Director of Financial Affairs

Job Information

Job Title: Director of Financial Affairs / Chief Financial Officer (CFO)
Job Category: Executive
Direct Supervisor: Financial Affairs Management
Department: Financial Affairs

Job Objective
Lead and manage the Financial Affairs Department to achieve the company’s strategic objectives, ensure compliance with financial performance indicators according to applicable laws and regulations, and oversee the execution of the department’s operational plan.

Roles, Responsibilities, and Duties

Strategic Responsibilities:

• Develop and implement financial policies and procedures to ensure compliance with laws and regulations, and propose financial control policies that ensure organizational flexibility while providing sufficient tools to manage financial transactions and procurement.
• Provide strategic guidance to various departments to achieve financial goals, and develop and implement financial control procedures to enhance operational efficiency while monitoring incoming and outgoing cash flows.
• Oversee the preparation and implementation of the department’s annual budget, allocating it across different sections, and develop a risk-based financial audit and control plan covering all financial operations and activities with modern auditing techniques.
• Monitor expenditures, identify variances, and prepare reports for the Board of Directors; implement auditing policies and procedures on payment transactions to ensure accuracy.
• Develop long-term financial plans to ensure financial sustainability and the availability of resources required to achieve objectives.
• Coordinate with internal and external auditors to ensure effective auditing and review processes.
• Apply mathematical, statistical, and computational methods to solve complex financial and funding issues.
• Propose and implement plans and solutions to ensure the availability of cash flow and capital required for company funding, investments, and projects.

Supervisory Responsibilities:

• Supervise all departments under the Financial Affairs Division, including Accounting and Budget, Payments, Procurement, Services and Contracts, and Financial Audit.
• Provide data and information to the direct supervisor or company president and offer advice and guidance upon request and according to regulations.
• Prepare and present periodic financial reports to the General Management, Investment Committee, and Board of Directors, ensuring accuracy and comprehensiveness.
• Organize internal and external meetings for the department and provide necessary documentation.
• Support and develop staff skills through training and professional development programs.
• Oversee the preparation and implementation of store and procurement requests, ensuring adherence to company purchasing policies and standards.

Operational Responsibilities:

• Ensure proper and organized archiving of all departmental documents (both physical and electronic).
• Ensure financial policies and procedures are executed according to applicable regulations and verify the accuracy of financial and administrative transactions.
• Monitor the preparation and execution of the annual budget, track expenditures, and identify variances.
• Audit daily financial operations to ensure account accuracy and transaction validity.
• Support various departments in solving operational issues and ensuring smooth workflow.
• Verify the accuracy of financial transactions and approvals before execution.
• Monitor departmental financial performance and ensure compliance with approved budgets.
• Update shareholder files and track changes in company capital.
• Prepare, implement, and review policies, procedures, and systems related to the Payments Department.
• Prepare creditor statements regularly to track payments and supplier accounts.
• Execute reconciliations for aged payables, advances, outstanding amounts, and fines.
• Implement procedures to post payment accounts to the company’s electronic system, allocating expenses to proper accounts and cost centers.
• Execute payments to suppliers, employees, and relevant parties, coordinating with Procurement and HR.
• Process credit memo payments and coordinate operational and investment cash flow schedules according to company standards.
• Supervise monthly and annual financial closings for payment accounts.
• Apply best practices in payment account management and research global updates to enhance service efficiency for all organizational units.
• Monitor and implement cash payment schedules according to company cash flow standards.
• Reconcile financial data and correct discrepancies in banking statements and other financial records.
• Review and match invoices according to payment terms, accounting standards, quality systems, and regulatory rules.
• Prepare, implement, and review policies, procedures, and systems specific to departmental operations.
• Calculate monthly depreciation rates and the predetermined useful life of fixed assets, ensuring proper recording per company accounting policies.
• Ensure the optimal application of all approved financial and accounting standards, including journal entries, general ledger accounts, balance sheets, and trial balances.
• Prepare periodic reports on fixed asset movements, linking them to cost centers and responsible employees, and record them in the general ledger.
• Plan, implement, and monitor the company’s annual budget in coordination with all organizational units.
• Link budget requests to the pre-approved annual company budget.
• Post budget items to the general ledger system.
• Coordinate and implement procedures for surprise and annual inventory counts to determine accurate quantities and costs.
• Execute monthly bank reconciliations and ensure accuracy.
• Perform monthly, quarterly, and annual financial closings for general accounts.
• Apply best practices in account management and research global updates to enhance service efficiency for all organizational units.
• Perform all centralized accounting tasks and meet the accounting needs of the Payments Department, including operational and investment expenses.
• Prepare financial reports and company financial statements, providing regular reports and guidance to the Board of Directors and relevant department managers regarding company expenses and budget comparisons.
• Ensure all financial transactions are recorded according to accounting standards and approved practices.
• Coordinate with internal and external auditors by providing relevant information to fulfill auditing requirements.

Job Requirements

Professional and Behavioral Competencies:

• Strategic Planning: High
• Effective Leadership: Ability to guide and motivate the team to achieve organizational objectives.
• Financial Analysis and Management: Deep understanding of accounting principles, financial reporting, budgeting, and financial forecasting.
• Strategic Thinking: Ability to develop long-term insights and strategies to improve organizational performance.
• Risk Management: Identify financial and operational risks and develop strategies to mitigate or avoid them.
• Decision-Making: Ability to make effective decisions based on comprehensive information analysis.
• Accounting Technology Tools: Proficient in accounting software, data analysis, and modern technologies such as AI and blockchain to enhance financial operations and support data-driven decisions.
• Change Leadership: Ability to motivate staff to embrace change, provide constructive feedback on work processes, and lead development initiatives in line with company vision and strategic goals.
• Legal and Regulatory Awareness: Monitor financial laws and regulations, ensuring company compliance to maintain integrity and avoid legal risks.
• Communication Skills: Ability to listen, explain, persuade, and influence others effectively, both verbally and in writing, to achieve positive communication outcomes.
• Attention to Detail and Speed in Execution: High
• Organizational Understanding, Integrity, and Objectivity: High

Educational Qualifications:

• Bachelor’s degree in Finance, Banking, Accounting, Economics, Business Administration, or equivalent.
• Master’s degree in Finance, Banking, Accounting, Economics, Business Administration, or equivalent.

Professional Certifications:

• Recognized global accounting certification such as CFA, CMA, or CIA.

Experience:

• Minimum of 12 years of experience in financial management.
• Minimum of 8 years as a financial manager in reputable companies with investment activities.