Financial Management Officer

Employer
Asian Development Bank
Location
India
Posted
Nov 17, 2024
Closes
Dec 07, 2024
Ref
4942127258
Level
Staff
Certification
Other
Work Mode
Work from office
Hours
Full Time
Employment Type
Contract
Organization Type
Academia, Corporate
Join Our Mission to Foster Prosperity in Asia

Are you looking to have 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 of Financial Management Officer is assigned to the Public Financial Management Division (PFFM1) within the Procurement, Portfolio and Financial Management Department (PPFD). You will be based at our India Resident Mission office in Delhi, India.

You will report to Director, PFFM1 and designated International Staff and senior National Staff.

Your Role

As a Financial Management Officer, you 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.

Though the position is based in India, you can be assigned to work on tasks in other developing member countries of ADB as needed.

You will:

a) Operational services
  • Lead: (i) review of audited project and entity financial statements (APFS and AEFS) for all assigned projects following ADB's internal review guidelines including updating automated review checklists, monitoring and quality improvement; and (ii) FM support to project teams to communicate with executing agencies (EAs) on issues identified in the APFS and AEFS, including compliance with financial covenants.
  • Analyze noncompliance or delayed compliance with APFS and AEFS submission, 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 EAs to achieve compliance with ADB FM requirements.
  • Regularly monitor 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.
  • Facilitate and participate in project review missions to help resolve problems related to project financial management.
  • 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 implementation of financial management action plans and communicate with EAs and implementing agencies (IAs) to resolve issues related to compliance along with the project team leader.
  • Lead, and/or participate in, the financial due diligence work for project processing in the:
  • Conduct 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;
  • Prepare and agree on 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;
  • Prepare 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;
  • Conduct financial evaluations (financial cost-benefit analyses) including sensitivity analyses of project components that have a full cost-recovery objective;
  • Develop risk mitigation measures to be incorporated in financial covenants where significant risks are identified to project financial sustainability or viability; and
  • Assess and achieve 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.

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 country management and staff regularly on any changes that may affect project implementation and performance.

c) Knowledge management
  • 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 EAs.

d) Other tasks
  • Other tasks assigned and reflected in your workplan.

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 a professional accounting organization affiliated to an internationally recognized institution (e.g., IFAC). A CFA qualification is an advantage.
  • At least 8 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, International Public Sector Accounting Standards, and International Standards on Auditing and/or national equivalents; (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.
  • 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.
  • Ability to work collaboratively with teams as a constructive team member.
  • Please refer to the link for ADB Competency Framework for National Staff Level 2.

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)

Important Information

ADB will be rolling-out a new job grading structure on 1 January 2025, which may result in a change of the position grade and title with no change in the terms of reference. By proceeding with your application, you acknowledge and accept the possibility of such changes resulting from the new job grading structure.

This vacancy is a local staff position. It is open only to nationals and residents of India.

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.

About Us

Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 69 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 our Strategy 2030 .

ADB only hires nationals of its 69 members.

To view ADB Organizational Chart, please click here.

ADB wants 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.

Visit ADB Careers FAQ for more information.