Finance Director

Title

Finance Director, Korea (hereafter FD)

Location

Seoul

Job Summary

This is a very important position due to importance of the Korean Music Market and global influence of Korean Music around the globe. The FD is a best-in-class finance professional and business partner, who has strong commercial understanding of businesses and will be responsible for leading and developing a capable, finance function which also covers: Business Support/Partnering, Financial and Strategic Planning/Analysis, Physical Supply Chain,  Projects/ Commercial Partnerships /Investments, Accounting/Controllership, Treasury, Tax, Financial Audit, Royalty Accounting, Financial Control  as well as Team Leadership/Management.

The role will involve supporting the Managing Director of Korea in business decisions and being a key player in the leadership team as supporting the management of any business impact/acquisitions, joint ventures and other commercial partnerships.

Reports to

Managing Director Korea (Dotted line CFO South East Asia & Korea)

Position Summary

The FD is the country’s finance lead, finance expert and key business & growth partner in the business for Korea, and able to facilitate execution and impact/business support.

The reports include the finance team leads in Korea.

The mandate includes structuring new business growth opportunities, strengthening the country finance team (technical competencies and commercial capabilities), ensure business partnering from end-to-end, review/design and implementation of systems, processes and internal control and compliance measures appropriate for the business, evaluation and implementation of shared services strategies, effective key finance stakeholders’ relationship management in the region and with headquarters.

Specific Responsibilities

Responsible for the business partnering finance strategy and delivery in Korea, facilitating the growth roadmap and accelerating the finance platform and the business.

Business Support & Partnering

• Support the MD, leadership team in Korea and CFO SEAK to deliver the strategy, also considering objectives and budgets
• Ensure that strong relationships are developed with the local department heads (HOD), regional teams and other internal stakeholders or other support functions
• Provide financial advice and information to secure and safeguard the company’s resources and assets; develop and implement governance and control processes to protect business assets, (incl. ensuring corrective actions identified by internal / external audits are implemented)
• Work with the business leaders (MD, local HOD and CFO SEAK) to drive the business forward by playing a key role in leadership meetings as required
• Align to Regional/Global finance focus and initiatives, look for process improvements within the business to deliver better information to decision-makers and support all business efficiency improvement efforts across the country

Financial Planning & Analysis

• Support the MD and leadership team in Korea to deliver the financial and business strategy
• Manage the development, preparation and review of all financial plans (with MD, business leaders, commercial teams and regional finance), incl. annual budgets and quarterly forecasts, medium term strategic plans, business plans, forecasts and analysis, forecasts and presentations as per global guidelines 
• Spearhead monthly closing process, review monthly results and forecasts, flagging potential issues and opportunities, and providing clear variance analysis and commentary on key drivers of revenues, margin, costs, cash flow profiles, projects/capital expenditures, key accounts and balance sheet items
• Ensure compliance to IFRS/GAAP of all internal management reporting
• Produce proper KPI, financial and management dashboard to the regional leadership team to support monthly, quarterly and year-end targets achievements. Monitor all KPI’s and develop new KPI’s as the business progresses further; drive margin improvement and cost containment/reduction initiatives 
• Design and implement robust and reliable financial reporting systems and dashboards which support high standards of reporting, business analysis, forecasting and financial control; ensure strict adherence to the reporting timetable wherein monthly, quarterly and annual closing requirements are strictly adhered to
• Oversee ad-hoc financial and business reviews, project analysis for management information, including the preparation of monthly business review meeting packs
• Report to MD and CFO SEAK for company reporting matters

Projects, Commercial Partnerships & Investments 

• Analyze and advise MD on all projects and initiatives from a financial and commercial angle to ensure it is value-adding aligned to the business and operations as per agreed plan and objectives including (but not limited to) Artist contracts, content licensing agreements, distribution deals, brand partnerships and JV projects.
• Monitor and ensure that projects, partnerships and investments are authorized, executed and compliant with accounting principles, internal financial policies and commercial guidelines
• Ensure proper approval process, and including CFO SEAK for all projects above local Table of Authority

Accounting & Controllership

• Responsible for the monthly closing process in Korea and ensure timely process.
• Ensure full local GAAP compliance 
• Ensure that financial controls, compliance and processes are in place, permanently tested and updated

Treasury

• Responsible for all local treasury matters (including cash forecast and cash management) related to Korean operations as per internal group guidelines
• Ensure that internal controls, compliance and processes are in place, permanently tested and updated
• Responsible for reviewing and approval all banking operations related to UMG Korea operations and related subsidiaries as per UMG guidelines and processes
• Work with CFO SEAK and global Treasury department for any treasury matters including outbound and inbound cash remittance and cash flow optimization

