Job Specification
- Number of Vacancies: 1
- Job Type: Full-time
- Experience: Minimum: 15+ years
- Industry: Insurance
- Nationalities: KSA nationals only
Job Summary
- Functional Area: Audit
- Location: Jeddah, Saudi Arabia
- Job Role: Head of Internal Audit
- Reporting to: CEO
Job Duties and Responsibilities
- Ensure development and implementation of Financial and Accounting Policies.
- Develop tools and systems to provide critical financial and operational information to the CEO and make recommendations on both strategy and operations.
- Assist in development of financial planning and analysis exercises/reports.
- Enhance and implement financial and accounting systems, processes, tools and control systems.
- Ensure maintenance of appropriate financial procedures.
- Review all month-end closing activities including general ledger maintenance, balance sheet reconciliations and corporate/overhead cost allocation.
- Ensure submission of statement(s) / returns / report to the regulatory authorities on periodic basis.
- Ensures proper provisioning of employees “End of Service” benefits.
- Ensures timely payment to reinsurers / reinsurance brokers /other insurance companies / agents / co insurers / vendors / employees.
- Oversees account receivables management and provide support to collection activities.
- Serve as a key point contact for external auditors; Manage preparation and support of all external audits.
- Oversee cash flow planning and ensure availability of funds as needed.
- Oversee cash, investment, and asset management.
- Oversee the accounting department to ensure proper maintenance of all accounting systems and function.
- Ensure legal and regulatory compliance regarding all financial functions.
- Oversee financing strategies and activities, as well as banking relationships.
- Organize meetings of the Board of Directors, its sub committees and Annual General body Meeting.
- Build and maintain relationships with representative of government authorities / agencies/ tax advisors / external auditors / financial institutions etc.
- Disseminate financial related information as and when required.
- Ensure accuracy of statistics for onward submission to government / regulatory authorities / agencies etc.
- Mentor and develop a direct team, managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic.
- Ensure capacity building interventions within the company to develop internal resources.
- Ensures formulation and implantation of Financial and Accounting policies and procedures.
- Ensures preparation of financial statements, returns and timely submission of the same.
- Organise meetings of the BOD and its sub committees and Annual General Meeting .
- Monitor recovery / collection of accounts receivable.
- Ensure smooth functioning of the division.
Minimum Qualifications/Experience/Requirements
- A minimum of 15 years experience in Financial reporting, budgeting and managing others in a large scale commercial or Industrial environment out of which 10 years in a senior Finance position in insurance.
- Cooperative Insurance Companies Control Law-SAMA
- Insurance Market code of Conduct Regulation SAMA
- Anti Fraud Regulation SAMA
- Law and implementing Regulation SAMA
- CMA Regulation
- TADAWUL Regulations
- International Financial Reporting Standards (IFRS)
- GAAP standards
Interested candidates please send your CV and contact details to profiles@darlingtonme.com referencing ‘CFO – Insurance’ in the subject