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Treasurer/Director, Treasury Division

Rome

  • Organization: IFAD - International Fund for Agricultural Development
  • Location: Rome
  • Grade: Senior Executive level - D-1, Director - Internationally recruited position
  • Occupational Groups:
    • Operations and Administrations
    • Banking and Finance
    • Managerial positions
  • Closing Date: Closed

Vacancy Announcement Number 1761
Date of Issue 18/04/2019
Deadline for Applications 19/05/2019
Organizational Unit Treasury Division
Level D-1
Duty Station ROME
Duration of Assignment 2 Years

Organizational context

The International Fund for Agricultural  Development (IFAD) is an International Financial Institution (IFI) and a Specialized  United Nations Agency  whose  mission  is  to enable poor rural people to  overcome  poverty  and hunger in developing countries. It does so by financing projects  and  programmes  that  increase agricultural productivity and raise rural incomes, and by advocating at local,  national and  international level for policies that enable poor rural people to overcome poverty.


Post's organizational accountability

The Financial Operations Department (FOD) is responsible for IFAD’s treasury operations, financial management of IFAD assets, accounting and controllership and financial risk management. FOD ensures that internal and external financial resources are efficiently, economically and effectively managed to allow the Fund to achieve its objectives and to deliver on its development commitments while ensuring financial sustainability.

IFAD's Treasury Services Division (TRE), within the Financial Operations Department, is mandated to: safeguard IFAD's resources through management of investment and cash operations with the aim to preserve capital and maximize returns within the provisions of IFAD's Financial Regulations; formulate and implement investment and cash operations strategies and policies; ensure prompt availability of cash for IFAD operations through prudent liquidity management; oversee the integrity of the Fund's daily investment and cash operations in line with corporate risk management standards, including extra budgetary funds, hosted entities and trust funds.

The Treasurer/Director serves on IFAD's Senior Management Team, manages and oversees the tasks mandated to TRE. The main focus of Director positions is strategic leadership, innovation and management.  The accountabilities / key results include:

  • Vision and Strategic Planning
  • Financial Policy Development and Advice
  • Programme and Financial Management
  • Agent of Change
  • Resource Management

The Treasurer/Director works under the strategic, policy and management guidance and leadership of the Chief Financial Officer (CFO)/Associate Vice President, FOD and is responsible for managing and supervising the delivery of the TRE's work programme of its three units (Investment Management, Portfolio Planning and Cash Management).


Key results expected / Major functional activities

VISION AND STRATEGIC PLANNING:

The Treasurer/Director develops, oversees, and promotes a strategic vision translating IFAD's corporate and departmental mandates, strategies, goals and objectives with the ultimate responsibility to execute and deliver the divisional work programme, and for ensuring evolving divisional programme activities are integrated in the evolution of departmental goals and objectives. S/He participates in the design of IFAD's and departmental strategic approaches and ensure that corporate strategies are fully integrated in the design of assigned activities. S/He sets and communicates clear strategic and operational objectives and is held accountable for the division being seen as a credible and trusted partner in managing for results and as an innovator in its field.

FINANCIAL POLICY DEVELOPMENT AND ADVICE:

The Treasurer/Director provides leadership in the development and interpretation of major policies, regulations and rules, and systems that govern the work of TRE and ensure they support divisional goals and objectives within the overall Fund mandates and strategies. S/He also serves as trusted business / programme advisor with a significant role in authoritative policy advice within the Fund at the senior management level as well as in policy dialogue in their representational activities.

S/He provides advice to management and the governing bodies on financial and treasury operations principles and policy issues, proactively recommending, as appropriate, mandatory and preferred changes in line with the best practices of the international financial markets and among international financial institutions to meet the evolving internal and external financial reporting needs and investment needs of the Fund. The Treasurer/Director provides authoritative advice, pertaining to the assigned function, on UN Financial Regulations and Rules including on financial interpretations, adaptations, internal controls and corrective actions to ensure proper safeguards over the financial assets of the Fund.

PROGRAMME MANAGEMENT

The Treasurer/Director provides leadership in (a) all phases of the division's medium-term planning and management, including operational requirements such as (i) establishing  annual work plans, (ii) ensuring regular  programme assessment and (iii) identifying opportunities for innovation and implementation of best practices generated within the Fund as well  as in peer organizations, both private and public; (b) reviewing and innovating core processes of the division in order to achieve better efficiency and effectiveness, as well as financial sustainability, of operations; (c) enhancing synergy among divisional staff  and holding staff accountable for results and (d) ensuring the preparation of all divisional publications, reports and governing body documents.

