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Job description / Role
My Client is a very well-funded start up with in the Bunker Oil Trading sector seeking finance manager to join the team and assist in building the business from the ground up based in Fujairah.
The main purpose of the role is:
To lead the financial management of the bunker trading division of the group in a fast paced and new start-up environment. Ensure that statutory and financial management requirements are delivered on a timely basis. Produce trading book P&L split by product with attribution of central overheads and to tightly control the credit management of the entity.
Duties:
• To follow and develop internal financial policies and procedures to ensure that the financial requirements of the group are met.
• Preparation of end of day valuation, P&L attribution, Balance Sheet and cash flow control for oil bunker trading division.
• Partner with the trading leadership team to provide support on all finance related matters.
• Provide timely and accurate documentation required by Trade Finance banks to ensure compliance with their requirements and continuity of unsecured credit lines.
• Develop a consistent and comprehensive set of internal controls for the bunker trading operations that will improve the financial and commercial support provided to the business, whilst ensuring effective risk management and Value at Risk monitoring.
• Support the development on Oil trading software to ensure the automation of front to back workflow is implemented within the division.
• Prepare statutory accounts in accordance with agreed accounting principles and in accordance with agreed internal and external timescales.
• Ensure that Hedging transactions are properly accounted for and that trading exposure is monitored and reporting to senior management. This will include Value at Risk reporting as well as stress testing exposures subject to price movements in underlying oil prices.
• Establish effective credit limit processes in conjunction with Group Finance Director to effectively control exposure to suppliers and customers.
• Ensure that all inter-company balances are agreed with group-finance within agreed timescales to support the fast close of monthly accounts.
• Liaise with external service providers e.g. banks, auditors & tax advisers. Prepare quarterly reforecasts and annual budgets.
Requirements
• Preferred: Qualified Accountant
• Bachelor's degree or master's degree in accounting, business, economics, finance, or a related field;
• Must Have: Qualified accountant with 5-8+ years PQE.
• Experience of Bunker Oil Trading and understanding of the transactional process related to this key sector in the maritime industry.
• Strong working knowledge of preparation oil trading Profit and Loss Account. Strong understanding of credit risk management.
• Good understanding of Commodity Trade Finance process and dealing with bank lenders; e.g. letter of credit facilities and supporting documentation requirements
• Strong understanding of IFRS including Hedge Accounting
• Preferred: Big 4 Audit Experienced
About the Company
italent has been around since 2012, when we saw that businesses needed better talent solutions for their employment requirements. By focusing our efforts on quality products and services that are simple-to-use and innovative, our team brings you the best results without any unexpected additional costs and unnecessary complications. Simply put, we love helping businesses find and keep the right people.