Islamic Development Bank (IDB)

Last posted job: 13 Oct 2016 | 14:28 - Oleh admin - 226 kali dibaca

IDB1559 - Director, Financial Control Department

Business Unit:Finance Complex
Function:Financial Sector Development & Inclusion Division
Department:Financial Control Department
Country:Saudi Arabia
Location:Saudi Arabia - Jeddah
Closing date:23-Oct-2016
ROLE PURPOSE:

To provide strategic direction, motivational leadership and operational oversight for the Financial Control Department. Determine the strategy for the Department, set and deliver ambitious objectives that enable IDB to achieve its goals and take significant operational decisions.

To set objectives that enable IDB to take significant actions regarding: (1) the implementation and maintenance of sound accounting systems, (2) the provision of oversight and assurance that the financial position and performance of the Bank is accurate in accordance with internal policies and compliant with regulations; and (3) the provision of reliable management information and expert advice to support Management during the decision-making process.

KEY ACCOUNTABILITIES & ACTIVITIES:

Strategy Development and Business Planning

  • Lead the formulation, development and implementation of the Financial Control Department strategy in support of IDB’s goals and in response to emerging trends or client/customer needs
  • Develop, implement and monitor the Financial Control Department’s business plans, KPIs, budgets and objectives; provide regular management reports that include insight, analysis, forecasting and comment on Department performance and results
  • Identify opportunities and champion initiatives that enable the Financial Control Department to increase its impact or to deliver innovative and differentiated services, encouraging Department members to fully contribute
  • Ensure the Financial Control Department works effectively, proactively and with urgency across IDB Group and externally to ensure the delivery of joint services/results that meet IDB’s interests and for knowledge sharing.

 

Financial Management Reporting and Advisory

  • Review and authorise all financial transactions within delegated authority level (DoA) and ensure timely and accurate disbursements of all the Bank’s funds

  • Monitor dues on operational accounts of the Bank’s entities and initiate appropriate collection processes as per the Bank’s policies and procedures
  • Evaluate, monitor and forecast the impact of financial policies on the Bank’s financial position and recommend appropriate actions to Management
  • Advise / support Management to formulate appropriate financial policy issues in line with international standards and best practice to protect the Bank from financial abuse, negligence and/or fraud
  • Participate in the conduct of studies on financial policy issues, evaluate outcome / results and advise Management on actions to be undertaken.
  • Act as an escalation point for accounting and financial issues
  • Recommend and advise Management on appropriate debt management policies
  • Provide accurate and reliable financial statements and reports on the financial position / key transactions of the bank (periodic and ad-hoc) to the Board of Directors, and its committees and Management
  • Inform the above stakeholders of matters requiring review and / or decisions and provide expert advice / recommendations to support them to take informed decisions
  • Lead preparation and timely submission of accurate statutory reports.


Financial & Accounting System

  • Formulate and provide recommendations to Management on effective accounting systems and processes to ensure the appropriate handling of all accounting operations and financial transactions including those of Trust
  •  Introduce new and improved systems to meet financial reporting and internal accounting policies and standards as required
  • Ensure the maintenance of accurate and updated records & accounts of all internal and external financial transactions relating to assets, liabilities, capital, income, expenditure and reserves including Special and Trust Funds
  • Ensure the implementation and maintenance of the Bank’s accounting system.

 


Internal Control / Risk Management

  •  Define, evaluate and/or review internal control frameworks and processes for all departmental financial transactions to ensure that the Bank’s assets are adequately safeguarded and liabilities are properly managed.
  • Attend and respond to all queries of External Auditors pertaining to the Bank’s accounts and financial statements
  • Review auditor’s management letter and oversee the timely resolution of any issues raised by Internal / External Auditors as required
  • Collaborate with Group Risk Management Department to determine appropriate operational asset impairment provisions.

Relationship management

  • Coordinate with concerned departments for the overall strength of the Bank’s balance sheet and its financial solvency, and to apply the Bank’s policies for disbursements and repayments
  • Represent IDB in multilateral and regional events and forums, e.g., coordination and consulting meetings, policy discussions and dialogues, conferences, and communities of practices.

 

Governance and System

  • Ensure that all the department services are provided effectively, aligned with best practices and guidelines, and utilized in an efficient and cost-effective manner to support the business needs
  • Define clear roles, responsibilities and accountabilities, along with matching authorities, to provide a structure that would strengthen accountabilities at all levels of the Project.

 

People Management

 

  • Provide motivational and inspirational leadership for the Financial Control Department, and communicate to Division Managers clear performance expectations
  • Manage the performance and resources of Financial Control Department through delegation of responsibility, setting stretch objectives and providing regular feedback on results at a Department and Division level, promptly addressing areas of underperformance.
  • Monitor and assess the skills and capabilities of the Financial Control Department, and determine the actions needed to increase the Department’s impact or to resolve capability gaps
  • Coach, mentor and develop the Division Managers and the top talent/high potentials in the Department; succession plan for key roles
  • Act as a role-model to communicate to Financial Control Department members IDB’s values and leadership competencies; provide direction and support in times of change.

 

Knowledge Sharing and Innovation

  • Ensure the Department continually improves contribution through new ideas and improved output
  • Introduce process innovation and professional development for increasing efficiencies in the Department through a Quality Assurance & Improvement Program in accordance with the best practice advisory
  • Stimulate colleagues to consider and research new better solutions and practices that enhance the Department contribution and effectiveness
  • Improve financial reporting to stakeholders 
  • Take every opportunity to transfer knowledge and share material that may be helpful to colleagues.

Analysis and Reporting 

  • Analyse and prepare regular monitoring reports on financial matters, and suggest measures for improvement of Finance Area’s impact.
  • Communicate intended results, results achieved, performance, and lessons learnt within the Department as well as to its Management, relevant governing bodies, partners and other key stakeholders.
QUALIFICATON / EXPERIENCE:

Degree Business Administration / Accounting / Finance / any rlevant discipline.

  • Bachelor with 20 years relevant work experience
  • Master with 17 years relevant work experience
  • Doctorate with 15 years work experience

Languages :

  • English - Required
  • Arabic -  Prefered
  • French - Prefered
PROFESSIONAL CERTIFICATION:

Either of CA, CPA, ACCA, CFA or CIA

Specific Technical Skills / Necessary Knowledge:
  • Sound knowledge of International Financial Accounting Standards
  • Knowledge of financial regulations within the Kingdom of Saudi Arabia
  • In-depth knowledge of finance across the Bank’s operations
  • Proven ability to lead high-level client discussions as well as deeper application in at least one of the sub-topics
  • Is sought out to serve as an authority and / or to peer review the work of others, technical advice to clients, and partners
  • Able to formalize relevant best practices and disseminate them in the Department
  • Financial analysis, modelling and forecasting
  • Risk assessment and annual planning
  • Internal control information systems
  • Knowledge of various aspect of development banking business and operating models and knowledge of emerging finance industry trends and themes and best practices
  • Development Incubation/Innovation and Venturing
  • Extensive experience of policy and guideline formulation and review
  • Extensive experience in the development financing and change management
  • Knowledge of the development industry in particular development needs of the regions and cooperation for regional integration, etc.
  • Knowledge of the IDB Group’s Vision, Strategies, Products, Internal Processes, Standards, Policies and Procedures, Services and Business Environment
  • Demonstrates a thorough knowledge of financial policy formulation, SOPs, and budget allocation strategies