Head of Finance - Majid Al Futtaim 

About the job

Head Of Finance

Role Purpose

The Head of Finance is responsible for developing and establishing a reliable financial control within MAF Retail to oversee the progress of the organization's objectives and provide stakeholders with relevant financial data for the decision making process. The role holder is also responsible for developing and reviewing reports for new projects within the organization and highlighting risks and recommending solutions.

Role Details – Key Responsibilities And Accountabilities

Budget and Forecasting

• Oversee the consolidation, monitoring and reporting of the annual budget and forecasts
• Review reports on the allocated budgets to ensure compliance and highlight possible issues
• Support relevant function head with the planning process in regards to budgeting, strategic plans and periodic forecasts
• Review reports on revenue recognition and ensure revenue is allocated correctly
• Validate reports on the depreciation schedule and reconciliation

Consolidation and Management Reporting

• Ensure the consolidation of timely and complete reports from all functions across the organization
• Oversee the preparation of the corporate annual report
• Review reports of business units analysis by tracking against agreed KPIs
• Ensure all financial reports and data are examined closely when consolidating reports for relevant management functions
• Oversee the development of relevant processes for benchmarking within the organization
• Oversee the development of polices, procedure, and processes for the financial reporting
• Review the analysis of monthly reporting of budget variance / financial performance and recommend corrective action plans
• Review proposals for enhancements to the MAF Retail’s financial and information systems and reporting standards
• Review and validate monthly internal management reporting of results at all levels in corporation with the accounting department
• Oversee all financial reports of the organization are completed and comply with organization financial policies and standards
• Communicate developed policies and procedures related to reporting
• Present reports to senior executives, stakeholders, and board members

Financial Control

• Develop process to ensure all financial aspects of relevant contracts are adhered to and that contracts are renewed in a timely manner
• Oversee reconciliation of accounts is conducted periodically and reviewed as required
• Develop revenue recognition process and ensure revenue is allocated correctly, taking corrective action where inconsistencies arise
• Oversee the review of the monthly depreciation schedule and reconciliation statements
• Review the creation/deletion/revision of new vendor accounts after necessary approvals
• Oversee the development of relevant processes for reporting, benchmarks and policies for the organization and provide recommendations when required
• Ensure all financial transactions, processes, records, and books of accounts are adequately reviewed ensuring they are in compliance with International Financial Reporting Standards
• Ensure accurate and proper inter-company, bank, suppliers, advances/prepayment reconciliations are conducted and that the necessary actions are taken accordingly to maintain accuracy and safeguard the company's assets

Capex

• Develop the process of reviewing Capex assumptions for the appraisal of new projects and budgets, by assisting with the development of feasibility studies and providing necessary analysis
• Review the control process by staying informed on the progress of relevant Capex investments approved projects / budgets and carry out a detailed analysis, giving feedback to concerned stakeholders about possible budget risks
• Enhance value creation process by analyzing existing fixed assets details for productivity and identifying patterns applicable in new projects to maximize value creation to be recommended to concerned stakeholders
• Develop identification process of improvement areas for different stages of an investment process to identify potential for cash flow savings / synergies and create optimized investment process and assist with the implementation phase
• Facilitate support to the relevant functions by providing necessary analysis and detail of the organization Capex investment and expense process

Human Capital Responsibilities

• Ensure the implementation of the performance management process
• Provide mentorship for the purpose of developing a continuous talent pipeline for key roles
• Identify training needs and coordinate with the HC department to ensure facilitation of training requirements
• Oversee the development and implementation of on the job-training
• Ensure constant availability of the required competent staff to support the organization in meeting all its responsibilities, plans, and objectives
• Provide inputs while developing MAF Retail’s corporate policies and relevant procedures, and monitor the implementation Personal Characteristics and Required Background:

Minimum Qualifications/education

• Bachelor of Finance, Business Administration or Commerce
• MBA in the same field advantage
• CPA or CMA is preferred

Minimum Experience

• 10+ years in a similar position
• 5+ years in retail business is preferred

Skills

• Strong analytical and technical skills
• Project management
• Strong communicator and presentation skills