Group Financial Controller
SABIC
Total years of experience :27 years, 0 Months
Based in SABIC Parent Company based in Riyadh, an influential member and a key contact of corporate finance for group subsidiaries (manufacturing and compounding complexes) and regional controllers in Europe, APAC and America regions continuously evolving the way that the business operates.
Primary responsibility of planning, managing and running the activities within Global Financial Controllership function, and oversee the financial excellence at group and subsidiaries’ level:
• Lead Group Financial Reporting process, ensuring the data integrity (using Data Analytics) and timely completion of quarterly and annual CMA publications; financial dashboard to CEO/BAC/Board and responsible for quarterly announcement, financial release and investors’ calls maintaining finance excellence and governance.
• Responsible for the Group Reporting process, as focal point for all consolidated monthly reporting and responsible for maintaining the monthly reporting rhythm with Saudi Aramco in line with the integration strategies.
• Financial Controllership; oversee the monthly closing GL and PCA process; maintain close coordination with accounting operations including netback, (revenue) receivables, payables, treasury and inventory ensuring compliance with accounting standards; facilitate budget planning and forecasting process, review affiliates’ scenario-based planning models based on key drivers and identify cost optimisation tactics.
• Lead Group Consolidation of 140+ subsidiaries, financial analysis and flash report and performance dashboard submission, identifying opportunities for improving governance across the group subsidiaries and regions
• Monitor subsidiaries’ business performance and cash flow positions; drive subsidiaries in working capital efficiencies and cost reduction strategies; identify synergies across subsidiaries, implement financial strategies involving CAPEX and budget performance; help leadership in decision making.
• As Business Partner; lead and simplify complicated business transactions through structured solutions using valuation, project appraisal, sensitivity analysis and financial hindsight, working closely with Strategic Business Units (SBUs), Joint Venture Affairs, M&A, GFA&R-GL (shared services), Procurement and Legal functions, drive key strategic decisions.
• SABIC Accounting Manual (SAM) Competence Centre KSA - Lead, SAM Competence Center, governance framework and its portal, ensuring the accounting policies and practices of the subsidiaries and the group are in line with SAM, and enhancing the alignment across regions
Key Accomplishments
• Recently, successfully implemented the ‘Faster Close’ initiative and established the group reporting rhythm with Saudi Aramco (Parent Company) in line with the integration strategies.
• Executed the step acquisition, control assessment (IFRS 10, IFRS 11) and convergence from proportionate consolidation to equity method involving simulation and detailed analysis.
• Recognized as a ‘key contributor’ in SABIC IFRS Convergence; completed all the project deliverables in a timely manner involving clear road-map and action plans; implemented accounting solutions across subsidiaries; established the actuarial valuation, control assessment, and contract accounting procedures; developed IFRS based global accounting policies and procedures and presented to SABIC Board Audit Committee; implemented a robust reporting and analytical tool; and supported IFRS 9, 15 and 16 implementations ensured smooth transition into actual realization and statutory reporting.
• Represented finance in business and corporate initiatives, including statutory mergers of subsidiaries, legal entity rationalization, bond issuance, CbCR-beps reporting, dividend policy framework, working capital optimisation, unified audit guidelines, and SAP BI-digital dashboard.
As Manager Audit, responsible for managing a diversified portfolio of listed and medium size companies which involved financial audit, consolidation and group reporting under International Financial Reporting Standards (IFRS) and SOCPA Standards. Key clients included Banque Saudi Fransi, Allianz Saudi Fransi, Bank Al Bilad, United Food Industries, Al Jomaih & Shell Lubricating, Philips Saudi Arabia and Mutual Funds of CAAM Saudi Fransi and Al-Bilad Investment
My responsibilities ranged from resource planning and budgeting to issuance of audit opinion / report and maintaining principle of value, besides quality management. This required presenting the audit and accounting findings to the audit committees and senior management;
Under Risk & Business Advisory performed special SAMA regulatory examination and CMA inspection of one of the largest Islamic bank and a brokerage house respectively. This required in-depth review and analysis of internal controls and risk framework besides project team coordination and submission of finding reports to senior management and the regulators.
As Manager Internal Audit, I was responsible for overall management of internal audit department, reporting directly to the Board Audit Committee, and assisting it in compliance with its terms of references.
Key responsibilities and achievements were:
- prepared and implemented risk-based internal audit plan
- performed risks assessments and controls testing pertaining to financial reporting and business operations / processes
- financial analysis on quarterly results and reported to the board audit committee
- compliance with statutory regulations and company’s policy
I worked in Internal Audit as Deputy Manager, reporting directly to General Manager Internal Audit and helped management in transformation of the entire audit department into an effective and independent assurance and consulting function to the organisation.
Key responsibilities and achievements were:
- quarterly financial analysis of the company’s results along with audit finding reports to the audit committee / management committee
- involved in gap analysis of the Code of Corporate Governance
- managed various internal audit jobs and special projects
- involved in developing audit internal audit policy, risk-based internal audit plan
During five years association with KPMG, (including four years mandatory article ship), worked at various capacities and positions, and either as a team leader or a team member completed all the assigned jobs effectively.
Key responsibilities and achievements were:
- statutory audits of international and local financial institutions like HBL, EBI, JSL
- ensure financial recording accuracy and compliance with IAS
- evaluate accounting and internal control systems identifying the areas of weakness and prepared detailed audit reports thereon
- job planning and supervision, including close interaction with client's management, review of work on audit engagements
As a supervisor, I managed and supervised the complete project of Supplementing Internal Audit Function of SSGCL in collaboration with KPMG Internal Audit Services and SSGC Internal Audit Department, and issued 40 audit reports as per agreed audit plan and presented the significant issues to management committee.
was also involved in major Internal Audit jobs like PIA, SSGCL, NBP and PTV. The nature of these assignments varies as to their scope, including documentation and reviewing the key business operations, preparing flowcharts, risk memorandums on different activities / business and accounting processes, compliance with policies and procedures and comparisons with the best practices frameworks.
The IIA is the International recognised body of internal auditing.
I am a associate member of ICAP and passed final exams in August 2001 (within articleship period).