IDB2935 - Senior IT Financial Specialist

Business Unit: Director General Corporate Services
Division: Not Applicable
Department: Information Management & Disruptive Technology
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 18-Jan-2023

Job Purpose:

The IT Financial management leads the development of financial plans with the implementation of the IT annual budget and acquisition framework with the aim to ensure budget and acquisition exercises are timely with the best fit supplier on quality and cost. The role is responsible to manage the annual budget, procurement plan, contract management, cost optimization including financial management and analysis across IT investments in organization enabling business development. This includes strategic and operational oversight of the annual procurement, budget and finances to ensure healthy financial management and compliance to procurement policies and accounting standards, and day-to-day operations of acquisition activities. This role cross reports to the Director and supports the manager in supervision of two staffs in IT procurement and vendor management.

Key Accountabilities:

▪Develops and maintain the IT budget framework and IT acquisitionframework as part of financial management
▪Leads the development of the IT annual budget, procurement plans and forecasts, with consideration for business requirements, IMDT strategy and the roadmap
▪Strategic oversight of execution of the IT budget and acquisition plan
▪Market awareness embedded within the frameworks, plan and executions across IT service providers and IT services
▪Collaborates with IT senior management and IsDB’s stakeholders embedding IT budget and acquisition within the corporate budget and procurement where relevant

▪Executive updates on IT financial performance, budget utilization, analyses variance (budgeted costs versus actual costs) and identifies opportunities for cost optimization.

▪Prepare and present detailed and summary of financial analysis and report to accurately represent plans, status and risks to IMDT director, managers, and heads of key business units pertaining to acquisition and contracts
▪Supports IMDT Director on the briefing to the management on budget discussion and strategic acquisitions with analysis for decision making.

▪Manages budget, accounting, billing, and financial analysis and reporting, ensuring the agreed budget is adhered with and the expenditure is apportioned accordingly.
▪Provides periodic update to the financial controller on budget utilization with project progress in coordination with required stakeholders (IT, BUs)
▪Analysis of financial information to provide direction and support, making recommendations, maximizing use of budget and/or ensuring overall IT operations are within budget
▪Economic analysis for future improvements and enhancements based on benchmarking with other MDBs and peer IFIs

▪Collaborates with IT technology risk, risk management department, internal audit department and external auditors addressing complianceand risk requirements based on established framework within IT and across the organization
▪Collaborates with IsDB central finance teams to adhere with policies, standards and expectations regarding budgeting, accounting, reportingand management.
▪Implements internal controls for the purpose of ensuring IMDT operations are within financial budget and in accordance with fiscal practices.
▪Advisory on steps to adhere with budget allocations, including the use of third-party vendors and suppliers through offshoring, outsourcing and consultancy

▪Leads the group entities shared services budget management in collaboration with group members and IT senior management

▪Manages IsDB Group entities are billed via the chargeback model for the IMDT services provided to them according to agreed terms and conditions
▪Ensure SLA with group members on shared services are concise against charge back

▪Provides definition of detailed costs for initiatives/projects segmented into CAPEX, OPEX or PROGRAMS for the defined project duration, to support the prioritization of demand with the solution delivery team from business complexes based on IT budget.
▪Reviews submission of figures, documents, and journal entry postings for correct entry, mathematical accuracy, and proper account coding for the general ledgers
▪Manages ad-hoc financial needs that are raised as urgent request by any business units in the bank or group members with the financial controller

▪Reviews third-party Request for Information (RFI), Request for Quotation(RFQ), Request for Proposal (RFP) documentation and responses, documenting evidence of the evaluations in line with the corporate procurement policies and established framework and plan
▪Manages end-to-end IMDT sourcing and procurement cycle activities including supplier selection, maintaining a preferred supplier list with master service framework agreements
▪Leads regular updates with IsDB’s central procurement team, providing timely updates on vendor and supplier spend, future

▪Primary focal point third parties during the bidding process and advisory in managing clarifications and ensures sensitive IsDB information is not exposed, and the integrity of the process is intact.
▪Leads and manage vendor performance based on the established vendor management framework with required recommendation on risk mitigations and issues resolutions
▪Executive updates on vendor performance and analysis for existing services and new services with recommendation for renewals or terminations
▪Collaborates with IsDB Compliance and Corporate Governance units with the Corporate Procurement unit on annual vendor reference and compliance management

▪Leads the streamlining of contracts through collaboration with the legal department or IT contract SMEs, and adheres to cross border/multi-jurisdictional legislative and regulatory requirements in different member countries where the sourcing and procurement process is being executed

▪Lead development plans for contract streamlining for specific transitions with internal divisions for recommendations to the Legal department
▪Enhance contract management and supplier chain with annual optimization plan in collaboration with Legal
▪Maintains a contract management approach for termination, renewal, and negotiation with vendors and suppliers while meeting service level agreement (SLA) and ensures that contracts conform to IsDB standards, legal and regulatory requirements.

▪Provide training and awareness on budget controls, contractmanagement and systems on acquisitions, budget and contracts
▪Principal advisor on budget, financial accounting on IT assets and services, contracts management, and acquisition across IT and Regional Hubs IT consultants on budget and procurement

Education and Experience:


  • Bachelor’s degree in business, IT, finance, economics, computer science or a related field



  • 8+ years of experience in IT financial management, budget, acquisitions, financial and economic analysis with IT domain knowledge on resourcing across service providers, out-tasking, delivery, operations and governance.



  • English(mandatory)
  • Arabic(preferred)
  • French (preferred) 

Skills and Necessary Knowledge:

• Experience in budget and acquisition framework, planning and execution
• Experience in IT Contracts management with knowledge in IT clauses and cross-borders legal jurisdiction
• Experience in risk management and compliances across budget and acquisitions
• Financial accounting including Cloud computing accounting
• Financial analysis
• Understanding of supplier and vendor management within an IT environment
• COBIT, ITIL and COSO II knowledge
• Knowledge of IT Acquisition and budgeting processes
• Cost optimization knowledge
• Orientation towards quality and costs.
• Adapting to changes in accounting standards in managing budget shifts
• Analytics and reporting
• Negotiation skills, business acumen and organizational skills