Chief Financial Officer – Parwaaz Financial Services
Report to: Chief Executive Officer (CEO)
Application deadline for the position is November 22, 2020
Parwaaz Financial Services (PFS) will a wholly owned subsidiary of Karandaaz Pakistan – A not-for-profit company funded by FCDO (Foreign, Commonwealth and Development Office) and BMGF (The Bill and Melinda Gates Foundation) with the vision of having a Financially Included, Empowered Pakistan. Karandaaz works for Financial Inclusion of the MSME through a commercially directed platform. As part of the commitment to increasing access of capital for SME sector, Parwaaz Financial Services will be incorporated as a Non-Bank Financial Company (NBFC) registered with SECP which will be solely focused on providing Credit and Financial Services to the SME Sector which is underserved when compared to other countries in the region.
Karandaaz’s vision is to create a best in class NBFC that can innovate, use cutting edge technology and think of out of the box solution for providing customized solutions for financing needs of the SMEs. The entity will be headquartered in Lahore but is expected to gradually expand its operations across Pakistan.
This incumbent in this position will set-up the financial management system for the NBFC. The incumbent will be expected to institute strong internal financial controls, policies, procedures, and SOPs for PFS in line with the company’s growth plans, while also coordinating closely with the parent entity.
- Oversee the management and coordination of all fiscal reporting activities for the organization including organizational revenue expense and balance sheet reports, reports to funding agencies, development, and monitoring of organizational budgets.
- Responsible for all types of financial reporting, budgetary management, and presentation to the Management, Shareholders Committees and to the Board of Directors
- Formulate financial strategies at an organizational level in line with the overall growth strategy and direction given by the NBFC Board
- Participate in the corporate decision-making process as a member of the Management Committee with joint responsibility for the development of long-term corporate strategies and company policies
- Monitor and review finance and treasury policies, procedures, and practices in line with international accounting standards, legal requirements, and industry practice
- Oversees and maintains the organization’s treasury and ensures organizational sustainability through effective treasury management
- Identify and drive appropriate growth strategy, financial analysis, and due diligence to enable to reach its strategic goals
- Ensure that resources, direction & internal controls, and financial processes exist to achieve timely and accurate reporting of all financial matters to internal/external parties.
- Ensure internal audits are carried out in accordance with the annual audit plan duly approved by the Board Audit Committee
- Ensures timely completion of external audit for further approval of financial statements from the Board Audit Committee and the Board and ensures timely filing of these statements with the SECP
- Regular reporting to the Board and Shareholder regarding the financial health of the organization including reporting on budget vs actual analysis
- Plan, direct, and coordinate the implementation of effective accounting and financial administration policies, procedures, and reports to ensure sound financial management and control.
- Oversee forecasting, budgeting, margins, and variance management
- Develop and prescribe adequate financial procedures to provide the basis for management decisions and control.
- Liaise with regulators like SECP, FBR, SBP on a periodic basis and ensure all regulatory compliances
- Building a team and support their development working environment/culture that is inclusive and reflective of Pakistan’s diversity including gender equality whilst working closely with the board to ensure appropriate staffing levels are in place to deliver the business plan.
Functional Skills / Knowledge Areas:
- Clear understanding of NBFC’s business and competitive brands.
- Strong stakeholder management.
- Prior experience of managing regulatory compliances including SECP, SBP, FBR etc
- Proficiency in MS Office and working knowledge of financial and cost accounting softwares
- Decision-making and problem-solving skills
- Leadership skills with the ability to delegate, motivate and inspire team members
- Strong sense of accountability and Integrity
- Strong written and verbal communication skills
- The candidate must be a Member of the Institute of Chartered Accountants of Pakistan with experience of one of the Big Four Audit Firms or Institute of Cost and Management Accountants of Pakistan
- Minimum 12 years of relevant experience with at least 8 years in heading a finance department of a financial institution.
Candidates can email their resume and cover letter to firstname.lastname@example.org clearly mentioning the position title in the subject line. The deadline for applications is 22nd November 2020.
Parwaaz Financial Services will be an equal opportunity employer. Women and people with disabilities are encouraged to apply. Market competitive remuneration and benefits will be offered.
Please note that the recruitment for PFS is managed by Career Pakistan.