Latest Jobs at Al Baraka Bank South Africa

• Ensure that all Foreign Exchange Transactions conducted at Albaraka Bank Limited as an Authorised Dealer in Foreign Exchange are done in compliance with all aspects of the Exchange Control Rulings & Regulations as issued by FINSURV (Financial Surveillance Department) of the South African Reserve Bank (SARB).

Job Description
MAIN FUNCTIONS OF THE JOB INCLUDE:

Risk

• Ensures risk compliance in respect of regulatory and statutory requirements.
• Ensures all foreign exchange transactions processed comply with SARB's Rulings & Regulations in line with relevant governance, controls and compliance requirements.

Foreign Exchange Manuals

• Ensures Retail Foreign Exchange manuals are updated as and when required, per requests by Auditors, per department's business requirements and when the SARB amends / deletes/ adds any limits and provisions, whereafter same are annually submitted to Executive Committee (EXCO) for approval/ noting.
• Ensures latest updated Foreign Exchange manual is available on the intranet for all staff to view.
• Keeps abreast of changes in transaction environment and communicate same accordingly.

Reports

• Ensures daily submission of the Balance of Payments (BOP) reports to SARB.
• Compiles daily, the Reconciliation Module report for SARB 's viewing during off-site and / or on-site inspections conducted by latter.
• Prepares monthly, the Exchange Control: Retail Executive Committee (EXCO) report and submits same to General Manager Operations for finalisation.

Exchange Control Rulings

• Ensures new Circulars, Advices & any corresponding amended Rulings, received from FINSURV at the SARB are timeously communicated to relevant staff and subsequently updated on the intranet
• Keeps abreast of changes in the Exchange Control Rulings & Regulations and ensures timeous deliverance to the necessary parties of these changes in order for them to be executed correctly.
• Transmits required Regulatory data to the SARB as stipulated by them on a daily basis.
• Vets all supporting documentation required in respect of Imports & Exports and for all other ad-hoc open payments requested as permitted per the Exchange Control Rulings.
• Prepares and submits Exchange Control Applications to the FINSURV at the SARB for approval, should a transaction fall outside the ambit and scope of the Exchange Control Rulings.

Staff Management

• Provides advice, where required, to staff in respect of Exchange Control matters.
• Ensures Foreign Exchange transactions undertaken comply with Exchange Control requirements.
• Assists staff with Exchange control related queries.
• Collaborates with HR department with regards to recruiting, conducting interviews and making the final decision on the appropriate candidate for a vacancy in the Retail Foreign Exchange branch network.
• Provides for recognition of staff members as per the recognition policy.
• Creates openness of communication on development within the Bank as per Management and Committee meetings.

Client & Branch Engagement

• Provides regular and timely feedback to clients and branches regarding the status of pending Exchange Control applications and related matters.
• Acts as a point of escalation for Exchange Control–related queries from branches and internal stakeholders.

Process Improvement & Innovation

• Drives innovation within the Exchange Control function by actively engaging in automation and digitalisation initiatives to improve efficiency, accuracy, and regulatory compliance.
• Identifies opportunities for process optimisation and contributes to the implementation of technology-enabled solutions within the department.

Projects & Cross-Functional Support

• Provides Exchange Control subject matter expertise and support on internal projects involving foreign exchange and regulatory compliance.

Job Requirements
QUALIFICATIONS

• A B. Com degree or Relevant Qualification in Banking or NQF6 qualification will be required in order to meet the requirements of the role at  the highest level of competence. The incumbent must also be Financial Advisory and Intermediary Services Act (FAIS) compliant

PREFERRED EXPERIENCE

• A minimum of- 5 - 7 years in an Exchange Control environment, preferably with at least 2 - 3 years  in a management capacity

KNOWLEDGE

•  Understanding of the Exchange Control Rulings & Regulations as laid down by the SARB
•  Banking systems
•  Reconciliation Module
•  SARB IVS SYSTEM
•  Microsoft Office
•  Banks policies and procedures

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Job Description
CORE PURPOSE OF THE JOB

