Chief Financial Officer

Job description

Job Description

Post Title: Chief Financial Officer

Responsible to: Vice-Chancellor and Warden

Responsible for: All Teams and staff within the Financial Service

Location: Finance Service

Grade: Grade 10, Band 3 (Executive)

Salary: Competitive

Contract Type: Permanent

Working Hours: Full Time

Interviews: We anticipate that interviews will be held in mid-late June 2024

Closing Date:19 May 2024 at midnight

(Deadline for applications is 12:00 midnight on the day of closing)

The University

At Durham University we are proud of our people. A globally outstanding centre of educational excellence, a collegiate community of extraordinary people, a unique and historic setting - Durham is a university like no other. We believe that inspiring our people to do outstanding things at Durham enables Durham people to do outstanding things professionally and personally.

Across the University we have a huge variety of roles and career opportunities, which together make us a large and successful community, which is a key hub of activity within our region and nationally.

We would be thrilled if you would consider joining our thriving University. Further information about the University can be found here.

The Role and Department

Reporting to the Vice-Chancellor, the Chief Financial Officer (CFO) is responsible for the financial strategy of the University.

As a member of the University Executive Committee (UEC), the Chief Financial Officer plays a key role in the University's strategic development, providing direction and oversight, and driving financial and operating performance.

Balancing strategy and operations, the CFO will provide strong leadership to the finance function, developing and sustaining a culture of high performance, accountability and customer service with clearly articulated and agreed goals. The CFO is expected to challenge the status quo in the planning and delivery of services, driving improvement and introducing new ways of working.

The Chief Financial Officer leads in excess of 100 FTE staff in the Finance and Procurement Division, covering financial management and procurement services including:

• Strategic Finance - special projects, long-term modelling, borrowings, and other financing arrangements.
• Finance Business Partnering - supporting the faculties and divisions.
• Financial Reporting Systems - managing the production of financial management information, forecasts and budgets.
• Financial compliance - statutory reporting, treasury, capital accounting and external compliance.
• Transaction processing - accounts payable, accounts receivable and banking.
• Procurement - full category management based procurement service and supporting general purchasing.

There are also local finance teams within academic faculties, certain parts of central professional services and the Colleges and WSE division.

Further information about the role and the responsibilities is at the bottom of this job description.

Working at Durham
A competitive salary is only one part of the many fantastic benefits you will receive if you join the University: you will also receive access to the following fantastic benefits:

• 30 Days annual leave per year in addition to 8 public holidays and 4 customary days per year - a total of 42 days per year.
• The University closes between Christmas and New Year.
• We offer a generous pension scheme, As a new member of staff you will be automatically enrolled into this University Superannuation Scheme (USS) which the University will add contributions of 21.4%.
• No matter how you travel to work, we have you covered. We have ample parking across campus, a cycle to work scheme which helps you to buy a bike and discount with local bus and train companies.
• There is a genuine commitment to developing our colleagues professionally and personally. There is a comprehensive range of development courses, apprenticeships and access to qualifications and routes to develop your career in the University. All staff have dedicated annual time to concentrate on their personal development opportunities.
• Lots of support for health and wellbeing including discounted membership for our state of the art sport and gym facilities and access to a 24-7 Employee Assistance Programme.
• On site nursery is available and access to holiday camps for children aged 5-16 throughout the year.
• Family friendly policies, including maternity and adoption leave, which are among the most generous in the higher education sector (and likely above and beyond many employers).
• The opportunity to take part in staff volunteering activities to make a difference in the local community
• Discounts are available via our benefits portal including; money off at supermarkets, high street retailers, IT products such as Apple, the cinema and days out at various attractions.
• A salary sacrifice scheme is also available to help you take advantage of tax savings on benefits.
• If you are moving to Durham, we can help with removal costs and we have a dedicated team who can help you with the practicalities such as house hunting and schools. If you need a visa, we cover most visa costs and offer an interest free loan scheme to pay for dependant visas.

Durham University is committed to equality diversity, inclusion and values

Our collective aim is to create an open and inclusive environment where everyone can reach their full potential and we believe our staff should reflect the diversity of the global community in which we work.As a University equality, diversity, and inclusion (EDI) are a key part of the University's Strategy and a central part of everything we do. We also live by our values and our Staff Code of Conduct. At Durham we actively work towards providing an environment where our staff and students can study, work and live in a community which is supportive and inclusive. It's important to us that all of our colleagues are aligned to both our values and commitment to EDI.

We welcome and encourage applications from members of groups who are under-represented in our work force including people with disabilities, women and black, Asian and minority ethnic communities. If you have taken time out of your career, and you feel it relevant, let us know about it in your application. If you are a candidate with a disability, we are committed to ensuring fair treatment throughout the recruitment process. We will make adjustments to support the interview process wherever it is reasonable to do so and, where successful, reasonable adjustments will be made to support people within their role.
What you need to demonstrate when you apply/Person Specification

When you apply it is important that you let us know what skills/experience you have from a similar role and/or what skills/experience you have which would make you right for this role. Further information about the role and responsibilities is at the end of this job description.

Your application should cover the following criteria:

Essential Criteria

Experience, skills and knowledge

1. Has successfully led a significant business change programme, establishing a strong high performing team and corresponding culture.

2. Has played a proactive role in identifying and developing strategic options and plans which has allowed a business/organisation to maximise its revenue and growth opportunities.

3. Educated to degree level (or equivalent experience).

Operational

4. Has proven ability and clear evidence of success as an experienced CFO in an appropriately complex multi-division group with multiple revenue streams.

5. Has strong operational focus and experience of driving structural change both within finance and the organisation; able to 'see the wood for the trees' and simplify business processes and activities.

