Assistant General Manager (Finance & Planing)
Arab National Bank
مجموع سنوات الخبرة :23 years, 10 أشهر
The Arab National Bank is a major bank based in Riyadh, Saudi Arabia and listed on the Saudi Stock Exchange. It is among the top ten largest banks in the Middle East.
■ Introduced and established the new and efficient process of buying and selling the underlying commodity for Islamic Murabaha loan contracts through online brokerage platform. This reduced the loan booking process from a week time to less than an hour;
■ Managed implementation of new IFRS 9 and development of new expected loss model and related policies and procedure in line with IFRS requirement;
■ Member of the CFO subcommittee of finance companies form by SAMA;
■ Initiated and managed the implementation of new ERP system Oracle EBS with fixed assets, VAT, payable and receivables modules;
■ Managing due diligence process through virtual data room for the sale of the share of strategic shareholders in the company;
■ Restructured accounting finance and IT team, creating efficiencies and segregation of duties, right-sized department and communicated the vision to staff, enabling financial improvement; and
■ Successfully changed the revenue recognition on deferred profit contracts in line with IFRS requirements resulting in SAR 15 million revenue recognized in last year created room for additional provision charge, having little impact on the bottom line.
KEY ACCOMPLISHMENTS
■ Monthly reporting reduced from ten calendar days to issuing flash on work day one with identification and recommendation of enhanced closing procedures and process re-engineering opportunities;
■ IFRS 9 Gap and impact analysis on banks provisioning with one of big 4 accounting frim; Key point of contact and coordinator;
■ Member of Balance sheet review Committee and point of contact for all technical and financial matter;
■ Setup of Saudi Hollandi Insurance Company and Saudi Hollandi Real Estate Company from scratch to running position;
■ Segregation of Saudi Hollandi Capital from the Bank under SAMA and CMA instruction covering all regulatory, financial and policy matters;
■ Consistently met deadlines while demonstrating strong analytical and problem-solving skills to achieve corporate objectives.
Summary of main task and responsibilities:
■ Manage and supervise the preparation of monthly/quarterly/annual Group consolidated financial statements within the framework of IFRS, Accounting Standards for financial institutions issued by Saudi Arabian Monitory Agency (SAMA) & Accounting Standards issued by SOCPA and relevant regulations;
■ Manage and review papers for senior management, ALCO, EXCOM pack, MIS report and “Business Strategic and Management Planning Report” (BSMPR) for different business units;
■ Drive accounting under IFRS/SAMA regulations, oversight IFRS desk function,
■ Review GL controls to ensures regulatory compliance and integrity of GL, member of Balance Sheet Review Committee;
■ Extensive exposure of advising different business units on accounting treatments of different products in accordance with IFRS, local regulations, COSO framework and best practices;
■ Review of NPLS, provisioning and credit origination processes;
■ Represent Finance in Core Banking Implementations, Member of Core Banking Implementation Team e.g. IBM Cognose, Temenos T24, Stematch, Ti+, Oracle etc.
■ Review and approval of ORAPS and BRDs for launch of new products and services;
■ Manage and review annual Zakat and Tax returns and monthly withholding tax return of the bank and its subsidiaries, liase with consultants and ensure bank is in compliance with Zakat and Tax regulations;
■ Liaise with external and internal auditors during audit/interim reviews of financial statements;
■ Control expenditure, liais with all department to analyze the cost and revenue to manage to budget;
■ Preparation of all financial information included Investor Relations documents (press releases,
investor presentations, compatetor analysis etc.) providing information to rating agencies for rating;
■ Define and implement Banks’s accounting policies policies, processes and structures;
■ Acting as treasury financial controller, review TROPS accounting activities, monitor revaluation of investments and derivatives and accounting for structured products;
■ Review of daily management reports including daily balance sheet, coverage latio, liquidity ratio, LDR, Non performing portfolio, provisioning etc.
■ Identify, manage, mitigate and report on risk and potential risk in divisional activities
■ Extensive exposure of advising different business units on accounting treatments of different products in accordance with IFRS, local regulations, COSO framework and best practices;
■ Involve in planning, budgeting and decision making process of the bank, its business unites, regions and subsidiaries;
■ Working as “Liaison Officer” on behalf of the Bank with Tadawul and CMA;
■ Responsible for overall financial affairs of Saudi Hollandi Capital, Saudi Hollandi Insurance Company and Saudi Hollandi Real Estate Company including review of financial statements for submitting to Capital Market Authority (CMA) and to the respective regulators;
■ Performing analytical review of monthly, quarterly and annual financial statements and addressing queries raised by the Senior Management/BOD.
Bristol-Myers Squibb Company is one the world's largest pharmaceutical companies by total sales headquartered in New York City. The company was formed following the merger of its predecessors Bristol-Myers and the Squibb Corporation. Squibb founded in 1858 while Bristol-Myers was founded in 1887.
The Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products on a global basis. Its products are sold worldwide to wholesalers, retail pharmacies, hospitals, government entities and the medical profession. It manufactures products in the United States of America, Puerto Rico and in six foreign countries.
Responsibilities
While working with Bristol-Myers Squibb, I had the opportunity of performingthe following professional tasks:
■ Responsible for overall affairs of Financial Accounting, Reporting and Control function of Middle east entities i.e. Saudi Arabia, Egypt and Gulf (UAE, Bahrain, Qatar, Kuwait, Jordan and Lebanon);
■ Provide essential guidance to commercial management & key process owners in each Business Unit (BU) regarding internal controls (incl. ICFR-Internal Controls over Financial Reporting), compliance procedures & regulations, as well as corporate policies & directives;
■ Manage & maintain SOX404 and FCPA controls & test plans to ensure internal controls are operating effectively, & in compliance with Sarbanes-Oxley Section 404 (SOX404), FCPA and BMS control requirements;
■ Review of T&Es and payments to medical professionals;
■ Supports continuing effort to streamline & improve processes to maintain a strong internal control environment and collaborate w/key management & provide guidance on appropriate resolution of issues;
■ Responsible for management and continuous improvement of financial processes, controls and accounting policies, and has responsibility for local SOX and audit compliance;
■ Develop and implement business unit accounting policies, procedures / position papers in line with IFRS/ US GAAP and BMS global accounting policies.
