FINSAC Annual Report 2001: Finance & Administration

Finance & Administration

The Finance and Administration department has responsibility for all finance and treasury, accounting, human resources, and general administration functions within FINSAC and its associated company Financial Institutions Services Limited (FIS). As FINSAC moved to a flatter organisational structure, during the past year, the department also assumed reporting responsibility for the Management Information Systems Unit. As FINSAC moved to bring the management and accounting functions of all intervened non-trading companies into one central office (e.g. Mutual Life, Eagle Merchant Bank, Crown Eagle Life), it meant that some staff from these companies had to be absorbed by the department. However, while the department got larger, the total staff count and space occupied by these companies shrank substantially, as now all staff members were under one roof.

FINANCE AND TREASURY

The financial records and statutory filings for most of the companies which came under FINSAC’s control as a result of intervention, were not in order for the most part. Consequently, strategies had to be employed to make them current on a timely basis, and this work has been taken on by the department, with FINSAC’s assumption of direct control over these companies. Progress has been delayed by the department’s restricted knowledge of the companies’ previous operations and transactions, and considerable research continues to be be necessary.

As reported later in the Financial Review, the Government of Jamaica - via the Debt Management Unit of the Ministry of Finance - assumed the debt obligations of FINSAC and FIS as at March 31, 2001. To facilitate this process, up-to-date bond reconciliations with all holders had to be done.

HUMAN RESOURCES AND ADMINISTRATION

During the past year, FINSAC has moved into a different phase of its mandate, and the human resource needs of the company have been constantly changing. Although companies like Mutual Life and Crown Eagle Life have ceased operations and no longer have staff, some of their former employees have crossed over to FINSAC to assist in the residual work required for these companies. While FINSAC’s staff count has increased, the staff count across the FINSAC network has dropped significantly, reflecting continued progress in FINSAC’s winding-down efforts. The most significant area of operations assumed was property management, as FIS acquired ownership of a former Mutual Life subsidiary company, Jamaica Mutual Properties Limited, and with it the direct management responsibility for a number of commercial properties. The overall staff complement for the entire FINSAC, FIS and their subsidiaries, therefore, increased to approximately 160 as at the end of June 2001.

MANAGEMENT INFORMATION SYSTEMS

With all the major systems implemented, the role of MIS is now one of support to the user community. The unit continues to offer support for all systems mainly CUBS/ICBS, operating on the AS 400 platform, Microsoft Exchange,Windows NT and also the maintenance of the Finsac web site, and the Gleaner online site http://www.Jamaica-Gleaner.com which deals with the Finsac properties for sale.

The unit is now involved in the implementation of Foremost – a Records Management software. This software, when implemented, will assist the organisation in classifying all records and applying the retention and disposition schedules, which will facilitate a more efficient organisation, access of stored information relating to Finsac, Financial Institutions Services Ltd. and all the intervened entities.

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