Organization Unit- Financial Control Division
Job Accountability- The role holder is responsible for driving and enhancing internal controls and processes related to financial reporting and accounting, and ensuring execution as per the guidelines. The role acts as a focal point of contact between the bank, Bank s stakeholders, and applicable regulatory authorities such as SAMA, CMA, Ministry of Finance, etc.
• Develops and implements strategic plans in line with the division s objectives.
• Design, Manages and controls the operating framework for the department, provides guidance and support, ensures implementation and review of work processes in order to achieve high performance standards and continuous improvement.
• Prepares and manages the annual budget for the department and reporting sections in conjunction with the division s budget and secures subsequent approvals, tracks expenditure and ensures adherence to the budget.
• Establishes and implements effective accounting policies that adhere to bank s policies locally and globally, and generally accepted accounting practices and meet statutory requirements.
• Evaluates current financial reporting procedures and controls and drives continuous improvement on the same.
• Directs the preparation of all financial reports, including income statements, balance sheets, reports to shareholders, and reports for government regulatory agencies.
• Oversees the preparation of general ledger entries, and ensures accuracy and Adherence to bank s policies and procedures, as well as statutory requirements.
• Examines and analyses accounting records and financial information to assess accuracy, completeness, and conformance to reporting and procedural standards.
• Monitors statutory audit of bank s & submission of audited financials to the management with in the scheduled time.
• Ensures that all the reports are accurately prepared and submitted to the auditors in time, and implements any action points raised during audits
• Risk & Internal Control Responsibilities
• Governs implementation of risk-related policies and processes (operational, regulatory, financial, informational, reputational and audit risks) for the department, ensuring that that these meet regulatory and internal control requirements.
• Reviews implementation of the internal control systems in line with relevant operating procedures and regulatory requirements and takes corrective action based on audit findings.
• Implements laid down contingency plans/measures during a crisis situation in order to undertake rapid recovery and timely resumption of critical operations following any disruption at an internal/external level.
• Guides internal stakeholders and team members in the execution of mitigation plans during crises while ensuring that the recovery procedures do not compromise the overall control environment and uphold the compliance requirements.
Knowledge and skills-
• Degree in Finance or Accounting, Master s degree in Finance is preferred
• Chartered Accountant status is preferred (CPA, CA, ACCA, ACA, FCA, ICAEW etc).
• Written and spoken English is essential, Arabic is preferred.
• A minimum of 15 years of relevant experience with at least 6 years in a similar role.
Nature of Experience
• Prior experience in financial reporting in the banking sector is preferred
• Advanced- Expert knowledge of regional and international regulations governing financial statements and expert knowledge of varied methodologies and techniques for analyzing financial statements e.g. income statements using reformulation choices, balance sheet analysis using ratios, cash flow statement analysis etc.
• Ability to analyze financial statements and use financial analysis formats and ratios in the perspective of - organization financial health analysis, industry and competitor analysis perspective, credit analysis, equity analysis, (fraud) audit analysis etc. to make strategic decisions.
• Intermediate - In-depth knowledge of internationally accepted accounting standards such as GAAP, IFRS accounting standards and guidelines governing financial operations defined by SAMA (Saudi Arabian Monetary Agency).
• Ability to carry out all accounting processes and preparation of financial reports in adherence with internal, regional and SAMA (Saudi Arabian Monetary Agency) guidelines and standards.
Islamic Accounting Standards
• Intermediate- In-depth knowledge of advanced Islamic Finance principles e.g. Islamic Finance asset classes, Islamic Finance products and in-depth knowledge of Islamic Finance standards - AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and IFSB (Islamic Financial Services Board) standards.
• Ability to carry out all accounting processes and preparation of financial reports in line with the Islamic financial principles and accounting standards.
Corporate Taxation for KSA
• Advanced - Expert knowledge of concepts, principles and regulations related to Zakat and income tax.
• Ability to formulate and implement policies and processes related to Zakat and corporate taxation.
• Ability to evaluate the effectiveness of the Bank's taxation policies and procedures and develop new approaches.
• Advanced - Expert knowledge of various types of finance metrics (operational, strategic, predictive etc.) research tools and techniques, regional and global benchmarks, industry benchmarks, latest research and development in metrics being tracked etc.
• Ability to identify and define appropriate finance metrics to measure the efficiency and effectiveness of finance systems and processes in delivering business goals.
Financial Performance Indicators
• Advanced- Expert knowledge of strategic metrics related to financial performance e.g. Cumulative average growth rate (CAGR), fixed asset turnover, working capital ratio, return on equity (ROE) etc. and knowledge of regional and global benchmarks, industry benchmarks, latest research and development in metrics being tracked etc.
• Ability to conduct complex and detailed statistical analysis required for tracking progress or analyzing the financial performance.