Job Description
Roles & Responsibilities
To support the Budgeting & Planning Section Head in planning, preparing, and monitoring the Bank s Budget and Rolling Plan. Coordinate with departments, consolidate budgets, and ensure adherence to financial plans. Facilitate the budgetary process and provide financial analysis to support effective management decision-making and strategic alignment.
2. Duties and Responsibilities
1. Budget Preparation & Consolidation
1.1 Assist in the preparation and consolidation of the annual budget by collecting data from departments, business lines, and strategic initiatives.
1.2 Coordinate with department heads and budget owners to ensure timely and accurate submission of budget proposals.
1.3 Provide justifications and explanations to Management and the Board for the proposed budgets.
1.4 Preparation & maintenance of the complete budget working files and related documents
2. Rolling Forecasting & Capital Planning
Develop, maintain, and continuously update rolling forecasts covering profitability, balance sheet growth, liquidity, capital adequacy, and key business drivers. Coordinate with business units and support functions to incorporate changing market conditions, business assumptions, and strategic initiatives into rolling forecast models. Support the preparation of forward-looking financial projections for Management, Board Committees, Shareholders, and regulators, ensuring consistency with approved strategic and business plans. Provide forecast inputs and analytical support for ICAAP, Capital Planning, and other regulatory submissions required by the Central Bank of Oman.
3. Monitoring & Performance Reporting
3.1 Monitor departmental and overall budget performance to ensure alignment with approved financial plans.
3.2 Identify and analyze variances between actual and budgeted figures, and report insights to the Budgeting & Control Section Head.
3.3 Support reforecasting efforts and ensure accurate and timely performance reporting through monthly, quarterly, and periodic reports (including income statements, balance sheets, and cash flow statements).
4. Financial & Strategic Analysis
4.1 Conduct financial and transactional analysis to identify trends, cost-saving opportunities, and performance improvement areas.
4.2 Provide recommendations to improve budget efficiency and support strategic decision-making.
5. Cost Control & Optimization
5.1 Implement and support cost control measures, including participation in cost review meetings and development of a cost accounting model/system for management accounts.
5.2 Promote continuous improvement in budgeting and cost management practices by aligning with the best international practices and enhancing productivity.
6. Strategic Alignment & Integration
6.1 Support departments in developing strategies aligned with functional and organizational goals, ensuring both vertical and horizontal integration.
6.2 Prepare financial projections for long-term planning and regulatory purposes, including inputs for ICAAP documentation required by the Central Bank of Oman.
7. Governance & Compliance
7.1 Ensure all budget-related activities and documentation comply with internal policies and external regulations.
7.2 Stay updated with changes in financial regulations and adjust practices accordingly.
7.3 Supervise communication and implementation of policies and procedures to maintain adherence to organizational and legislative standards.
8. Teamwork & Operational Support
8.1 Manage or support daily operations within the budgeting function, enabling effective teamwork and high performance.
8.2 Contribute to the ongoing development and refinement of systems, processes, and reporting frameworks to support operational efficiency.
9. Other Duties
9.1 Perform any other tasks assigned from time to time by the manager or management.
KEY INTERACTIONS
1. Internal Board, Management & all internal department and branches As per operational activities
2. External Shareholder(s), Auditors As part of operational activities
3. Level of external interaction This position requires a low to medium level of external interaction