Finance Officer, Treasury P4 based in Rome, Italy
WFP seeks candidates of the highest integrity and professionalism who share our humanitarian principles.
Selection of staff is made on a competitive basis, and we are committed to promoting diversity and gender balance.
The United Nations World Food Programme is the world's largest humanitarian agency fighting hunger worldwide. The mission of WFP is to help the world achieve Zero Hunger in our lifetimes. Every day, WFP works worldwide to ensure that no child goes to bed hungry and that the poorest and most vulnerable, particularly women and children, can access the nutritious food they need.
This job is located in the Treasury Branch FINT within the Corporate Finance Division at Rome Headquarters and reports to the Chief Treasury Branch FINT.
The position provides in-depth technical support and output in steering the WFP’s treasury management to ensure that cash flow is effectively managed to meet WFP’s operational requirements while maintaining the security of WFP’s cash resources, optimising the returns on those resources and minimizing exposure to risks.
Under the general supervision and guidance of the Chief Treasury Branch, the Finance Officer contributes to the formulation and implementation of the unit’s and department’s overall strategies and objectives, in all Treasury areas and requires an in-depth knowledge of external financial risks, complex financial instruments and regulatory environments. The position includes acting as Officer in Charge of the Treasury Branch when needed, and, in an advisory capacity to the FIN Director and Deputy Director, as required.
The position requires acting as supervisor for several branch staff, their assessment, coaching and training, promoting staff development and assisting in the administration of the branch.
KEY ACCOUNTABILITIES (not all-inclusive)
The position manages directly or assists the FINT Branch Chief in the following technical Treasury Management activities requiring specialized knowledge:
i). Monitoring USD 4.2 billion of portfolio investments held with external investment managers in both the short-term Liquidity and long-term Employee Benefit Fund Portfolios;
- Ensuring compliance of external investment managers with WFP's Investment Policy via pro-active monitoring of portfolio transactions and risk profile. Regular contacts with the managers to keep up-to-date with portfolio and capital market developments;
- Investment manager and custodian reviews and due diligence visits;
- Creation of proposals on investment strategy for Investment Committee and senior management;
- Lead all investment and global custodian management related procurement needs;
- Analysis of investment performance, compliance, reconciliation of asset values, investment income & charges;
- Management of inflows and withdrawals from external fund managers and Money Market Funds to ensure sufficient liquidity for operating accounts;
- Develop and facilitate technical training on investment management activities to internal stakeholders.
ii). Management of up to USD 300 million of the in-house Working capital (P0) (Money Market /Deposits) portfolio;
- Security and deposit selection with the objective of improving returns in the in-house Working capital P0 portfolios as set out by the governing investment guidelines;
- Income re-investment and deposit rollovers whilst ensuring liquidity for operating accounts;
- Identifying new investment opportunities that could be appropriate for WFP’s in-house investment portfolio and in accordance with the risk appetite of the organization;
- Compliance monitoring, reporting, performance evaluation and investment policy determination;
- Strategic expansion of counterparty network to avail of new issuer offerings and improved pricing levels for the portfolio;
- Keeping abreast of capital market and regulatory environments required for portfolio management.
Foreign Exchange Management
- Detailed knowledge of financial instruments to manage FX risks with a particular focus on emerging market currencies given increased volumes from service provision activities by country offices;
- Preparation and implementation of proposals on foreign exchange management such as hedging strategies and other FX risk mitigating strategies for Investment Committee and senior management;
- Knowledge and clear understanding of regulatory and market developments in FX markets and how these may impact WFP operations;
- Execution, confirmation, settlement of developed and developing market currency transactions (linked to CO replenishment, on behalf of CO or for HQ requirements);
- Monitoring counterparties and currencies traded to capitalize on opportunities for more competitive bidding and diversification, enhancing operational procedures;
- Building strong relationships with key treasury stakeholders in the UN system and leveraging UN network of Treasuries to manage WFP FX risk.
