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Chief Finance Officer

Job Type: Full time | Company: Assaray Trade & Investment Bank | Location: Tripoli, Libya | Date posted: 09-11-2015

Mission and values

  •  Vision: To be the leading corporate Bank in Libya.
  •  Mission: To establish Assaray Bank as a modern, dynamic and flexible bank that will play a role in providing a quality banking services while contributing to the economy of Libya. 

Board of Directors.   The Board of Directors’ primary responsibility is to supervise management of the bank’s affairs by providing effective corporate governance. In doing so, the Board aims to balance the interests of the bank’s diverse constituencies, including its shareholders, customers, employees and responsibility to the communities in which we operate.In all actions undertaken by the board, the directors are expected to exercise independent business judgement in what they reasonably believe to be in the best interests of Assaray Bank. In discharging that obligation, the directors may rely on the honesty and integrity of the bank’s senior management, outside advisors and independent auditors.

 

Job Description:

  • Lead the formulation of strategy, budgets, policies, and procedures of the Finance division, to support Assaray Bank’s organizational business strategy.
  • Set performance objectives and Key Performance Indicators, for performance monitoring and quality measurement purposes for the Finance division.
  • Assist in the formulation and implementation of Assaray Bank’s vision, mission, and strategic objectives.
  • Ensure that the staff within the Finance division maintains the highest standards of professional conduct, ethics, integrity, and control in execution of all their daily operations.
  • Set the strategies, policies, and procedures of the Finance division to support divisional and organizational business strategy.
  • Ensure maintenance of standards of professional conduct, ethics, and integrity in the provision of services in the Finance division.
  • Ensure that the Finance division’s performance is meeting the agreed budget.
  • Develop long-term financial strategies to maximize shareholder value whilst pursuing prudent policies in consultation with the Board of Directors and Assaray Bank’s management and board committees. 
  • Monitor and recommend optimum capital structure for the bank to maximize shareholder return and to maintain appropriate capital adequacy ratio.
  • Support effective decision making in all business units and advise the executive management on matters relating to mergers, acquisitions, financial investments, risk management, liquidity, strategic planning, balance sheet structure, new products, profit projections as well as effective use of resources.
  • Manage limits and exposures with a view to improving the Bank’s profits, whilst ensuring compliance with the overall approved limits.
  • Maintain relationships with local and applicable international regulatory authorities to ensure that all regulatory reporting requirements are complied with consistently.
  • Build and maintain strong and effective relationship with the all other related departments and units within the Bank to achieve the Bank’s goals/ objectives.
  • Develop/implement a structure to independently verify and safeguard the integrity of Bank’s financial reporting in consultation with the executive management.
  • Lead the implementation of the finance policies and procedures to ensure that Assaray Bank’s financial and accounting practices are in compliance with International Financial Reporting Standards (IFRS), management requirements, and applicable regulatory requirements in Libya or in countries where Assaray Bank could operate in the future.
  • Direct and plan finance and accounting activities required for monthly, annual general ledger closings, and the timely preparation of financial reports.
  • Provide direction to the finance function employees to ensure timely and accurate payroll preparation, as well as vendor payment, billing, and collection of receivables, reporting, and control.
  • Ensure the timely preparation and submission of accurate consolidated financial statements for Assaray Bank in accordance with IFRS, AAOIFI, and applicable regulatory requirements in countries in which Assaray Bank could operate in the future.
  • Liaise with the Central Bank of Libya (hereafter “CBL”) and external auditors of the Bank on matters pertaining to presentation and disclosure of financial statements, emerging financial reporting trends, impacts of proposed accounting standards, etc.
  • Overall responsible for the preparation of detailed budgets and financial plans, reviewing and comparing actual with budget and analysing deviations from plans. Discuss variances with managers along with recommended remedial action to the executive management.
  • Monitor the financial performance of the bank on a regular basis.
  • Oversee the process of developing and updating applicable financial and accounting policies and procedures.
