Al-Futtaim Hiring for Head of Governance, Risk Control & Transformation Job at Dubai Full Time

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United A”rab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world’s most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organisation to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.

We are currently seeking a treasury professional to join our Global Treasury Center team in the capacity of ‘Head of Governance, Financial Risk Control & Treasury Transformation’.

JOB PURPOSE

The Head of Governance, Financial Risk Control & Treasury Transformation will run a team in charge of all Group treasury operations, namely managing risks within GTC, ensuring compliance with all internal and external obligations, managing governance and reporting, as well as treasury transformation projects on behalf of the Al-Futtaim Group entities, on a division agnostic and global basis (including the GTC Egypt spoke).

In particular, the Head of GRCT will have full responsibility for auditing and controlling the AFG In-House Bank managed by GTC on a global basis. The AFG In-House Bank (“IHB”) is a large portfolio of internal loans (short term and long term) and short term deposits managed by GTC, providing funding services to all AFG group entities on a global basis, including the GTC Egypt Spoke.

The GRCT team will also work with the countries not covered by GTC, and ensure that treasury policies are rolled out / complied with.

In conjunction with the other functions within the Global Treasury Center, the Head of GRCT will assume overall responsibility for activities including:

• Develop, review and monitor compliance with treasury policies across the Group. Roll-out and communicate treasury policies to all divisions and regions, including standalone finance and treasury functions
• Manage all aspects of the GTC governance, including compliance with SLA’s with the divisions, RACI’s, policies, monitoring of all risk exposures, maintenance of treasury reporting and committee meetings with Group CFO / CEO, as well as reporting to Divisions / Businesses
• Management and financial controlling for the In-House Bank, a global portfolio of interest-bearing internal loans and deposits centrally managed by GTC
• Ensure compliance with all internal and external obligations (internal policies, DOA, bank covenants, etc)
• Financial Risk management, including analysis of risk management (hedging) transactions, and of risk exposure created by the GTC Front Office functions (GTC-Corporate Financing, GTC-Cash Management & Trade Finance and GTC-Financial Risk) within GTC and across the Group including standalone finance and treasury functions
• Develop and monitor KPI’s and reporting tools, and ensure timely reporting to Group Treasurer and Group CFO. Promote automation of reporting in conjunction with EIT
• Act as a leader in treasury transformation for further roll-out of Treasury & Risk Management Systems (“TRM”), automation initiatives (including automated cash pooling strategies) and treasury processing activities. Ensure that IT infrastructure and information systems are able to support best in class treasury operations, on a global basis (including the GTC Egypt spoke)

KEY ACCOUNTABILITIES

Strategy and Policy

• Propose amendments and updates to the group’s treasury strategy and strategic guidelines
• Manage all aspects of treasury policies, including developing new Group wide treasury policies covering all functional areas under Treasury’s remit, maintaining existing treasury policies, and ensuring full compliance with policies’ objectives
• Roll-out and communicate relevant policies to all divisions and regions – including standalone finance and treasury functions
• Review financial risk management strategies and policy amendments proposed by treasury functional heads and provide feedback on their potential impact on the group’s risk profile and financial performance

Governance

• Manage all aspects of Treasury governance
• Develop and maintain SLA’s and SOP’s to govern best in class treasury activities in coordination with GTC front office functions, and key touch points with Divisions and Business Units
• Ensure compliance with SLA’s and RACI’s agreed with divisions and business units
• Review of existing and amendments to banking delegation of authorities (DOA)
• Draft and promote Treasury Services Agreements for JVs to encourage closer collaboration between GTC and JVs
• Maintain governance of internal meetings with Group CFO, Group Treasurer and Divisional Finance teams

Financial Risk Management, and Controlling of IHB

• Management and financial controlling for the In-House Bank (“IHB”) portfolio of internal loans and deposits. Ensure that all IHB transactions (deposits, short term and long term loans) are properly recorded in TRM, and structured in compliance with Treasury policies and SOP’s
• Ensure that all IHB payments are processed in accordance with legal documentation agreed with internal IHB participants, ensure that any overdue payments are made or collected
• Ensure that all IHB transactions are executed within pre agreed limits within Group’s risk appetite and in accordance with internal DOA, and are properly documented in accordance with treasury policies, internal approvals and SOP’s.
• Provide timely reporting to AFG Senior management on IHB exposure, income and cost
• Review the group financial exposures, financial risks and existing risk mitigating strategies and suggests improvements to align risk management strategies with commercial objectives within the group’s risk appetite
• Monitor and report on counterparty risk exposures, as well as compliance with internal limits allocated to each counterparty
• Analyze risk management (hedging) transactions execution (e.g. price, speed of execution, hedge ratios maintained, counterparty diversification) to ensure compliance with SLA’s
• Review mark to market valuations and hedge effectiveness reports produced by GTC-Financial Risk

