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Treasury Section Head ( Finance Dep)

Posted about 1 month ago by MSELECT
Location Basra, Iraq Job Type
Salary Sector Oil & Gas

MSELECT is hiring a Treasury Section Head for an international oil and gas operator in Basra. Candidates must have a minimum of 8 years’ experience in accounting and treasury operations and be fluent in English.

Reports to

  • Finance Manager

Department

  • Treasury

Section

  • Finance

JOB OBJECTIVE

To manage cash flow for company operations including cash flow forecasting and managing banking relationship in accordance with Asset’s financial policies and procedures.

KEY ACCOUNTABILITIES

People Management

Supervise the activities and work performed by direct reports to ensure that it is carried out in an efficient and effective manner, in line with sections policies and procedures & Asset’s expectations.

  • Recommend training and development interventions for team members to build their capabilities.

Cash Flow Forecasting

  • Monitor asset’s short-term cash flow and daily bank balance providing the Finance Manager and Head Office with daily cash position report and recommending necessary cash management action.
  • Review / compile cash call information from asset and various other sources and prepare monthly cash call forecast for operations so that sufficient cash is made available at appropriate time.
  • Supervise daily and monthly bank and treasury reconciliations to ensure their correctness. Follow up on outstanding non-cashed cheques and takes necessary measures to update records.
  • Review / prepare monthly and quarterly cash flow forecast in consultation with Planning / Reporting teams.

Credit Control & Compliance

  • Monitor proper implementation of the company's approved financial systems and procedures related to treasury management.  Verify the process of payments, including accuracy & authorization of payment orders, transfer orders, cheques, drafts and cash.
  • Verify/upload payment batches to e-banking gateways. Ensure daily foreign exchange rates received from bank are updated into system.
  • Review payments to vendors and ensure that all payments are done in a timely and effective manner in coordination with relevant departments.
  • Monitor fund disbursements, to ensure that all income and expenditure is recorded in compliance with internal procedures and International Financial Reporting Standards and ensure timely clearance of invoices into the system.
  • Ensure payments are made into correct beneficiary bank accounts and after obtaining necessary management approvals as per policies and procedures.
  • Review / prepare reconciliation of all bank accounts to ensure that all banking transactions are accurate and consistent with factual transactions and recorded in the book of accounts in a timely manner.

Relationships with Banks

  • Assist Head office in dealing with banks and other financial institutions for bonds, guarantee, deposits and other treasury functions.
  • Oversee the administration and management of company various bank accounts and liaise with banks to obtain bank statements and other information as may be required.

Policies, Systems, Processes and Procedures

  • Contribute to the identification of opportunities for the continuous improvement of systems, processes and practices to increase productivity and operational efficiency.
  • Implement all relevant policies, processes, procedures and instructions so that work is carried out in a controlled and consistent manner.

Health, Security, Safety and Environment

  • Follow all relevant company’s health, security, safety and environmental policies, processes, procedures and instructions to ensure Health and Safety compliance in all aspects of work by applying them on self, others and corporate assets.

Reporting

  • Review / prepare periodic financial reports ensuring regular visibility to management for decision making.

COMMUNICATIONS & WORKING RELATIONSHIPS

Internal

  • Asset President / General Managers
  • Asset teams
  • Asset finance team

External

  • Regional and international banks
  • BOC
  • Statutory auditors, Internal Audit, JV Partner Auditors

DECISION MAKING AUTHORITY

  • Key decisions having significant impact on Treasury accounting matters are referred to the Finance Manager for approval before implementation.

QUALIFICATIONS, EXPERIENCE & SKILLS

Minimum Qualifications

  • Bachelor’s in finance / Accounting with good knowledge of banking transactions
  • Certification or accreditation like CIMA/ACCA/CPA or equivalent

Minimum Experience

  • Minimum of 8-10 years of experience in accounting and treasury operations.

Job-Specific Skills

  • Knowledge of the Oil and Gas industry
  • Clear understanding of financial accounting and treasury operations
  • Knowledge of current technical accounting and auditing pronouncement
  • Knowledge of upstream oil and gas financial operations.
  • Knowledge in regional rules, regulations, and policies.
  • Relationship management skill
  • Communication and presentation skills
  • Attention to details
  • Problem solving skills
  • Organizing and Planning skills
  • Team work

*Only applicants meeting the strict criteria outlined above will be contacted as part of the shortlisting process

 

 

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MSELECT

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http://www.mselect.iq

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