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 referencing ‘CFO – Insurance’ in the subject