Vice President Financial Reporting

Responsibilities

Job purpose:

The Group Reporting & Tax team comprises group reporting teams (financial & regulatory), financial control, and tax team. The unit falls under the Group Finance department and reports to the CFO.

Key priorities of this role under Group Financial Reporting team include:

• Managing all the requirements of the IFRS 9 project including accounting, reporting, reconciliation, etc.
• Providing world-class financial reporting and support services, adding value through professional, independent, and objective financial advice that assists in achieving business objectives while complying with group policies, standards, and external statutory obligations.

The Group Financial Reporting team is responsible for managing accounting and financial reporting of the bank. The group also produces monthly, quarterly, and annual financial statements. It engages with various stakeholders during the process and works with external auditors to meet audit-related requirements.

This role focuses on day-to-day tasks related to the financial reporting team such as accounting, managing end-to-end processes, performing various analyses and providing commentary for reporting purposes, preparing financial disclosures, dealing with auditors, understanding country-specific requirements for IFRS 9, and providing assistance for any new accounting standards.

The candidate will provide support not only within the reporting team but also to various functions within Group Finance to understand reporting requirements.

The candidate will be a key member of the Finance Systems working group by understanding finance system infrastructure and communicating to the group the general management business reporting requirements.

Key accountabilities:

• Ensure smooth running of month-end processes including preparation and review of adjustments, reconciliations, preparing audit trails, adherence to schedules, data management, exception resolution, and maintaining trackers for exceptional items.
• Ensure proper accounting under IFRS and related standards at group level including country-specific requirements and non-compliant entities as well.
• Perform various reconciliations such as derivatives, term borrowings, stage 3 numbers, expected credit loss (ECL) numbers, write-off/recovery numbers, impairment numbers, etc.
• Perform variance analysis and provide commentary for variances in key balance sheet and profit and loss numbers and ratios for monthly financial reporting packs.
• Prepare critical disclosures in the financial statements related to cash flow movements, derivatives, term borrowings, IFRS 9, movements in provisions, impairment notes, etc.
• Provide explanations to queries raised by statutory and internal auditors.
• Support preparation of quarterly and annual financial statements including comparison of accounting policies with industry practices, review of financial statements, investors' presentations, and press releases of peers.
• Provide technical and practical advice on resolving complex accounting issues arising from the application of new accounting standards and issues from day-to-day developing events and transactions.
• Keep abreast of technical developments relevant to new accounting standards to provide support for new accounting standard requirements and various ad hoc accounting advice.
• Assist in all aspects of model development and validation including data extraction and pre-processing, modular model development, user acceptance testing, and model performance assessments.
• Assist with the development, management, and implementation of all financial reporting and accounting related matters within the bank to ensure alignment and compliance with external standards and internal policies and procedures.
• Participate in projects and new product requirements and address requirements related to financial reporting.
• Ensure regularization of audit adjustments not only for the group but also for subsidiaries and branches.
• Understand country-specific requirements for IFRS 9 and assist in developing processes for accounting, reporting, and reconciliations.
• Provide support to overseas branches and subsidiaries for their accounting and IFRS requirements and resolve auditors' queries.

Qualifications & experience:

• Minimum qualification: Qualified professional (ACA / CFA) preferred or 5-8 years' experience in a financial reporting function.
• Experience in accounting and reporting under IFRS related areas, audit, and reporting.
• Experience working with Big 4 audit firms.
• Experience in developing financial and other management information reporting, automating processes.
• A proven ability to operate effectively at various organizational levels and a willingness to adopt a hands-on approach to problem solving where appropriate.
• Understanding project plans and ability to clearly articulate roles, goals, and timelines.
• Adhere to project plans defined by project management.
• Good relationship management skills are essential as the candidate will work closely with internal stakeholders to constantly improve operational performance.

About us

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world's largest and safest financial institutions. We offer a comprehensive range of personal and private banking services, including credit cards, Islamic banking, investments, loans, and mortgages. Our commitment to excellence and innovation drives us to provide top-tier financial solutions to our clients.

Life at FAB

Working at FAB means being part of a team of talented and passionate individuals with a shared vision to support the ambitions of our stakeholders to "Grow Stronger." We embrace the needs of our customers across the globe with a sense of responsibility and confidence driven by extensive expertise that can only be delivered by an ambitious world-class organization.

Career development

FAB offers unique career choices, a chance to innovate, craft solutions for the future, and express yourself in a performance-based culture that will unleash the best in you. Whether you are an experienced professional or just starting your career, FAB provides a range of learning and development initiatives to support all employees through training and skill development.

Our values

At FAB, we place our customers at the core of our activities, live our values each day in every way, celebrate achievements, and empower each other to deliver leading solutions. We have structured plans for the recruitment and career progression of Emirati talent to enable them to make a mark in the financial and banking sector both regionally and globally that rewards your hard work and dedication.

Join our team and be part of a journey to shape the future of banking.