Finance Analyst (Credit Union)

international fund for agricultural development ifad

Organizational Setting

The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating rural poverty and hunger. It does so by investing in rural people. IFAD finances programmes and projects that increase agricultural productivity and raise rural incomes, and advocates at the local, national and international level for policies that contribute to rural transformation. 

The Credit Union of IFAD Employees (CU) is a non-profit cooperative which was established in September 1992 within the framework of IFAD with a view to provide reliable financial services to staff and former members of IFAD, by saving together and facilitating credit among members.

The IFAD Credit Union is administered by the General Meeting of Members, the Board of Directors, the Investment Committee, the Audit Committee, the Credit Committee, the HR Committee and the Office of the Credit Union run by the Credit Union Manager.

The incumbent works in the Credit Union (CRU) Division and works under the direct supervision of the Senior Finance Specialist (CU Manager).

Job Role

Finance Analysts typically work with a higher level Finance Specialist in monitoring financial performance and preparing and evaluating financial reports; the incumbent may alternatively supervise a homogeneous portion of a financial operation which is predominantly process oriented.

In particular, the Finance Analyst (CRU) is assigned to the Credit Union (CRU) division and shares the responsibility for the deliverable, accuracy and quality of all daily operations of the CRU. They also contribute to minimizing operational and financial risks that could result in reputational risk for the CU.

Key Functions and Results

1. FINANCE BUSINESS PARTNER: The Finance Analyst is a credible, trusted partner to the client offices served and the Department/Division/Unit assigned. The position supports the Fund's finance strategy and plans as well as models a commitment to financial integrity by acting as a responsive and constructive service provider with a focus on results. The Analyst provides verbal and written advice and guidance to supervisors and staff on finance regulations, rules and procedures, facilitating a mutual understanding of roles and fiduciary accountabilities in support of the integrity in the management of the Fund's financial resources. The Analyst's focus is on building their knowledge base of the Fund's governing structure, mandate, long-term business strategy, organizational dynamics and culture.

2. FINANCIAL MANAGEMENT: Finance Analysts are establishing expertise in the UN's financial principles, policies, regulations, rules and procedures. The position is assigned a portion of a financial operation, such as Payroll for headquarters staff and processing transactions where concurrent stages of processing are required. Representative activities include: (a) reviewing, approving, reconciling and processing a range of accounting transactions on a regular and recurring basis; (b) reviewing, analysing and projecting programme financial implications in light of additional mandates or other programme changes; (c) analyzing and evaluating financial reports produced on a regular basis, explaining variances and producing reports and correspondence as required; (d) ensuring the timely and correct entry into the General Ledger of all input in accordance with corporate accounting practices, approving and posting all payable, receivable and correction journals; (e) monitoring financial performance, allotments and expenditures to ensure that they remain within authorized parameters and resolving emergent financial issues; (f) managing non-complex loans and grants portfolio(s) including in the review of Project design documents in relation to financial management (e.g. flow of funds, procurement, financial reporting and audit) as well as in relation to the disbursement of funds; and (g) analyzing, recommending and trading individual securities for different fixed income sectors and markets for internal investment portfolios of IFAD and related entities, in accordance with well- established policies and investment guidelines and also analyzing and proposing well-thought through changes to these.

3. AGENT OF CHANGE: The Finance Analyst maintains an awareness of the principles of change management and proactively serves as a role model for transformation and capacity for acceptance of change. The position uses a knowledge of results-based management and budgeting, enterprise resource planning (ERP) and other information technology to analyze and promote acceptance of new methods of work and automated work flows. At this level the Analyst manages change through consultations with finance colleagues and outreach to client offices to ensure open and regular communications pertaining to current and planned changes in the Fund's financial administration.

4. MANAGERIAL FUNCTIONS: Is accountable for integrity, transparency, in the personal use of assigned IFAD resources, including equipment, supplies and, as applicable, staff supervised.

