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, Funds 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 Fund
• Manages the financial reporting requirements of the OPEC Fund and any special funds under the OPEC Funds 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 process
• Authorizes all administrative payments in accordance with the relevant approvals, rules and guidelines
• Verifies compliance with financial/accounting rules and procedures, including cost center allocation
• Promotes a sound internal control environment by managing the design, implementation, update, and dissemination of policies, procedures and guidelines for recording, processing and reporting financial transactions
• Identifies opportunities for innovation and implementation of best practices, system updates and workflows optimization

Back Office

• Oversees banking and custodian relationships to ensure all financial transactions are executed and settled timely
• Supports 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 purposes
• Reviews and authorizes the confirmation of treasury deals, in accordance with the approvals and established procedures, rules and regulations
• Supervises the creation and maintenance of business partner records

Leadership 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 institution
• Drives and supports change management initiatives
• Manages 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 plans

Capability 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 matters

Carries out other tasks assigned by the Vice President, Finance that are related to the job function.

Qualifications and Experience

• Masters 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 required
• A minimum of 15 years relevant professional experience.
• Preferably seven years at a senior level in an international banking institution
• Fluent 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 organizations strategic direction.