Reporting to : CEO and Board of Management
Key Subordinates: Dy. CFO ,Finance Manager ,3. S. Finance Officer ,4. Financer Officer ,5. Finance Assistant
- To manage, plan, budget, forecast, organize, control and guide all activities of the Finance & Accounting Department of the bank at Head Office as well at Branches of the Bank. Shall direct activities of Finance & Accounting Department; provide leadership, training and supervision within the department; and ensures compliance with Bank’s policies and procedures and also ensures compliance to the standard Accounting Principles so that true and correct position of the Bank is reflected.
- Shall be responsible for all of the Bank’s fiscal operating results using standard Accounting Principles. Responsible for Cost Accounting, preparation of Budgets, Reporting to Central Bank and other Regulatory Authorities and ensuring to safeguard the Assets of the Bank
- To assist the CEO of the Bank in the administration of Financial/Accountingside of the Bank on day to day basis and reflecting the position of the Bank in this regard on Monthly, Quarterly, Six Monthly and Annual Basis.
- To discharge responsibilities as member of Board of Management of the Bank and providing accurate figures and MIS as and when called upon to do so. This position shall be subject to approval of DAB.
- To proactively attend and solve day to day Accounting/Balancing problems faced by the Bank
- Shall Counsel senior management on fiscal control and profitability; prepare, present and interpret financial reports to senior management; adhere to tax laws and regulatory compliance for properly reflecting the financial position of the Bank.
- The position of Chief Financial Officer shall assist in attaining established Bank’s financial goals. Perform supervisory duties of departmental staff; coordinate with other Departments of the Bank for ensuring achievement of Financial Goals of the Bank. Provide necessary training and writing Manuals, Check Lists and Guidelines and establishing procedures for the staff to follow..
- Arrange Training for staff and acknowledge them about whole jobs function as CFO.
- Control of Bank Finance Department;
The incumbent shall be required to exercise utmost control over the Finance & Accounting Department, the financial planning and daily reporting of the Finance & Accounting Related Entries. The controls to be implemented directly or through DCFO as per the discretion of the Job Holder. He shall ensure that a team of professionals is built up for smooth functioning of the Department. The performances of the staff is to be constantly monitored through reporting system in place and changes in the staff to be considered and implemented as and when it becomes necessary.
- Control on Liquidity, Broad Liquidity Ratio & Quick Liquidity Ratios and Reserve Requirements:
The Job Holder shall exercise control over the Liquidity of the Bank and shall ensure that Liquidity Risks faced by the institution is properly mitigated and Asset and Liability remain properly matched both in short as well as on long term basis through gap analysis. He has to ensure with collaboration of Treasury department and COO that the Liquidity requirement of the Bank at Central bank is maintained and DAB’s requirement are met at any given time. The reporting requirement to Central Bank and other regulatory authorities in this regard is to be observed all the time. He further ensures that daily Liquidity Ratio analysis; Broad Liquidity Ratio & Quick Liquidity Ratios of the Bank are calculated and done regularly and reported to the Central Bank as per their requirements. He also ensures Maintenance of Cash Liquidity reserve and other mandatory reserve requirements at Central Bank
- Asset & Liability Committee (ALCO):
He establishes system and parameters for ALCO and ensures that meetings of ALCO Committee are held on regular intervals to discuss the Liquidity of the Bank
- Regulatory Capital Requirement:
He ensures that Regulatory Capital required to be maintained by a Bank as per rules/regulations of DAB is always maintained and no short fall occurs in it. He conducts regular checks on it by keeping an eye on the expenses and informs the shareholders/supervisory Board about it well in advance.
- Reconciliation of Inter Branch Transactions:
He ensures that inter branch transactions are reconciled regularly and promptly and any outstanding entry is followed up so that it could be reconciled as soon as possible or same to be reported to the management of the Bank for perusal and necessary action.
- Reconciliation of Central Bank, Western Union &Nostro Accounts:
He ensures that Bank Accounts with the Central Bank are controlled, reconciled and balanced on daily basis and any outstanding entry is reported to management and is followed up until it is reconciled or adjusted. Same procedures are to be adopted for all Banks’ Nostro Accounts and entries related to Western union as well.
