Job Purpose
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The Controller Finance (Subsidiaries) ensures the smooth functioning and strategic alignment of the financial operations of ADNOC Distribution Subsidiaries.
This role encompasses comprehensive oversight of all business finance affairs, including financial accounting, budgeting, forecasting, analysis, and advisory. The Controller ensures that all financial activities within the assigned business area are executed accurately, timely, and in compliance with relevant standards and regulations. This u00A0position is vital for aligning subsidiary business plans with the broader Finance strategy and ensuring seamless integration with interfacing departmental strategies. This position is key in ensuring smooth transition of acquisitions to support ADNOC expansion strategy.
The Controller Plans, leads and manages the fostering of a real and active partnership with both operations and management of the ADNOC Distribution Subsidiaries and handle all business finance affairs (financial accounting, budgeting, forecasting, analysis and advisory), to ensure all finance activities for the assigned business area is carried out accurately, timely and in compliance with the relevant standards and regulations.
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Key Accountabilities
Strategic Contribution
- Ensure effective cascading of the Finance strategy into subsidiary business plans to maintain vertical alignment and horizontal integration with other departments.
- Provide input and support to senior management of the subsidiaries on strategic planning issues, addressing all business and financial matters to minimize potential issues.
- Develop and implement financial strategies that support the overall strategic goals of the subsidiaries and the parent organization.
- Monitor and report on financial performance, identifying areas for improvement and implementing corrective actions as necessary.
- Collaborate with cross functional teams to align financial strategies with operational objective and improve organizational performance.
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Financial Accounting
- Lead the month end and year end closing activities and ensure that all the accounts are reconciled by reviewing the accounts and coordinating with the relevant team members, to ensure the accounting activities are carried out timely, accurately and as per established standards.
- Lead, direct, and supervise the maintenance of books of account for the subsidiaries within the ERP System, ensuring accuracy and compliance with accounting standards.
- Supervise the preparation of statutory financial statements for subsidiaries, ensuring adherence to regulatory requirements and deadlines.
- Implement and maintain internal controls to safeguard the financial integrity of the subsidiaries.
- Integration of business finance functions in ERP to implement new initiatives.
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Acquisition Accounting
- Engage with M&A team for investment projects and review the finance due diligence.
- Review the terms of the proposed Shareholders Agreement (SHA) and Share Purchase Agreement (SPA) and ensure appropriate accounting provision is followed as per these agreements.
- Manage the acquisition related complex accounting matters u2013 control assessment, gap analysis of accounting policies and local accounting standards, pre-completion accounts finalisation, earn-out mechanism, contingent consideration etc.
- Manage work of external expert appointed for purchase price allocation including review of significant assumptions, inputs and valuation methodology used for various fair value measures and newly identified intangibles.
- Review all critical accounting position papers, develop consolidation framework for new acquisitions and facilitate smooth transitions.
- Lead discussion with statutory auditors on technical accounting matters.
- Develop models for goodwill impairment assessment and review inputs and assumptions used such as cash flow projections, discount rate etc.
- Manage complex accounting matters arising from dynamic economic conditions such as Hyperinflation.
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Budgeting, Forecasting and Financial Planning
- Lead the development and implementation of budgeting processes for the subsidiaries, ensuring alignment with overall business objectives.
- Monitor budget performance, identifying variances and implementing corrective actions as necessary.
- Lead the forecasting process, providing accurate and timely financial projections to support decisionmaking.
- Collaborate with department heads to ensure realistic and achievable budget targets are set and met.
- Prepare detailed financial reports and analysis to support strategic planning and operational decisions.
- Manage the preparation and recommend the budget and monitor financial performance versus the budget while ensuring all sectional activities are conducted in line with the approved guidelines.
- Manage and ensure effective implementation of functional policies, procedures and controls covering all areas of assigned department activity so that all relevant procedural/legislative requirements, fulfilled while delivering a quality, cost-effective service.
- Manage the budgeting and forecasting cycle in collaboration with the business and ADNOC Distribution Finance, to support in planning effective operations.
