Accounting & Insurance Specialist

2 weeks ago


Al Khafji, Saudi Arabia Aramco Gulf Operations Full time
PURPOSE & SCOPE

Plays a key role in maintaining accurate financial records and optimizing insurance coverage to mitigate risks.

FUNCTIONS / RESPONSIBILITIES

  • Evaluates insurance policies to ensure adequate coverage for the organization's assets, liabilities, and operations.
  • Participates in the formulation and implementation of the Insurance strategy to ensure alignment with AGOC strategy and in alignment with shareholders' direction.
  • Supervises the day-to-day Insurance operations by providing guidance, encouraging teamwork and facilitating related professional work processes to achieve high performance standards.
  • Oversees contacts with Insurance brokers to renew policies in a timely manner. Reviews and approves insurance journals (prepayments and accruals) to ensure accuracy and compliance with accounting standards.
  • Oversees follow-up on claims and risk assessments conducted by Insurance Company to ensure fairness of the assessment/payment.
  • Contributes to the preparation Insurance budget and monitors the financial performance of a given area of activity versus set budget to ensure alignment.
  • Collaborates with insurance brokers and underwriters to negotiate policy terms and premiums.
  • Processes insurance claims and coordinate with relevant parties.
  • Ensures compliance with financial reporting standards, tax regulations, and insurance laws.
  • Recommends cost-saving measures and process enhancements.
  • Maintains organized and up-to-date financial and insurance documentation.
  • Ensures that financial and insurance records are accessible and retrievable as needed
  • Strictly follows established environmental, health, safety and quality policies and procedures in order to guarantee employee safety, legislative compliance, delivery of high-quality products/services and a responsible environmental attitude.
  • Undertakes accountabilities in the operational excellence process as set out in the schedule of responsibilities.
  • Contributes to the processes of continuous improvement for the area assigned.
  • Conduct in-depth needs assessments with stakeholders to understand their insurance requirements and recommend suitable coverage options.
  • Manage ongoing client accounts, including policy renewals, updates, and claims processing
  • Stay up-to-date with changes in insurance regulations, products, and industry trends to provide clients with the most current information
  • Maintains and updates financial records, including accounts payable, accounts receivable, and general ledger entries.
  • Prepares and analyzes financial statements, reports, and reconciliations.
  • Assists in the month-end and year-end closing processes.
  • Prepares and submit financial reports to internal and external stakeholders.
  • Assists in the preparation of tax filings and audits.
  • Assists in the development and monitoring of financial budgets and forecasts.
  • Provides insights and analysis to support financial decision-making.
  • Analyzes financial data to identify trends, variances, and areas for improvement.
  • Performs any other relevant task as directed by CFO.

MINIMUM RELATED EDUCATION AND EXPERIENCE

Academic:
Minimum 12 years of experience in Finance/Accounting/Insurance & Risk fields preferably in oil & gas sector. Academic background includes a minimum of a bachelor's degree, in a relevant field.

Language skills:
Professional level for both Arabic & English.
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