- Suspense Entries and its follow up:
He ensures that these entries are properly recorded and that all the entries outstanding under Suspense Account are followed up regularly and efforts are made for reversal of such entries as soon as possible.
- Deduction & Payment of Tax:
He ensures tax management of income tax of the employees and the Institution as well the withholding tax required to be deducted as per Government decisions taken from time to time such as the deduction of tax on Profit payable to Bank clients on their deposit etc. He ensures that proper record of tax payments made to Government agencies from time to time is held properly and avoid situations where penalties could be imposed on Bank due to any slackness on part of the Bank.
- FX Revaluation:
He ensures that the Books are revalued as per the latest exchange rates for all the Accounts maintained in Foreign Currencies on regular intervals thus reflecting a correct position in the Balance Sheet of the Bank.
- Forex Open Position:
He ensures that Foreign Exchange position of the Bank is always squared up and if due to some reasons it is left open then it must be so within the approved parameters of the Bank and the Central Bank and limits set for this purpose are not be violated.
- Handling of External Audit:
He ensures that an approved Chartered Accountancy Firm is engaged as an External Auditors of the Bank as per the central bank requirement. He further ensures that the mandatory annual external audit is arranged well within the time frame upon completion of each financial year and that the Bank Audited Balance Sheet and profit & Loss Account is submitted to DAB after getting it approved by the Bank’s External Auditors and General meeting of the Share Holders and Board of Supervisors/Board of Management
- Depreciation & Amortization of Assets:
He ensures that all the fixed assets, tangible assets or non-tangible assets of the Bank are properly listed and booked and that periodical depreciation is applied to it as per the rules and regulations of the Central Bank.
- Preparation of Annual Budgets/Forecasting:
He ensures that annual budgets of the bank and forecasting are prepared and approved for each financial year and are followed & implemented where possible. He also ensures that costs and expenses are controlled to a large extent.
- Passing of Expense Vouchers:
He ensures that all expenses are approved through a proper procedure and formalities like obtaining of quotations, pre-approved auditing, market verification and submission on an agreed format becomes an integral part of this exercise.
- Trial Balance of the Bank:
He ensures that Trial Balance Sheet of the Bank is updated on daily basis accurately and mistakes if any are adjusted promptly in accordance with the standard accounting principles
- Profitability Analysis and Reporting:
He ensures that Bank Profitability is analyzed from time to time with a view to find means to maximize it through introduction of cost effective measures.
- Control on passing of vouchers/ entries:
He ensures that a proper system, limits and procedures are in place and is being followed for passing entries/vouchers whether system raised or otherwise and that record of vouchers is maintained where required.
- Job Descriptions & staff Appraisals:
He ensures that proper Job description is written and given to each employee working under Finance and Accounting department with the help of Manager HRD and these are updated from time to time. He also ensures that periodical appraisals/evaluations are done for every employee working under him and submitted to HR.
- Staffing Requirements;
To keep monitoring the requirement of staff in the department and remaining constantly in touch with HR for hiring of additional staff well in advance and also catering to the training requirements of the staff. Also ensures that proper back ups are available of all the key staff.
- Compliancewith AuditRequirements;
To ensure that the business of the Department is conducted in compliance with the rules and regulations of DAB and ensures that the Audit recommendations by the Internal Audit or DAB or the External Audit are followed in letter and spirit.
He ensures that all the required reporting both external and internal especially to DAB is done timely and accurately as per the desired formats. He keeps the list of all Required Reporting to be made on daily, weekly, monthly, Quarterly, Half Yearly and Yearly Basis and ensures that these lists are updated as per change in requirements and further ensures that these are prepared and submitted in time.
- Issuance of Circulars:
Ensures that circulars are issued on all important matters to staff from time to time to keep them fully informed. Also issuing & circulating procedural methods to keep on refreshing the memories of staff on important functions of the bank.
To attend to any other matter that may not have been mentioned in this document but is otherwise required to be attended by the job holder. Besides, the Job Holder is to attend to any Bank related assignment given by CEO, Board of Supervisors or General Meeting of Share Holders