Organization:
Well known Insurance Company in UAE.
Job Role:
The job holder is responsible for delivering strategic treasury and payables capabilities to support the Organization. This includes efficient utilization of cash, accurate cash flow forecasting, optimization of payments and processing of payments, development of billing and payment strategies, Partners with all internal stakeholders and financial partners to identify innovative treasury and payables solutions to support strategic goals, risks and/or opportunities. Management and oversight of all cash, bank and payment providers for the company.
Strategic Contribution:
- Manages daily accounts payable activities efficiently to identify process improvement to optimize the cash flow cycle.
- Manages the accounts payable activities and identify ways to optimize process flows and ensure items processed are accurate and cost effective.
- Develops forecasts on activities and associated fees and effectively manages the agreed upon targets.
- Management and negotiation of all banks, financial institutions and payment providers to develop innovative solutions that are cost effective for the company.
- Managing the cash balances effectively by providing permanent cash surplus to Investment department for further reinvestment to maximize the investment income.
Accounts Payable Management:
- Manages the accounts payable activities and identify ways to optimize process flows and ensure items processed are accurate and in line with agreed TAT.
- Manage all payment escalations issues and investigate & response to all customers complaints.
- Management and negotiation of all banks, financial institutions and payment providers to develop innovative solutions that are cost effective for the company.
- Review and approve all types of payments (check, Wire) processed by AP team and ensure that approved as per the authority matrix in respective departments.
- Provide leadership support to staff to achieve department goals through effective coaching, mentoring and career development.
- Develop management reporting and KPIs to provide visibility into the operations and to identify process improvement areas.
- Develops treasury strategies to achieve department, division and corporate goals.
- Monitor cash flow, prepare yearly, quarterly, monthly, weekly cash out-flow projection, and compare with actuals.
- Stays informed of accounts payable best practices, industry changes, market changes and develop proactive solutions to address any gaps.
- Supports compliance of accounts payable functions in accordance with internal control procedures, corporate resolutions, and Information Systems security to mitigate risks and prevent fraud.
- Represents accounts payable on committees or project teams to provide innovative accounts payable solutions.
- Serves as the liaison between the company, banks, financial partners and regulatory agencies on accounts payable matters.
- Assist in special projects as required.
- Maintains regular contact with other departments / external clients to obtain and convey information and/or to correct transactions.
- Proactively highlight any expected problems.
- Attends and participates in meetings as required.
- special projects and miscellaneous assignments as required
- Other duties as assigned.
- Ensures that the work area is clean, secure, and well maintained.
- Manages monthly closing of financial records and posting of month end information; ensures accuracy of financial reports
- Assist internal and external auditors, in quarterly, yearly review, and work on the findings and do the necessary changes ,enhancement to ensure clearance of the same .
- Managing the reconciliation and settlement to the reinsurance partners. Maintaining the healthy relationships with the counterparties.
QUALIFICATIONS
Bachelor's degree in relevant field
Preferred Professional Certification:
Chartered Financial Analyst (CFA) or Certified Management Accountant (CMA) or Association of Chartered Certified Accountants (ACCA) or any related certification
YEARS & NATURE OF EXPERIENCE
7 to 9 years of relevant experience
LANGUAGE REQUIREMENTS
Full Professional Proficiency in English Language
