Finance Director

We are UMG, the Universal Music Group. We are the world’s leading music company. In everything we do, we are committed to artistry, innovation and entrepreneurship. We identify and develop recording artists and songwriters, and we produce, distribute and promote the most critically acclaimed and commercially successful music to delight and entertain fans around the world.
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