Financial Control Officer

Job Vacancy | Wednesday, July 21, 2021

IMPORTANT INFORMATION
Close relatives1 of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.
1 Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle.

Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9).

In the event that the staff appointed to a new category (i.e., from AS to NS, or from NS to IS) is rated at 2 or lower in the first two performance reviews after appointment at the new level, they will return to the level occupied immediately prior to their appointment in the new category.

Overview
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.

The position is assigned in the Accounting Division within the Controller’s Department. The Accounting Division prepares financial reports; maintains the accounting policy, Management assertion, and external auditor’s attestation over internal controls for financial reporting; administers the financial management accounting system for resident missions; builds the financial management capacity of the developing member countries through loan accounting and servicing seminars and reviews of resident missions; maintains loan and treasury accounting; and assures loan services.

To view ADB Organizational Chart, please click here.

Job Purpose
The Financial Control Officer will be responsible for directing, controlling, coordinating, and carrying out activities with respect to administrative matters. He/she will establish, maintain and oversee the updating of accurate and complete accounting records and sound accounting/internal controls related to investments, borrowings and related derivatives and foreign exchange transactions. The incumbent will report to an International Staff and will supervise Administrative Staff.

Responsibilities

  • Reviews and analyzes data, transactions and reports for accuracy, consistency and compliance with policies or established practices. Reviews and oversees the preparation and analysis of the Bank's periodic accounting reports related to investments, borrowings and related derivatives and foreign exchange transactions. Ensures the fairness and correctness of accounting reports in compliance with the Generally Accepted Accounting Principles of the United States (US GAAP) or other applicable standards.
  • Carries out analytical work, i.e., valuation and analyses of fixed income investment and/or borrowings, and other types of financial instruments.
  • Conceptualizes, develops, implements, and enhances accounting and financial internal controls to ensure its appropriateness and adequacy and the completeness, validity and accuracy of accounting data and transactions for the preparation of related financial reports. Takes appropriate action to ensure uniform, consistent, and timely recording and reporting of transactions in compliance with applicable policies and generally accepted accounting principles or other applicable standards. Monitors all accounts subject to reconciliation, ensuring all accounts are reconciled on a timely basis for review by designated international staff, and follow up all outstanding reconciling items. Compiles, reviews, and approves vouchers under authority.
  • Contributes actively to the implementation of new systems or enhancements of existing systems. Reviews, identifies, and provides suggestions for enhancements in systems and processes for effective and efficient operations. Ensures the accuracy and reliability of systems processes. Coordinates changes and revisions to existing systems with IT Department and Treasury Department through the Specialist in charge. Maintains/updates procedural/accounting manuals. Recommends changes and improvements as required to ensure correct, complete, and timely accounting in compliance with applicable policies and generally accepted accounting principles, as appropriate.
  • Participates in study and implementation of new accounting standards and principles introduced by authoritative Accounting Bodies that may have an impact on accounting for investments, borrowings and derivatives instruments.
  • Contributes actively to assessing risks on the adequacy of internal control over financial reporting in the work area. Contributes actively to carrying out compliance testing of processes as and when needed as part of ADB's effort in providing a Management Assertion over the adequacy of internal control over financial reporting.
  • Supervises junior staff, including allocating work to maximize the efficiency and productivity of the work area, providing appropriate instructions, resolving conflicts and evaluating the performance of subordinates. Contributes actively to procedural and organizational review and makes recommendations as appropriate and the formulation of the Section’s goals and objectives and the related plans and programs.
  • Other duties that may be assigned as reflected in the incumbent’s workplan.

Qualifications

Relevant Experience & Requirements

  • Bachelor's degree in Business Administration, major in Accounting/Finance; Certified Public Accountant (CPA) qualification. An MBA or MSc in Finance or CFA/FRM qualification would be advantageous.
  • At least 8 years relevant experience in accounting with a supervisory capacity, preferably in a computerized environment in a large organization; and experience in the accounting and analysis of fixed income securities and derivative instruments.
  • Proficient with computer software in common use at the Bank and its interfaces with other Bank systems and work areas, particularly MS Excel and Word, and large accounting software (e.g., Oracle ERP, SUMMIT).
  • Good understanding of Bank accounting policies, practices and systems and Bank wide policies, procedures, guidelines, and reporting requirements.
  • Excellent understanding of general accounting concepts and principles (US GAAP) related to fixed income securities, derivative products, investments, and the application thereof. Knowledge of IFRS would be desirable.
  • Has good understanding of the interaction between different business units, relevant workflows and their purpose, and business knowledge of relevant areas for appropriate application of accounting concepts.
  • Good understanding of the concept of internal controls and their application.
  • Analytical and systematic with strong numerical skills and attention to detail. An added advantage if the candidate has strong mathematics background.
  • Ability to plan and coordinate schedules to meet deadlines.
  • Proven supervisory and interpersonal skills with ability to provide feedback to subordinates.
  • Effective report-writing and strong oral and written communication skills in English.
  • Please refer to the link for ADB Competency Framework for National Staff levels 1-2.

General Considerations

The selected candidate, if new to ADB, is appointed for an initial term of 3 years.

ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.

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.

Please note that the actual level and salary will be based on qualifications of the selected candidate.