FINANCIAL MANAGEMENT

The Treasurer/Director controls, directs and administers a complete Treasury function within the IFAD corporate finance system. S/He is responsible for maintaining a system of policies and procedures that impose an adequate level of control over treasury activities, forecasting cash flow positions, managing related borrowing needs and liquidity funds available for investment and overall use of hedging to mitigate related financial risks and maintain banking and credit rating agency relationships.

Within the context of IFAD's financial architecture transformation, the Director/Treasurer and the units within TRE will be responsible for the implementation and execution of a number of transformational initiatives. Principal accountabilities include:

  • Coordinate the formulation and evaluation of financial reports and policies for the President and CFO;
  • Provide strategic support and advice to the CFO on all TRE and FOD related matters;
  • Maintain ongoing and proactive communication with IFAD's Executive Board and Audit Committee;
  • Lead discussions with credit rating agencies and banking relationships, including overseeing IFAD's future credit rating exercise in collaboration with the Risk Management Unit;
  • Contribute to raising the profile of IFAD as a development financial institution (DFI) within the greater multilateral development landscape and maintain ongoing and initiate new initiatives with other DFIs;
  • Coordinate the formulation of policies, strategies and approaches for managing financial resources within adequate liquidity and capital levels. Some key initiatives include:
    • Lead update of a new liquidity policy;
    • Manage Integrated Borrowing Framework including all sources of borrowing;
    • Co-lead and contribute to, jointly with IFAD's Risk Management Unit, the drafting of a new Asset Liability Management (ALM) and Capital Adequacy Framework;
    • Develop IFAD's cost of capital methodology within a new financial model that drives IFAD's new capital planning taking into consideration capital adequacy and ALM framework;
  • Provide strategic guidance and oversee new financial product development activities collaborating with other Departments in the expansion of IFAD's product offering to its borrowing countries;
  • Coordinate with internal stakeholders and Sovereign partners throughout IBAD's borrowing negotiations, and ongoing management of existing and new loans, including drawdown strategy.
  • Contribute to the update of IFAD's Risk Appetite Statement and Risk Dashboard;
  • Collaborate with IFAD's ICT Division and contribute to the implementation of new systems across FOD;
  • Ensure outputs produced by the TRE maintain high-quality standards and that reports are clear, objective and based on comprehensive data.

The Treasurer/Director takes the lead for TRE on matters pertaining to the Audit Committee of the Executive Board including and clearing/reviewing Audit Committee documents, as well as other Governing Body documents.

GENT OF CHANGE: The Treasurer/Director understands and applies the principles of change management and proactively serves as a role model for transformation and capacity for acceptance of change. S/He manages change through consultations with inter-organizational and internal finance colleagues, IFAD executive management and outreach to client offices to build understanding of, and to ensure, open and regular communications pertaining to current and planned changes in the Fund’s financial standards, regulations and rules

RESOURCE MANAGEMENT: Treasurer/Director is accountable for integrity, transparency and equity in the management of IFAD resources (human, financial and material). This includes:

  • People Management through workforce planning, recruitment, performance management of Professional and General Service staff:
    • Identifies the best qualified candidates for vacancies, with appropriate regard for diversity
    • Motivates, coaches and supports staff of the Division to achieve common divisional goals and objectives
    • Manages staff performance via regular performance feedback, mentoring and coaching, and career planning
  • Material Resource Management
  • Knowledge and Content Management

Impact of Key results / Key performance indicators

Within IFAD's overall Strategic Framework and Medium Term Plan, the Treasurer/Director establishes IFAD's priorities for and provides leadership to division level programme and operational management activities and is accountable for a results-based approach to meeting assigned goals and objectives. Leadership activities include the optimum utilization of human, financial, technology and material resources for the achievement of greater efficiency and effectiveness. The incumbents' impact extends beyond the successful achievement of divisional goals and objectives to include larger departmental goals and objectives in strategic planning collaboration. The expected results directly and/or indirectly benefit the ultimate stakeholders, the rural poor in developing countries.

The key performance indicators for the Treasurer/Director include leadership in viable strategic planning, authoritative and relevant policy development and advice, sustainable programme decisions and integrity and accountability in the planning and management of the Fund's human, financial and material resources assigned to the division.


