Senior Financial Management Specialist
|Term Duration:||3 years 0 months|
|Recruitment Type:||Local Recruitment|
|Required Language(s):||English, French|
|Closing Date:||3/4/2022 (MM/DD/YYYY) at 11:59pm UTC|
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org
Governance Global Practice Context
Sound governance and effective institutions are essential for achieving shared prosperity and sustained reductions in poverty. A rapidly growing body of analytic work demonstrates that there are clear linkages between good governance and the quality of health and education services, and that the poor often suffer disproportionately from lack of alternatives. Countries capable of improving governance can use their human and financial resources more efficiently with fewer losses and distortions. They can attract higher levels of foreign and domestic investment and, on average, grow more rapidly.
The Governance Global Practice brings together professionals in procurement, financial management, taxation, public management, regulatory policy, transparency, digital governance, law and development, anticorruption, and social accountability to develop innovative, integrated solutions to pernicious institutional problems. The practice utilizes a problem-driven, diagnostic approach, combining global comparative knowledge of reform successes and failures with keen understanding of the institutional challenges and opportunities of developing countries.
More information: https://www.worldbank.org/en/topic/governance
Country Management Unit Context
The AWCF2 country management unit (CMU), covers four countries (Benin, Cote d’Ivoire, Guinea, and Togo), and delivers Advisory Services and Analytics (ASA) and lending services to these countries. AWFC2 has an active portfolio of 65 operations (USD5.5 billion) and a pipeline of 18 operations (USD1.8 billion). In Guinea, there are currently 15 active operations (USD713 million) and 4 pipeline operations (USD273 million). There is a growing shift in the CMU towards result-based/PforR operations. More on the CMU countries:
Guinea is a low-income country with a population of approximately 12 million people. Guinea’s economy depends on its mineral wealth (bauxite and iron ore). However, mining revenues have been declining relative to mining contributions to GDP in the past decade, which has hampered the country’s level of human capital. The World Bank’s engagement in Guinea is determined by a new six-year Country Partnership Framework (CPF) for FY2018-23. This CPF for Guinea focuses on three pillars:
- Fiscal and Natural Resource Management.
- Human Development.
- Agricultural Productivity and Economic Growth.
Duties and Accountabilities
The Sr. FMS will work within the EAWG1 team and report to Practice Manager, EAWG1. You will be under the supervision of the GOV Practice Manager for the EAWG1 Unit (Cabo Verde, Gambia, Guinea Bissau, Mauritania, Senegal, Chad, Guinea Conakry, Mali, Niger, Benin, Burkina Faso, Cote d’Ivoire, and Togo) and will contribute to the implementation and development of the EAWG1 Unit’s lending and analytical program in AFCW3 countries (Chad, Burkina Faso, Mali and Niger), with a primary focus on Guinea.
The Sr. FMS will be based in the World Bank’s Conakry office and work on all Financial Management aspects of the World Bank’s operations in Guinea. This will include but will not be limited to: (i) assessing the adequacy of country, projects and programs financial management arrangements; (ii) providing implementation support and supervising projects financed by loans, credits and grants; (iii) ensuring compliance with the Bank’s audit and other fiduciary requirements; and (iv) leading on PFM work including PIM, PEFA and other governance reforms activities, as needed.
The specific duties and responsibilities of the Sr. Financial Management Specialist (Sr. FMS) will be agreed with the GOV Practice Manager. He/she is expected to perform a full range of operational Financial Management (FM) and Public Financial Management (PFM) duties.
He/she will take a leading role in the following tasks:
- Promote effective reliance on country systems as deemed appropriate, greater use of technology for fiduciary due diligence and implementation support and streamlining of FM and disbursement processes.
- Undertake FM assessments for new projects and provide FM implementation support for ongoing projects covering project budgeting, internal controls, accounting, treasury, funds flow, financial reporting, auditing arrangements and adequacy and suitability of project FM staff.
- Monitor on-going compliance by projects with the Bank’s FM policies and procedures.
- Review annual audited financial statements, audit reports and audit management letters, and prepare appropriate communication to project implementation agencies.
- Update the Bank’s automated FM monitoring systems on a timely basis.
- Assess audit firms/auditors in terms of independence, competence, compliance with international auditing standards.
- Provide training, guidance and advice on FM related aspects to external clients (borrowers and staff of project implementing agencies) and internal clients (Bank Task Teams, and CMU staff).
- Contribute to or lead analytical or technical assistance work on public financial management (PIM, and PEFA).
- Participate in country-level portfolio activities such as Country Portfolio Performance Reviews, risk-review meetings, deep dive preparation, implementation and monitoring and other implementation meetings and events.
- Ensure 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.
- Contribute to project and other portfolio and country documents in his/her area of work as needed
- Generation and exchange of knowledge relating to FM/PFM issues.
- Contribution to corporate tasks such as the preparation of country briefs, inputs to thematic notes and knowledge and learning events.
The successful candidate will be a professional with solid operational experience on financial management. Specifically, the successful candidate will be selected based on the following competencies:
- Advanced degree (Master’s or equivalent) in accounting, economics, public financial management, public policy/political science, finance, or another related field.
- The candidate should be a qualified professional accountant (CPA, CA, ACCA, DEC or equivalent membership of an internationally recognized professional accountancy body).
- At least 8 years of relevant experience in public financial management.
- Knowledge of International Reporting Standards (IFRS) and International Standards on Audit (ISA). Knowledge of International Public Sector Accounting Standards (IPSAS) and the International Standards of Supreme Audit Institutions (ISSAI) would be an 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 and 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 determining appropriate remedial actions.
- Understanding of the budget formulation and execution processes, including treasury and cash management, as applicable to Bank-financed investment projects and public sector finance in general.
- Ability to communicate effectively, in writing and orally, in French and English.
- Willingness to travel frequently, sometimes at a short notice.
- Written and Verbal Communication – Delivers information effectively in support of team or workgroup
- Client Orientation – Takes personal responsibility and accountability for timely response to client queries, requests or needs, working to remove obstacles that may impede execution or overall success.
- Drive for Results – Takes personal ownership and accountability to meet deadlines and achieve agreed-upon results and has the personal organization to do so.
- Teamwork (Collaboration) and Inclusion – Collaborates with other team members and contributes productively to the team’s work and output, demonstrating respect for different points of view.
- Knowledge, Learning and Communication – Actively seeks knowledge needed to complete assignments and shares knowledge with others, communicating and presenting information in a clear and organized manner.
- Business Judgment and Analytical Decision Making – Analyzes facts and data to support sound, logical decisions regarding own and others’ work.
- Public Administration – Understands the overall dimensions and structures of the mechanics of government and its public administration, including public financial management
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.