Associate Financial Management Officer
Job Vacancy | Friday, July 5, 2024
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| Reference Number | 240477 |
|---|---|
| Position Level | NS 1 |
| Department | Procurement, Portfolio and Financial Management Department |
| Division | Public Financial Management Division 2 |
| Location | Lao Resident Mission |
| Date Posted | Friday, July 5, 2024 |
| Closing Date | Friday, July 19, 2024 11:59 p.m. (2359 Manila Time, 0800 GMT) |
Join Our Mission to Foster Prosperity in Asia
Are you ready to make a lasting impact on the future of Asia and be a catalyst for positive change? We are thrilled to offer a unique opportunity to become an important part of the prestigious Asian Development Bank (ADB). At ADB, our mission is simple yet powerful: to alleviate poverty and promote sustainable development in the Asia-Pacific region.
Organizational Setting and Reporting Relationship
The position is assigned to the Public Financial Management Division (PFFM) within the Procurement, Portfolio and Financial Management Department (PPFD). Financial Management (FM) is an integral component of ADB’s obligations to ensure that the projects it finances are financially viable and sustainable, that ADB funds are used for the purposes for which they were approved, and that borrowers have the capacity to fulfill their obligations under legal agreements. PPFD/PFFM supports the framework, guidelines, and processes regarding ADB’s FM mandate and responsibilities.
Though the position is based in Lao PDR, the incumbent can be assigned to work on tasks in other developing member countries of ADB as needed.
The incumbent will report to designated International Staff and senior National Staff. The incumbent may also receive guidance from designated International Staff/Country Director of LRM. Country Directors may also provide supervisory inputs to the incumbent’s annual workplan and performance review, as needed.
Your Role
The Associate Financial Management Officer will (a) provide operational services in conducting financial due diligence of projects during processing and supervision during implementation; (b) support country FM assessments and FM systems strengthening initiatives; and (c) coordinate the development and delivery of knowledge sharing and capacity building support.
You will:
- Lead: (i) Review of audited project and entity financial statements (APFS and AEFS) for all assigned projects following ADB’s internal review guidelines (while exercising professional judgment) including updating automated review checklists, monitoring and quality improvement; and (ii) FM support to project teams to communicate with executing agencies on issues identified in the APFS and AEFS, including compliance with financial covenants.
- Analyze non-compliance or delayed compliance with APFS and AEFS submission and public disclosure requirements, as well as quality, common issues and deficiencies in APFS and AEFS and summarize these and expected actions in a regular report.
- Diligently follow up with project teams and executing agencies to achieve compliance with ADB FM requirements.
- Monitor regularly the follow-up actions identified from APFS and AEFS review or other related actions and verify project related information to assist APFS and AEFS review.
- Lead, and/or participate in, the financial due diligence work for project processing in the:
o conduct of a financial management assessment of the EAs/IAs, including: (i) ascertaining whether previous financial management assessments have been conducted by ADB or other agencies and, if so, reviewing the results and determining whether these can be updated for the project; (ii) assessing capacity for planning and budgeting, management and financial accounting, reporting, auditing, internal controls, and information systems; (iii) reviewing proposed disbursement and funds-flow arrangements; and (iv) concluding on the financial management risk rating and identifying and confirming measures for addressing identified deficiencies;
o preparation and agreement of cost estimates and a financing plan, which are based on verifiable data and are sufficient to support project implementation in collaboration with technical team members;
o preparation of financial projections and conducting financial analyses of the EAs/IAs, and incremental recurrent costs, to determine financial sustainability, and reviewing proposed cost-recovery and tariff policies, including affordability;
o conduct of financial evaluations (financial cost-benefit analyses) including sensitivity analyses of project components that have a full cost-recovery objective;
o development of risk mitigation measures to be incorporated in financial covenants where significant risks are identified to project financial sustainability or viability; and
o assessment and achievement of agreement on financial reporting, auditing and public disclosure arrangements for the project, and, as appropriate, identifying and agreeing arrangements for receiving financial statements from EAs/IAs.
- Facilitate and participate in project preparation and/or review missions to help resolve problems related to project financial management, as needed.
- Input and update project data and records in ADB information systems and databases.
- Monitor the assigned projects’ compliance with financial covenants in the legal agreements and coordinate with project teams to follow up on achieving compliance.
- Monitor the timely implementation of financial management action plans and communicate with EAs and IAs to resolve issues related to compliance along with the project team leader.
b. Country FM Systems
- Participate as a team member for preparation of country or regional partnership strategy, governance risk assessments, or country public financial management assessments (e.g., public expenditure and financial accountability assessments).
- Review country FM systems and monitor changes related to project financial management, audit, taxation, and other finance-related areas, and update Pakistan country management and staff regularly on any changes that may affect project implementation and performance.
c. Knowledge management
- Participate in and contribute to internal and external training and conferences and other activities for advocacy, dissemination, and knowledge building on FM.
- Support the implementation of stand-alone and technical assistance related FM capacity building programs for clients.
- Train staff of ADB and executing agencies.
d. Other tasks
- Other tasks as assigned and reflected in the incumbent’s workplan.
Qualifications
You will need:
- Bachelor’s degree in Accounting, finance, or a related field preferably with advanced training;
- Professional qualification in accounting (e.g. CPA, CA) from an internationally recognized institution (e.g., IFAC). A CFA qualification is an advantage;
- At least 6 years of relevant professional experience in private or public sector financial management (i.e., in accounting, budgeting, auditing);
- Experience with (a) investment project appraisal, and (b) appraisal processes of financial institutions including multilateral development banks for sovereign and non-sovereign transactions is an advantage;
- Advanced and broad knowledge of all aspects of FM, including: (i) International Financial Reporting Standards and International Standards on Auditing; (ii) experience with internal control systems and procedures (in particular the Committee of Sponsoring Organizations framework); (iii) experience in auditing including assessing auditors’ competence; and (iv) experience in advising clients on the design and implementation of FM systems, including financial and management reports;
- Proven ability to work independently on assigned transactions, areas of analysis and research, which have well-defined scope and steps;
- Effective report-writing and strong oral and written communication skills in English;
- Good analytical and conceptual skills;
- Ability to liaise and work effectively with government officials;
- Ability to guide administrative staff to facilitate work planning, delivery and quality review;
- strong planning, organizational and administrative skills;
- Proficiency in MS Word, MS Excel, MS PowerPoint; familiarity with database management tools; and
- Ability to work collaboratively with teams as a constructive team member.
- Please refer to the link for ADB Competency Framework for National Staff Level 1.
Benefits
ADB offers competitive compensation and a comprehensive benefits package. The salary will be based on ADB’s standards and comparator markets, taking into account your qualifications and experience.
- Paid leave (including parental)
- Medical and health benefits
- Life and other insurance plans
- Staff development
- Retirement plan
- Housing and education allowance (if applicable)
- Expatriate benefits (for international staff)
Additional Information
This is a fixed term appointment with option to renew for an initial period of three (3) years following Section 3.1 (b) of Administrative Order No. 2.01 (“Recruitment and Appointment’). This appointment is not convertible to a regular appointment. At the end of the initial period, this appointment may be renewed for a period of up to three years, or not renewed. There is no limit on the number of renewals. This appointment is open to internal and external applicants.
This opening is a local staff position. It is open only to nationals and residents of Lao PDR.
About Us
Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.
ADB only hires nationals of its 68 members.
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ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.
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