Financial Control Manager

About the Role

Al Majed *** is seeking a Financial Control Manager to join their team in Riyadh, Saudi Arabia. This full-time role is crucial for developing, implementing, and maintaining an effective financial control framework. The position ensures the accuracy, completeness, and integrity of financial information, compliance with accounting standards and regulatory requirements, and the effectiveness of internal controls across the organization.

Key Responsibilities

• Develop and improve financial control policies, procedures, and frameworks in line with professional standards and corporate governance.
• Assess internal financial controls, identify weaknesses, and implement corrective action plans.
• Ensure the integrity of financial processes, including payments, collections, and reconciliations.
• Oversee the accuracy and timeliness of periodic and annual financial reporting, ensuring compliance with IFRS.
• Monitor compliance with financial reporting, disclosure, and governance requirements for Saudi Exchange (Tadawul) listed companies.
• Oversee financial controls across retail stores, branches, warehouses, and distribution centers, including POS transactions and inventory.
• Review budgets, forecasts, and financial projections, analyzing variances and recommending corrective actions.
• Ensure the effectiveness of financial controls embedded within ERP systems and POS platforms.
• Lead and develop the financial control team, promoting a culture of financial discipline and accountability.

Financial Control and Internal Controls

• Develop, implement, and continuously improve financial control policies, procedures, and frameworks.
• Assess the effectiveness of internal financial controls and implement corrective action plans for identified weaknesses.
• Ensure the integrity of financial processes, including payments, collections, bank reconciliations, and cash management.
• Review compliance with the approved financial authority matrix and delegation of authority framework.
• Promote appropriate segregation of duties to minimize errors, unauthorized transactions, and fraud risks.
• Establish preventive and detective controls to protect company assets and improve the reliability of financial transactions.

Financial Reporting and Compliance

• Oversee the accuracy, completeness, and timeliness of periodic and annual financial reporting.
• Ensure compliance with International Financial Reporting Standards (IFRS) as adopted in Saudi Arabia.
• Review monthly, quarterly, and annual financial closing activities, including journal entries, accruals, and reconciliations.
• Coordinate with internal and external auditors on financial control matters and remediation plans.
• Monitor changes in applicable accounting standards and regulatory requirements, recommending policy updates.

Retail Financial and Operational Controls

• Oversee the implementation and effectiveness of financial controls across retail stores, branches, and warehouses.
• Monitor daily point-of-sale (POS) transactions and ensure reconciliation of sales, cash receipts, and electronic payments.
• Oversee inventory control procedures, including stock valuation, cycle counts, and investigation of variances.
• Review controls over discounts, promotions, returns, and refunds to ensure compliance with approved policies.
• Assess financial controls over procurement, supplier transactions, and cost of goods sold (COGS).

Qualifications and Experience

• A minimum of 10 years of experience in financial control or a related field.
• Proven ability to develop, implement, and maintain robust financial control frameworks.
• Strong understanding of International Financial Reporting Standards (IFRS) and regulatory requirements for listed companies.
• Experience in a retail environment, overseeing financial controls across various sales channels and operations.
• Proficiency in financial systems, including ERP and POS platforms.