The Financial Director is an Executive Director who serves as a member on the Board of Directors and on EXCO. The Executive is required to provide strategic leadership in the following disciplines within the Bank and in so doing ensure that the Bank’s risk is effectively managed:

• Finance
• IT
• Projects
• Facilities

MAIN FUNCTIONS OF THE JOB

Development and implementation of strategy

• Contributes to the development of business strategies by providing insights based on internal and external trends and best practices related to the various areas of responsibility.
• Serves on various internal and external committees pertaining to business strategy.
• Provides leadership in the development and implementation of business strategy within the Financial Director portfolio to ensure alignment to the bank’s overall business strategy.
• Ensures that the annual performance objectives of employees within the reporting structures are aligned to the strategic imperatives of the organisation.
• Provide regular briefings and progress reports to the Board and Executive Management on the strategic divisional objectives and priorities.
• Provides input on strategic and operational policies and the approval thereof in order to support the organisation efficiently.

Finance

• Provides strategic direction and leadership to the General Manager: Finance and the division with regards to the following:
• The overall management of the Finance Division.
• Responsible for all finance functions for the Bank including oversight of budgeting and treasury.
• Providing sound subject matter expertise on all statutory and related matters.
• Ensures that the Finance Division meets all regulatory reporting deadlines.
• Ensuring that the Finance Division efficiently deals with all finance and business-related matters, thereby ensuring accurate recording of information and reporting in order to mitigate risk.
• Ensuring that corporate governance is adhered to at all times.
• Developing policies and procedures applicable to the Finance Division.

Information Technology

• Provides strategic direction and leadership to the General Manager IT and the division with regards to the following:
• The overall management of the IT division.
• Ensuring that the Bank is at all times compliant with all the relevant legislation, audit and regulatory authorities to which the Bank is accountable.
• Ensuring that the IT strategy is aligned and executed to the overall business strategy.
• Ensure that IT security strategies and structures are implemented in order to manage and mitigate risk.
• Ensure that the IT Department is kept up to date with the relevant technology and infrastructure to support the operational requirements of the Bank.
• Ensure that the IT Department is adequately resourced to meet the demanding needs of the business.
• Ensures the successful implementation of IT projects and new operating systems within the Bank.
• Develop innovative strategies to ensure that the Bank remains competitive regarding IT and digital solutions.
• Developing policies and procedures applicable to the IT Division.

Facilities Department

• Provides strategic direction and leadership to the Facilities Manager and the division with regards to the following:
• The overall management of the Facilities Department.
• Ensure that all requirements regarding building renovations, projects and maintenance are met in accordance with the business expectations.
• Ensure regulatory requirements in terms of Occupational Health and Safety and Building regulations are complied with.
• Ensure efficiency in terms of contingency measures regarding water and electricity supply to the Bank.
• Responsible to ensure that the cleaning and security services provided to the Bank is effectively managed.
• Ensure that all facilities administration functions are efficiently performed to meet the operational requirements of the Bank.
• Responsible for the overall effective management of the Banks fleet of vehicles.

Project Management

• Provides strategic direction and leadership to the Assistant / Project Manager with regards to the following:
• Ensure that all approved projects for the Bank are effectively managed in accordance with the project plan and associated deadlines.
• Provide regular reports to EXCO and other relevant reporting committees.
• Ensure that special projects are prioritised and that appropriate business plans are formulated.
• Ensure that the Projects department liaises with external parties to the project in an efficient and professional manner to ensure delivery of project objectives.

Management and Administration

• Provides oversight and ensures the effective management of the divisions reporting to the Financial Director.   
• Assures stability of the respective divisions through the development and implementation of standards and controls, systems and procedures, supported by regular evaluation. 
• Oversees the divisional activities pertaining to budgeting, reporting and audit. 
• Meets regularly with all direct reports and ensures that their performance objectives are being evaluated and achieved. 
• Sets clearly defined performance measures and ensure that such performance objectives are effectively cascaded to the next levels of work. 
• Actively supports the development of individuals and the team through appraisal, personal development planning, training, coaching and mentoring.
• Ensures that the divisions under the portfolio have clearly defined succession plans.  
• Ensures effective project management of specific projects related to the Divisions reporting to the Financial Director.

