Financial Control Manager

1. Job PurposeThe Financial Control Manager is responsible for developing, implementing, and maintaining an effective financial control framework to ensure the accuracy, completeness, and integrity of financial information, compliance with applicable accounting standards and regulatory requirements, and the effectiveness of internal controls across the organization.The role focuses on strengthening financial governance, mitigating financial and operational risks, safeguarding company assets, and enhancing the reliability of financial and management reporting.In a retail environment, the position oversees financial controls across stores, branches, warehouses, distribution centers, and sales channels, ensuring effective controls over sales, cash collections, inventory, purchasing, operating expenses, and profitability.The role also supports executive management and relevant governance committees by providing reliable financial insights and control assessments, in line with the requirements of companies listed on the Saudi Exchange (Tadawul).2. Key ResponsibilitiesA. Financial Control and Internal ControlsDevelop, implement, and continuously improve financial control policies, procedures, and frameworks in line with recognized professional standards and corporate governance requirements.Assess the effectiveness of internal financial controls, identify control weaknesses, and implement corrective action plans.Ensure the integrity of financial processes, including payments, collections, bank reconciliations, cash management, accounts receivable, and accounts payable.Review compliance with the approved financial authority matrix and delegation of authority framework.Promote appropriate segregation of duties to minimize errors, unauthorized transactions, financial misconduct, and fraud risks.Monitor compliance with financial policies and procedures across corporate functions, branches, stores, and warehouses.Establish preventive and detective controls to protect company assets and improve the reliability of financial transactions.B. Financial Reporting and Accounting ComplianceOversee the accuracy, completeness, and timeliness of periodic and annual financial reporting.Ensure compliance with International Financial Reporting Standards (IFRS) as adopted in the Kingdom of Saudi Arabia.Review monthly, quarterly, and annual financial closing activities, including journal entries, accruals, provisions, estimates, and reconciliations.Review financial statements and supporting disclosures in coordination with the accounting team and external auditors.Ensure consistency between accounting records, operational systems, and reported financial results.Investigate material discrepancies and ensure timely resolution of accounting and reporting issues.Strengthen the quality and reliability of financial data used for management decision-making and external reporting.Support the implementation and continuous improvement of accounting policies, procedures, and financial reporting controls.C. Listed Company Compliance and Corporate GovernanceMonitor compliance with applicable financial reporting, disclosure, and governance requirements relevant to companies listed on the Saudi Exchange (Tadawul).Support compliance with relevant requirements issued by the Capital Market Authority (CMA), in coordination with the CFO and other responsible departments.Prepare financial control reports and management updates for executive management and relevant board committees, in accordance with approved reporting lines and delegated responsibilities.Coordinate with internal and external auditors on financial control matters, audit findings, and remediation plans.Monitor changes in applicable accounting standards and regulatory requirements and recommend updates to internal policies and procedures.Ensure that supporting documentation, reconciliations, and audit evidence are properly maintained and readily available for audit and regulatory reviews.Support the enhancement of the company's internal control environment and financial governance practices.D. Retail Financial and Operational ControlsOversee the implementation and effectiveness of financial controls across retail stores, branches, warehouses, and distribution centers.Monitor daily point-of-sale (POS) transactions and ensure reconciliation between recorded sales, cash receipts, electronic payment collections, and bank settlements.Investigate cash shortages, overages, and reconciliation discrepancies and ensure that corrective actions are implemented.Oversee inventory control procedures, including stock valuation, cycle counts, physical inventory counts, inventory adjustments, and investigation of stock variances.Monitor inventory shrinkage, damaged goods, obsolete inventory, and potential losses arising from operational weaknesses or unauthorized activities.Review controls over discounts, promotions, returns, refunds, voided transactions, and sales adjustments to ensure compliance with approved policies and authorization limits.Assess financial controls over procurement, supplier transactions, cost of goods sold (COGS), and gross profit margins.Monitor store operating expenses and analyze variances against approved budgets and established benchmarks.Review financial controls over e-commerce operations, where applicable, including payment gateway settlements, refunds, delivery charges, and omnichannel transactions.Develop store-level financial control indicators to identify unusual transactions, revenue leakage, control exceptions, and potential financial irregularities.Recommend improvements to retail processes to reduce losses, strengthen accountability, and improve operational profitability.E. Budgetary Control, Financial Analysis, and Risk ManagementReview budgets, forecasts, and financial projections in coordination with relevant departments.Analyze actual financial results against budgets and forecasts, identify significant variances, and recommend corrective actions.Assess financial and operational risks and develop appropriate preventive and detective control measures.Monitor key financial indicators, including profitability, liquidity, working capital, inventory turnover, and operating expenses.Prepare financial analysis and control reports to support management decisions and improve resource utilization.Identify opportunities to strengthen cost controls, reduce financial leakage, improve margins, and enhance profitability.Provide recommendations to the CFO on financial control improvements