Financial Management Specialist
Jobs at:World Bank
Deadline of this Job:
22nd July 2019
Date Posted: Wednesday, July 03, 2019 , Base Salary: Not Disclosed
Established in 1944, the WBG is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $24 billion was concessional finance to its poorest members. It is governed by 188-member countries and delivers services out of 120 offices with more than 16,000 staff located globally.
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). IBRD and IDA are commonly known as the World Bank, which is organized into six client-facing Regional Vice-Presidencies, several corporate functions, and – as of July 1, 2014 – has introduced fourteen Global Practices (GPs) as well as five Cross-Cutting Solution Areas (CCSAs) to bring best-in-class knowledge and solutions to regional and country clients.
The Governance Global Practice – Africa Region (AFR) East brings together professionals in financial management, public management of human and financial resources, transparency, economics, taxation, digital governance, law and development, anticorruption, and social accountability.
The position is a Financial Management Specialist (FMS) to be based in the Rwanda Country Office..
• The staff member will report to the Global Governance Practice Manager for the AFR East Governance team. The successful applicant will work with Governance team and with the broader country team for Rwanda, including colleagues in the Country Management Unit, procurement, disbursements, and other Global Practices.
• The FMS will carry out financial management (FM) work in respect of projects and programs (operations) financed by the World Bank Group and also contribute to advisory and technical assistance tasks. This will include, but is not limited to, assessing the adequacy of financial management arrangements for new and ongoing operations; monitoring compliance with the Bank’s audit and fiduciary requirements; ensuring that WBG-financed operations are carried out in accordance with applicable FM policies, procedures, and instructions; and supporting analytical work on FM and public financial accountability.
• The specific duties and responsibilities of the FMS will be agreed with the Practice Manager GGOAE. He/she is expected to perform a full range of operational FM duties, working under the supervision of a more senior staff. He/she will take a leading role in the following tasks:
• Undertake FM assessments for new operations and FM supervision assessments for ongoing operations covering project budgeting, internal controls, accounting, treasury/funds flow, financial reporting, and auditing arrangements including adequacy and suitability of project FM staff.
• Monitor on-going compliance by operations with the Bank’s FM policies and procedures.
• Monitor borrower’s compliance with financial covenants including audit.
• Conduct internal control reviews and Statement of Expenditures (SOE) reviews, in conjunction with disbursement and procurement staff, to assess eligibility of expenditures for Bank financing.
• Review periodic Interim Financial Reports (IFR).
• Review annual audited financial statements, audit reports, and audit management letters and prepare appropriate letters for communication with the project implementing agencies.
• Update the Bank’s automated PRIMA system on a timely basis.
• Provide inputs into diagnostic work in Public Financial Management (PFM), Systematic Country Diagnostics (SCD), and Country Partnership Frameworks (CPF).
• Assess audit firms/ auditors for independence, competence, compliance with International Audit Standards, adequacy of working papers etc.
• Provide training, guidance, and advice on FM related aspects to the staff of project implementing agencies and Bank Task Teams.
• Knowledge of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). Knowledge of International Public Sector Accounting Standards (IPSAS) and the International Standards of Supreme Audit Institutions (ISSAI) would be an added advantage.
• Experience in designing and assessing internal control systems using internationally accepted control frameworks such as COSO.
• Experience in evaluating financial management systems (including budgeting, accounting, cash management, internal audit, financial reporting systems).
• Experience in assessing auditor competence and independence.
• Experience in the design and implementation of computerized financial management systems.
• Experience in evaluating/interpreting financial statements and in identifying appropriate remedial actions.
• Experience in evaluating audit reports / management letters, following up on issues resulting from the audits.
• Understands the budget formulation and execution processes, including treasury and cash management, as applicable to Bank-financed investment projects and public sector finance in general.
• Strong analytical capabilities and planning, organization, and time management skills.
• Capacity to function effectively as a member of a multi-disciplinary team, ability to search for common ground to problem solve.
• Behavioral Competencies
• Client Orientation – Maintains client relationships in the face of conflicting demands or directions and provides evidence-based advice and solutions based on sound diagnosis and knowledge.
• Drive for Results – Identifies the needed resources to accomplish results involving multiple stakeholders and finds solutions to obstacles affecting key deliverables.
• Teamwork and Inclusion – Shows leadership in ensuring the team stays organized and focused, and actively seeks and considers diverse ideas and approaches.
• Knowledge Learning and Communication – Leads in the sharing of best practice, trends, knowledge and lessons learned across units and with clients and partners, articulating ideas verbally and in writing in a clear and compelling way across audiences of varied levels.
• Business Judgment and Analytical Decision Making – Serves as a trusted advisor to others on their decisions, ensuring alignment across units and optimal impact on the organization as a whole.
• The candidate should be a qualified professional accountant (CPA, CA or equivalent membership of an internationally recognized professional accounting institute) with a Maser’s degree in accounting, business, finance, economics or related subject and at least 5 (five) years of post-professional-qualification (after qualifying as a professional accountant) experience in auditing or financial management.
• Familiarity with public sector financial management would be a distinct advantage.
• Proficiency in both written and spoken English language is necessary.
• Willingness and ability to travel frequently in Rwanda is also required.
Job Education Requirements: Not Specified
Job Experience Requirements: Not Specified
Job application procedure
The World Bank Group values diversity and encourages all qualified candidates who are nationals of World Bank Group member countries to apply, regardless of gender, gender identity, religion, race, ethnicity, sexual orientation, or disability. Sub-Saharan African nationals, Caribbean nationals, and female candidates are strongly encouraged to apply.
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