6. Can demonstrate the setting and maintaining of a responsive, proactive and agile customer service.

7. Has strong project management experience with an excellent appreciation of ROI.

8. Demonstrates proactive functional leadership, with reputation for developing teams and people, and improving processes and systems.

Technical

9. Qualified chartered accountant (ACA, ACMA and CIMA preferred, with other CCAB qualifications also considered).

10. Has a sophisticated understanding of financial process and control and establishing strong financial management culture and operations.

11. Has an excellent understanding of financing capital projects through a range of instruments, and with knowledge of EU procurement legislation.

Relationships

12. Is able to demonstrate an effective working relationship with a CEO, and the understanding of how that relationship can help drive a business forward.

13. Has intellect and credibility to assume all corporate duties, including regulatory reporting, audit, treasury and banking relationships.

14. Can demonstrate proven success in communicating with and influencing/leading others and establishing good working relationships with a wide range of stakeholders.

15. Is confident in influencing senior executives and in preparing and delivering both formal and informal presentations; credibility in interactions with the University's Council and the Executive Committee.

Personal attributes

16. Commercial credibility to perform at executive committee level and run a large finance function.

17. Intellect with the presence and charisma to operate and work with board level executives.

18. Has an operating style which is pragmatic, transparent, open and non-political. Is comfortable working in a management environment which spans a number of business issues and cultures.

19. Candour, integrity and teamwork.

20. Proactive, hardworking and inspirational leader with strong people and relationship skills.

21. Comfortable operating in a task-oriented and 'sleeves rolled up' manner.

22. Ability to communicate effectively and concisely across a range of different cultures including articulating financial matters to those without financial backgrounds.

23. Ability to influence and negotiate across the University and externally.

24. Adaptable and resilient, with an ability to successfully lead change.

25. Flexible in approach to business issues seeing them from both a strategic and detail perspective.

26. Able to constructively challenge ideas, balance opportunities and threats, think creatively when identifying solutions and devise and integrate new services and ways of working.

27. Empathy with the academic ethos of the University.

How to apply

To progress to the assessment stage, candidates must evidence each of the essential criteria required for the role in the person specification above. It will be at the discretion of the recruiting panel as to whether they will also consider any

desirable criteria, but we would urge candidates to provide evidence for all criteria. Please don't forget to check if there is any weighted criteria (see above).

While some criteria will be considered at the shortlisting stage, other criteria may be considered later in the assessment process, such as questions at interview.

Submitting your application

We prefer to receive applications online.We will update you about your application at various points throughout the selection process, via automated emails from oure-recruitmentsystem. Please check your spam/junk folder periodically to

make sure you have not missed any of our updates.

What you need to submit

• A CV: and
• A cover letter, which outlines how you meet all of the criteria within the Person Specification.

Typical Role Requirements

Strategic

• Provide financial leadership advice to the Vice-Chancellor, University Executive Committee and Council on all finance, financial governance and taxation matters.
• Ensure the financial sustainability of the University, developing and executing the University's financial strategy, by delivering plans to generate surplus cash from operations and maintaining a strong balance sheet.
• Act as a catalyst for the creation of ideas and options to further develop the University's income earning, asset management and cost control activities.
• Assume the lead financial role in key negotiations and business case development and assessment.
• Contribute to developing and implementing the Estates Strategy from a financial perspective and support the management team in ensuring that the property portfolio is adequately funded such that it can be well maintained and utilised.
• Develop a strong understanding of the University's financial risks, particularly those relating to large capital-intensive projects, and ensure that appropriate mitigation is in place.
• Anticipate and take account of the long term impact of demographic, national and local government developments and trends, including economic, political, environmental, social and technological, on financial strategy and delivery of financial services.
• Progress the University's equality, diversity and inclusion objectives both as a member of the Executive and within the Finance Department.

Operational

• Lead all finance operations and all aspects of the University's financial management, including (but not limited to) accounting, borrowing, budgeting, cash flow, treasury, external financial audit, financial planning and analysis, financial management, reporting, procurement and cost control.
• Take oversight of the University's financial policies and procedures, ensuring that mechanisms are in place to monitor and ensure compliance.
• Manage the University's borrowing arrangements and covenants, financial investments and insurance portfolio
• Maintain up-to-date knowledge on matters pertaining to risk management, audit, taxation and regulatory developments which have an effect on the University's financial resources and investments.
• Manage third party financial service relationships, including banks, insurers, auditors and payroll services.
• Ensure that up-to-date systems are in place to ensure the flow of reliable and replicable management information to managers across the University.

Leadership

• Provide clear and decisive leadership and direction to the staff in the Finance Department for whom the CFO is responsible, helping people fulfil their roles and contribute to the delivery of the University's strategy.
• Engage Heads of Departments to develop a strong business partnership culture, supporting and participating in decision making in all financial matters.
• Engage with and communicate at senior levels, internally and externally, consistently delivering inspiring, clear and meaningful messages about the future direction of the University.
• Manage the Finance Department's staff, providing guidance and direction while promoting and inspiring teamwork.
• Ensure the functions and behaviours of the Finance Department's staff are managed in accordance with professional standards and agreed processes so that compliance and control requirements are fully met.

External

• Proactively develop and maintain positive relationships with key stakeholders.
• Work with third party financial service providers, negotiating, monitoring and evaluating performance and taking corrective action to ensure the provision of high quality and best value services.
• Represent the University at key sector forums nationally and internationally.
• Act as the primary financial contact with the Office for Students and UKRI and give support required by the Vice-Chancellor in their role as Accounting Officer of the University.

Please note that in submitting your application Durham University will be processing your data. We would ask you to consider the relevant University Privacy Statement Privacy Notices - Durham University which provides information on the collation, storing and use of data.
When appointing to this role the University must ensure that it meets any applicable immigration requirements, including salary thresholds which are applicable to some visas.