Director - Finance Transformation and Control

2 weeks ago

Riyadh, Ar Riyāḑ, Saudi Arabia ACWA Power Global Services Ltd Full time

Description
***
1.

JOB DETAILS:

Position Title:

Director - Finance Transformation and Control:

Reports to:

EVP, Enterprise Business Solutions:

Function:

Finance:

Prepared/Revised on:

July 2023:

Location:

Dubai, UAE:

2.

JOB PURPOSE:


To lead the continuous improvement and maintenance of an effective Internal Control over Financial Reporting framework within the ACWA Power group.

As part of this, to contribute to targeted process or system-based improvements, as deemed appropriate.

To lead the risk management process for the CFO Function in collaboration with the Group Risk Management Function.

3.

JOB DIMENSIONS:

Number of Staff Supervised:

Direct Reports:

2

Total:

2

4.

KEY ACCOUNTABILITIES:

Description

Lead the Internal Control over Financial Reporting (ICoFR) Framework Management

  • Oversight over the development and maintenance of a suitable ICoFR framework including, but not limited to:
  • Development / updating of department charter, policies and procedures
  • Development / updating of ICoFR related documentation such as the Risk and Control Matrix
  • Communication, when relevant, with key stakeholders on any updates to the framework
  • Maintenance of the System / GRC tool used to manage the ICoFR framework and all related elements including, but not limited to:
  • Ensuring suitable roll out of the GRC tool across the Group Business Units, in collaboration with key stakeholders, as appropriate
  • Maintenance of Risk, Control repositories and other relevant master data
  • Maintenance/enhancements to workflows within the system
  • Maintenance of all assessments, issues and remediation plans
  • Maintenance and development of suitable reporting mechanisms

Oversee Internal Control over Financial Reporting Capability Building

  • Developing annual ICoFR training plan, including, but not limited to:
  • Leading / organizing live training, refresher or awareness sessions on targeted concepts
  • Developing the content for trainings to be delivered either as live sessions or via a suitable online platform
  • Monitor attendance across the Finance function and develop a plan to ensure all relevant target audiences are trained

Development of Annual Plan

  • Developing annual ICoFR activity plan, including, but not limited to:
  • Refreshing ICoFR risk assessments
  • Testing processes, controls or systems requiring evaluation
  • Enhancements to digital tools supporting adequate implementation of ICoFR, in collaboration with relevant key stakeholders
  • Resource requirements to support any of the abovelisted activities

Management and Oversight of Testing Activities being Performed and Gap Remediation

  • Responsibility for overseeing testing activities being performed either internally or by external consultants including, but not limited to:
  • Development of a detailed testing plan and approach for in-scope areas
  • Execution of testing activities
  • Reviewing quality of the output of testing activities and adequacy of documentation
  • Reviewing the adequacy of control gaps identified and related remediation plans
  • Monitoring of testing progress against plan
  • Reporting to relevant stakeholders on testing progress, challenges, risks and next steps
  • Responsibility for monitoring gap remediation progress including, but not limited to:
  • Reporting on status of gap remediation to all relevant stakeholders including Finance Leadership Team and/or the BAC
  • Coordinating periodic calls with process owners to track remediation progress and determine support requirements to expedite remediation
  • Review evidence of gap remediation and update status of gaps accordingly
  • Review policies and procedures being updated to ensure adequacy of ICoFR design

Risk Management for the CFO Function

  • Oversight over the development and maintenance of a suitable risk management framework and register for the CFO Function including:
  • Risk Management Strategy: Develop and implement a risk management framework for the CFO Function, which is aligned to the organization's risk management objectives
  • Policy Development: Develop and maintain risk management policies and procedures for the CFO Function in line with Group policies. Collaborate with relevant stakeholders to ensure policies are communicated effectively
  • Risk Assessment and Mitigation: Lead regular risk assessment processes to identify, evaluate, and prioritize risks with appropriate documentation, in line with Group Risk Management process
  • Reporting and Monitoring: Establish reporting mechanisms to track and monitor risk management activities for the CFO Function

Fraud Risk Assessment

  • Collaborate with the Group Risk Management Function to ensure there is appropriate fraud risk assessments conducted for the CFO Function on a periodic basis

Communication, Reporting and Interactions with Key Stakeholders

  • Acting as a Center of Excellence in the area of ICoFR and provide advice on I

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