Corporate Cash Management, Innovation & Systems
- Coordination of business processes & systems covering daily Treasury activities and transactional services. Treasury disburses USD 7.7 billion each year in the form of vendor payments, payroll and field related replenishments;
- Provide guidance and support to field offices on the integration of the Bank Communication Management (BCM) module in WINGS allowing the integration of SAP and external banking systems for straight-through processing of payments and automatic bank statement uploads via SWIFT;
- Maintenance and adherence to Treasury policies and procedures in line with business processes;
- Provide operational and policy guidance to field offices on treasury and cash management issues;
- Support field offices and relevant HQ units in counterparty risk management such as 1) formalising credit rating monitoring across WFP exposures, including guidance for field offices banking with unrated financial institutions, 2) supporting field offices and relevant HQ units in counterparty risk management, 3) monitoring local markets to capture changes in political / regulatory / financial risks, and 4) producing reporting on corporate counterparty and credit exposures;
- Maintain solid working relationships with all HQ financial services providers, ensuring WFP obtains competitive services, terms and conditions;
- Lead digitalization initiatives and projects as set out in the 2024 Finance Strategy including, but not limited to, form digitalisations, RPA (robotic process automation) and other straight-through-processes.
Financial Accounting, reporting and internal controls
- Investment Accounting (generation and posting of accounting entries related to investments, STRIPS, and FX forwards; reconciliation of accounts against custodian balances; identification and eradication of systematic sources of errors; schema design; IPSAS implementation; and coordination with the accounting division on quarterly and annual financial statements production);
- Performance bonds - Assist in assessing financial risks from Performance Bonds and guidance to field offices, lead counterparty assessment for headquarters and ensure adherence to the performance bond directive;
- Audit Query Management (addressing high priority internal and external audit inquiries; redesigning business processes for stronger internal controls; and managing the implementation of outstanding audit recommendations).
STANDARD MINIMUM QUALIFICATIONS
Education: Master’s degree or equivalent professional designation in either Finance, Banking, Accounting or Investment Management. A Chartered Financial Analyst designation or an equivalent is preferred.
Experience: 8 years of postgraduate progressively responsible professional experience in treasury, cash management, finance, foreign exchange trading, and/or investment management.
Knowledge and Skills:
• Solid understanding of multiple financial risks, complex financial instruments, and techniques used to evaluate external management performance and financial market regulatory issues.
• Ability to lead, coach and motivate large and diverse teams and drive improving performance.
• Ability to assimilate and analyse complex issues to develop strategies and policies.
• Demonstrated ability to build and leverage external partnerships to strengthen ability to achieve shared objectives
• General knowledge of UN system policies, rules, regulations and procedures.
Language: International Professional: Fluency (level C) in English language. Intermediate knowledge (level B) of a second official UN language: Arabic, Chinese, French, Russian, Spanish, and/or WFP’s working language, Portuguese is desirable.
National Professional: Fluency (level C) in English language and the duty station’s language, if different.
DESIRED EXPERIENCES FOR ENTRY INTO THE ROLE
- Has managed budgets and financial statuses of projects/progammes.
- Has experience in multiple specialized financial areas.
- Has managed complex budgets in multiple country offices.
TERMS AND CONDITIONS
This position is a Non-rotational position.
Non-Rotational Nature: mobility is and continues to be a core contractual requirement in WFP. This position is however classified as “non-rotational” which means the incumbent shall not be subject to the regular reassignment process unless the position is reclassified as rotational.
WFP offers an attractive compensation and benefits package, including basic salary, post adjustment, relocation entitlement, travel and shipment allowances, 30 days’ annual leave, home leave, an education grant for dependent children, pension plan and medical insurance.
DEADLINE FOR APPLICATIONS
Sunday, July 4th 2021
Female applicants and qualified applicants from developing countries are especially encouraged to apply
WFP has zero tolerance for discrimination and does not discriminate on the basis of HIV/AIDS status.
No appointment under any kind of contract will be offered to members of the UN Advisory Committee on Administrative and Budgetary Questions (ACABQ), International Civil Service Commission (ICSC), FAO Finance Committee, WFP External Auditor, WFP Audit Committee, Joint Inspection Unit (JIU) and other similar bodies within the United Nations system with oversight responsibilities over WFP, both during their service and within three years of ceasing that service.