Vice President Corporate Finance

Role Purpose:

To direct and oversee the activities of the treasury, risk and receivable section in ensuring sufficient liquidity is available for EMARAT to meet its financial obligations effectively; to manage various risks including credit & price risk and to assist the Finance Manager establish and implement financial strategies and policies in line with best practice and legal requirements.

Key Accountabilities:

1. Planning & Implementation

• Contributes to the development and implementation of the Finance Department’s strategic priorities and goals
• Ensures business processes and work activities, relevant to position, are planned and executed in compliance with EMARAT policy, procedures and best practice to achieve business objectives in a safe, efficient and cost effective manner
• Conducts periodic review of policy, procedures and practices, relevant to position, to identify opportunities for improvement and engagement in best practice
• Generates cash flow, MTM, receivables Aging and other relevant financial reports as per management request, timely and accurately to meet company and department requirements, policies and standards

2. Budgeting

• Analyses cash flow, and sales and procurement plan in coordination with Department Managers towards optimum utilization of company’s resources; supervises and manages daily cash balances and cash office
• Forecasts EMARAT’s cash flow position, reviews related borrowing needs, anticipates challenges arising from late payments and cash flow situations, and recommends mitigation actions to Finance Manager for decision making
• Identifies cost savings through analyzing alternative working capital tools
• Conducts financial prudence in all decisions and; approves operational expenses within level of authority

3. Funding & Liquidity Management

• Drives and contributes to EMARAT’s long-term and short term liquidity strategy on funding requirements ensuring the corporation has sufficient funds to meet its current obligations; makes appropriate company financing decisions within level of authority
• Participates in feasibility studies for new projects/proposals; evaluates the financial impact on EMARAT from a liquidity and profitability perspective
• Arranges, evaluates and negotiates proposal for loans/overdrafts with banks in order to secure the best solution for the corporation
• Initiates and manages major finance projects (e.g. re-financing, re-pricing of loans etc.)
• Initiates, evaluates and utilizes new working capital management tools to optimized expenditures
• Exercises Financial Mandate by coordinating and participating in the activities of Investment Committee
• Co-ordinates with external consultant or prepares the business valuation for acquisition/disposal of various strategic investments

4. Risk Management

• Performs risk and due diligence reviews at the direction of the Finance Manager
• Manages all aspects of risk including liquidity risk, credit risk, currency risk, interest rate risk, and operational risk related to EMARAT’s finance
• Develops financial risk management tools and practices to analyze and report on financial market risks
• Reviews all fuel product purchase agreements in collaboration with concerned Department to minimize any financial risk involved
• Evaluates and advises Finance Manager on hedging to mitigate financial risks related to interest rates on the company's borrowings, as well as on its foreign exchange positions
• Ensures the organization's financial risk management policies, limits, and strategies are in compliance with applicable regulations, resolutions and strategic imperatives of the organization
• Checks all derivative activities guaranteeing EMARAT’s exposures does not exceed prescribed limits
• Oversees the execution, reporting and back office activities of derivative transactions to ensure the timely clearing, netting settlement, recording and performance tracking of derivatives activities
• Reviews and negotiates risk contracts such as ISDA and CSA with counter parties
• Builds and promotes financial risk aware culture within the corporation under the guidance of Finance Manager

5. Operations & Controls

• Ensures all financial records, transactions, bank reconciliations, documentary credit, etc. are being prepared, maintained, and documented in adherence with EMARAT’s processes/standards and discrepancies resolved promptly
• Reviews, analyzes and reconciles treasury, risk and receivables related balance sheets and P&L accounts
• Exercises finance mandate by objectively reviewing all commercial, supply and other corporate contracts and agreements to ensure EMARAT financial interests are secure; highlights Finance Manager/General Manager various risks to enable informed decision making
• Optimizes the utilization of Emarat application systems and increases accounting efficiencies for the relevant area of responsibilities
• Coordinates with the IT Department to ensure that appropriate levels of information systems are in place and identifies areas to be automated from existing manual systems

6. Credit Control & Accounts Receivables

• Supervises receivable units for timely recording of invoices and on following up outstanding balances with customers
• Reviews and approves the request for credit notes as per delegation of authority
• Directs and reviews receivables related reconciliation and aging reports
• Conducts Credit Committee meetings to review the performance of all customers through analyzing sales trend, payment trends, aging reports, etc. offer recommendations to the pricing committee as per Corporation’s procedures
• Manages collection risk and assists other Departments to minimize overdue receivables

7. Stakeholder Relations

• Establishes and maintains effective relationships with external parties (e.g. Bankers, financial institutions, legal advisors, trading counterparties, etc.) required to meet EMARAT’s business and operational objectives
• Represents EMARAT vis-à-vis external stakeholders in areas of operational importance
• Liaises with internal Departments (e.g. Terminals & Logistics, Commercial Sales, Retail and Engineering) on their operations and strategies to assess their likely impact on cash position
• Works effectively, proactively and with urgency across EMARAT and externally to ensure the delivery of joint services/results that meet EMARAT’s interests, and for knowledge sharing

8. People Management

• Motivates staff and empowers direct reports by providing the necessary tools and support required to support Section goals and objectives
• Establishes clear direction, prioritize tasks, assign and delegate responsibility and monitor the workflow of the Section
• Builds opportunities for staff to suggest, participate in and contribute to improvement, innovation and knowledge sharing initiatives
• Provides guidance and ensures that the Section members comply with EMARAT’s policies, processes, practices and systems
• Ensures proper target setting and staff performance management in line with EMARAT performance management guidelines

Requirements & Qualifications:

Knowledge

• Through knowledge of financial instruments, and financial policies and procedures and IFRS
• Thorough understanding of financial management principles and Risk Management
• Good knowledge of UAE banking practices and having good network in banking circle.

Good knowledge of rules and regulations in relation to financial practice and law

Education

• Bachelors Degree in Commerce, Finance or Accounting
• Certification of Public Accounts (CPA) / Chartered Accountant or equivalent

Experience

• A minimum of 8 years experience within Treasury , Finance, Accounting and credit controls in a similar role
• Experience in the Oil & Gas Industry preferred

Competencies

• Excellent Communication Skills
• Business and Legal Acumen
• Analytical and Leadership skills
• Proficient in various accounting and business systems
• Fluency in English