily handling for channel/agent query for compensation related
- Support Company-wide initiatives/project relating to Distribution Compensation

**Qualifications**:

- Accounting Diploma/Degree holder
- Business Admin with at least 5 years of experience Distribution Compensation

Job ID 24070178