To lead and direct Finance and IT departments to ensure that overall operations are optimally financed, all financial transactions are treated appropriately & accurate financial information is available to support management decision-making, and to support the business; to ensure an efficient IT infrastructure exists which supports information processing and communication across all business functions and locations and ensures the company’s cash flow is optimized.
KEY ACCOUNTABILITIES:
Strategy
- Develops the department strategy in line with the company strategy to ensure vertical alignment and horizontal integration with functions, Stakeholders, Market & Technological Trends, Client’s expansion, reliability plan aligned with business development and funding capability.
- Ensures that associated departmental strategies are developed, implemented, and aligned with the vision and mission of Olayan Descon
- The departmental strategy is aligned with the company strategy and is documented, approved, in place, communicated and implemented
Policies, Processes & Procedures
- Oversees the development and implementation of policies, procedures and internal controls covering all functions to confirm procedural/legislative requirements are complied with while delivering a quality, cost-effective service to customers
- Compliance with procedural and legislative requirements
- Effective communication of policies and procedures
Budgeting & Cost Control:
- Direct the preparation and approval of the annual budget for the company, monitor performance against this- identifying, reporting on and addressing area of non performance to ensure as far as possible actives align with agreed budgets and revenue forecast that the annual budget reflects all anticipated commercial and operational activities.
- Direct the preparation of the Finance and IT functional budgets, approve and gain acceptance to these and monitor financial performance versus the budgets so that the functions are aware of anticipated costs/revenues, areas of unsatisfactory performance are identified, and potential performance improvement opportunities are capitalised upon.
- Ensure timely recording of all accounting & financial transactions and Cost Adjustment due to change in CM% due to balance cost overrun in an appropriate manner according to internal and statutory requirements with respect to valuation, estimation, and substance
- Financial variance versus budget.
- Budgets and plans prepared within budgeting process timescales.
- Accuracy of budgets.
- Readiness of acceptance
- Timeliness of reporting of management accounting information.
Strategic Financial Management:
- Provide advice and guidance to the Boards, the General Manager, and the Executive Committee concerning the financial implications to business strategies and plans, long-term capital structuring and Proposed Capex and Opex etc.
- Based on current performance and anticipated commercial/operational activities, develop, and report capital requirement over a strategic timescale based on anticipated revenues, Capex and Working capital requirement so that funding (Capital or borrowings) can be arranged.
- Quality of professional advice provided.
- Availability of funds to meet strategic initiatives.
Financial Planning & Analysis:
- Preparation of revenue forecast, manpower plan as per available sources, Capex and Opex requirement, monitor performance and addressing area of non-performance to achieve overall company’s goals.
- Compliance to relevant accounting standards and ensure accuracy of financial (Internal and external) information timely.
- Accuracy of financial forecasts.
- Variance Summaries and Causes of Variance Analysis for all stakeholders
- Timely reporting of information to external stakeholders.
Bidding and Business Generation:
- Review of bids, schedules, Operational and Financial risk, contingencies, Margins, as per requisite approvals.
- Regular update to Proposal for Internal and external Pricing of Inhouse and Third-Party crafts, equipment, and specialized services
- Client’s pre-qualifications, compliance with Special reporting and certification requirements
- Bids are best fit with Annual Operating Plan
- Effective communication to relevant stakeholder
- Remaining active on CRM portals
Treasury Management:
- Oversee all treasury activities to ensure payment, particularly to Vendor and lenders, are made and accounted for in an accurate and timely manner and the companies optimize cash flows and make best use of any surplus funds.
- Monitoring of slippages to readjust obligations without default.
- Return on investments and cash holdings with banks.
- Accuracy of cash flow predictions.
- Availability of cash to meet ongoing operational/commercial/Capex requirements.
IT Management:
- Oversee IT activities (Network and Software) to ensure development of infrastructure to support business, Cyber Security, Recoveries, Critical third-party support availability for all Hardware.
- Health check of IT equipment, timely replacement and System availability on all locations 24 hours, 365 days.
- Availability of operational and commercial information.
- System availability.
External Liaison:
- Act as a key point of contact with banks, external auditors, and other external regulatory bodies so that they are kept appropriately informed of the Company's financial status and satisfied of integrity of the company’s financial management practices.
- Compliance to statutory requirements.
- Quality of relationships with external regulatory bodies.
Leadership
- Manages effective achievement of strategic objectives through leadership of the department – setting individual objectives, recruiting qualified staff, managing performance, developing, and motivating staff.
- Training, and development plans for all direct reports within the defined timeline.
- Organize feedback & Evaluation sessions with all stakeholders to identify gaps and Corrective measures.
- Individual objectives, training, and development plans in place for all direct reports within the timescales defined
- Frequency of feedback & appraisal meetings
Change Management
- Leads and directs the management of change through continuous improvement of departmental systems, processes and practices considering ‘international best practices’, changes in Manufacturing standards, business & economic environment, and client’s technological journey.
- Number and quality of improvements are aligned with management expectations and implemented
Reporting
· Ensures that all department reports are prepared timely and accurately and meet company and department requirements, policies, and standards
Safety, Quality & Environment
· Ensures compliance to all relevant safety, quality and environmental management policies, procedures, and controls across the department in order to guarantee employee safety, legislative compliance and a responsible environmental attitude.
Related Assignments
· Performs other related duties or assignments as directed
