Financial Services Specialist, FINB

WFP celebrates and embraces diversity. It is committed to the principle of equal employment opportunity for all its employees and encourages qualified candidates to apply irrespective of race, colour, national origin, ethnic or social background, genetic information, gender, gender identity and/or expression, sexual orientation, religion or belief, HIV status, physical or mental disability.

Job Title: Financial Services Specialist

Type of Contract: Regular Consultancy

Division: Business Development Cash-Based Transfers (CBT) Unit, FINB

Duty Station (City, Country): WFP Headquarters, Rome, Italy

Duration: 11 months, extendable

BACKGROUND AND PURPOSE OF THE ASSIGNMENT:

Cash-Based Transfers (CBT) represent an increasing share of WFP’s total humanitarian assistance (34 percent in 2021), and include assistance distributed as physical banknotes, e-money, mobile money, vouchers or debit cards. In 2021, WFP transferred US$2.3 billion to 41.8 million people in 69 countries, empowering them to meet their essential needs. In support of WFP’s global scale up of cash- based transfers, the Finance function through the Business Development and Cash Based Transfers Branch (FINB) is developing corporate tools and guidance, aiming to strengthen CBT operations’ risk management and ensure efficient utilization of WFP’s financial resources. FINB also provides day-to-day technical advice and assistance to WFP Regional Bureaus (RBs) and Country Offices (COs) while also undertaking a range of innovative activities and staff capacity-building initiatives.

The consultant will act as WFP global focal point for Financial Service Provider (FSP) Due Diligence (DD), to strengthen regional and country office capacity to carry out the functional assessments, selecting, negotiating with and contracting the most reliable, secure and technologically advanced Financial Service Providers (FSPs) and cash delivery mechanisms. The consultant will also analyze current business processes and make recommendations on business process improvements. This will include leading the team supporting COs with FSP DD and other CBT finance and risk mitigation related activities, and upgrading the recently launched DD Tool and business process. In addition, the consultant will be in charge of developing a CBT financial risk monitoring framework, guidance and tools to strengthen the risk management of on-going CBT operations. The consultant will also actively contribute to crafting WFP’s approach to engage with the Fintech sector, leading on the due diligence and financial risk management aspects.

ACCOUNTABILITIES/RESPONSIBILITIES:

The Consultant will manage the following tasks:

• Manage the FSP Due Diligence Team:

• Manage the roll out and subsequent upgrading of the new FSP Due Diligence Tool and business process, aiming to assess the strengths, weaknesses and risks of the FSPs and their proposed payment solutions and recommend risk mitigation measures to inform CO decision-making.

• Review and clear FSP Due Diligence reports (including Micro Financial Assessment results) ensuring high quality of deliverable shared with CO, and ensuring all FSP contracts have been adequately reviewed by FINB DD Team before signature, incorporating relevant risk mitigation measures as per DD report recommendation.

• Coordinate and oversee the provision of technical support to all RBs and COs in CBT financial risk management, especially during the FSP selection and contracting process, i.e. during the Financial Sector Intelligence (DD gate) and FSP DD assessments. Be the focal point for the Regional Bureau of Dakar (RBD) region and step in to support the assessments of other regions where required.

• Coordinate with other FINB teams and other functions to maximize the FSP selection and contracting process efficiency, ensure COs can contract the best FSP(s) to support their CBT operations while adequately mitigating risks.

• Ensure technical support and expertise is provided to COs and RBs with regard to the FSP Performance Evaluation Tool (PET) and Micro Financial Assessment (MiFA) Tool and upgrade the Tools as necessary based on experience and feedback from the field. Ensuring optimal alignment of MiFA with the Due Diligence tool.

• Coordinate the organization of capacity building initiatives for CO and RB Finance function: development and delivery of e-learning materials and training modules/webinars on a range of technical topics, such as financial analysis of FSPs, financial sector regulatory framework, FSP DD best practices and lessons learned.

• Develop the cost-recovery service model for FSP Due Diligence assessment and related financial risk mitigation review to be part of the Service Catalogue and be responsible for the service performance.

• Coordinate the development of relevant tools, guidance, and methodologies that would set a corporate standard for managing CBT financial risks, relationship with FSPs and other CBT partners, their risks and performance.

• Develop a new CBT financial risk monitoring tool based on a set of relevant and measurable indicators, and build an actionable monitoring framework.

