Financial Management Officer

The position is located in Viet Nam. It is open only to nationals and residents of Viet Nam. This is a fixed term appointment with option to renew for an initial period of 3 years following Section 3.1 (b) of Administrative Order No. 2.01 ("Recruitment and Appointment"). This appointment is not convertible to a regular appointment. After the initial fixed period, ADB has the option to renew the appointment for up to three years or allow it to expire. This decision is based on ADB's overall interest in retaining the skills and experience of the staff for medium-term work program within the respective group, department, or 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 to the Public Financial Management Division (PFFM) within the Procurement, Portfolio and Financial Management Department (PPFD). Financial Management (FM) is an integral component of ADB's obligations to ensure that the projects it finances are financially viable and sustainable, that ADB funds are used for the purposes for which they were approved, and that borrowers have the capacity to fulfill their obligations under legal agreements. PPFD/PFFM supports the framework, guidelines, and processes regarding ADB's FM mandate and responsibilities.

Job Purpose

The Financial Management Officer will (a) provide operational services in conducting financial due diligence of projects during processing and supervision during implementation; (b) support country FM assessments and FM systems strengthening initiatives; and (c) coordinate the development and delivery of knowledge sharing and capacity building support. Though the position is based in Viet Nam, the incumbent can be assigned to work on tasks in other developing member countries of ADB as needed. The incumbent will report to designated International Staff and senior National Staff. The incumbent may also receive guidance from designated International Staff/Country Director of VRM. Country Directors may also provide supervisory inputs to the incumbent's annual workplan and performance review, as needed.

Responsibilities

• Operational services: Lead: (i) Review of audited project and entity financial statements (APFS and AEFS) for all assigned projects following ADB's internal review guidelines (while exercising professional judgment) including updating automated review checklists, monitoring and quality improvement; and (ii) FM support to project teams to communicate with executing agencies on issues identified in the APFS and AEFS, including compliance with financial covenants. Analyze non-compliance or delayed compliance with APFS and AEFS submission and public disclosure requirements, as well as quality, common issues and deficiencies in APFS and AEFS and summarize these and expected actions in a regular report. Diligently follow up with project teams and executing agencies to achieve compliance with ADB FM requirements. Monitor regularly the follow-up actions identified from APFS and AEFS review or other related actions and verify project related information to assist APFS and AEFS review.
• Lead, and/or participate in, the financial due diligence work for project processing in the: conduct of a financial management assessment of the EAs/IAs, including: (i) ascertaining whether previous financial management assessments have been conducted by ADB or other agencies and, if so, reviewing the results and determining whether these can be updated for the project; (ii) assessing capacity for planning and budgeting, management and financial accounting, reporting, auditing, internal controls, and information systems; (iii) reviewing proposed disbursement and funds-flow arrangements; and (iv) concluding on the financial management risk rating and identifying and confirming measures for addressing identified deficiencies; preparation and agreement of cost estimates and a financing plan, which are based on verifiable data and are sufficient to support project implementation in collaboration with technical team members; preparation of financial projections and conducting financial analyses of the EAs/IAs, and incremental recurrent costs, to determine financial sustainability, and reviewing proposed cost-recovery and tariff policies, including affordability; conduct of financial evaluations (financial cost-benefit analyses) including sensitivity analyses of project components that have a full cost-recovery objective; development of risk mitigation measures to be incorporated in financial covenants where significant risks are identified to project financial sustainability or viability; and assessment and achievement of agreement on financial reporting, auditing and public disclosure arrangements for the project, and, as appropriate, identifying and agreeing arrangements for receiving financial statements from EAs/IAs.
• Facilitate and participate in project preparation and/or review missions to help resolve problems related to project financial management, as needed. Input and update project data and records in ADB information systems and databases. Monitor the assigned projects' compliance with financial covenants in the legal agreements and coordinate with project teams to follow up on achieving compliance. Monitor the timely implementation of financial management action plans and communicate with EAs and IAs to resolve issues related to compliance along with the project team leader.
• Country FM Systems: Participate as a team member for preparation of country or regional partnership strategy, governance risk assessments, or country public financial management assessments (e.g., public expenditure and financial accountability assessments). Review country FM systems and monitor changes related to project financial management, audit, taxation, and other finance-related areas, and update Pakistan country management and staff regularly on any changes that may affect project implementation and performance.
• Knowledge management: Participate in and contribute to internal and external training and conferences and other activities for advocacy, dissemination, and knowledge building on FM. Support the implementation of stand-alone and technical assistance related FM capacity building programs for clients. Train staff of ADB and executing agencies.
• Other tasks: Other tasks as assigned and reflected in the incumbent's workplan.

Qualifications Relevant Experience & Requirements

• Bachelor's degree in Accounting, finance, or a related field preferably with advanced training; Professional qualification in accounting (e.g. CPA, CA) from an internationally recognized institution (e.g., IFAC). A CFA qualification is an advantage;
• At least 8 years of relevant professional experience in private or public sector financial management (i.e., in accounting, budgeting, auditing);
• Experience with (a) investment project appraisal, and (b) appraisal processes of financial institutions including multilateral development banks for sovereign and non-sovereign transactions is an advantage;
• Advanced and broad knowledge of all aspects of FM, including: (i) International Financial Reporting Standards and International Standards on Auditing; (ii) experience with internal control systems and procedures (in particular the Committee of Sponsoring Organizations framework); (iii) experience in auditing including assessing auditors' competence; and (iv) experience in advising clients on the design and implementation of FM systems, including financial and management reports;
• Proven ability to work independently on assigned transactions, areas of analysis and research, which have well-defined scope and steps;
• Effective report-writing and strong oral and written communication skills in English;
• Good analytical and conceptual skills;
• Ability to liaise and work effectively with government officials;
• Ability to guide administrative staff to facilitate work planning, delivery and quality review;
• Strong planning, organizational and administrative skills;
• Proficiency in MS Word, MS Excel, MS PowerPoint; familiarity with database management tools;
• Ability to work collaboratively with teams as a constructive team member.

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.