 

5. FINANCE SUPPORT AND BUSINESS PARTNER: The Finance Analyst (CRU) is a credible, trusted partner to CU Members. They support the CU and plans as well as models a commitment to financial integrity by acting as a responsive and constructive service provider with a focus on results. The Analyst provides verbal and written advice and guidance to Members on services and products of the CU, facilitating a mutual understanding of roles in direct support of integrity in the management of the Credit Union's financial resources. Representative occupational activities include:

• Demonstrate excellent customer service at all times by providing complete and precise information to members of the CU as and when required.
• Verify the completeness and correctness of all membership applications, Loan applications, Withdrawal request application forms, etc. and take appropriate action as required.
• Advise members on appropriate loan products; process their loan applications and present to the CU Manager for his/her approval or recommendation for approval to the Credit Committee.
• Approve all types of vouchers in the absence of the Manager.
• Approve payments/transfers in Scrigno Internet Banking system, in the absence of the Manager, and sign all correspondences as one of the signatories of the CU.
• Demonstrate personal skills as required that may add values to promote the services of the CU.

6. OPERATIONAL SUPPORT: The Finance Analyst (CRU) is a professional with the capacity to interpret and apply a broad range of international and IFAD financial policies, rules and regulations as well as standards and techniques. Representative occupational activities include:

• Certify all types of vouchers including payment, receipts, subsidiary and general vouchers and present to the Manager for approval.
• Review Purchase Requisitions and Purchase Orders raised by the Administrative Assistant in the PeopleSoft system.
• In the absence of Administrative Assistant, raise/issue all types of vouchers and assign budget commitments; raise/issue requisition and purchase orders.
• Ensure timely settlement of Purchase Orders against the CU Budget account with IFAD.
• Ensure replenishment of the Budget account and accurate balance transfer by the yearends.
• Perform daily Cash Reconciliations and follow up on Cash payment instructions with the Banks.
• Closely work with the Investment Management team of IFAD to identify best available investment opportunity and instrument and recommend to the Manager to invest the excess funds of the Union.
• Follow up on investments status, perform periodic analysis on investments and provide up-to-date status of investments to the Manager on monthly basis.
• Perform periodic analysis of Loan Portfolio and provide up-to-date status of loans to the Manager on monthly basis. Think out of the box and come up with possible suggestions for improvements in existing products and services, review of policies, introduction of new loan and savings products and services to members.
• Update members' profile as required and as appropriate.
• Assist in the Preparation of Bank Reconciliations, preparation of monthly collection list for Payroll Action and month-end Payroll Reconciliations, preparation of Annual Budget for the CU, Audit exercise by providing relevant documents and precise explanations as maybe requested, preparation of interim Financial Reports as and when required, and preparation of the yearend Standard Financial Reports required by all stakeholders.

7. SYSTEM ADMINISTRATION AND SUPPORT: When delegated by the Manager or the Board of Directors in the absence of the Manager:

• Assist in the Administration of the CU system.
• Approve all Receipt and Payment vouchers; when required, issue/prepare such vouchers for subsequent approval by the Board.
• Issue/prepare Journal Vouchers (both Subsidiary and General Vouchers) for subsequent approval by the Board.
• Update members' profile as required and as appropriate.

Key Performance Indicators

The incumbent analyses unusual transactions and recommends actions to be taken and/or exceptions to be made in the application of financial regulations, rules and procedures. The incumbent executes effective accounting operations where methodology is established or accounting problems have precedents, is accountable for the correctness of authorizations or computations within a group of accounts and proposes improvements in reporting systems of subsidiary ledgers or other elements of a group of accounts. The incumbent has access to advice and on-the-job training from specialists in the individual finance occupations in the resolution of on-going non-routine work.

The work is more technical in nature that would require formal Financial/Accounting or Banking skills and training performed on a regular and recurring basis. Key performance indicators include the complete and accurate performance of assigned duties with at most honesty, accountability and transparency. They bring any inconsistencies, irregularities or discrepancies to the attention of the supervisor or responsible specialist.

The Finance Analyst (Credit Union) has access to advice and on-the-job training from the Credit Union Manager in the resolution of ongoing non-routine work.