Innovation

• Ensures continuous business process re-engineering for the respective divisions under the portfolio in order to enhance systems and processes within the organisation. 
• Ensures that the divisions are up to date with technological advancements so as to maintain the organisation’s competitive edge and to manage risk.

Representation

• Represents Al Baraka South Africa at strategic meetings held locally and abroad as and when required.
• Participates in international forums established by the Group or its subsidiaries.
• Becomes meaningfully involved in research and development as and when appointed by the Bank / Group.
• Represents Al Baraka Bank in public forums which includes the media and regulatory bodies.
• Plays an active role in key and critical decision making through the chairing of committees, providing authorisation and sign off and evaluation on various day to day on-going operations of the organisation.

Other Duties

The Financial Director also serves as the Chief Information Officer and is responsible for the following functions:

• Lead the development and implementation of the company's overall technology strategy in alignment with the organization's goals and objectives.
• Oversee all IT-related functions, including but not limited to: software implementation, data management, network infrastructure, cybersecurity, and tech support.
• Collaborate with other executives to identify business needs and opportunities, and devise IT solutions that drive growth and innovation.
• Evaluate and manage the performance of the IT department, ensuring that all operations are efficient, effective, and aligned with best practices.
• Manage the IT budget, including the allocation of resources, tracking of expenses, and forecasting of future needs at an Executive level.
• Stay up to date with emerging trends and technologies in the industry and assess their potential impact on the organization.
• Ensure compliance with all relevant laws and regulations, as well as industry standards and best practices.
• Develop and maintain relationships with vendors, consultants, and other external partners.
• Provide leadership and mentorship to IT staff, fostering a culture of collaboration, innovation, and continuous improvement.
• Act as a liaison between the IT department and other departments, fostering communication and collaboration.
• Develop and implement policies and procedures that ensure the security, integrity, and availability of the company's data and IT systems.
• Communicate regularly with stakeholders, including executives, board members, and staff, to keep them informed of IT-related developments and initiatives.
• Develop and implement an IT risk management framework, policies, and procedures aligned with regulatory requirements and industry best practices.
• Establish and maintain an effective IT risk management governance structure, including clear roles, responsibilities, and reporting lines.
• Identify and assess IT risks, vulnerabilities, and threats to the organization's information systems, infrastructure, and data.
• Collaborate with business units and IT teams to identify and prioritize IT risk mitigation strategies and action plans.
• Monitor and evaluate the effectiveness of IT risk controls and mitigation measures to ensure compliance with internal policies and external regulations.
• Stay abreast of emerging IT risks and industry trends and proactively adapt risk management strategies to address new challenges.
• Conduct regular risk assessments and audits to identify gaps, recommend remedial actions, and track progress in mitigating IT risks.
• Coordinate and oversee incident response activities related to IT risk incidents, including investigations, root cause analysis, and corrective actions.
• Provide guidance and support to IT teams on implementing security measures and risk management practices.
• Establish and maintain relationships with external stakeholders, such as regulatory bodies, auditors, and industry forums, to stay informed about IT risk management practices and standards.
• Collaborate with internal audit and compliance teams to ensure alignment of IT risk management activities with overall organizational risk management framework.
• Prepare and present reports on IT risk management activities, findings, and recommendations to executive management and the board of directors.

Job Requirements
QUALIFICATIONS

• Chartered Accountant
• BCom Degree (Masters)
• An MBA qualification will be an advantage.

EXPERIENCE

• 7 to 10 years in financial/management accounting of which at least 5 years were at an Executive level.                                                                                                        

KNOWLEDGE

• In depth knowledge Al Baraka’s systems and processes
• In depth knowledge of specialized reporting areas
• Al Baraka Bank budgeting processes
• Strategic and Business Planning
• Thorough understanding of Corporate Governance
• Banks Act and Regulations
• Risk Management procedures
• Understanding of Islamic Banking principles