Senior Finance Manager – MRUA
MedNet Group - Middle East and Africa Region
Total years of experience :18 years, 0 Months
• Provide leadership, direction and management to the Finance organization across MEA Region including accounting, controlling, strategic planning, investment, and risk management functions
• Lead the finance transformation projects including process and organizational redesign, introduce organizational change and strongly leveraging technology
• Lead financial close process, consolidation, financial and tax reporting.
• Lead medium term planning, financial forecasting and budgeting
• Establish a robust financial control framework and effective risk management function across regional entities.
• Manage treasury, including cash management, working capital and receivables management
• Derive revenue and cost management, including activity-based costing, customer profitability analysis, investment and project profitability analysis
• Provide tactical and strategic recommendations to enhance financial and business performance to the CEO and members of the executive management team
• Establish and maintain relationship with senior management (across the region), external auditor, tax advisor, and banks
• Ensure strict compliance with legal and fiscal regulatory requirements and international accounting and management standards.
• Lead internal audit reviews across the region, liaise with MR Group Audit and external auditors.
• Provide leadership, direction and management to the Finance organization across MEA Region including accounting, controlling, strategic planning, investment, and risk management functions
• Lead the finance transformation projects including process and organizational redesign, interduce organizational change and strongly leveraging technology
• Lead financial close process, consolidation, financial and tax reporting.
• Lead medium term planning, financial forecasting and budgeting
• Establish a robust financial control framework and effective risk management function across regional entities.
• Manage treasury, including cash management, working capital and receivables management
• Derive revenue and cost management, including activity-based costing, customer profitability analysis, investment and project profitability analysis
• Provide tactical and strategic recommendations to enhance financial and business performance to the CEO and members of the executive management team
• Establish and maintain relationship with senior management (across the region), external auditor, tax advisor, and banks
• Ensure strict compliance with legal and fiscal regulatory requirements and international accounting and management standards.
• Lead Internal audit reviews across the region, liaise with MR Group Audit and external auditors.
Selected Contributions and key achievements:
• Executed successfully the regional finance transformation and digitalization journey of Munich Re Middle East and Africa companies by leveraging the latest technology (Oracle Fusion cloud base ERP) to boost finance productivity and synergies.
• Set up and managed entire finance operations, including recruiting / training of key finance personnel for two new large scale health insurance companies in Saudi Arabia and Qatar in addition to a joint venture holding company for regional expansion between Munich Re and the Government of Abu Dhabi via National Health Insurance Company - Daman with overall consolidated capital size of + USD 0.5bn
• Established a robust financial controlling and governance framework conformed by attaining Full Green internal audit report from Munich Re Internal audit department
• Ensured effective and efficient risk management function across MEA region
• Automated and streamlined claims reconciliations including accelerating the payment process by deciding the functional design of third-party system integration between Oracle EBS and operational claims management system.
• Implemented a strategic regional banking solution with Citibank that had minimized tremendously the bank transaction costs, provided scalability to treasury and eased the regional expansion into new markets.
• Create and lead the finance department since inception after company’s setup and going live.
• Manage strategic financial planning process, annual budget and forecasts
• Optimise operational efficiency and cost structure, derive improvement of financial performance
• Manage cash flow, treasury function and banking relationship
• Liaise with Insurance Authority regarding development and implementation of regulatory requirements
• Manage and plan solvency requirements and risk base capital
• Manage external / internal YE / quarterly audits
Selected Contributions and key achievements:
• Being the Finance project lead of Munich Re Group setup team responsible to create an agile, resilient, and efficient finance function with standardized processes and robust controls for National Health Insurance Company - Daman project (Daman is a joint venture between Munich Re and Government of Abu Dhabi. It’s considered the largest health insurance company in MENA with +2.5 million insured members). This included full-fledged finance, investment and procurement setup, ERP selection and functional design, drafting policies and procedures, design reporting and controlling framework, finance staff selection, training and allocation.
• Solved and controlled insurance claims reconciliation cycle by designing the workflow to integrate and automate the claims management system with Oracle ERP, enhanced the payments terms of suppliers and medical providers to achieve the best contractual rates and achieved fast track payment discounts.
• Defined the costing and the pricing structure of Daman administration management fees for the Emirati citizen’s insurance scheme (Thiqa). Achieved commercial success by negotiating Daman Adm. Fees and agreed with Department of Finance - Government of Abu Dhabi on the funding and reconciliation mechanisms afterwards that ensured smooth and efficient fund replenishment and payment process.
• Triggered and promoted Corporate Social Responsibility (CSR) value in Daman as the value sponsor with successful CSR initiatives and contribution towards community in the emirates of Abu Dhabi.