Planning & Budget Specialist

ISDB - Islamic Development Bank
Jeddah, Saudi Arabia
See description
23 Mar 2023
07 Apr 2023
Job Function
Islamic Finance
Industry Sector
Finance - General
Employment Type
Full Time
Key Accountabilities

Planning & Budget Formulation

• Plan necessary preparatory tasks and other activities involved in in the formulation, implementation, monitoring, and reporting on departmental/Complex/Units budget utilization
• Contribute to the Preparation of budget guidance notes, budget templates and actual budget utilization data form SAP-CO/FM etc).
• Guide departments in preparing annual administrative budget proposals based on IWP & Budget guidance Notes departmental objectives, KPIs and Annual Work Plans, providing advice to departments on guidance notes & budget templates to enable them formulate budget proposals and ensure timely submission to Budget Division for consolidation
• Encouraging departments to use the functionalities of SAP- CO/FM/BPC/other system to prepare budget proposals and the use of Internal Order concept to upload, monitor and report the use of budgetary resources related to programs, Capital Investments, and Initiatives for value reporting

Preparation of Budget Proposals

• Undertake analytical review of budget proposals received from departments/divisions to ensure linkage between budgetary resources requirements and departmental objectives & KPIs.

• Consolidate and finalise budget proposals for analysis prior to submission to the budget committee for clearance.
• Prepare various scenarios of consolidated budget proposals following discussions and directions of the budget committee for reconsideration by the budget and Management committees and eventually prepare the final Work Programme & budget document for submission to the Board of Executive Directors for approval.
• Prepare key points and issues to be incorporated in the presentation to the Board of Executive Directors for approval of the Budget

Implementation of Approved Budget

• Prepare approved budget tables for incorporation in the Work Programme & Budget document for publication
• Prepare memoranda setting out departmental budget allocations by cost element for all departments/complexes
• Upload approved departmental budget allocations in the SAP System and reconcile the allocation with the approved budget
• Prepare periodic actual utilization reports for controlling and monitoring budget implementation using SAP functionalities

Control, Monitor and Report

• Encourage departments to use of SAP system-tools/functionalities in preparation of budget proposals and management of allocated resources.
• Use appropriate SAP System tools and functionalities for accurate monitoring, control and reporting of departmental budgetary resources utilization.
• Review and analyse actual budget utilisation to identify and ensure rectification of posting errors, if any, to cost elements or cost centres/Internal Orders and General ledger relevant to all funds for analysis, comparison and reporting
• Prepare periodic reports (tabular and narrative) to show (actual) utilisations by complexes/departments/divisions compared to budget with accompanying notes highlighting utilisation pattern/trend and variances from approved budget allocations
• Actively involved in the planning and preparation of quarterly budget performance reports for Management as well as of Mid-Term review of resource utilisation and performance of departments in coordination with Corporate Performance Division function of SBCP department.
• Contribute to the conceptualization, development and implementation of Activity based costing (ABC) and Profit Centre (PCA) Reporting

Information sharing

• Encourage departments to use SAP-Internal Order concept to facilitate the monitoring and reporting utilization of budgetary resources related to programs, Capital Investments and Initiatives for value reporting
• Work closely with the Seniors to deal with enquires / queries / request for specific budget allocations from departments & or management
• Provide feedback on actual utilisation, issues related to departmental key Objectives and KPIs and linkage with resources, advise on how to deal with budgetary issues.
• Collect data/information concerning budget allocation/utilization to share with MDBs/IFIs

Communication & Collaboration

• Prepare response providing data and information to MDBs / IFIs as part of being a member of the IFI Budget Benchmarking Forum, as and when required in order to share information & best practices adopted by other MDBs in planning & budget formulation, implementation and monitoring.

Education, Experience & Certification
• Bachelor's degree in Finance, Accounting, Business Administration, Engineering, Sciences or any related discipline.
• Professional certification in Accountancy or Finance (ACA, CPA, CIMA or ACCA) is preferred.
• Minimum 5 years of relevant experience in budgeting and performance management, preferably in a multi-lateral sector.
• Working knowledge of SAP or other market leading budgeting applications or formal technical certification

Skills & Necessary Knowledge
• Understanding of types of budgeting methodologies and techniques, International Accounting standards, Solid numeracy and analytical skills, Sound Financial modelling skills, good drafting skills, Understanding of business plans and relevance in the formulation of annual administrative budget
• In-depth understanding of the budgeting processes, tools and methodologies, Budget Variance analysis and relevant accounting practices
• Ability to use financial statements to effectively evaluate the financial/strategic performance of an organization through accurate Financial Analysis.
• Working knowledge / conceptual understanding of the role of budget and reso
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