Chief Financial Officer

Job purpose

• To ensure the efficient management of all key aspects of the Finance function, compliance with the financial and taxation requirements for a commercial Bank in Somalia and give sound advice to Management and the Board on all finance related matters.
• To prepare and implement financial strategy, policies and procedures and financial controls framework in order to ensure the achievement of institution wise financial objectives, controls and financial stability.

Ensuring the Bank puts in place sound strategies to meet its financial goals.

Key Responsibilities:

Strategy

1.      Overall responsibility for annual budgets, monthly management accounts, cash flow forecasts and the Annual Report and Accounts for shareholders.

2.      Actively participate as part of Senior Management team in the monitoring and overall development of the business and compliance with approved budgets, plans.

3.      Advise the CEO, Board and Senior Management in all finance-related matters.

4.      Champion strategy formulation and execution, ensuring Business units have the relevant information to assess performance against set objectives.

1. As member of senior management, CFO shall assist the CEO and the Board of Directors in:

• providing strategic direction to the institution through strategy formulation, decision making, forecast/budgeting and its implementation/monitoring
• establishing and implementing internal controls and ensuring efficient and effective financial operations as per industry benchmarks.

1. Approve:
2. Periodic Financial Statements and monthly internal reports.
3. Financial Accounting System including Chart of Accounts and Account Codes.
4. All payments exceeding set materiality.
5. Payroll summary.
6. Finalize annual financial statements/ periodic financial statements (where required), get them audited from External Auditors and place them before Board of Governors for consideration and approval.
7. Prepare financial projections and budgets in line with business plan and get these approved from senior management and the Board of Directors.
8. Ensure implementation of proper accounting system for bookkeeping, operational support/MIS as per best industry practices.
9. Ensuring maintaining effective relationship and co-ordination with key stakeholders including related entities, government bodies, etc.
10. Ensure independence of Board from the financial operating matters.
11. Monitor the overall funding status, disbursements, repayment, and related reporting.
12. Co-ordinate with stakeholders for arrangement and management of funds (including Grants)
13. Assist in training & resource development initiatives focusing on knowledge, skills and attitudes for building capacities to deliver on present positions and build long term capability to shoulder additional responsibilities.
14. Creating business value through technology, ensuring the tech systems and procedures lead to outcomes in line with institution goals. Ensuring availability of timely and reliable information in the organization through technology/digital platforms.
15. Ensure compliance with covenants incorporated in financing documents with banks / Government.
16. Work with the wider senior management team to interact with all stakeholders, multilaterals, and other global and local entities to enhance the institution profile, build alliances and source grant funding.
17. Perform any other task assigned by the CEO/Board.
18. Act as Secretary to Finance & Audit Committee.

Functional accountabilities

6.  Establish guidelines for budget preparation and lead the process of preparing annual plans and medium to long-term strategic plans.

7.  Develop, implement and maintain timely and accurate Financial Statements and reports that are appropriate for external auditors, Board of Directors and Senior Management and are in accordance with generally accepted accounting principles.

8.  Develop, implement and ensure compliance with internal financial and accounting policies and procedures.

9.  Ensure all supporting information relating to the accounting period are maintained and provided during the annual external audit and during internal audit.

10.  Review monthly results and query variances to ensure that the Business is kept on track in achievement of business plans.

11.  Ensure compliance with International Accounting Standards and Somali statutory financial requirements including tax requirements.

12.  Liaise, as required, with local and international professional bodies.

13.  Contribute to revenue generation through prudent management of the Balance sheet and supporting the Treasury department.

14.  Provide appropriate reports to the Credit department to manage the various books and ensure provisioning for the Asset Book follows regulatory requirements.

15.  Oversee the provision of support by the Finance department to the business teams in the segmentation and analysis of the various business sectors.

Financial Performance

16.  Ensure achievements of the banks’ financial goals, objectives, budgets as well as managing inherent financial risks through effective financial planning and record keeping.

17.  Develop and Manage plans to deliver against service requirements for the bank.

18.  Develop and manage budgets to cover all areas under control with particular focus on capital and recurrent expenditure.

19.  Ensure regular reviews (in conjunction with the Finance Department) to ensure that the Bank has an accurate inventory of all Assets.

20.  Profitable and sound management of all business operations of the Bank and responsible for proposing operating plan strategies and meeting business plan targets.

Team management

21.  Develop and agree on individual performance standards and targets with all direct reportees.

22.  Provide regular reviews of performance against agreed objectives.

23.  Provide ongoing coaching and feedback on direct reports.

24.  Ensure quality performance management processes and practices are undertaken in all areas under the control of the role holder.

25.  Ensure succession development and training plans are in place for employees in the Finance department.

26.  Ensure staff discipline and integrity, smooth leave administration, staff productivity business continuity and motivated staff.

Key Performance Indicators:

1.       The timely production of monthly management and annual accounts.

2.       The tight control of costs both at Head Office and in the branches.

3.       The effective management of cash resources and the Bank’s short-, medium- and long-term financing requirements.

4.       Ensuring that the financial transactions are carried out at optimal value to the Bank.

5.       Ensuring that lease renewal and rent negotiations, especially for branches, is conducted efficiently.

6.       Ensuring compliance with legal matters on a timely basis.

7.       Sound advice to Management and the Board on all finance related matters