Chief Finance Officer

Oman Investment Authority

B. Key Responsibilities

Financial Strategy & Leadership:

• Develop and implement comprehensive financial strategies that support the company's long-term goals and growth in the pharmaceutical market.
• Provide strategic financial guidance to the CEO and Board of Directors on all financial matters, including mergers, acquisitions, and divestitures specific to the pharma industry.
• Oversee all financial planning, budgeting, forecasting, and reporting activities.

Financial Operations & Reporting:

• Manage all aspects of accounting operations, including accounts payable, accounts receivable, payroll, and general ledger.
• Ensure accurate and timely financial statements in accordance with relevant accounting standards e.g., IFRS. Manage month-end and year-end closing processes.
• Ensure transparent reporting to management, board, auditors, and regulatory bodies

Budgeting, costing

• Ensure timely and accurate budgeting is carried out as per the laid down norms and process.
• Consolidate and jointly present budget for approval by the CEO, Executive Committee and Board.
• Ensure implementation of the budget, monitor and ensure that expenses are within budgetary limits. Track variances, identify the reasons for the same and initiate appropriate and timely corrective action.
• Ensure that proper costing methodology is followed and supervise the functioning of the Costing Section.
• Ensure that the Costing system is working effectively and ensure continual improvement in the process

Finance and Accounts

• Periodically review accounting systems and procedures and recommend changes to policies/systems and procedures. Ensure the implementation of approved changes.
• Approve accounting documents (based on delegation of authority manual) and ensure that all accounting records are accurate and current.
• Ensure periodic (as specified) finalization of accounts and preparation of financial statements.
• Recommend provisions for bad and doubtful debts, non-moving stocks and adjustments for discrepancies in stock.
• Provide the necessary assistance to external/internal auditors and ensure timely completion of audits and ensure timely implementation of any recommendations arising out of these audits.
• Ensure adequate insurance coverage has been taken out for the assets and other matters of the company

Treasury & Cash Flow Management

• Oversee treasury functions, including cash flow management, banking relationships, and investment strategies.
• Manage cash flow, working capital, and liquidity to support operations and growth.
• Optimize funding mix (equity, debt, and internal financing).

Banking

• Plan and raise cost effective long-term and short-term capital for the company.
• Initiate dialogue and negotiate with banks to ensure favorable terms of credit. Seek lines of credit when required.
• Ensure that the working capital of the company is properly planned and managed
• Negotiate with banks and other financial institutions for favorable rates for short and medium-term deposits.
• Authorize all applications for the opening of Letters of Credit and ensure that L/Cs are opened within the time limits specified.
• Ensure deployment of surplus funds with optimal returns.

Risk Management & Compliance:

• Establish and maintain robust internal controls and financial policies to safeguard company assets and ensure regulatory compliance.
• Manage financial risks, including currency fluctuations, interest rate exposure, and credit risk, particularly relevant to international pharmaceutical operations.
• Ensure compliance with all local and international financial regulations, tax laws, and industry-specific pharmaceutical reporting requirements.
• Keep abreast of the laws and regulations and ensure statutory compliance in areas relevant to Finance, Accounts, Taxation and Corporate Governance.
• Liaise with statutory and regulatory authorities for compliance issues, mandatory reporting, and also ensure proper coordination during inspection and / or when information is sought for.

General

• Review of all commitments which have financial implications for the company either immediate or long term, definitive or conditional, and recommend policy in the best financial interests of the company.
• Approve expenditure (revenue or capital) as per the Delegation of Powers
• Ensure that controls are adequately designed, implemented and effective.
• Discharge responsibilities as a member of different committees.
• Secretary to Investment Committee.
• Review, comment and release evaluations of tenders in ERP system as per policy.
• Release purchase orders in ERP system as per tender policy.
• Carry out all other duties as assigned to him by the management from time to time.

Leadership & Team Development

• Lead, mentor, and develop the finance and accounting team.
• Foster collaboration between finance, production, procurement, and sales functions.
• Promote a culture of accountability and continuous improvement.