Financial Control Specialist

IMPORTANT INFORMATION:

Close relatives¹ of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.

¹Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle

Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9).

In the event that the staff appointed to a new category (i.e. from AS to NS, or from NS to IS) is rated at 2 or lower in the first two performance reviews after appointment at the new level, they will return to the level occupied immediately prior to their appointment in the new category.

Overview

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 in the Accounting Division (CTAC) within the Controller’s Department (CTL). CTL’s overall responsibility is to help maintain adequate and sound internal control of processes in ADB, and CTAC’s responsibilities include financial reporting and accounting ADB’s financial products (loans, guarantees, equity investments, treasury investments, borrowings, and derivatives).

To view ADB Organizational Chart, please click here.

Job Purpose

The Financial Control Specialist will be responsible for (i) supporting the development of ADB’s accounting policy, ensuring ADB’s financial statements comply with US accounting standards; (ii) overseeing the preparation of ADB’s financial and management reports; and (iii) supporting the budget management of the department.

The incumbent will report to Assistant Controller and will supervise National and Administrative staff.

Responsibilities

• Reviews impact of new accounting standards to ADB; and assists in the development of related accounting policies, guidance and interpretations, detailed implementation plans identifying the required resources, milestones and deliverables, comprehensive impact analyses, and system and control implications, with the participation of relevant areas. Disseminates updated policies to other concerned departments/offices in ADB.
• Coordinates the accounting analysis related to ADB financial instruments and be departmental focal person in reviewing new initiatives and products to ensure accounting related implications are addressed.
• Contributes to the preparation of ADB responses to or comments on applicable exposure drafts from the Financial Accounting Standards Board and other relevant recognized international bodies.
• Represents the Controller’s Department on ADB-wide activities, initiatives, working groups and committees as assigned. Participates in special projects and ensure timely submission of deliverables and within quality targets.
• Manages the preparation of financial statements, management reports, and other analysis based on the appropriate accounting standards, guidelines, or agreements.
• Reviews and analyzes business processes, including related systems to simplify and streamline the processes to achieve efficiency and good internal controls.
• Participates in the implementation and enhancements of IT systems, specifically the accounting related modules.
• Provides timely and quality review, analysis and comments to draft board papers, policy papers, ADB procedures and guidelines, and financing agreements and other project related documents.
• Ensures departmental requirements for budgetary resources are effectively identified and managed; keeps abreast and communicates corporate priorities and approaches for budget management; communicates closely with budget management partners and coordinators on budget and supports budget execution.

Qualifications

Relevant Experience & Requirements

• Master’s Degree, or equivalent, in Accounting, Finance, Business, or related fields, and with internationally recognized professional qualifications such as Certified Public Accountant (CPA)/Chartered Accountant (CA) or its equivalent. University degree in Accounting, Finance, Business, or related fields combined with specialized experience in similar organization/s, may be considered in lieu of a Master’s degree.
• At least 6 years’ relevant experience in various accounting and control processes in banking/financial sector or international financial institutions, and international experience working in several countries.
• Solid knowledge and experiences in international accounting standards such as accounting standards generally accepted in US or International Financial Reporting Standards.
• Proficiency and in-depth knowledge in internal control over financial reporting and its application, familiarity with COSO (Committee of Sponsoring Organizations).
• Proficiency and knowledge in Information Technology, particularly in the use of an Enterprise Resource Planning system and experiences in quality assurance or audit would be a distinct advantage.
• Ability to utilize and share relevant knowledge to benefit the broader ADB community.
• Excellent oral and written communication skills in English.
• Ability to coordinate and liaise effectively with client groups within and outside the institution.
• Please refer to the link for ADB Competency Framework for IS3-4.

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.