Tax

• Oversee and manage all tax matters related to Korean operations as per internal guidelines and local Tax rules and ensure that proper actions are being timely implemented 
• Ensure that internal controls, compliance and processes are in place, permanently tested and updated
• Liaise with CFO SEAK and global Tax department for any tax matters including intercompany operations or tax optimization

Financial Audit

• Internal and external audit relationships and process for all statutory and internal audit matters in Korea in direct relation with CFO SEAK and external audit firms
• Ensure all statutory reviews are properly and timely executed
• Oversee production of timely and accurate financial reporting cycles and other supplementary reports 
• Ensure corrective actions are being implemented as per findings or recommendations

Royalty Accounting

• Responsible for Royalty accounting matters related to Korean operations in direct relation with corporate and regional royalty teams.
• Oversee and manage all Royalty accounting related to Korean operations as per internal guidelines and ensure timely processing
• Ensure that internal policies and proper training are in place to process data with integrity
• Report to Regional Finance team for all Royalty/Copyright accounting matters

Financial Control

• Oversee the financial and operational control of the Korean operations to ensure satisfactory controls, compliance and processes are in place
• Ensure integrity of all financial reporting
• Maintain financial procedures and systems for financial control including management accounts
• Manage all aspects of company’s P&L and Balance Sheet ensuring all risks and opportunities are identified and properly accounted for

Team Leadership & Management

• Lead, develop and grow a best in class operational finance, business partnering and controlling team in Korea in accordance with the company’s people principles and processes, including developing optimal structures and clear accountabilities, maximizing employee performance, providing mentoring and coaching, etc. to ensure the right people in the right roles to achieve business objectives
• Effectively communicate, develop, motivate, appraise performance manage the finance team
• Support cross functional working and discipline with all countries, regional, and global financial teams
• Develop and maintain strong as well as effective working relationships with colleagues

The Person

Qualifications &

Experience

• Minimum 12 years’ experience in financial and business partnering management roles, with record of increasing responsibility scopes and successful and effective financial planning and audit controls as well as its operation, and therefore in-depth Korea exposure
• University degree in Business or related field as well as a recognized Accounting degree (CPA or equivalent)
• Ideally strong exposure to financial operation in a Multinational Company and or international environment with adherence to stringent reporting requirements
• Proactive business results-focus, and proven ability to provide insights that increase business volume and profits
• Excellent financial modeling and control process design abilities; strong experience of using business supportive technology to drive improved efficiencies in the finance function
• Capacity to think analytically deeply and quantitatively about complex type of partnerships, evolving consumer journey, customized commercial opportunities and related business risks
• Driving value & results with the ability to drive results through effective finance teams and individual performance. Also focus top line growth, margin & cash profiles and keep operational cost under control
• Thorough understanding and strong adherence to local GAAP, IFRS and US GAAP requirements across the business
• JD Edward, HFM and SAP experience is a plus
• Understanding of relevant Korean tax rules, compliance and governance codes, and ability to ensure compliance across the organization
• Decisive and determined; has the required drive and attention to detail to implement strategic plans, and the tenacity to follow through
• Excellent communication skills; articulate. Compelling, engaging and highly inclusive manner
• Influencing/negotiating skills to enable cross-functional decision making; and assuring that strategies are aligned and are in compliance with prevailing governance standards
• Proven demonstration of principled leadership, business ethics, and consistency among integrity, values and behaviors
• Build, nurture and influence productive, collaborative and communicative relationships within, across and outside of the organization
• Flexible and able to multi-task; can work within an ambiguous, fast moving environment, while also driving toward clarity and solutions
• Fluent in English and Korean is conditional

Personal Characteristics

• High degree of professional confidence and credibility with effective presence, strong written and verbal communication skills, able to communicate concepts and plans that resonates with target audience at all levels; ability to challenge and influence at senior management level
• Eager, driven, pro-active, and able to work independently. Demonstrate a very high level of adaptability to an ever-changing business environment
• An intelligent, decisive, self-confident and results-oriented individual who possess a combination of mental flexibility, creativity, analytical ability and sound judgment
• Entrepreneurial in spirit, attention to detail and flexible in approach
• As an integral member of the company’s senior leadership team, the candidate must exemplify the highest standards of honesty, integrity, code of conduct and discretion
• A highly strategic business partner who thinks about the business first and carefully relates the business strategy to the financial strategy
• Passionate about innovation, technology and disruption
• Takes on and exploits opportunities to exceed goals and works towards them, even under adverse circumstances, and able to describe the possible risks and benefits
• Low ego, people-oriented, develops strong relationships and has a service mind-set
• Bright, confident, very high EQ & learning agility, and commercial self-starter, full of ideas and energy
• Behaves in a mature and appropriate manner. Shows good judgment, does not allow feeling or biases to distract reasoning