Working Relationships

The work relationships of the incumbent involves both written and verbal communications to obtain and provide information regarding decisions on specific cases or to explain why an action has been taken or to obtain information needed to take decisions or support further financial processes. Internal Fund contacts extend to supervisors and staff throughout the Fund to promote understanding of finance regulations, rules and/or procedures pertaining mainly to routine finance matters within her/his area of assignment. This requires skill in building constructive, effective relationships. External contacts are predominantly with banks, institutions or suppliers/vendors, Borrowers and Cooperating institutions, etc. and are for the purpose of exchanging information and making commitments within predetermined parameters.

The Finance Analyst is accountable for the complete and accurate accounting records, appropriate administration of the CU system, and transparent exchange of financial information with colleagues in the immediate organizational unit within the CU, other units of IFAD and external parties, predominantly the banks. The work relationship involves both written and verbal communications to obtain and provide general information regarding products and services of the CU, decisions on specific cases or to explain why an action has been taken or to obtain information needed to take decisions or support further financial processes.

Job Profile Requirements

Organizational Competencies

Level 1:

• Building relationships and partnerships - Builds and maintains effective working relationships.
• Communicating and negotiating - Communicates effectively; creates understanding between self and others.
• Demonstrating leadership - Personal leadership and attitude to change.
• Focusing on clients - Focuses on clients.
• Learning, sharing knowledge and innovating - Continuously seeks to learn, shares knowledge & innovates.
• Managing performance and developing staff - Manages staff and teams effectively.
• Managing time, resources and information - Manages own time, information and resources effectively.
• Problem-solving and decision-making - Demonstrates sound problem-solving and decision-making ability.
• Strategic thinking and organizational development - Personal influence.
• Team working - Contributes effectively to the team.

Education:
• Level - Advanced university degree* from an accredited institution in a technically relevant area. Degree must be an accredited institution listed on

(*) Note: For internal candidates, this requirement will be assessed in line with the provisions set forth in the IFAD's Human Resources Implementing Procedures.

• Areas: finance, accounting, commerce or other job-related field.

Experience:

• At least two (2) years of progressively responsible experience in accounting or financial operations preferably in banking and finance institutions, the United Nations or an international financial institution, or another multi-cultural organization or institution or a national organization providing support on a global scope.
• Two (2) years' experience in international payments and/or post trading back-office operations.
• In-depth knowledge of payment and accounting software systems (e.g. Banking software, SWIFT), particularly in liquidity management, payment execution, investment settlement solutions and workflow performance.
• Ability to manage cash management and back-office team efficiently and effectively.
• Experience in System based Accounting Applications, MS Word, Excel and Power point.
• Other relevant IFAD software such as SharePoint and PeopleSoft would be an asset.

Certifications:

• Professional qualifications from accredited entities would be an asset.

Languages:

• English (4 - Excellent).
• Desirable: French, Spanish, or Arabic.

Skills:

• Procedure adherence: Ability to strictly adhere to established, formal guidelines, including in new situations.
• Procedure interpretation: Ability to interpret established, formal guidelines to address and recommend solutions or further actions required.
• Capital market instruments: Knowledge of capital markets instruments (fixed income, derivatives, loans), risk and performance metrics and quantitative tools of fixed income valuation (cash flow, present value, interest rate risk, duration, etc.).
• Liquidity management: Know-how in liquidity planning, liquidity investment, investment portfolio management and reporting.
• Digital Finance, FinTech and related: Know-how in fintech applications, robotic process automation, blockchain and digital finance applications to design, setup, implement and report.
• Disbursements, Payroll and Payments: Know-how in financial checks required for disbursements of loans and grants, payments and payroll transactions to reduce risk of error, fraud and non-compliance with rules, maintenance of clean vendor master files, arrears and debt management of loans.
• Financial Operations: Sound knowledge of the principles and concept of financial management including international payments/transfers, complete accounting processes, financial and investment instruments, and the business concept and industry standard for Credit Unions.
• Financial data integrity and financial systems: know-how in systems interface control, core banking system management, data mining and analytic.
• Financial process management: Know-how in the management of financial processes such as reporting, treasury, investment processes and securities trading, cash management processes, etc.
• Financial reporting & accounting: Know-how in financial reporting, statutory and other reporting as well as advanced application of IFRS standards, derivatives, loan credit risk, financial regulations, policies, rules and procedures applicable to IFAD and IFIs.
• Payment process management, Know-how in the management of investment settlement processes such as reporting, treasury, investment processes and securities trading, cash management processes, etc.
• Risk & compliance: Know-how in asset liability management, risk reporting, capital adequacy, quality assurance and compliance (e.g. Anti-money laundering (AML), Know your customer (KYC) processes), etc.
• Analytical skills: Outstanding ability to analyse and synthesize qualitative and/or quantitative information from a variety of sources and filter out key insights and recommendations.
• Risk management (e.g. financial, reputational): Identification and assessment of potential liabilities and risks in IFAD's activities, particularly vis-à-vis third parties; ability to handle risks via contingency and mitigation strategies.
• Stakeholder management: Strong alignment capabilities and consultation skills, building on effective interactions and relationships with different stakeholders (e.g. for the co-creation of communication material with member states) and ability to build and maintain a strong network (e.g. with journalists, media outlets, etc.).
• Time management: Adherence to deadlines under time constraints and pressure (e.g. to deliver governing body documents on time); ability to coordinate and manage complex workflows and in- house and external teams.
• Basic ICT & digital fluency: High level of digital literacy and ability to quickly get familiar with new digital tools (e.g. ability to carry out EPR data entry and extraction when budgeting; monitoring security systems, uploading content to inter/intra-net websites, etc.).
• Confidentiality & Discretion: Establishes self and division as trusted advisor to internal stakeholders by maintaining high level of discretion and confidentiality in assignments; demonstrates sound judgement when dealing with sensitive and/or confidential matters; drives good governance and is a 'Culture Carrier' demonstrating IFAD institutional conscience through his/her work.
• Initiative and good judgment: High sense of proactive initiative-taking and good judgement (including on security matters).
• Interpersonal skills: Ability to deal patiently and tactfully with others (e.g. visitors, clients, callers, etc.), including senior individuals (e.g. high-level meeting participants).
• Problem solving: Strong systemic and structured thinking, ability to identify and dissect problems into components and formulate a comprehensive set of creative viable and sustainable solutions and strategies.
• Verbal communication: Clear, succinct and convincing verbal communication; highly professional, balanced and diplomatic language.
• Written communication: Clear, succinct and convincing written communication in the language needed for specific role; highly professional, balanced and diplomatic language (e.g. for drafting of position papers, briefings, etc.).

Other Information

Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD. In accordance with IFAD's Human Resources Policy, the President can decide to assign them to any of the activities of the Fund. All International Professional staff members are required to be geographically mobile and positions in the professional category are subject to changes in location at any time in line with strategic priorities and reform initiatives in IFAD.

In accordance with IFAD's provisions, all new staff members will normally be placed at the first step in the grade level for which they have been selected. For information on IFAD's remuneration package, please visit IFAD's compensation and benefits page on our website. Applicants are invited to use the ICSC compensation calculator to estimate the salary and benefit entitlements. See here.  

Candidates may be required to take a written test and to deliver a presentation as well as participate in interviews.

In the interest of making most cost-effective use of funds and resources, we are only able to respond to applicants who are short-listed for interview. Candidates who do not receive any feedback within three months should consider their application unsuccessful.

IFAD is an Equal Opportunity Employer and does not discriminate on the basis of ethnic, social or political background, colour, nationality, religion, age, gender, disability, marital status, family size or sexual orientation in line with its Diversity, Equity and Inclusion (DEI) Strategy and the Policy to prevent and respond to sexual harassment, sexual exploitation and abuse.

Please be aware of fraudulent job offers. IFAD does not charge any fees at any stage of the recruitment process. Official communication from IFAD will always come from e-mails ending in @ifad.org

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Settore: Servizi sociali/No Profit

Ruolo: Altro

Percentuale di occupazione: 80-100%

Tipo di occupazione: Staff (Permanent and Fixed Term)