Associate Vice President – Controls (Finance)

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a Public Joint Stock Company based in the United Arab Emirates (UAE). It was founded in 1976 and is one of the oldest banks in the UAE. The Bank operates within retail and corporate banking, offering a range of services including personal and business banking, credit cards, loans, investment services, and wealth management.

In the recent years, the Bank has achieved significant milestones which includes being named as one of the world's best banks by Forbes ME (2022) and was awarded UAE's SME Bank of the year by the Asian Banking and Finance Awards. The Bank has been successful in achieving the highest profitability and lowest cost of risk since 2015. It has also seen significant growth in its acquiring business, card spending, and business loans.

Being on a transformational journey, in partnership with Honeywell, RAKBANK has also taken steps towards sustainability by reducing its overall energy consumption.

We are a diverse team comprising of over 3,000 employees from across 58 countries. We make conscious efforts to build talented and diversified teams and encourage people to develop their full potential. We are committed to providing a working environment that promotes work-life balance, career development, recognition and security for the future.

In line with our strategy, a major part of our transformation journey is to future proof our bank and establish ourselves as a ‘Digital bank with human touch’, for our customers.

What You Will Be Doing:

1. Responsible for overseeing the accuracy and integrity of the company’s balance sheet.
2. Ensure that all balance sheet accounts are substantiated, reconciled, and controlled in accordance with company policies and regulatory requirements.
3. Lead the balance sheet substantiation process, ensuring all accounts are reconciled and discrepancies are resolved in a timely manner.
4. Develop and implement policies and procedures for balance sheet substantiation and control.
5. Ensure compliance with regulatory requirements and internal controls.
6. Identify and implement process improvements to enhance the efficiency and effectiveness of balance sheet controls.
7. Establish and maintain proper segregation of duties to prevent conflicts of interest and enhance the integrity of financial processes.
8. Assess and manage financial risks by identifying potential threats, evaluating their impact, and implementing strategies to mitigate or control them.
9. Leverage technology tools to enhance financial controls, such as implementing automated monitoring process and advanced analytics for risk assessment.
10. Develop and maintain protocols for responding to financial irregularities, including investigations, corrective actions, and reporting to appropriate stakeholders.
11. Collaborate with internal and external auditors during audits and reviews.
12. Strengthen finance governance and contribute to accurate financial reporting.
13. Provide insights and recommendations based on data analysis to senior management.
14. Design, implement and enhance internal control frameworks to safeguard financial integrity and minimize risks.
15. Conduct comprehensive risk assessments to identify potential financial vulnerabilities and develop strategies to mitigate them.
16. Oversee financial transactions, analyzing patterns and anomalies to detect and prevent fraudulent activities.
17. Collaborate with accounting teams to validate financial reports, ensuring accuracy and compliance with accounting standards.
18. Enforce and communicate financial control policies throughout the organization, providing training when necessary.
19. Regularly assess and enhance finance control processes, keeping abreast of industry best practices and technological advancements.
20. Work closely with various departments to establish and maintain effective communication channels regarding financial controls.
21. Maintain clear and comprehensive documentation of financial control procedures, ensuring transparency and facilitating audits.

What You Should Have:

1. Ability to visualize potential real-life end to end business scenarios and ensure compliance.
2. Strong understanding of accounting principles and financial regulations.
3. Excellent analytical and problem-solving skills.
4. Strong attention to detail and accuracy.
5. Ability to work independently and as part of a team.
6. Excellent communication and interpersonal skills.
7. Proficiency in financial software and Microsoft Office Suite.

What We Are Looking For:

1. Knowledge of IFRS, UAE laws and regulations.
2. Minimum of 10-15 years of hands-on experience in a large Business (turnover 500m +).
3. Knowledge of Banking systems and products.
4. Knowledge of Power BI / Automation and presentation skills.

What’s In It For You:

1. Pay for performance culture (Competitive and performance-linked compensation).
2. Provision of medical care plan for your family and you.
3. Comprehensive Life insurance plan.
4. Diverse workforce and inclusive culture.
5. Career development and growth opportunities by design.
6. Work with the best minds in the field.
7. Get opportunities to bring your whole self to the organization and perform to your best.