Financial Management Specialist
Job Vacancy | Wednesday, November 23, 2022
Multiple positions at various levels may be filled from this vacancy notice.
Actual position title and level will be based on the candidate’s qualifications, experience, and job scope that will be assigned to the selected candidates
Location - Initial appointment to ADB Headquarters, Manila, Philippines. Some positions may be outposted in a Field Office.
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 Public Financial Management Division (PFFM) within the Procurement, Portfolio and Financial Management Department (PPFD). Financial Management (FM) is an integral component of ADB's duty to ensure that its projects are financially viable and sustainable, that funds are used for their intended purpose, and that borrowers have the capacity to fulfill their obligations under legal agreements. PPFD supports the framework, guidelines, and processes to achieve this mandate and its FM responsibilities.The position is assigned in Public Financial Management Division (PFFM) within the Procurement, Portfolio and Financial Management Department (PPFD). Financial Management (FM) is an integral component of ADB's duty to ensure that its projects are financially viable and sustainable, that funds are used for their intended purpose, and that borrowers have the capacity to fulfill their obligations under legal agreements. PPFD supports the framework, guidelines, and processes to achieve this mandate and its FM responsibilities.
To view ADB Organizational Chart, please click here.
The Finanical Management Specialist will support or take the lead in providing technical guidance and advice, knowledge sharing, and capacity building to support the department’s project financial management and financial due diligence (FDD) function to ensure high standards for the ADB’s overall financial management performance.
The incumbent will report to the designated Director and may supervise one or more National and Administrative Staff.
- Provides technical guidance, information, analysis, and advice on financial management and FDD issues in sovereign operational activities in line with relevant ADB policies, guidelines, and instructions.
- Supports the continuous development and implementation of financial management guidelines and procedures (consistent with ADB’s guidelines) for review of Audited Project Financial Statements and Audited Entity Financial Statements (APFS/AEFS), monitoring, and quality improvement.
- Advises sovereign operations and Resident Missions (RMs) in the development of strategies for financial management in the relevant Developing Member Countries (DMCs).
- Provides technical guidance as a member of sovereign operations’ project teams on financial due diligence work by:
- Supporting/leading the conduct of financial management assessments of executing and implementing agencies, including (a) assessing whether previous financial management assessments have been conducted by ADB or other agencies and, if so, reviewing the results and ascertaining whether these can be used as input; (b) assessing capacity for planning and budgeting, management and financial accounting, reporting, auditing, internal controls, and information systems; (c) reviewing proposed disbursement and funds-flow arrangements, and (d) concluding on the financial management risk rating and identifying and confirming measures for addressing identified deficiencies;
- Supporting the preparation and agreement of cost estimates and a financing plan, which are based on verifiable data and are sufficient to support project implementation;
- Supporting/leading the preparation of financial projections and conducting financial analyses of the executing and implementing agencies, and incremental recurrent costs, to determine financial sustainability, and reviewing proposed cost-recovery and tariff policies, including affordability;
- Supporting/leading the conduct of financial evaluations (financial cost-benefit analyses) including sensitivity analyses of project components that have a cost-recovery objective to assess project financial viability;
- Proposing mitigation measures to be incorporated in financial covenants when significant risks are identified to the project or entity's financial sustainability or viability; and
- Assessing and reaching an agreement on financial reporting, auditing, and public disclosure arrangements for the project, and, as appropriate, identifying and agreeing on arrangements for receiving financial statements from executing and/or implementing agencies.
- Responds to financial management issues during management and staff review meetings.
- Participates in project preparation and/or review missions responsible for financial issues in the processing and implementation of projects, and helps resolve problems, as needed.
- Supports/supervises the review of APFS/AEFS for sovereign projects following the internal review process; provides guidance on quality issues in APFS/AEFS and project implementation matters disclosed in the reports.
- Ensures compliance with ADB’s financial management and audit requirements by reviewing, validating, monitoring, and evaluating the implementation status of audit recommendations.
- Ensures quality control of financial management inputs in the various operational and non-operational documents, and of project documents in relation to financial management.
- Ensures quality control of sovereign operations’ reports, briefings, and presentations on APFS, AEFS, and other financial management-related matters.
- Assesses, designs, and/or implements stand-alone and technical assistance-related financial management capacity-building programs for clients and financial management staff.
- Undertakes knowledge-sharing activities and regular communications with counterparts within and outside ADB to keep abreast with the latest developments in international and national financial management and analysis practices
- Takes the role of mission leader and supervises the work of mission members and consultants.
- Supervises the performance of reporting staff and ensures ongoing learning and development.
Relevant Experience & Requirements
- Master's Degree, or equivalent, in Business, Finance, Commerce, or related fields. University degree in Business, Finance, commerce, or related fields, combined with specialized experience in similar organization/s, may be considered in lieu of a Master's degree
- Professional qualification in accounting (e.g., CPA, CA, ACCA) from an internationally recognized institution (e.g., IFAC) is mandatory. A CFA qualification is an advantage
- At least 6 years of relevant professional experience in private sector or public sector financial management (i.e., accounting, budgeting, auditing), or related area
- International experience working in several countries, particularly ADB’s DMCs.
- Credible expert in field of expertise with recognized ability to lead projects and to share relevant knowledge to benefit the broader ADB community
- Excellent oral and written communication skills in English
- Able to mentor team members, providing guidance and advice on delivery of services.
- Please refer to the link for ADB Competency Framework for International Staff Level 3/4 .
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.