MSELECT is hiring a Finance Manager for an international banking client in Baghdad. Candidates must have a minimum 3 years’ experience in accounting and/or Audit sector working with global organization or banking sector and be fluent in Arabic and English.
To insure accurate and timely financial reporting of Central Bank of Iraq, to the management and also to the group different stakeholders. This is including financial advisory / statistics to business units to assist in country strategic planning which is derived from the group strategic goals together with the local market analysis. To ensure that regulatory and group procedures and requirements are fully complied with including taxation reporting.
The Role Responsibilities:
- To ensure high quality regulatory reporting in compliance with client regulations and requirements and implementation of Group standards and policies where required.
- To assist CFO/FC Iraq maintaining strong relationships with banking departments and Tax Authorities.
- Networking and liaison with the key finance customers – Group Finance, Business Finance, Local Regulators, Central Bank Inspectors, Statutory Auditors and Tax Auditors.
- To provide effective financial support to other finance customers like Group Finance, Group Corporate Treasury, Group Market Risk, Group Taxation, Group Auditors, Statutory Auditors, Local Regulators, Other Support Functions, etc.
- To help maintain an effective control environment ensuring that all regulatory and financial control requirements are met. Most importantly, to ensure the robustness and integrity of the General Ledger of the Bank.
- To contribute to cost efficiencies in Iraq through effective financial business support to the function
- Providing strong Finance Support to the Business.
- Develop report & monitor both leading & lagging financial and non-financial key performance indicators for WB and its constituent businesses.
- Monitor implementation of strategy, objectives & budget for business
- Assist in developing robust business plans for Business and provide management with the information necessary to monitor performance against these plans.
- Ensure compliance and implementation of Group standards & policies.
- Ensure all regulatory & financial control requirements are met.
- Network & liaise with key partners in Finance & other relevant members
- To initiate and coordinate the formulation of the annual Business Operating Plans, Budgeting process. Also, to monitor and provide MoM progress analysis for actual Vs projected numbers.
- To ensure that financial statements and returns are prepared in adherence with regulatory requirements and group IFRS standards.
- ALCO member & secretary, provide different and new developments to assist business in planning and mitigating the risk where identified.
- Supervise and coordinate month end activities by reviewing and approving different entries and further checking the following schedules and P&L, BS and forecast packs.
- To play a leading part in managing the bank’s operational financial structure in Iraq including funding, liquidity, FCY Position, Equity, Lending, limits and risk.
- To handle the evaluations of local projects and revenue natures in accordance with group guidelines.
- To monitor the capital expenditure and to ensure adherence to budget limits
- To supervise and monitor recording of bank’s fixed assets and depreciation.
- Main point of contact with the bank’s service excellence team setting in Chennai, follow up on the SLA’s and the proper implementation.
- Responsible on following up the ORP points related to country finance and LKCSA updates
- Responsible for finance A/C’s monthly reconciliation.
- Day to day country finance operations to include different departments inquiries, CBRs, Accruals and prepaid entries ... etc
- To perform a daily oversight on the bank’s P&L and BS accounts using trackers receives daily from FSSC team including Trial Balance review. Investigating with responsible businesses if any hits.
- To insure the AP process is within the signed SLA with FSSC team and CRES dept. This is to insure the required cost control is monitored and to reflect a better image and reputation of bank
Covering the below processes:
- Financial Controls
- Management Accounting
- Financial Accounting
- Regulatory Reporting
- Business Finance
- Liquidity risk management
- Capital risk management
- A strong and robust financial reporting within minimal errors.
- Compliance from a financial point of view on all Group policies, IFRS, Local Regulatory policies, Delegation of Authority, Basel Committee etc...
- Delivering high quality submission of the required returns to regulatory.
- Formulation of Financial Strategic Plan / Budgets, CAPEX and ALM management.
- Identifying major trends at early stages to enable the business take remedial action accordingly i.e signal business risk, contribute to cost saving
- Results of Audit, Internal & External reviews.
- Responsible for identifying, assessing, monitoring, controlling and mitigating risks to the Group. Also, an awareness and understanding of the main risks facing the Group and the role the individual plays in managing them
- The ability to interpret the Group’s financial information, identify key issues based on this information and put in place appropriate controls and measures
- Act as the Accounting & financial reporting, Tax, Regulatory reporting, risk control owner under the Group’s Risk Management Framework. Ensure a full understanding of the risk and control environment in area of responsibility.
- Manage operational risk of the Finance function through all applicable policies and by serving as local Risk Owner for operational risk sub-types under External Rules & Regulations;
Prudential Standard – Capital
Prudential Standard – Liquidity:
Prudential standards are defined as local regulatory requirements pertaining to Capital and Liquidity. As a Risk Owner for the local capital and liquidity regulatory requirements, you are responsible to ensure that the local branch or subsidiary hold sufficient capital and liquidity and remain compliant with regulation. Specific to the operational risk sub-types, execute second line Risk Ownership responsibilities as outlined under the Operational Risk Framework (ORF/ ERMF) and associated policies and procedures. Including, but not limited to the following:
- Ensure that required control standards are being met, by continuous monitoring of risk and control indicators.
- Highlight and escalate (as required) where control standards are not being met, including highlighting control design deficiencies or gaps to Group Risk Owners.
- Challenge and approve (where appropriate) first line risk identification, residual risk assessments and mitigation plan, taking into account changes to the internal and / or external environment
- Review, challenge and support Risk Acceptance Requests request made by relevant Country Process Owner(s) for submission to the authorized risk acceptance authority.
- Monitor ‘live’ risks, and jointly with first line owners, ensure that appropriate management action is being taken to mitigate their impact.
- Responsible for assessing the effectiveness of the Group’s arrangements to deliver effective governance, oversight and controls in the business and, if necessary, oversee changes in these areas
- Awareness and understanding of the regulatory framework, in which the Group operates, and the regulatory requirements and expectations relevant to the role.
- Responsible for delivering ‘effective governance’; capability to challenge fellow executives effectively; and willingness to work with any local regulators in an open and cooperative manner.
Regulatory & Business conduct:
- Display exemplary conduct and live by the Group’s Values and Code of Conduct.
- Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
- Contribute to achieve the outcomes set out in the Bank’s Conduct Principles
- Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
- Embed Here for good and Group’s brand and values in Iraq Finance
- Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.
Our Ideal Candidate:
- BA in Finance, banking or accounting is required.
- Master degree, CPA or any other professional certificate is a plus
- Attended relevant Banking and management training courses,
- Languages; Arabic and English languages are required for role
*Only applicants meeting the strict criteria outlined above will be contacted as part of the shortlisting process.