Financial Control Manager

1. Job Purpose The 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 Responsibilities A. Financial Control and Internal Controls Develop, 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 Compliance Oversee 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 Governance Monitor 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 Controls Oversee 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 Management Review 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 Transformation Ensure 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 Coordination Lead, 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,