Budgeting, planning and Controlling Managee
Saudi Arabian Mining Company - Ma’aden
Total years of experience :17 years, 7 Months
PLANNING, BUDGETING AND CONTROLLING MANAGER- SAUDI ARABIAN MINING COMPANY (MA’ADEN)
FEB-2015 TO PRESENT
Ma’aden is the leading mineral enterprise in the Middle East and is currently the 10th biggest mining company in the world in terms of market cap. I was hired as a Senior Accountant in Ma’aden’s Consolidated Shared Services (CSS) department and progressed to manager in 2 years. CSS Serves 100% owned companies of Ma’aden. These include the following:
a) Gold & base Metals Mining & processing business with six operating mines, four evaluation projects and multiple exploration projects and a Joint Venture with one of the largest gold miners in the world;
b) An Industrial Minerals mining and processing company;
c) A company which provides accommodation and housing services at all Ma’aden Sites; and
d) The corporate HQ.
My responsibilities in these roles included the following:
• I was part of the team that formulated 10-year strategy for the Gold Business. The final strategy included review of existing portfolio of assets based on pillars of operational, capital and commercial excellence & National Mining Champion, various options for growth, both organic (i.e. reserve replacement and new projects) and inorganic (Mergers and Acquisitions) including identification of targets, Capital and funding plan, digitization, HSE and organization charts etc. This strategy is refreshed once every year;
• I am responsible for formulation of the bottom-up five-year business plan and annual budgets for existing assets and new projects within the portfolio including review of their alignments with the strategy;
• Responsible for driving reviews of product costing / cash cost for all operating mines and re-designed the costing process for Ma’aden Industrial Minerals business from simple average costing to activity-based costing;
• Value for money studies including ROI analysis, feasibility studies for mega projects including a project with capital of $900 Million.
• I am also responsible for reporting on monthly, quarterly and annual financial and operating results including variance analysis and reporting on Enterprise KPIs;
• Providing background data for commercial negotiations of various contracts including but not limited to Mining, power and other utilities and services;
• Responsible also for monthly, quarterly and annual closing processes and preparation of financial statements including being the focal point for all audits. (Statutory, Internal and Government);
• Responsible for zakat and tax (Mining Royalty) calculation and filings with General Authority of Zakat and Tax and Deputy ministry of mining and minerals; and
• Also lead the Saudi GAAP to IFRS Conversion for all CSS Companies;
Special Projects:
SOCPA TO IFRS Transition:
I led the IFRS conversion project for Ma’aden CSS Companies. My responsibilities included producing first financial statements of all 100% owned companies of Ma’aden and finalizing the Accounting policies manual considering new policies for the approval of Board.
Project Feasibility Study:
I was finance interface for reviewing the business model for a future Gold Mine of Ma’aden Gold. My responsibility included reviewing the various cost and revenue inputs, testing the sanctity of the model with respect to IRR and NPV calculations and performing various sensitivities & scenarios as requested by the investment project review team and the Board.
EFERT is one of the largest Fertilizer Manufacturing Companies in Pakistan and owns and operates the largest Single Train Ammonia Urea Plant in the World with a Nameplate capacity of 1.3MTPA. It also provides O&M services to fertilizers plants around the World and produces DAP and pesticides to its ever growing line of products. Reporting to the Head of Internal Audit, my responsibilities at EFERT included:
a. Collaborate with Business Unit Managers in assigned areas to advice on matters concerning the risks, controls, and Best Practice, and maintain an advisory relationship with Business Units.
b. Assess the degree to which management practices are carried out in an efficient and economic manner, the extent to which operations conform to policies, and the degree to which performance targets have been achieved.
c. Evaluate and recommend appropriate action in regard to special requests for audit and allegations of irregularities and fraud.
d. Develop audit plans based on risk analysis, testing and evaluation of key business risks and controls. Plan and perform analytical reviews of business operations and evaluations of risks and controls that result in cost-effectiveness and value added to the Company.
e. Plan and conduct complete audits and reviews of Company activities including development of individual audit programs, conducting kick-off and closing meetings with business units and inform them of findings and obtaining their responses.
f. Development of audit plans, reports, analysis, recommendations, action plans and up-to-date status to be provided to the Board Audit Committee.
g. Conduct trainings on the code of ethics and conduct, internal controls, compliance issues etc annually for all employees across the company.
h. Monitor the action plans agreed as a result of organization wide ERM exercise and perform quarterly reporting to the BAC.
a. Maintaining a portfolio of clients and advising them on significant control and business issues by understanding the needs of the client.
b. Nominated as the office insurance expert and was looking after all 3 insurance clients at EY Khobar.
c. Participate in performing audit procedures, especially focusing on complex and/or specialized issues
d. Plan engagement objectives to ensure compliance with professional standards and appropriately address risk.
e. Review and approve for signing all financial statements, opinions and reports and other deliverable documents for clients.
f. Develop team members by encouraging individuals to think for themselves and take responsibility for their contributions to the team. Conduct timely performance reviews and provide performance feedback/training. Develop technical expertise - both functional and industry.
EPCL is the only integrated PVC manufacturing complex in Pakistan. In addition, it is the largest manufacturer of Caustic Soda in Pakistan. The Company did the Back Integration project in 2010 which led to inhouse manufacturing of PVC raw materials and added Caustic Soda as a by-product to the Company’s line of Products. Reporting to the Head of Internal Audit, my responsibilities at EPCL included:
a. Ensuring effectiveness and efficiency of the internal control framework by reviewing various processes in place within the entity.
b. Ensuring effective and efficient Accounting systems existed in the company consistent with the objective of reliable financial reporting.
c. Conduct trainings on the code of ethics and conduct, internal controls, compliance issues etc annually for all employees across the company.
d. Involved in rolling out Enterprise Risk Management Initiative across the Company
Enterprise Risk Management Project:
I was also a member of the working committee that was involved in rolling out Enterprise Risk Management Initiative across Engro Polymers. The Responsibilities included:
a. Conducting the enterprise wide assessment of key risks facing the entity, evaluating them on the basis of impact, likelihood, velocity and readiness in order to prioritise those risks;
b. Coordinating with stakeholders to develop action plan to address those risks;
c. Maintaining an inventory of existing risk management practices in place at the entity to be used as the starting point in the entire activity;
d. Develop a risk reporting format for Board of Directors and the organization’s senior management;
e. Monitoring actions and performing quarterly reporting of all identified risks and the implementation status of action plans developed by management;
Responsibilities at EY-Pakistan included:
a. Overall Planning of audits including the assessment of client’s overall control environment, risk assessment and designing strategies to assess such risks.
b. Performing review and supervision of work performed by assistants during the course of audit / review activity.
c. Assisting clients with the preparation of financial statements including significant disclosures in the light of relevant financial reporting framework.
d. Preparation of final audit deliverables including the audit report, covering letter to the Board of Directors, Management letter, reporting packs and other reports and certificates.