• Pilot, upgrade and implement the tool and framework to empower FINB DD Team to proactively advise RBs and COs with regard to financial risk management of on-going CBT operations.

• Consolidate and analyze data to identify issues and gaps to be addressed, and inform and provide recommendations to FINB, RB and CO management.

• Actively support the development of Fintech engagement strategy to enhance WFP’s capacity to leverage innovative CBT mechanisms and financial services relevant to Choice, Financial Inclusion and Women Economic Empowerment; while implementing pertinent risk mitigation strategies. Lead on the development of tools to assess Fintech risks and recommend risk mitigation approach.

• Provide technical expertise and support in the development of tools, guidance and framework for financial strength assessment and risk mitigation for NGO acting as Cash-Based Transfer Agents, Retailers of Commodity Voucher and other CBT partners delivering cash assistance for WFP.

• Act as Finance focal point in various HQ technical cross-functional working groups, ensuring vision and decisions align with the Finance Division’s strategy and best practices. This will include, among other initiatives:

• Leading the finalization and roll out of the optimized FSP selection process from the finance perspective.

• Proactively contributing to the finalization and launch of the NGO as Transfer Agent Tool and Guidance.

• Actively contribute to FINB database development project, especially regarding Business Requirement Document and user’s interface, to ensure alignment of project with the technical team’s needs.

• Provide necessary coaching and guidance to the RBs, COs and other colleagues for the completion of the due diligence assessment and analysis of the company’s financial strength.

• Perform other duties as required.

TRAVEL REQUIREMENTS: Yes

DELIVERABLES AT THE END OF THE CONTRACT:

• FSP Due Diligence Tool is upgraded based on pilot experience and feedback from the field.

• All DD reports are cleared and shared with relevant Country Offices. The timely submission of DD reports for COs is under the consultant’s responsibilities.

• A CBT financial risk monitoring tool is developed and actively used by the FINB DD Team to advise COs’ risk management practices, and to inform management.

• Successful cross-functional collaboration to develop and rollout the optimized FSP selection and contracting process, with timely update of guidance and tools.

• An approach for Fintech risk assessment is crafted, together with relevant tools.

QUALIFICATIONS AND EXPERIENCE REQUIRED:

Education:

Master’s degree in Economics or Finance, Business Administration or related fields.

Experience:

Minimum 6 years of experience in relevant technical fields related to FSP due diligence and financial risk management, preferably in the nexus of Finance and Humanitarian Cash assistance. Previous work experience in WFP or another UN agency is required. Experience in working for diverse socio-economic contexts.

Knowledge and Skills:

• Minimum 6 years of experience in relevant technical fields related to FSP due diligence and financial risk management, preferably in the nexus of Finance and Humanitarian Cash assistance. Previous work experience in WFP or another UN agency is required. Experience in working for diverse socio-economic contexts.

• Technical expertise and experience required in leading due diligence of a wide range of Financial Service Providers, in various operational contexts, and to provide recommendations to inform decision-making and ensure adequate risk mitigation.

• Strong financial analysis skills.

• Demonstrated in-depth understanding of WFP CBT operations, CBT financial and operational risks and risk management techniques.

• Previous experience in relation to the financial sectors in WFP countries of operation.

• Technical capacity and experience in building tools and designing guidance to enhance CBT risk management.

• Experience in project management is desirable.

Language:

Fluency in English language. Intermediate knowledge of French language.

Terms and Conditions:

WFP offers a competitive compensation package which will be determined by the contract type and selected candidate’s qualifications and experience.

Please visit the following websites for detailed information on working with WFP: http://www.wfp.org

Click on: “Our work” and “Countries” to learn more about WFP’s operations.

Qualified 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

Deadline for applications: Thursday, 29 June 2022

Please note that the deadline is at 11:59 pm Rome time (GMT + 1)

Ref.: VA No. 167324

Kindly note the only documents you need to submit at this time are your CV and Cover Letter. Additional documents such as passport, recommendation letters, academic certificates, etc. may potentially be requested at a future time.

All employment decisions are made on the basis of organizational needs, job requirements, merit, and individual qualifications. WFP is committed to providing an inclusive work environment free of sexual exploitation and abuse, all forms of discrimination, any kind of harassment, sexual harassment, and abuse of authority. Therefore, all selected candidates will undergo rigorous reference and background checks.

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.