Financial Management Specialist

Job Posting Organization:
The World Bank Group is a prominent global partnership consisting of five institutions dedicated to addressing the most pressing development challenges faced by countries around the world. Established with the mission to end extreme poverty and promote shared prosperity, the World Bank Group operates in 189 member countries and has over 120 offices globally. The organization focuses on providing financial and technical assistance to developing countries, leveraging data, research, and technology to implement innovative solutions. The East Asia and the Pacific (EAP) region, which is one of the key areas of operation for the World Bank, serves 22 client countries with a combined population of approximately 2 billion. This region has made significant strides in reducing poverty and enhancing economic growth, making it a dynamic area for development initiatives.

Job Overview:
The Financial Management Specialist (FMS) position at the World Bank in Port Moresby, Papua New Guinea, is a critical role that involves providing operational-level financial management support throughout the project cycle. The FMS will be responsible for assessing project financial management arrangements, conducting risk assessments, and ensuring compliance with the Bank's financial management requirements. This position requires a proactive approach to advising clients and developing innovative strategies to strengthen fiduciary assurance over the use of funds. The FMS will work closely with various stakeholders to monitor project implementation, support capacity-building activities, and contribute to corporate tasks such as preparing country briefs and thematic notes. The role is essential for enhancing the financial management systems of partner countries and ensuring that projects are executed in accordance with sound financial practices.

Duties and Responsibilities:
The Financial Management Specialist will have a comprehensive set of responsibilities, including but not limited to: assessing the adequacy of financial management arrangements for projects; conducting financial management-related risk assessments and proposing suitable arrangements; providing implementation support and supervision for projects financed by loans and grants; monitoring the implementation of risk mitigation measures; reviewing unaudited interim financial reports and audit reports, addressing any issues of non-compliance; ensuring adherence to the Bank's audit and financial management requirements; performing analytical work on financial management issues; carrying out capacity-building activities as part of the Governance team; and contributing to the preparation of corporate knowledge products and country engagement strategies. The FMS will also be expected to collaborate with other departments and units within the Bank to enhance the overall effectiveness of financial management services.

Required Qualifications:
Candidates for the Financial Management Specialist position must possess a strong client orientation and interpersonal skills, along with a passion for financial management. A qualified professional accountant designation (such as CPA, CA, or ACCA) is required, along with a Master's degree in a relevant field such as accounting, public financial management, finance, or public policy. Additionally, candidates should have at least five years of relevant professional experience, knowledge of project management, and a solid understanding of public financial management systems. Strong written and verbal communication skills in English are essential, and applicants must have the legal right to live and work in Papua New Guinea.

Educational Background:
The educational requirements for the Financial Management Specialist position include a Master's degree in a relevant field, which may encompass areas such as accounting, public financial management, finance, or public policy. This advanced degree is crucial for equipping candidates with the necessary theoretical knowledge and analytical skills required for effective financial management in a complex international development context.

Experience:
The position requires a minimum of five years of relevant professional experience in financial management, particularly within the context of international development or public financial management systems. Candidates should demonstrate a solid understanding of project management principles and practices, as well as experience in conducting financial assessments and providing operational support for projects.

Languages:
The mandatory language requirement for this position is proficiency in English, as it is the primary language of communication within the World Bank and for interacting with clients and stakeholders. While no additional languages are specified as preferred, proficiency in other languages relevant to the East Asia and Pacific region may be considered an asset.

Additional Notes:
This position is a local recruitment opportunity with a term duration of three years. The role is full-time and based in Port Moresby, Papua New Guinea. The World Bank Group offers a comprehensive benefits package, including retirement plans, medical and life insurance, paid leave, and reasonable accommodations for individuals with disabilities. The organization is committed to diversity and inclusion, ensuring equal opportunities for all employees regardless of gender, race, ethnicity, sexual orientation, or disability.