Representation / Work relationships

Within IFAD, the Treasurer/Director provides authoritative advice to senior management on the division's vision, strategic  planning, policy, and divisional programme and operational management. S/He are accountable for collaboration and coordination within the Fund to ensure appropriate consultation, cross-functional synergy and coordination of programme planning and activities, and advocate for accountability and integrity in the allocation and management of the Fund’s financial resources. Contacts extend throughout the organization and include Country Office management, internal auditors and evaluation specialists. The Treasurer/Director provides oversight, coordination, and performance management of the three units currently in place within TRE. S/He also liaises internally in the Financial Operations Department with the Financial Management Division and the Accounting and Controls Division on cross functional matters and activities, in addition to accompanying or representing the CFO on engagements with other Departments within IFAD as required.

Externally, the Treasurer/Director develops strategic partnerships and collaborative relationships with counterparts spanning a broad range of  institutions including borrowers, bilateral and multilateral development agencies, UN agencies, funds and programmes, IFls, non-governmental organizations and academic institutions for the purpose of programme cooperation, knowledge sharing, policy dialogue and/or resource mobilization. S/He is also accountable for the provision of authoritative advice  during Executive Board sessions, the annual Governing Council and related subordinate bodies including the audit and evaluation committees.

The Treasurer/Director represents the Fund in official United Nations committees and networks, and in international financial institution, multilateral and bilateral meetings, symposia, fora and conferences upon request of the President, and builds organizational networks with peers in major private, public and international financial institutions.


Competencies

Organizational

  • Strategic thinking and organizational development: Strategic leadership (Level 2)
  • Demonstrating Leadership: Leads by example; initiates and supports change (Level 2)
  • Learning, sharing knowledge and innovating: Challenges, innovates and contributes to a learning culture (Level 2)
  • Focusing on clients: Contributes to a client-focused culture (Level 2)
  • Problem solving and decision making: Solves complex problems and makes decisions that have wider corporate impact (Level 2)
  • Managing time, resources and information: Coordinates wider use of time, information and/or resources (Level 2)
  • Team Work: Fosters a cohesive team environment (Level 2)
  • Communicating and negotiating: Acquires and uses a wide range of communication styles and skills (Level 2)
  • Building relationships  and partnerships: Builds and maintains strategic partnerships internally and externally (Level 2)
  • Managing performance and developing staff: Manages wider teams with greater impact on others and on the organization (Level 2)

Technical/Functional

  • Strong background in fixed income and portfolio/investment management, including knowledge of derivative products, capital adequacy and loan pricing.
  • Ability to contribute to and advise on a wide range of financial issues, from methodologies of the major credit rating agencies to portfolio management approach and guidelines, cash management and Treasury operations.
  • Demonstrated ability to communicate effectively in a diverse organization tailoring language, tone, style and format to match audience.
  • Oversee the implementation of process and system enhancements to improve data accuracy and analysis capabilities related to Treasury risk, cost of capital and loan pricing, liquidity, capital adequacy and asset liability related projects, including back office/cash management, and capital markets funding operations.
  • Experience in resource mobilization, in terms of both donor contributions and borrowing.
  • Experience in developing innovative financial products and establishing  a financial risk architecture within a private or public international financial institution and/or development finance agency is highly desirable.
  • Demonstrated experience in leading interactions with international rating agencies and/or proven experience in preparing an institution for a credit rating is an advantage.

Minimum recruitment qualifications

Education:

  • Advanced university degree from an accredited institution in finance, business administration, or other technical related area.
  • Professional certifications (such as Chartered Financial Analyst [CFA]) or other job related field is an advantage.

Experience:

  • At least twelve (12) years of progressively responsible professional and managerial experience in treasury, investments or other financial management operations in a multi-lateral development bank or international financial institution, investment bank or development finance agency. Proven experience in credit rating processes and a strong network among other multilateral development financial institutions is preferred.

Language requirements:

  • Excellent written and verbal communication skills in English. Working knowledge of another official IFAD language (Arabic, French, or Spanish) is desirable.

Other information

Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD, and they may be assigned by him/her to any of the activities of IFAD, including field assignments and/or rotation within IFAD.

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

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

IFAD is committed to achieving diversity and is seeking a balanced workforce from its Member States. Women are particularly encouraged to apply.


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