Finance Director, Pact Global Microfinance Fund, Yangon
Finance Director, Pact Global Microfinance Fund (PGMF) in Myanmar
Finance Director of PGMF in Myanmar is a Yangon-based position with limited travel to the field sites, reports to CFO of PGMF on a dotted line basis and to COO of PGMF on a solid line basis; works in coordination with Pact DC HQ finance team to effectively and efficiently manage the overall financial, reporting, and risk management aspects of the local organization's activities in Myanmar under the guidance of the CFO and in support of the COO. Will focus on the following functions: Accounting, Budgeting & Budget Control, Financial Analysis & Reporting, Funds Management, Treasury & Cash Management, and Internal Controls, and will carry out its duties in a manner that are consistent with national & international accounting standards and microfinance governing bodies.
Financial Management & Accounting
Responsible for the Pact MFI liquidity management for loan operations. Ensure that Pact MFI maintains its stated minimum liquidity as required to ensure a smooth operation of the credit program. Monitor Pact MFI financial performance and provide financial reports to the COO, CFO, senior MFI staff, regulators and other stakeholders – in the form required by the regulatory bodies, investors and Pact, Inc. under the process and timeframe prescribed by the CFO, with internal reports required at least monthly. Review all formal financial reports in coordination with Pact Global Finance and the CFO for approval for transmission / release before they are sent to the relevant donor or other stakeholder. Ensure timely monthly closings of PGMF activities in Myanmar, with all financial transactions appropriately entered into the applicable financial management systems on a timely and ongoing basis to ensure effective consolidation at both the local and international level. Design, enhance, and implement accounting systems and workflow processes for the institution to ensure responsiveness to internal control requirements. Ensure field control accounts monthly reconciliations are correct, duly signed, approved and verified by the authorized staff. Ensure a regular monthly reconciliation of the loan portfolio account book balance to the portfolio balance in the MIS or other software system being utilized. Ensure that all advances and liquidations of employee and subgrantee expenses, and vendor transactions are adequately supported and appropriately and timely recorded. Approve journal vouchers as appropriate and ensure that entries into the financial management system are current, accurate and complete, ensuring adequate supporting documentation. Approve the preparation of monthly project cash requirement requests for PGMF and its affiliates as may be applicable for operations and programs, while ensuring that the cash balance maintained is not excessive as per Pact's cash management policy. Act as banking liaison for locally-held accounts and monitor exchange rates to make timely decisions regarding drawdowns and cash transfers. Review Project Status Reports (PSRs) received from headquarters and provide COO, Global Finance Manager, FP&A, and the Program Departments with up-to-date information and pipeline projections that may be needed by donors or for Pact's consolidated budget planning. Work closely with project coordinators over the project implementation regarding forecasting and cash flow projections. Oversee PGMF inventory controls in Myanmar. Ensure PGMF / MFI local financial records organization, retention, and security. Ensure compliance with organizational financial policies and procedures, as well as statutory financial requirements.
- Oversee PGMF finance department, general accounting, and a team of financial professionals responsible for the overall financial management of the Pact MFI programs, projects and assets in Myanmar.
Funds Management, Treasury & Cash Management Prepares weekly cash flow projections for funds required by operations. Develops short and medium-term financial projections and funding plan. Quantifies the costs of various funding options and analyzes loan transactions. Evaluates the organization's funding exposures and risks, identifying, measuring, and controlling the institution's asset-liability (maturities, FX, and interest rate) risks.
Financial Analysis & Reporting Define ways of presenting institutional data that are consistent with microfinance industry standards. Coaches and trains staff in use of financial ratios. Benchmarks financial and operations performance against microfinance peers. Analyzes and interprets financial ratios and indicators to identify causes of performance gaps.
Budgeting & Budget Control Oversight of budget preparation, processes and management in conjunction with the relevant program managers, MFI managers, including the development and review of relevant standard costs and scales for the programs. Regular review with the CFO and COO of the business plan and strategic plan for the growth of the Pact MFI and its profitability. Develop 3-year / 5-year Microfinance projections with the COO and CFO for prudent growth management.
