IDB2996 – Lead Planning & Budget Specialist
Business Unit: President Complex
Division: Not Applicable
Department: Strategy, Budget, and Corporate Performance Department
Contract type: Regular Staff
Country: Saudi Arabia
Location: Saudi Arabia – Jeddah
Closing date: 22-Apr-2023
Undertake a lead role in conceptualization of the annual planning and formulation of annual budget including the preparation and circulation of Guidance Notes on planning and preparation of annual Integrated Work Program (IWP) of IsDB and facilitate the submission of departmental/divisional budget requests. Lead in the design and preparation of periodic budget implementation reports for submission to management and Board of Executive Directors. In addition, to manage, oversee and coordinate the work and deliverables of the budget team based on management / departmental priorities. Lead in the formulation and development of budget policies, methods, procedures consistent with approved IsDB policies and adherence to best industry practices. Promote dialogue and cooperation with departments and provide support in implementation of approved budgets as a catalyst to the operationalization of IsDB Strategy.
Planning & Budgeting Process
- Conceptualise, design and promote appropriate suitable budgeting mechanisms / methodologies to establish strong linkages between budgetary resources requirements and departmental objectives for effective achievement of key strategic objectives of the bank
- Lead in the conceptualization, planning and designing procedures / methodology for the Integrated Work Programme & Budget leading to the development of Work Programme and Budget document for BED approval
- Lead role in the division’s continuous efforts to implement the IsDB Strategy in collaboration with the Strategy and Corporate Performance Divisions by ensuring that departmental business plans, KPIs and budget proposals are linked to IsDB Strategy.
- Lead the Budget Division team and oversee the consolidation and evaluation of the annual administrative budget proposals based on departmental agreed objectives, business plans and KPIs.
- Lead the Budget team and oversee the consolidation and evaluation of the Capital Investment budget proposals submitted and ensure that the Capital Investment Programme (CIP) is periodically reviewed while incorporating recommendations on best practices for improvements
- Lead the drafting of the Work Programme and Budget document for submission to Management and BED for approval by incorporating both the Administrative and Capital Investment Budget proposals.
- Oversee, follow up the incorporation of the decisions of the Budget Committee within the Budget Process prior to clearance of the President, IsDBG and submission to the Board of Executive Directors for approval
- Lead in consolidating allocated budgeted post BED approval in EPM and ensure consistency with BED resolution for upload in SAP-FM
- Ensure that approve budget is accurately uploaded in SAP-FM one week post BED approval.
- Identify and initiate relevant initiatives/ strategies and present recommendations on potential areas that will result in maximizing cost efficiencies, and realigning resources to priority areas, advise management on issues related to complex budgetary matters to address emerging departmental budget issues.
- Conceptualize modern budgeting techniques consistent with industry best practices through research and collaboration with other Multi-Lateral Development Banks (MDBs) and International Financial Institutions (IFIs) and ensure successful implementation of such budgeting techniques to operationalise the IsDB Strategy and annual work plans of business units for realisation of key strategic objectives of the Bank.
Guidelines, Policies, Procedures & Manuals
- Initiate the review and development of budgeting policies, guidelines methods and procedures governing the formulation, implementation and monitoring of Budget utilization
- Responsible for the development, update and maintenance of Budgeting guidelines, policies, methods and procedures in conformity with agreed policies of the Bank as well as migrate best practice budget methodologies and practices.
- Responsible for the development, updating and maintenance of policies, procedures and rules governing the Capital Investment Programme
- Lead in the development of guidelines in the creation of new Funds in the Bank and ensure consistency across all funds
- Lead in the review and development of Cost allocation methodology/mechanism and ensure OCR is not charged with unnecessary expenditures
- Lead in the conceptualization, development and implementation of Activity Based Costing (ABC) and Profit Centre Accounting (PCA) in the Bank.
Budgeting Function Profile
- Promote the establishment and maintenance of a high profile budgeting function in the institution so that appropriate recognition and weight are given to the function by Management, Board of Executive Directors and staff as the principal tool for strategy implementation
- Ensure that existing guidelines, policies (cultural model & integrity policies) are adhered to at all times while engaging clients.
Communication, Collaboration & Innovation
- Oversee the monitoring of budget implementation in collaboration with all the organizational units and the preparation of periodic budget execution reports, including monthly budget utilization reports and comprehensive mid- term and yearly budget review proposing to the Management possible budgetary re-allocations and transfers
- Partner with other MDBs/IFI and migrate best practices to the bank suggesting suitable policies, rules and procedures for the enhancement of formulation, monitoring and reporting of Budget implementation including the development of Capital Investment Programme.
- Excellent writing skills to draft professional reports and correspondence that is comprehensive, clear and concise
- Able to influence decisions at all levels in the bank
- Prioritize workload of the Budget Division team when faced with competing assignments.
Guidance and Advice
- Guide and advise all Bank units in their business planning and analysis of budget requirements, preparation of budget requests, and management of allocated budgets
- Promote the use of appropriate SAP / Other Systems, tools and functionalities by business units for accurate monitoring, control and reporting of budgetary resource utilisation for informed decision making e.g. the use of Internal Orders / other cost objects to capture, monitor and report the use of budgetary resources related to programs, Capital Investments and Initiatives for value reporting
- Exercise good judgement and discretion, especially with regards to sensitive or confidential organisational matters.
Reporting & Advisory
- Oversee the preparation and presentation of high level budgetary reports, to Management and Board periodically and provide recommendations and advice if needed, including the execution of operations and support programs and forecasts of year-end budget utilization
- Collaborate closely with IMDT to promote and ensure that appropriate systems tools and functionalities are made available to business units
- Display strong knowledge of and/or experience in using the bank’s ERP systems for analysis and reporting of budget utilisation
- Ability to supervise implementation of ERP systems from functional perspectives in collaboration with IMDT
- Ensure the Budget Team complies with IsDB’s policies, processes, practices and system.
People Management & Knowledge Sharing
- Possess excellent interpersonal skills to interact with various stakeholders at all levels in the Bank
- Manage Budget Team’s activities so that it effectively utilises its resources, manages its priorities, and can be both responsive and proactive by providing clear direction, prioritise tasks, assign and monitor the Budget Team’s workflow
- Manage Budget Team’s performance by encouraging and motivating team members and providing regular updates with analysis and comments on Budget Team’s performance and results. Coach, identify and initiate actions for improvement and innovation
- Provide opportunities for Budget Team members to suggest, participate and contribute to improvement, innovation and knowledge sharing initiatives.
Education, Experience & Certification:
Academic and professional qualifications:
- Bachelor’s degree in Finance, Accounting, Business Administration, MIS, Sciences, or any related discipline.
- Professional certification in Accountancy or Finance (ACA, CPA, CIMA or ACCA) is preferred.
- Minimum 10 years of experience in Budgeting, of which 3 years in a managerial/supervisory role.
- Minimum of 5 years in a multi-lateral sector is preferred.
Skills & Necessary Knowledge:
- In-depth understanding of the budgeting processes, tools and methodologies, financial control, corporate finance, financial modelling and strong analytical skills.
- Extensive knowledge of planning and business performance management. Business Intelligence applications and Management Information Systems (MIS).
- Ability to use financial statements to effectively evaluate the financial/strategic performance of an organization
- In-depth / conceptual understanding of the role of budget and resource management to achieve organizational objectives
- Working knowledge of SAP modules is an added advantage – Performance Management, Controlling (CO), Funds Management (FM), Business Planning and Consolidation (BPC) or other Business Intelligence Applications.