Director, Financial Control
Islamic Development Bank, Jeddah, Saudi Arabia
Closing Date for Applications:
- To be responsible for maintaining reliable and timely financial records and accounts and contributing to the financial soundness and integrity of the Bank as well as other funds that IsDB manages such as its special funds, trust funds and pension & medical funds.
- To be responsible for the preparation monthly, quarterly and annual financial statements and analysis to the Management, Board of Executive Directors, their committees and to the Board of Governors.
- To be the focal point for the external auditor and ensuring proper internal control pertaining to the measuring and recording of financial information.
- Provide leadership in four key areas of responsibilities, namely Disbursements of Project Financing and Investments, Dues Management, Admin Expenses processing and Accounting & Financial Reporting.
KEY ACCOUNTABILITIES & ACTIVITIES:
- Reviews and authorises all financial transactions as per the delegated authority level (DoA) and ensures timely and accurate operational and administrative expense disbursements.
- Monitors dues on operational accounts of IsDB and initiates appropriate collection processes as per the policies and procedures.
- Formulates appropriate financial procedural guidelines in line with AAOIFI and IFRS and best practices to protect IsDB from financial abuse, negligence, and fraud.
- Contribute with the concerned department for the development of financial policies and guidelines.
- Formulates and provides recommendations to IsDB’s management on effective accounting systems and processes.
- Acts as an escalation point and resource centre for accounting and financial issues.
- Maintains reliable and timely financial records and accounts of external and internal transactions relating to assets, liabilities, capital, reserves, income and expenditure of the Ordinary Capital Resources (OCR), as well as of its special funds, trust funds, pension and medical funds.
- Provides accurate and reliable financial statements and reports on the financial position/key transactions of IsDB (periodic and ad-hoc) upon request from the Board of Executive Directors, and its committees as well as Management.
- Manages and contributes with the designated departments, interactions with external parties (external auditors, rating agencies, investors, underwriters, trust fund donors and others), involving financial policies and transactions and reporting requirements.
- Provides guidance in the implementation of new systems or enhancements of existing systems; analyses and provides solution for system and business process enhancements for effective and efficient operations;
- Defines, evaluates, and reviews COSO Internal Control Over Financial Reporting and processes for all departmental financial transactions to ensure that IsDB’s assets and liabilities are correctly audited.
- Ensures the assets are adequately safeguarded and its liabilities are properly managed.
- Attends and responds to all queries of External Auditors pertaining to the Ordinary Capital Resources (OCR), as well as of its special funds, trust funds, pension and medical funds accounts and financial statements.
- Reviews auditor's management letter observations and oversees the timely resolution of any issues raised by Internal/External Auditors.
- Collaborates with the relevant departments to determine the appropriate asset impairment provisions for all balance sheet items.
- Participate and contribute in meetings of the Asset-Liability Management Committee, Risk Management Committee and Investment Committee
- Performs any other assignments as assigned by the President and VPF & CFO
- Coordinates the provision of advisory services and technical guidance in matters related to financial control to all IsDB organizational units.
- Provides motivational and inspirational leadership for the department and communicates to direct reports clear performance expectations.
- Manages the performance and resources of the department through delegation of responsibility, setting stretch objectives and providing regular feedback on results at a department level, promptly addressing areas of underperformance.
- Monitors and assesses the skills and capabilities of the department, and determines the actions needed to increase the Department's impact and resolve capability gaps.
- Coaches, mentors, and develops the direct reports and the top talent/high potentials in the department.
- Acts as a role-model to communicate to the department’s staff IsDB's values and leadership competencies; provides direction and support in times of change.
QUALIFICATON / EXPERIENCE:
Academic and Professional Qualifications:
- Master's degree in Business Administration/ Accounting/Finance or any related discipline.
- Possess a recognized financial accounting qualification such as CPA, ACA, ACCA or its equivalent.
- Additional professional qualifications in the area of management accounting, internal audit, risk management and fraud examination would be an advantage.
- Minimum 13 years of finance experience in a related sector.
- Minimum 7 years of senior managerial/ supervisory experience.
- English (mandatory)
- Arabic (preferred)
- French (preferred