Oversight of and/or preparation of budgets and revenue plans based on Program information collected under a consultative process. Ensure budgetary control by tracking expenditures and provide justification for variances to plan, allocations and reclassifications, when required. Assist in development and tracking of budgets for field programs. Prepare financial estimation/budget for new funding opportunities for the Pact MFI and new projects of PGMF under guidance from COO.
Audit: External and Internal Audit for PGMF Programs Manage annual financial and compliance audits of PGMF in Myanmar as related to Projects and the Pact MFI, if separate audit by project donors as may be required. Coordinate donor employed audits for their funds, and manage those donor-initiated audits in conjunction with Pact DC HQ Finance Team and the project and MFI teams. Provide timely response to Pact DC HQ Finance Team providing copies of supporting documentation and responding to requests for information from external/internal auditors. Draft timely and complete management responses to audit findings, and follow up on corrective action plans as required. Coordinates with the internal auditors of the Pact MFI and ensure MFI internal audit findings are monitored and responses satisfied. Arrange capacity building workshops or training for the internal auditors on needed skills area. Update COO and CFO / Pact DC Finance on all audit engagements, audit findings and the status of corrective action plans, as may be applicable.
Subaward Financial Management Oversight of and coordination with the program unit as well as training/mentoring of staff where necessary in the financial management of the programs' subaward agreements with local NGO's. Equip staff to provide technical assistance to local NGO's in the area of financial management and subaward compliance. Supervise regular site visits by finance staff to audit subrecipient transactions matching expenditures to adequate supporting documentation. Support financial management of subawards, including: processing advances/liquidations, monitoring/compliance visits, and close-out procedures. Ensure financial monitoring systems are in place and generate timely and relevant reports, including analysis and tracking of subaward commitments, obligations, awards and liquidations. Facilitate meetings between Program and Finance department to review subgrants matrix; ensure reconciliation between accounting records and subgrants matrix. Liaise with Pact DC HQ Grants and Contracts office where necessary for advice and interpretation of donor and organizational policies and procedures.
Supervisory Responsibilities Supervise staff responsible for managing financial/banking duties of microfinance, general accounting and subaward accounting for PGMF and its affiliates/projects in Myanmar. Assist and train finance and grants staff in properly using financial programs and tools. Mentoring and training of staff to ensure they have the appropriate skill levels for their positions. Provide training and/or guidance to field staff on organizational and donor policies, procedures, and guidelines, as well as compliance with local laws and regulations.
Other Responsibilities Attend and present at PGMF / Pact MFI board and committee meetings, as may be necessary. Establish positive relationships with all MFI stakeholders (i.e. donors, investors, financial institutions, etc.). Establish and maintain a sound working relationship with the Microfinance Supervisory Enterprise of the Ministry of Finance of the Government of Myanmar for ensuring all compliance with the Microfinance Law in Myanmar. All other duties as assigned by the PGMF CFO and COO.
Qualifications Strong knowledge of microfinance-related financial management or small loan management of private banking sector. Prior relevant experience at a similar level of responsibility. Demonstrated capacity to create and/or maintain systems and procedures for managing complex programs with many implementation sites, partners and beneficiaries Anticipates future conditions, problems and opportunities, and communicates them to management. Professional experience in the region or knowledge/experience of similar setting is highly desirable. Skilled in accounting and financial management software. Good analytical skills. Ability to work in a challenging environment and travel within the country on short notice. Strong communication skills and cultural sensitivity. Strong leadership skills and management abilities. A can-do, motivated personality that can manage deliverables while mentoring and motivating staff is highly desirable. Written and spoken English fluency.
Education and Experience Requirements: BA/BS in Finance, Accounting, or related field Higher Degree preferred. Minimum of 10 years of direct microfinance financial management, or small loan management of banking sector including at least 3 years of supervisory experience. Financial and administrative management experience with US and other government and donor-funded grants is preferred. Audit experience preferred.
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