- Investigate all actual budgets vis-u00E0-vis forecasted values and identify any variances or gaps, to ensure these variances are corrected timely manner, in line with the financial policies.
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Financial Analysis, Business Partnership and Advisory
- Conduct comprehensive financial analysis to support business decisions and identify opportunities for improvement.
- Provide expert financial advice and recommendations to senior management and other stakeholders.
- Develop and implement financial models to support strategic initiatives and business planning.
- Monitor economic and industry trends, providing insights and recommendations to mitigate potential risks.
- Ensure that financial analysis and reporting are aligned with best practices and industry standards.
- Act as a business finance partner and a trusted advisor on business performance and strategic issues in the area, to create a real and active partnership that would add value to assist decision making.
- Build and maintain strong relationships with senior stakeholders in the assigned business as well as in ADNOC Distribution Finance, to ensure these relationships, serve the best interest of the organization and achievement of the strategy.
- Provide regular updates and insights to senior management on key performance indicators (KPI).
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Reporting and Analysis
- Provide MI reports and forward-looking analysis on regular and ad-hoc basis to allow business managers convey ideas and concepts to an audience, understand market trends and ensure an efficient business operation.
- Review and oversee the development of segment and product profitability reports to provide insight to business decision makers, determining the largest and fastest growing segments as well as their individual contribution.
- Understand the impact of financial reporting on business performance and ensure all required reporting is completed timely, accurately and in compliance with required standards.
- Ensure that all financial reports are prepared timely and accurately and meet Group requirements, policies and quality standards.
- Support investor relations with information and data to respond to queries from investors and analysts.
- Regulatory watch on accounting standards and local requirements.
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System & Process Improvement
- Continuously improve financial system tools, and process to enhance the accuracy, efficiency, and effectiveness of finance activities.
- Implement best practices in subsidiaries financial reporting and analysis
Audit and Compliance
- Engage with external and internal auditors on matters related to the subsidiaries, addressing any concerns or findings promptly.
- Lead and provide all necessary data sets required for various regulatory reporting such as CBCR, ESG, ESR etc.
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Relationship Management
- Develop and maintain effective business relationships with all relevant external/internal entities such as banks, service providers, and government authorities etc. with highest standards of business ethics, whilst promptly attending to all critical issues in-order to ensure the services required by the organization are delivered in the most effective manner.
- Liaise with internal and external auditors and, to ensure efficient and transparent auditing process for the assigned segment.
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Qualifications, Experience, Knowledge & Skills
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Minimum Qualification
- Bacheloru2019s degree in finance/ accounting management or equivalent.
- Proficiency in SAP ERP Systems
- Proficiency in MS Office
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Minimum Experience & Knowledge & Skills
- 10 years of experience, including at least 4 years in supervisory positions within Finance.
- Significant professional accounting and financial analysis/reporting experience
- In-depth knowledge of technical accounting & auditing standards
- Knowledge of reputed financial / accounting systems
- Knowledge of financial planning and budgeting
- Specialisation in accounting and finance
- Solid analytical skills
- Demonstrate internal and external stakeholder skills
- Demonstrate the ability to communicate with senior stakeholders
- Strong written and oral skills
- Fluent in Business English
- Detailed understanding of all aspects of the Accounting Close process.
- Able to articulate reporting process effectively with other organisations involved with statutory auditors.
- Detailed understanding of COA and Mapping requirements
- Confidence to approach all levels of management and staff and facilitate necessary dialogue
- Able to interpret and implement COA and Mapping requirements for new / unusual business transactions.
- Able to effectively communicate/implement changes in COA and Mapping standards to ensure accuracy in the books.
- Able to review and approve complex, non-routine, and special ledger entries.
- Able to prepare Financial Statements, interpret and implement relevant clauses of Accounting Guide.
- Understands applicable Accounting Guide and key controls for non-routine and special ledger entries.
- Able to coach and help others to understand reporting requirements.
- Able to identify and provide advice on appropriate processes and work steps for recording complex journal entries and accruals.
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