and emerging business risks.F. Financial Systems and Digital TransformationEnsure the effectiveness of financial controls embedded within Enterprise Resource Planning (ERP) systems and POS platforms.Review user access rights, system permissions, and segregation of duties across financial and operational systems.Monitor changes to sensitive financial data and transactions, ensuring appropriate authorization and audit trails.Strengthen data integration between accounting, sales, inventory, procurement, and operational systems.Develop automated control reports and exception-monitoring dashboards to identify unusual transactions and potential control breaches.Participate in financial systems implementation, process automation, and continuous improvement initiatives.Promote the use of data analytics and business intelligence tools to improve control monitoring and reporting efficiency.G. Team Leadership and Cross-Functional CoordinationLead, develop, and manage the financial control team, establishing clear responsibilities, objectives, and performance measures.Promote a culture of financial discipline, accountability, transparency, and compliance across the organization.Coordinate with Finance, Accounting, Treasury, Procurement, Inventory, Retail Operations, IT, Internal Audit, Risk Management, Compliance, and Investor Relations.Prepare periodic reports on control effectiveness, key findings, financial risks, and corrective action progress.Monitor the implementation of remediation plans and evaluate whether corrective measures effectively address identified weaknesses.Provide guidance and training to relevant stakeholders on financial control policies, procedures, and compliance requirements.3. Qualifications and Professional CertificationsEducationBachelor's degree in Accounting, Finance, or a related discipline.A master's degree in Accounting, Finance, or Business Administration is preferred.Professional Certifications – PreferredCPA – Certified Public Accountant.SOCPA – Saudi Organization for Chartered and Professional Accountants qualification.CIA – Certified Internal Auditor.CMA – Certified Management Accountant.ACCA – Association of Chartered Certified Accountants qualification.Relevant professional certifications are considered an advantage, particularly those related to accounting, financial reporting, internal controls, and risk management.4. Required ExperienceA minimum of 8–10 years of relevant experience in finance, accounting, financial control, or related disciplines, including at least three years in a supervisory or managerial role.Direct experience in publicly listed companies on the Saudi Exchange (Tadawul), with practical exposure to financial reporting, corporate governance, and applicable regulatory requirements.Demonstrated experience in the retail sector, preferably within multi-branch or large-scale retail organizations.Proven experience in designing, implementing, and evaluating internal controls and financial risk mitigation measures.Strong experience in financial closing, financial statement preparation, and IFRS compliance.Practical experience in retail financial controls, including POS transactions, sales reconciliations, cash collections, inventory management, returns, discounts, and operating expenses.Experience working with internal and external auditors and managing the resolution of audit findings.Experience with ERP systems such as SAP, Oracle, or Microsoft Dynamics.Experience in financial data analysis, management reporting, and control monitoring tools is preferred.5. Required Skills and CompetenciesStrong technical knowledge of financial control frameworks, internal controls, and risk management.Comprehensive understanding of IFRS as adopted in Saudi Arabia and relevant Saudi financial reporting and regulatory requirements.Strong analytical skills with the ability to identify financial discrepancies, unusual transactions, and emerging risks.Proven leadership, team management, and stakeholder management capabilities.Excellent communication and reporting skills, including the ability to present financial control findings to senior management.High attention to detail, professional judgment, and the ability to manage large volumes of financial data.Strong ethical standards, integrity, objectivity, and confidentiality.Ability to manage competing priorities and meet strict financial reporting deadlines.Advanced Microsoft Excel skills; Power BI and other data analytics tools are preferred.Ability to work effectively across finance and operational teams in a fast-paced retail environment.6. Key Performance Indicators (KPIs)Performance should be measured against agreed targets, taking into account the company's size, risk profile, and operating model.Financial Closing and Reporting: Timeliness and accuracy of monthly, quarterly, and annual financial reporting.Control Effectiveness: Number and severity of identified financial control weaknesses.Corrective Action Closure: Percentage of remediation actions completed within agreed deadlines.Cash Control: Frequency and value of cash discrepancies across stores and POS operations.Inventory Control: Inventory variance and shrinkage rates, including losses and damaged stock.Sales Reconciliation: Percentage of sales transactions reconciled accurately with POS records, accounting records, and bank settlements.Policy Compliance: Level of compliance with approved financial policies and delegated authority limits.Financial Accuracy: Number of material accounting errors, adjustments, or reporting issues attributable to control deficiencies.Audit Findings: Percentage of internal and external audit findings resolved within agreed timelines.Operational Improvement: Measurable reduction in control exceptions, financial leakage, and recurring control weaknesses.Control Automation: Progress in implementing automated monitoring and reporting controls, where applicable.7. Authority and AccountabilityThe Financial Control Manager is authorized to:Request financial, accounting, and operational information required to perform assigned responsibilities.Review financial transactions and supporting documentation for compliance with approved policies and procedures.Escalate material control weaknesses, financial risks, and suspected irregularities to the CFO and other designated authorities.Recommend corrective actions and improvements to financial processes, systems, and internal controls.Follow up on agreed remediation plans and report outstanding issues through established governance channels.