Performance and Reporting

• Manage all aspects of treasury reporting to AFG senior leadership, including external cash and debt and internal IHB exposures, ensuring that exposures are within acceptable internal limits and risk parameters
• Develop monthly/quarterly management reports and dashboards for Treasury reporting including Monthly Global Treasury Report and Bi-monthly Management Committee
• Report on full set of Global Treasury KPI’s including external Net Financial Position, Internal IHB income and cost, External Net Interest, Percentage of pooled cash, etc
• Setup group wide KPIs for all Treasury front office functions
• Implement system-based measurement and reporting for established KPIs, promote system-based reporting automation in coordination with EIT

Compliance

• Manage all aspects of treasury compliance, both for internal and external obligations
• Perform analysis to ensure compliance with policies and report to senior management any deviations / breaches
• Issue debt covenant compliance report in relation to bank debt documentation
• Ensure compliance with all treasury/banking-related regulatory requirements
• Act as the key treasury point of contact for internal and external audit support

Treasury Transformation & Technology

• Identify initiatives, develop and action roll out plans for implementing the Target Treasury Operating Model, including acquisition of new treasury activities throughout the Group
• Manage all aspects of Treasury IT systems, including TRM and market information systems (Bloomberg, Reuters, etc.)
• Propose and lead initiatives for the improvement of treasury processes and systems
• Manage TRM and treasury systems rollouts on a global basis, promote the rollout of TRM for process standardization, efficiencies, visibility and control
• Provide project management and leadership to strategic GTC transformation initiatives, including:
  • Automated cash pooling (UAE and Global)
  • Global TRM roll-out
  • Treasury payments through SWIFT

Associate Development and succession planning

• Continuous development of associates on specialized skills required in managing treasury operations, systems and reporting

JOB CONTEXT

• The position acts as point for all treasury operations on a global basis. It focusses on efficient, automated controlling and risk management for all GTC activities, on a division agnostic basis
• The jobholder (for the purposes of review, advice, analysis and validation) constantly co-ordinate with Group Treasurer, other GTC functions, Group Finance, Group Legal, EIT, business finance teams and Banks, both in UAE and Overseas

QUALIFICATIONS, EXPERIENCE, & SKILLS

Education Qualification:

• CA, CFA, CPA or similar
• Treasury coursework (ACT or similar), experience in Treasury operations or Controlling, knowledge of treasury systems (TRM, SWIFT) are beneficial.

Minimum Experience and Knowledge:

• At least 10-15 years’ relevant experience within a large organization in a managerial level.

Job-Specific/Technical Skills required to complete the tasks:

• Advanced Analytical
• knowledge of banking and treasury, hedging and trade finance, process controls
• Good communication skills
• Exposure to ERP (especially SAP Hana) and relevant software of TRM

Behavioral Competencies:

• People Management Skills;
• Well-structured thinker and orator;
• Ability to set directions and prioritize the work;
• Maintain high degree of confidentiality;
• Strong and effective communication and presentation skills;
• Ability to work under pressure;
• Highly organized and attention to details;
• Problem Solving, Pro-active and flexible;
• Influencing colleagues and an ability to collaborate with both internal and external stakeholders

We’re here to provide excellent service but a little help from you can ensure a five-star candidate experience from start to finish.

Before you click “apply”: Please read the job description carefully to ensure you can confidently demonstrate why this opportunity is right for you and take the time to put together a well-crafted and personalised CV to further boost your visibility. Our global Talent Acquisition team members are all assigned to specific businesses to ensure that we make the best matches between talent and opportunities. We not only consider the requisite compatibility of skills and behaviours, but also how candidates align with our Values of Respect, Integrity, Collaboration, and Excellence.

As part of our candidate experience promise, we also want to make ourselves available to you throughout the application process. We make every effort to review and respond to every application.