  • Lead the development control procedures to ensure accurate financial systems maintenance.
  • Oversee, in close coordination with the Chief Treasurer, the Bank’s local and foreign investments to ensure that investments are considered in line with the parameters set by the Board of Directors and embedded as part of the bank’s operational processes.
  • Oversee the maintenance of Assaray Bank’s general and subsidiary ledgers and ensure the accurate recording of revenues, expenses, assets and liabilities.
  • Coordinate with external auditors to plan and schedule annual/ interim audit of financial records.
  • Direct the Finance division in developing financial records such as bills, vouchers, bill payments, bills received, payroll, taxes (if any), asset registration and account ledgers to ensure that the required financial records are accurately maintained as per legal requirements.
  • Manage the timely collection of receivables, coordinate with other banks, ensure tax compliance (where applicable) and identify risks in order to avoid non-compliance with all applicable accounting and financial regulatory requirements.
  • Oversee and approve the development of capital budgets, valuations of contractors and suppliers, consultant’s invoices and capital expenditure reports for the approval of the Chief Executive Officer.
  • Lead the preparation and distribution of all financial statements and guide the timely completion of monthly, quarterly, and year end closings and assist management in understanding management accounting reports.
  • Promote timely and balanced disclosure of all financial matters concerning Assaray Bank by putting in place mechanisms designed to ensure compliance with all relevant standards, laws, and regulations.
  • Oversee the establishment of appropriate transfer pricing and cost allocation mechanisms to accurately determine the actual profits of business groups within Assaray Bank.
  • Review and approve the bank’s asset liability profile and foreign exchange exposures.
  • Manage the development of Assaray Bank’s consolidated annual financial reports on a timely basis.
  • Coordinate with internal auditors to provide response to auditors’ queries and oversee implementation of agreed recommendations.
  • Review the effectiveness of current accounting and finance systems through the study of ongoing operations, examination of external and internal audit reports and discussion with bank’s employees.
  • Review general ledger, revenue system documentation and financial reporting methods to respond to procedural changes.
  • Provide guidance to the Finance division employees in completion of various statutory reporting schedules and the collection and summarization of data for statistical plans.
  • Oversee the archiving of all approved financial statements on a timely basis for the approval of Chief Executive Officer.
  • Identify improvements and new applications for automated financial and accounting systems. Coordinate with the Information Technology division in the design of finance related applications to ensure compatibility with existing systems.
  • Develop a comprehensive MIS to identify the overall contribution and return achieved by individual business units, product lines and other appropriate criteria.
  • Ensure a robust financial risk management system is in place to comply with Basel II related reporting issues pertaining to liquidity risk, interest rate risk and market risk in conjunction with the Risk division.
  • Supervise the provision of periodic management reporting for the divisions’ various business units, lead projects and initiatives pertaining to identification of new MIS reporting tools/ practices.
  • Ensure high standards of confidentiality to safeguard commercially sensitive information.
  • Provide timely and accurate information to the external and internal auditors as and when required.
  • Allocate work to Finance group employees, nominate for training as per Assaray Bank’s guidelines, conduct performance reviews and manage leave and overtime to ensure efficiency.
  • Follow-up with supervisors, senior officers, and managers in the department on all employee leaves and performance.
  • Approve regular vacation scheduling, business leave and emergency leave of Human Resources & Administration employees in accordance with the Human Resources & Administration policies and procedures.

 

Qualifications:

  •  University degree in Business Administration with specialization in Finance and / or Accounting. Professional Certification such as CPA/CA and/or CFA is preferable.
  •  About 15-20 years of related experience of which a minimum of 5-8 years should be in a similar position / responsibility, preferably in a similar Industry.
  •  Action Orientation.
  •  Coaching and Mentoring.
  •  Human Resources Orientation.
  •  Decision Making

 

 

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Date posted 09-11-2015
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