Department of Finance & Risk Management

The Department of Finance & Risk Management consists of four units plus the Director's Office and Risk Manager's Office.

These units are: Planning and Economics Office, Financial Services and Advisory Office, Treasury and Collections Office, and Accounting and Settlement Office.

Director

The Director is Halldóra Káradóttir.

Director's Office

The main tasks of the Office of the Director of FAS are the following:

• Supervision and control of the activities of offices under the Department.
• Developing and implementing department policy. Coordinating department operations.
• Managing change and creating a unified vision across the department, focusing on digital transformation and continuous operational improvement.
• Managing the department’s administration, including communication with the City Executive Council and specialized departments on administrative tasks. Preparing reports and responding to inquiries. Providing information and communicating with relevant councils and committees.
• Providing legal counsel on financial matters and ensuring departmental compliance with relevant laws. Managing internal audit reviews and following up on their resolution with department offices
• Overseeing the Cty's financial management and supervising the finance team.
• Liaising with Section B – Autonomous Entities on financial and advisory matters, in accordance with ownership policy. Conducting audits and analyses on behalf of the mayor and City Executive Council.
• Implementing and monitoring cross-departmental collaboration. The Financial Technology Office, the FAS project management office, manages cross-departmental projects and/or initiatives involving digital transformation and development.
• Handling human resources, including coordination and support for the department's heads of office. Organizing staff meetings and ensuring a consistent departmental image.
• Overseeing Reykjavík City's green accounting and managing the development of projects to communicate the City's goals and achievements in environmental, social, and economic matters.
• Internal monitoring, service targets, training, risk and quality management for the office's areas of responsibility.

The head of office is Hörður Hilmarsson.

Risk manager

The main responsibilities of the risk manager include:

• Leads risk management for Section A – Core Operations and serves on the department's executive management team.
• Responsible for implementing risk policy and executing risk management across departments and offices of Section A – Core Operations of Reykjavík City.
• Responsible for reporting on risks in the City's operations and activities to the director, mayor, and City Executive Council.
• Creates operational plans for Section A – Core Operations risk management and leads a team of specialists and staff working to develop and implement risk management according to risk policy.
• Developing processes that support coordinated implementation of risk management.
• Implementing risk assessment as an active management tool.
• Proposing improved procedures for risk assessment in cooperation with offices and departments.

The Risk Manager is Stefanía Sch. Thorsteinsson.

Planning and Economics Office

The main responsibilities of the Planning and Economics Office include:

• Preparing the budget for Section A – Core Operations and Reykjavík City consolidated accounts.
• Developing economic and forecasting models for the City's economic environment and operations.
• Advising the mayor and City Executive Council on financial strategy and the City's financial sustainability.
• Actively managing financial and economic risks in the City's external operating environment, under the direction of the risk manager.
• Managing data structures, data utilization, and operating dashboards in finance and operations.
• Servicing and overseeing financial systems that fall under the department's operational responsibility.
• Leading the development of data, systems, and models for operations and risk management. Conducting scenario analyses, developing sustainability models, and creating financial metrics that fall under the office's scope of work.

The head of office is Erik Tryggvi Striz Bjarnason.

Financial Services and Advisory Office

The main responsibilities of the Financial Services and Advisory Office include:

• Providing services, advice, and supervision to specialized departments, offices, and institutions in procurement and finance.
• Supervising department and institutional operations and taking action based on regulations for financial management and oversight. Conducting status analyses, providing support and advice, and, when appropriate, assuming responsibility for the financial management of other departments.
• Providing service and support for budgeting, settlement, and operations. Managing supplements and funds.
• Coordinating procedures for budget preparation, developing operational models, using information systems, and creating reports for managers and specialists. Owning allocation models.
• Actively managing operational risks in the City's internal operating environment, under the direction of the risk manager.
• Ensuring compliance with the City's procurement policy by finding ways to increase efficiency, promoting responsible procurement, encouraging coordination, and fostering innovation.
• Managing procurement, including coordinating and controlling procurement for Section A – Core Operations departments.
• Advising on the preparation of tender documents.
• Operating tender and procurement processes and providing services to the Procurement & Executive Council.
• Overseeing the City's procurement needs and analyzing market conditions and opportunities.
• Creating and managing framework agreements, conducting quick tenders, and processing price inquiries.
• Developing and reviewing business plans and setting goals based on them.
• Responsible for procedural rules regarding daily institutional procurement.
• Participating in policy making regarding the use of procurement cards, requests, and other tools.

The head of office is Jóhanna Eirný Hilmarsdóttir.

Treasury and Collections Office

The Treasury and Collections Office's main responsibilities include:

• Treasury management, collections, payment processing, and revenue monitoring, with an emphasis on developing processes for municipal tax, property rates, road construction fees, and the sale of building rights.
• Managing liquidity, issuing bonds, administering loans, issuing green bonds, and creating agreements with financial institutions.
• Handling bill payment (payment processing).
• Managing debt collection, communications with collection agencies, and standardized payment processing.
• Assessing and collecting property rates.
• Creating sales invoices.
• Managing the City's unified collection system.
• Providing active risk management for treasury, collections, and revenue monitoring, under the direction of the risk manager.

The head of office is Bjarki Rafn Eiríksson.

Accounting and Settlement Office

The Accounting and Settlement Office's main responsibilities include:

• Managing regular settlements for Section A – Core Operations and consolidated accounts, along with preparing Reykjavík City's annual report and related reporting.
• Communicating with internal and external auditors, as well as the Audit Committee.
• Supporting budget preparation for Section A – Core Operations and consolidated accounts.
• Handling the receipt, registration, and posting of invoices, as well as posting revenue and value-added tax.
• Managing reconciliations for supplier invoices, bank accounts, and other accounting items.
• Issuing and managing procurement cards.
• Overseeing travel authorizations and per diem calculations.
• Creating and submitting contractor payment reports.
• Managing resident fund settlements for matters concerning disabled people in cooperation with VEL, and handling settlement and oversight of individual funds at group homes for disabled people.
• Providing internal monitoring, service goals, training, risk, and quality management.

The head of office is Jónas Skúlason.