Location: Johannesburg
Publish Date: 02-04-2013
Expiry Date: 2013-04-15
Description:
Job Title: Principal Financial Officer
Johannesburg
IFC Johannesburg
14 Fricker Road, Illovo 2196
Johannesburg, South Africa
Background / General description
IFC is focused on strengthening its investment and advisory portfolio with the support of dedicated resources to oversee and support the effective delivery of results for its CAF and LAC regions. The Vice President for CAF/LAC (?the Regional VP?) is seeking a Principal Financial Officer to serve as the super region?s Business Partner in ensuring resources are managed in the delivery toward the strategic directives with close focus on financial sustainability impact and outlook. The selected candidate will be responsible for the oversight of all administrative financial management activities conducted for both regions through both regional controlling organizations, including the day-to-day oversight over administrative financial activities and controls such as budget formulation and execution, staffing and work program planning, efficiency, profitability forecasting or economic capital allocation. S/he will support the Regional VP and Senior Management in critical strategic exercises and will manage a team of financial professionals, members of a worldwide network of IFC Finance and Budget professionals, responsible for administrative financial management and administrative transaction processing for both IFC Investment and Advisory Services. The Principal Financial Officer?s ability to deliver his/her roles and responsibilities is critical to the overall success of IFC?s program within the super-region. The selected candidate will have a solid reporting line to the Regional VP based in Johannesburg, as well as a dotted reporting line to the Controller and Director of Finance and Accounting based in Washington, DC. The selected candidate will work routinely with the CFA?s Business Partnership and Central Budget & Finance units in HQ.
Duties and Accountabilities
The Principal Financial Officer will be responsible for disseminating best practices and serve as a catalyst of information to and from the Finance & Accounting community. S/he will:
Play a central role in management of finance issues of IFC Investment and Advisory Services activities, through close collaboration with Donors, Senior Management and HQ.
Manage and oversee a large finance and budget team in multiple countries across the regions.
Play a key contributing role in strategy, analysis, forecasting and financial policy formation.
Review and challenge existing and/or design, develop and implement control procedures to mitigate financial, operational and reputation risks.
Develop strong working partnerships across departments and functions; mentor the budget, finance and procurement teams in execution of their duties and strategic goals.
Enhance the regions? ?back office? functions, develop and enforce common guiding principles of financial control and management.
Manage and oversee budget and finance staff under CAF/LAC and offices within super-regional purview on performing budget formulation, execution, monitoring and variance analysis activities. Support Management, CAF/LAC Directors, during Corporate budget formulation exercises, including providing information and analyses for use in strategy/budget discussions within the Vice Presidency and IFC Management Team.
Play a lead role in ongoing CFA-lead financial management initiatives, piloting such initiatives in the super-region where appropriate.
Be an active member of the Budget & Finance network?s leadership team as well as the Financial Sustainability Network. More specific responsibilities include: Financial Management:
Manage financial matters of the super-region on the preparation and delivery of key financial analyses and reports, including product profitability forecasts, economic profitability analyses, and economic capital and capital charge allocations.
Play an active role in the formulation of investment program forecasting as input for Senior Management decision making.
Identify and articulate key drivers of profit trends and investigate profit related anomalies.
Provide best practice knowledge and advice on financial issues, policies, Donor Trust Fund requirements. Fiduciary, Financial and Internal Control:
Coordinate with Internal Controls Unit at HQ to ensure all activities under CAF/LAC are adequately designed and operating effectively. Provide oversight and periodic review of controls.
Implement controls and enforce compliance with Donor agreements, WB/IFC policies and procedures
Develop, implement and ensure compliance with financial control systems over financial transactions and business operations to mitigate strategic, financial, operational and reputational risks.
Implement DFO cost recovery policy and procedures; regularly review control of DFO cost recovery practices, ensure protection against fraud and error.
Ensure tracking and collection of relevant service fees and advisory fees. Budgeting and Monitoring, Analysis, Reporting:
Coordinate and provide quality assurance of administrative and service/AMC fee budgets and DFO financial reporting in compliance with management requirements, IFC standards and Donor requirements.
Support Management in the preparation of strategic staffing work programs, assist in the coordination of their preparation in the various units and departments across the Vice Presidency. Support Management in Facilities/office ecology strategy.
