Wael Al Faraj
Finance Director
Khobar,04
Summary
Experienced finance and governance executive with 20+ years in finance and accounting and two years of heading Procumbent and (GRC) Governance, Risk, and Compliance. Skilled in corporate governance, financial stewardship, and regulatory compliance to strengthen organizational resilience and stakeholder trust.
Proven ability to align governance frameworks with business objectives, ensuring compliance while driving strategic growth. Adept at advising executive leadership, integrating financial acumen with risk management to uphold accountability and transparency in evolving regulatory environments.
Overview
24
24
years of professional experience
Work History
Head of GRC (Special Project Assignment)
Oil Park Development Company
12.2024 - Current
- Oversee corporate governance framework including DoAs, policies and procedures, Charters
- Oversee Project and Enterprise risk management (ERM) programs.
- Implement, update, and monitor corporate compliance and enforce codes of conduct.
- Lead compliance awareness and training programs for employees
- Work with internal auditors to address compliance gaps
- Review & recommend improvements to business processes and procedures
Procurement Director (Special Project Assignment)
Oil Park Development Company
01.2024 - 12.2024
- Cost efficiency, supplier & category management, contract management, risk management, transparency and control
- Department Restructure and process re-engineering
- Implement procurement new modules and enhance existing modules
- Building teams and sourcing for short term and long term man-power
- Standardize reporting and establish departments KPIs and dashboards
- Set Department's long and short term objectives
- PIF Company
Finance Director
Oil Park Development Company
01.2022 - 01.2023
- Established all financial policies and procedures in conformity with best global & local standards, and the strategic plans for the entity
- Designed, coordinated, implemented ERP system
- Procurement Committee member
- Finance team Building & coaching
- Managing all aspects of day-to-day financial activities
- All aspects of tax & legal compliance activities such as; entity corporate governance, indirect & direct taxes
- Preparing and presenting financial reports & dashboard presentations to different levels of stakeholders
- Validating and analyzing feasibility studies and financial models
- Cash Management and capital deployment planning
- PIF Company
Finance Manager (Country Level CFO)
Subsea7
01.2018 - 01.2021
- Managing all aspects of day-to-day financial activities across all country's operating entities
- All aspects of tax & legal compliance activities such as; entity corporate governance, indirect or direct taxes
- Maintain a robust internal control environment and overall responsible for signing off on the quarterly Control Operating Self-Assessment
- Ensuring Group Accounting Policies are communicated, understood and adhered to at all times
- Display the appropriate leadership skills to supervise the Finance Department with hiring, training, monitoring, managing and appraising the Finance staff
- Promoting financial discipline and cost optimization as well as business process improvement & opportunities
- Overseeing the preparation of monthly management and financial reports including Profit & Loss, Balance Sheet and Cash Flow sales
- Analyze and explain major variances to Budget and Forecast
- Al Khobar, KSA
Sr. Project Financial Controller
McDermott International Ltd.
01.2016 - 01.2018
- Managing all accounting and reporting aspects for projects
- Responsible for working capital efficiency including, Billing supervising, DSO, cash flows, and client relationship
- Compliance assurance with SOX, USGAP, and IFRS
- Project bid evaluation and bid-to-award cost change impact analysis
- Project Execution Opportunities/Risk Highlighting
- Managing all budgeted shared project functions
- Efficiently managing LCs & Bank Guarantees
- Dubai, UAE
Financial Planning & Analysis
McDermott International Ltd.
01.2011 - 01.2016
- Company Overview: Al Khobar, KSA
- Periodic and Static Budgeting
- Forecasting
- 3-Way Variance Analysis
- Job Costing
- Cost Control & Allocation
- CAPEX & OPEX Proposals and Cost-Benefit-Analysis
- Subsidiaries & Joint Venture Accounting
- Compliance Reporting & Audit follow-up
- Al Khobar, KSA
Segment Finance Controller
Schlumberger Middle East
01.2009 - 01.2011
- Company Overview: Dhaharan, KSA
- Profit & Loss and Balance Sheet notes & reconciliation
- Business Trend & Variance Analysis
- Overhead accounting and Analysis
- Reports Consolidation
- Forecast
- LEAN projects and cost saving analysis
- Cross Segment Internal Audit, Internal Control Assessments, and SOX compliance
- Dhaharan, KSA
Credit Controller
Schlumberger Middle East
01.2004 - 01.2008
- Capital efficiency & Credit Control
- Internal & external DSO
- Billing and client relations
- Contract analysis and amendments support
- Exposure and bad debt management
- Al Khobar, KSA
Payable Supervisor
Schlumberger Middle East
01.2002 - 01.2003
- Payment forecast
- Managing all accruals
- Funding & Treasury Reporting for local & overseas accounts
- Clearance overdue liability and smoothing process
- Bank Reconciliation keeping
- SWPS Procurement System Control Analyst for ARM Geo-market
- Al Khobar, KSA
Payable Accountant
Schlumberger Middle East
01.2001 - 01.2002
- Handling vendor invoices & bookkeeping
- Accruals
- Coordinating with procurement and logistic departments
- Payment processing
- Ensuring archiving within company's policy and government authorities standards
Education
Bachelor of Science - Business Administration, International Business And Accounting
Drexel University, LeBow College of Business
Philadelphia, PASkills
- Oracle
- Organization and time management
- Calm under pressure
- Multi-tasking
- Flexible and adaptable
- Time management
- Team management
- Problem-solving
- Teamwork and collaboration
- Friendly, positive attitude
- Seible CRM
- Intuit Quickbooks
- AS400
- GEAC
- Lawson
- SAP
- Oracle
Timeline
Head of GRC (Special Project Assignment)
Oil Park Development Company
12.2024 - Current
Procurement Director (Special Project Assignment)
Oil Park Development Company
01.2024 - 12.2024
Finance Director
Oil Park Development Company
01.2022 - 01.2023
Finance Manager (Country Level CFO)
Subsea7
01.2018 - 01.2021
Sr. Project Financial Controller
McDermott International Ltd.
01.2016 - 01.2018
Financial Planning & Analysis
McDermott International Ltd.
01.2011 - 01.2016
Segment Finance Controller
Schlumberger Middle East
01.2009 - 01.2011
Credit Controller
Schlumberger Middle East
01.2004 - 01.2008
Payable Supervisor
Schlumberger Middle East
01.2002 - 01.2003
Payable Accountant
Schlumberger Middle East
01.2001 - 01.2002
Bachelor of Science - Business Administration, International Business And Accounting
Drexel University, LeBow College of Business
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