Position / Job Title (Proposed)

Head – Internal Control, SAP Process, IFC, Payment Control Process, Accounting Compliance

Designation

DGM / AVP

Function

Finance & Accounts

Department

Finance & Accounts

Business

Renewable Energy Business

Job Purpose

The Internal Control, SAP Process, IFC, Payment Control Process, Accounting Compliance Head is responsible for overseeing and ensuring the effectiveness of internal control systems, SAP processes, payment control procedures, and accounting compliance within the organization. This role is critical in safeguarding company assets, preventing fraud, ensuring accuracy of financial reporting, and maintaining compliance with applicable laws and regulations. The role requires a deep understanding of internal controls, SAP systems, internal financial controls (IFC), payment control processes, and accounting compliance principles.

Job Context & Major Challenges

(What are the specific aspects of the job that provide a challenge to the jobholder in the context of the Unit/Zone?

Given the current exponential growth plans of the business, it is critical for the organization to put in place all the control systems to mitigate risks and liabilities for the organization. The reputation of the function is directly linked to the effectiveness of internal processes and efficiencies.

1. Managing complete Internal Finance Control of the F & A function and Business
2. Formulating IFC document of F & A function and Business
3. Ensuring complete compliance of IFC of F & A and Business
4. Managing complete internal control and DOA matrix in SAP
5. Complete Capex monitoring and control v/s budget in SAP
6. Complete Opex monitoring and control v/s budget in SAP
7. Uploading and Monitoring of Capex budget of all projects
8. Flagging of any overrun ahead of incurrence for all Capex/Opex expenses to all the functions and ensuring no overruns
9. Preparing report to board / audit committee on IFC compliance
10. Uploading of any additional budget in SAP after proper approval

Principal Accountabilities

Accountability

Supporting Actions

Develop and maintain an effective internal control framework

• Establish and maintain a robust system of internal controls to safeguard company assets and ensure accuracy of financial records.
• Continuously assess the effectiveness of existing controls and identify areas for improvement.
• Design and implement control procedures to mitigate risks and prevent fraud.
• Stay updated on industry best practices and evolving regulations related to internal controls.

Oversee SAP process implementation and optimization

• Collaborate with IT and finance teams to ensure the successful implementation and integration of SAP systems.
• Monitor and ensure adherence to SAP processes for accurate and timely financial transactions and reporting.
• Identify areas for process improvement and work with cross-functional teams to optimize SAP processes.
• Provide training and support to employees on SAP usage and related internal controls.
• Build awareness and communication about the ways of working for finance team

Manage Internal Financial Controls (IFC)

• Develop and maintain a comprehensive framework for internal financial controls in line with Group’s norms and standards.
• Assess and document financial risks, controls, and control deficiencies. Develop action plan for improvements in the internal processes and systems.
• Implement and monitor controls to ensure compliance with internal policies, accounting standards, and regulatory requirements.
• Coordinate with internal and external auditors to facilitate IFC audits and address audit findings.

Establish and maintain payment control processes

• Design and implement payment control procedures to ensure accuracy, integrity, and compliance with financial policies.
• Monitor payment processes, including vendor payments, expense reimbursements, and other disbursements, to detect and prevent fraudulent activities.
• Conduct regular reviews and audits of payment controls and procedures.

Ensure accounting compliance

• Stay updated on accounting regulations and standards, including GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
• Develop and implement accounting policies and procedures in accordance with applicable regulations and Group’s requirements.
• Monitor compliance with accounting policies and provide guidance to finance teams.
• Coordinate with external auditors to facilitate the annual financial statement audit

Leadership and Team Management

• Design and implement payment control procedures to ensure accuracy, integrity, and compliance with financial policies.
• Monitor payment processes, including vendor payments, expense reimbursements, and other disbursements, to detect and prevent fraudulent activities.
• Conduct regular reviews and audits of payment controls and procedures.