Director, Financial Controls
Vacancy Number: 2181
Department/Unit: Finance / Financial Controls
Date of Issuance: January 27, 2025
Deadline of Applications: March 1, 2025
Required Languages: English
Contract Type: Fixed Term Contract
Grade: Management
Job Category: H
Recruitment Status: International
Job Profile
The Director, Financial Controls, is responsible for managing and executing the work plan of the financial controls unit in accordance with the institutional strategy and framework, to ensure a robust internal control framework and delivery of financial statements in full adherence to accounting standards, Fundโs policies and priorities as well as best practices.
Duties and Responsibilities
Financial management and control
Ensures quality controls over financial transactions, maintains accurate records of accounts and supporting documents for all financial transactions of the OPEC FundManages the financial reporting requirements of the OPEC Fund and any special funds under the OPEC Fundโs administration to safeguard financial integrity and ensure compliance with International Financial Reporting Standards and other Special Accounting Standards Supports quarter-end and year-end accounting close processAuthorizes all administrative payments in accordance with the relevant approvals, rules and guidelinesVerifies compliance with financial/accounting rules and procedures, including cost center allocationPromotes a sound internal control environment by managing the design, implementation, update, and dissemination of policies, procedures and guidelines for recording, processing and reporting financial transactionsIdentifies opportunities for innovation and implementation of best practices, system updates and workflows optimizationBack Office
Oversees banking and custodian relationships to ensure all financial transactions are executed and settled timelySupports treasury on a wide-range of activities, including cash and liquidity management, foreign exchange, funding and reporting valuations externally to the Custodian and internally for accounting purposesReviews and authorizes the confirmation of treasury deals, in accordance with the approvals and established procedures, rules and regulationsSupervises the creation and maintenance of business partner recordsLeadership and direction
Provides leadership and manages a highly skilled, multicultural diverse team of professionals with direct reporting from Accounting (Financial Controls and Reporting) and Back Office Leads by example, inspiring and motivating the team to maintain the highest level of engagement with the institutionDrives and supports change management initiativesManages the relationship with external auditors to assist them to discharge their responsibilities; accountable for all submissions to the Audit & Risk Committee that relate to Finance Develops and mentors staff and supports personal development plansCapability building
Contributes to the strengthening and capacity building of the OPEC Fund by developing and/or improving management and organizational processes and procedures; participates in the committee/s relevant to these mattersCarries out other tasks assigned by the Vice President, Finance that are related to the job function.
Qualifications and Experience
Masterโs degree in Accounting and Control/Business Administration, majoring in Accounting, Financial Management and other related field. A recognized accounting certification such as the CA or CPA is requiredA minimum of 15 years relevant professional experience.Preferably seven years at a senior level in an international banking institutionFluent in English. Good working knowledge of Arabic, French, German or Spanish is an added advantage.Competencies
Leadership & People Management - The ability to guide and empower team members effectively; cultivate a positive work climate; delegate tasks skillfully and nurture team members' growth. Results Orientation - The ability to set ambitious targets for self and the team; drive progress toward objectives; initiate actions to achieve desired outcome, Creativity, Initiative & Innovation - The ability to nurture novel concepts and inventive approaches; take calculated risks to foster innovation; identify chances for process enhancements and expansion. Trustworthiness, Ethics & Governance -The ability to act with integrity and transparency; safeguard confidentiality; demonstrate ethical decision-making and interactions; to adhere to organizational regulations and ethical benchmarks, foster a culture of compliance and strong governance; ensure team members understand and adhere to protocols. Business Alignment - The ability to align team objectives and undertakings with broader organizational aims; make decisions contributing to the organization's strategic direction.