■ Improve communication and compliance with the local business functions with respect accruals, time recording, financial controls etc.;
Summary of main task and responsibilities:
■ Involve in the review and preparation of Group’s consolidated financial statements (monthly, quarterly and annual) prepared within the framework of International Accounting Standards (IAS), International Financial Reporting Standard (IFRS), Accounting Standards for financial institutions issued by Saudi Arabian Monitory Agency (SAMA) & Accounting Standards issued by SOCPA;
■ Extensive exposure of advising different business units on accounting treatments of different products in accordance with IFRS, local regulations, COSO framework and best practices;
■ Working as “Liaison Officer” on behalf of the Bank with Tadawul and CMA;
■ Design, manage and maintain early warning systems for financial tracking, ensuring accurate advance warning for all financial results
■ Liaison with all department to analyze the cost and revenue to manage to budget and responding to different queries raised by business units;
■ Performing analytical review of monthly, quarterly and annual financial statements and addressing queries raised by the Senior Management/BOD;
■ Review and authorization of all Journal and expenses processed by expense processing unit and ensure expenses monitoring with budget;
■ High level review of weekly, monthly, quarterly, half yearly and annual SAMA returns of the Bank and Saudi Hollandi Insurance Company;
■ Involve in advising on the financial implications and consequences of business decisions to the management and business units;
■ Identifying, coordinating and participation in UAT for appropriate systems enhancements; and
■ Involve in updating and formulation of accounting policies and procedure manual of the Bank and its subsidiaries.
Growth Path:
■ Senior Auditor, Riyadh, Aug 2008 - Mar 2010
■ Audit & Risk Advisory Supervisor, Pakistan, May 2008 - Jul 2008
■ Audit Senior, Riyadh, KSA, Dec 2007 - May 2008
■ Audit senior, Semi Senior & Audit Assistant, Pakistan, Apr 2002 - Mar 2007
Accountabilities:
• Spearheaded portfolio of external & internal audit clients, including, planning, supervision & finalization of statutory and internal audit assignments in compliance with KPMG Audit Manual (KAM) International Financial Reporting Standard (IFRS), International Standards on Auditing (ISA), Accounting Standards issued by SOCPA.
• Developed & maintained productive business relationships with clients.
• Evaluated & reported on internal controls pertaining to financial reporting in compliance to US SEC (COSO Frame work) requirements.
• Involved in planning, organization, control & review of various assignments, understanding client’s internal control systems.
• Recommended improvements and reviewing financial statements to ensure compliance to local laws and IFRS.
• Analyzed business processes of entities including documentation & critical review of significant accounting streams, identification weaknesses in control systems, evaluation of impact on financial statements.
• Coordinated with the management pertaining to recommendations and ensured compliance to Sarbanes - Oxley Act of 2002 on US SEC companies.
• Involved in development, restructuring and evaluation of internal control systems.
• Conducted strategic evaluation of clients using SWOT, PEST and Five Force analysis techniques for identification of significant business risks and critical success factors.
• Ensured compliance to instructions of Group Auditors pertaining to foreign reporting.
• Conducted financial due diligence assignments pertaining to acquisition of various companies for valued clients.
• Involved in performing financial due diligence assignments for the purpose of acquisition of various companies to our valued clients including financial statement analysis & preparation of financial projections in relation to bid services for potential targets in power, fertilizer, telecom, auto-parts and steel industries in Pakistan.
• Rendered feedback on structuring of transaction based on income tax & financial effects, including indirect taxes and integrating tax with business strategies. Prepared proposals for new Advisory assignments.
• Acquired significant exposure to International Financial Reporting Standards (IFRS) and auditing standards (ISA).
• Evaluated financial grants remitted by international donor agencies to local Non-Governmental organizations. Conducted pre-grant evaluations of various local Non-Governmental organizations.
• Monitored special forensic assignment of an Independent Power Producer, on behalf of the directors of the Company. Rendered tax advisory & compliance services to various corporate clients
Key Clients:
Financial Sector
• Standard Chartered Bank Pakistan Limited
• Citi Bank N.A.
• HSBC Pakistan Branches
• ABN Amro Bank
• Deutsche Bank, Saudi Arabia and Pakistan
• MCB Bank Limited
• Riyadh Bank
• Bank of Bahrain
• State Bank of Pakistan (Banking Service Corporation)
• Habib Bank Limited
• Escorts Investment Bank Limited
• Trust Investment Bank Limited
• First Capital Securities Limited
• Soneri Bank Limited
• Security General Insurance
• SWICORP KSA
• In Invest Limited
• Swicorp Commercial Investment
MNCs
• Pepsi Cola International
• Levi Strauss Pakistan
• Monsanto Agritech - (Owned by DuPont - USA)
• Nestle’ Water
• Adidas Salomon International
• Arla Foods- Denmark
• Expeditors International
• Chiesi Pharmaceuticals
• Wartsila Pakistan
• LOGICOM Saudi Arabia
• International Refreshments Company
• Dimension Data (Pty) Limited
• Quadrant Security Group
• ICI Pakistan Limited
• Daewoo
• Shamsan Industrial Group
• Kota du Power Company Limited
• Pakistan Telecommunication Company Limited
Primary role was to look after the project account