Financial Control Specialist

Job Description

Accounting Division, Controller’s Department Job Purpose: Plan, organize, and supervise the investment, borrowing and reconciliation section of CTAC. Provide an accounting function for treasury transactions to ensure that adequate internal controls are in place; transactions and activities in related areas are controlled, monitored, and properly recorded; and financial reports are accurately prepared. Work within general policies, principles and goals, when working directly with clients. Support the conversion from US Generally Accepted Accounting Principles (GAAP) standards to International Financial Reporting Standards (IFRS) covering (i) disclosures and reporting, (ii) systems, and (iii) staff training. Support accounting policy section of the Accounting Division (CTAC) with policy formulation relating to fair value and hedge accounting. Develop a knowledge-hub to keep management, Board, Treasury department and Office of Risk Management (ORM) abreast with developments in accounting standards and their impact on ADB. Work with broad policies and objectives, working directly with clients, with supervision for critical tasks. Expected Outcomes: a. Investments

• Review, control, and monitor treasury related transactions covering borrowings, internally and externally managed investments, including derivative transactions (such as swaps, futures, options, etc.) and bank reconciliations/custodian confirmations.
• Review the fair valuation of financial and derivative instruments and assess the reasonableness of the overall results taking into consideration the business objectives.
• Develop and prepare financial reports and analysis.
• Monitor the on-going developments in both Financial Accounting Standards Board (FASB) and IFRS; assess their impact on fair value measurements, disclosures and reporting; and implement changes as required.
• Assist draft reports and presentations for the management and the Board, to explain lucidly the volatility in net income and other comprehensive income, arising from fair value accounting of financial instruments related Treasury investments, borrowings and derivatives.

b. Accounting Policy and Internal Controls

• Assist in formulating and documenting appropriate accounting policy for treasury-related activities and in reviewing financial and other policies in ADB as appropriate; implement and monitor accounting policy for treasury-related activities.
• Evaluate relatedinternal controls within ADB.
• Review and analyze business processes, including related systems to simplify and streamline the processes to achieve efficiency and good internal controls in supporting treasury accounting and bank reconciliation.
• Participate in the implementation of treasury-related system, specifically the back-office modules applicable to accounting.
• Assist in the conversion from FASB to IFRS for the areas related to Treasury investments (internally and externally managed), borrowings and derivatives; assess the impact on disclosures and reporting of Treasury operations; and co-ordinate with accounting policy section in formulating required accounting policies and guidelines.

c. Systems

• Participate in reviewing and enhancing the treasury, bank reconciliation, and accounting systems (i.e., iFirst and Oracle).
• Monitor and review business processes and systems of the section for effective and efficient operations, and propose and suggest improvements as required.

d. Knowledge Sharing

• Review and provide analysis and comments to enhancement in relevant ADB policies and procedures.
• Provide guidance and training to staff to ensure familiarity and to improve their technical capabilities.
• Represent the Controller’s Department (CTL) on ADB-wide activities, working groups and committees as assigned.
• Review developments in treasury and risk management related accounting standards and their impact in ADB

e. Staff Supervision

• Provide leadership and support to reporting staff
• Supervise the performance of reporting staff, providing clear direction and regular monitoring and feedback on performance.
• Ensure the ongoing learning and development of reporting staff.

Educational Requirements: A university degree in Accounting, Finance, Business, or related fields; preferably at post-graduate level or its equivalent, with strong background in information systems, and with internationally recognized professional qualifications such as Certified Public Accountant (CPA)/Chartered Accountant (CA) or its equivalent. Relevant Experience And Other Requirements:

• Suitability to undertake the responsibilities mentioned above at the required level.
• At least 8 years of relevant professional experience
• Excellent oral and written communication skills in English.
• International experience working in several countries.

Core Competencies: Application of Technical Knowledge and Skills

• Regularly shares knowledge on new international best practice trends in comparator situations
• Proactively applies relevant international best practices to own work
• Convinces others to adopt international best practice by explaining the situational relevance and benefits

Client Orientation

• Helps colleagues work effectively with clients indifferent contexts and from diverse backgrounds and country situations
• Adapts own approach and style when interacting with clients, as opposed to requiring them to adapt
• Draws upon international best practice in exploring solutions with clients
• Confirms the clients’ understanding and agreement before progressing

Achieving Results and Problem Solving

• Draws on own and others’ multi-country experience to identify viable courses of action when conducting analyses
• Helps internal and external clients achieve quality results beyond presenting problems and precedent
• Highlights possible solutions for project issues based on relevant multi-country and/or multi-client experience
• Regularly contributes insights and experiences to colleagues in the Division to help them achieve quality results
• Overcomes unexpected difficulties and challenges to produce desired outcomes

Working Together

• Maintains collaborative relationships within the Department
• Works effectively with diverse colleagues in own and other Divisions and Departments
• Flexibly alters positions and adjusts previously stated points of view to support the group consensus
• Follows through on team priorities in the absence of a team leader

Communication and Knowledge Sharing

• Checks the audience’s level of understanding and awareness of required follow up actions
• Consistently seeks and addresses feedback on own performance
• Creates knowledge products endorsed for wider distribution based on lessons and multi-country experience
• Independently amends and clarifies messages and documents

Innovation and Change

• Actively supports work improvement and/or organizational change by work and deed
• Develops and adopts change plans to support Division initiatives on which one works
• Considers current and future client needs in proposing ideas
• Vocalizes early support for change
• Recommends inputs to new policies, systems and processes in immediate work area

Immediate Reporting Relationships / Other Information: The position reports to: Assistant Controller, Accounting Division (CTAC)

The following staff positions report to the Financial Control Specialist: National Staff and Administrative Staff

Women are encouraged to apply