Duty Station: Rome HQ
Duration of assignment: 2 years, with possibility of renewal
1. Organisational Context
The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating poverty and hunger in rural areas in developing countries. It does so by financing projects and programmes that increase agricultural productivity and raise rural incomes, and by advocating at the local, national and international level for policies that enable poor rural people to overcome poverty.
2. Divisional Context
The Controller's and Financial Services Division (CFS) is located in the Financial Operations Department. CFS supports the mission of IFAD by providing sound financial management practices, effective financial accounting, payments and reporting that supports decision making, and developing innovative solutions to assist the Fund in achieving its strategic goals. A Regional Team within CFS has the overallresponsibility for the financial management arrangements in Fund projects, and the timely and efficient delivery of loan and grant administration services for the portfolio within the assigned cluster of countries, in line with the CFS work plan. The Finance Officer/Regional Team Leader, Loans and Grants (FO/TL) works under direct supervision of the Manager Loans and Grants on an assigned group of countries within the Region. The FO/TL will be highly committed to the delivery of objectives and activities assigned; and keep abreast of the financial management developments and skills required to respond to the divisional work plans and results.
3. Purpose of Position
Key responsibilities for the FO/TL include management of a complex portfolio and some challenging fiduciary issues that require careful handling. S/he will work under the overall supervision of the Manager, Loans and Grants, proactively undertaking work for early identification of financial or fiduciary risks in the Fund's lending program and the development of mitigation strategies thereon to ensure improved results of the financial management of IFAD projects and programmes in line with the Fund's objectives and divisional work plans and in compliance with Fund's Financial Management Strategy and Guidelines. In addition, the incumbent provides leadership to a team of Professional and General Service staff for financial management and loan administration of the assigned cluster.
4. Duties and Responsibilities
As Team Leader, duties will include the following:
- Determine the Regional Loans and Grants (RLG) team's objectives and priorities in consultation with the PMD regional director and regional team members, and consistent with the CFS divisional strategic plan and document these in a work plan agreed with relevant stakeholders; manage and ensure the adequacy of RLG team members' skills and resources to support and achieve the operational plan targets, both with respect to the on-going regional portfolio as well as new pipeline design activities; exercise professional judgment to determine whether CFS staff or FM consultants will support the activity based on complexity/suitability/specific competencies.
- Directly manage and supervise Finance Officers and Finance Assistant(s) in the RLG Unit, coordinating processing and operational efficiencies with other Team Leaders and overseeing the maintenance of regional Loans and Grants System (LGS) data and disbursement of funds; ensure compliance with agreed individual objectives/ work plans and performance appraisal, and coach and mentor junior team colleagues.
- Lead the Quality Assurance of internal CFS processes within the cluster, consistent with corporate financial management strategy and guidelines.Review and clear FM Assessments and risk ratings conducted by team members. Ensure that IFAD financial and fiduciary requirementsare adhered to and that project parties and all regional team members are well briefed from the outset on the relevant requirements.
- In consultation with Manager Loans and Grants, perform ad-hoc analytical reviews across the regional portfolio and develop analytical and aggregated risk profiles to assist in developing regional strategies for FM and disbursement, particularly in light of the proportion of high risk projects in the region Lead preparation of input on Financial Management for the region's Annual Portfolio Review Report.
For the assigned portfolio of loans, the incumbent's duties as Finance Officer will include the following:
- Undertake assessment of country financial management systems so as to facilitate utilization of public financial management (PFM) systems where appropriate, to determine inherent risks to IFAD projects. For this purpose complete review and analysis of available internal and external diagnostic reports available and supplement with additional studies if warranted and feasible.
- Complete financial management (FM) assessments of project financial management capacities and attendant fiduciary risks for assigned countries, consistent with internal policies and institutional guidelines, and document results of these assessments. Recommend appropriate risk mitigating measures in project design to provide assurance and accountability that funds have been used for intended purposes, and develop appropriate fund flow and disbursement arrangements.
- Ensure that project design and legal documentation adheres to IFAD financial and fiduciary standards. Lead the discussions on fiduciary matters internally with PMD and with Borrowersparticularly during negotiations. Prepare appropriate documentation (e.g. FM Assessment reports and Letter to Borrower). Clear negotiation packages with respect to FM and disbursement.
- Closely monitor financial management performance actively throughout the project/loan implementation (including participation in portfolio review meetings and participation in supervision missions). Based on supervision findings, monitor follow up actions with Borrowers and revise FM arrangements and risk ratings as appropriate.
- Ensure compliance with IFAD policies and procedures with respect to project audits, including the timely receipt and review of project audit reports and follow up thereof, rating of the audit reports, and recording thereof in the Audit Report Tracking System. Prepare Legal Notices and Suspension Notices for Borrowers due to delay of audit report submissions in line with IFAD's operational procedures.
- In collaboration with Debt Service Unit, review and follow up on loan servicing progress and help prevent (where possible) and resolve arrears issues.
- Promote knowledge sharing and build and maintain effective collaboration with FOD colleagues, Country Programme Managers, cooperating institutions, project staff and recipients. Facilitate capacity building activities and initiatives for Borrowers¿ project staff, IFAD staff and consultants, as appropriate.
- Contribute to the development of improved systems, policies, procedures, instruments or practices in relation to financial management of the IFAD loan and grant portfolio and to the associated implementation, training and awareness activities as required.
- Perform validation checks on Withdrawal Applications (WAs) processed by Finance Assistants based on departmental guidelines on risk-based disbursement, quality assurance arrangements and delegated payment approval authorities. Monitor compliance with FM covenants in legal agreements. Initiate the application of institutional remedies when needed for defaults in consultation with management and legal colleagues.
- Undertake ad-hoc tasks and cross-cutting initiatives as assigned by the Manager Loans and Grants or CFS Director.
5. Qualifications and Skills Required
Education and experience
- A Master's degree in finance, business studies or accounting, with at least eight (8) years' post-qualification professional experience that includes including relevant work in leading audit firms and/or work in financial management and accountability for funds.
- In lieu of a Master's degree, a Bachelor's degree in any of the above named areas with a relevant professional accounting or auditing qualification (Certified Public Accountant, Certified Management Accountant, Chartered Accountant or equivalent), and at least eight (8) years' post-qualification experience as per above, would also be considered.
- Relevant experience in any of these sectors would be an advantage: bi/multi-lateral international aid organizations, development, financial and/or public sector institutions.
Technical/functional competencies:
- Strong interpersonal/negotiation skills and ability to deal with a wide variety of clients and stakeholders at all levels.
- Ability to establish and maintain effective working relations with people in a multi-cultural, multi-ethnic environment with sensitivity and respect for diversity.
- Ability to lead a team and interact effectively with in-house and external partners maintaining and developing professional networks.
- Accuracy, numeracy, attention to detail and thoroughness.
- Analytical aptitude in various dimensions of financial management (e.g. accounting, reporting, internal controls, flow of funds and audit) and an appreciation of governance and socio-economic issues in the area of development.
- Able to accomplish work objectives within assigned time targets and with high standards of performance.
- Demonstrated ability to seek innovative solutions to problems encountered in work.
- Willing to learn, acquire and share new competencies; seek new challenges by exploring new approaches to work.
Languages and other skills:
- Full command of English language with a working knowledge of either French or Arabic is required.
- Strong communication skills, including the ability to speak persuasively and explain portfolio and procedural guidelines effectively, in writing and orally.
6. Other Information
Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD, and they may be assigned by him/her to any of the activities of IFAD, including field assignments and/or rotation within IFAD.