Manage and oversee team of professionals in country offices within the Vice Presidency and the super-region who perform administrative expense quality review and data entry to ensure consistent and efficient processing.
Coordinate development of budgets in accordance with approved super-regional investment and advisory strategies and regional fiscal year work plans; ensure financial viability of proper funding for program implementation.
Provide expert advice to the super-regional Management to allocate resources (administrative budget, service fee budget, AMC fee budget, FMTAAS, advisory fees, donor funding, etc.) in an effective manner.
Implement guidelines and procedures for administrative and DFO budgeting and monitoring.
Provide financial information and expert advice in: negotiating, drafting, signing of Donor agreements/amendments, program close-down.
Provide input to development of key performance indicators (KPIs), results and efficiency measurement and provide regular reports on progress and KPIs. Guidance, Policy Development and Implementation:
Report and present information on financial performance, highlighting variances and areas of concern to super-regional, DFO and HQ Management. Provide advice and guidance on accounting theory and practice.
Provide advice and training for Budget, Finance and other staff on relevant WB/IFC policies and Donor requirements.
Keep abreast of new WB/IFC policies/procedures, ensuring these are communicated and implemented throughout the regions.
Recommend and implement best practices and developing new policies and procedures to improve existing tools, systems and policies in financial management and procurement. Supervision/talent development:
Support Management, including CAF/LAC Directors, by providing oversight of the various local offices within the Vice Presidency and super-region in such administrative areas as ACS (Administrative Client Support), office facilities, and IT support.
Ensure finance and admin. staff qualifications and professional competencies are adequate and sufficient for smooth flow of business processes.
Develop, mentor and supervise all regional budget and finance staff.
Establish priorities and coordinate work programs for budget and finance staff.
Promote regional finance and budget network development by implementing and maintaining a super-region-wide Performance Evaluation System which includes a Competency Framework, 360 degree feedback mechanism, employee development process and other tools and interventions that build organizational and individual capabilities.
Work closely with the businesses to fulfill short and long term needs by partnering with business partners in the organization (e.g. Human resources, Risk, Controllers, etc) and external organizations in analyzing needs, identifying, developing and implementing interventions and action plans.
Selection Criteria
Advanced degree in Accounting, Finance, Business or Economics and at least 10-15 years of relevant financial management experience in a corporate setting.
Sound knowledge and understanding of accounting theory, concepts and principles, combined with proven practical skills in financial accounting reporting, business planning, profitability forecasting, work programming, budgeting, financial management and audit.
Excellent technical knowledge and sophisticated understanding of financial concepts involving profitability analysis, economic capital, budget formulation, expense monitoring, and fundamental financial/expense controls.
Ability to conduct independent research and analysis, identify issues, formulate options, draw conclusions, submit recommendations and convince others on a course of action. Proven ability to conceptualize, design and implement major projects and produce major/complex reports and recommendation.
Proven project management skills and aptitude for coordination/facilitation of large groups. Proven people management and motivational leadership capabilities.
Strong communication skills (in English), both written and oral, to convey complex financial, budgetary and administrative issues in a clear and concise way to management and staff.
Demonstrated ability to support management at the vice presidential level in formulation of budget, investment program forecasts, and administrative financial issues, with particular emphasis on profitability forecasting and analysis.
Strong problem solving, conceptual, analytical and evaluation skills.
Proven people management skills, with ability to attract, develop and retain talent, and to lead, coach mentor and develop staff across countries.
Proven ability to build productive teams and work collaboratively across functions and departments, including building and strengthening cooperation and coordination across HQ, Regional Operations Centers and Country/Local offices a plus.
Advanced skills in Excel and Access, working knowledge of Microsoft office, Internet, Lotus Notes applications.
Willingness to travel throughout CAF/LAC region and to HQ as required.
Recognized professional accreditation (CPA, CIMA, ACCA, etc) and/or experience in Big 4 auditing firms an added advantage.
Knowledge of Donor Funded Operations, and/or WBG policies an added advantage.
Prior experience in ERP applications (SAP) a plus. Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 4 year term appointment.
To Apply:
http://www1.ifc.org/wps/wcm/connect/Careers_Ext_Content/IFC_External_Corporate_Site/IFC%20Careers/Career%20Opportunities/CareerOpportunityPlaceHolder?JobReqNo=130751
Deadline: 15th April 2013
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