Financial Management Specialist

Financial Management Specialist


YOUTH EMPLOYMENT IN THE DIGITAL AND ANIMATION INDUSTRIES PROJECT

TERMS OF REFERENCE

FINANCIAL MANAGEMENT SPECIALIST

 

1.0 BACKGROUND

Jamaica is the largest English speaking country in the Caribbean with a population of approximately 2.7 million. In the recent past, economic shocks, amplified by some structural weaknesses in the economy, have impacted the country’s efforts to reduce poverty, with the result being a rise in unemployment, particularly among women and youth (ages 15-30).

Committed to restoring growth and building an inclusive and prosperous Jamaica, the Government of Jamaica (GOJ) prepared and garnered local and international support for a comprehensive program of fiscal adjustment and structural reforms. In May 2013, the GOJ embarked on an ambitious reform program which obtained the support of the International Monetary Fund (IMF) through an Extended Fund Facility for Special Drawing Rights of 615.4 million (about US$932.3 million) for the period of April 2013 to March 2017. The Program, which supports debt restructuring, fiscal consolidation, and financial sector reforms, has remained on track, with all reviewed to date being successfully completed.

Notwithstanding, it is recognized that the mismatch of skill sets when compared with the fast changing labour market is another reason for underemployment in Jamaica, particularly among youth, as a large percentage of unemployed youth possess both secondary and tertiary level academic qualifications. The online market therefore presents a unique and attractive opportunity for young Jamaicans, since via the virtual economy, youth can access employment opportunities globally, while residing locally.

Presently, the number of Jamaicans participating in global online work is significantly below its potential. Therefore, by addressing barriers to entry, exposing Jamaican youth to the various global platforms for online work and taking advantage of new opportunities in the virtual economy and leveraging its strengths, Jamaican youth have the opportunity to bypass limitations of the national labour market.

In addition to the “app economy” and the “virtual labour market” which has seen exponential growth, the animation industry has also been growing and continues to grow substantially. At an annual growth rate of roughly 9%, the global animation industry is currently valued at approximately US$220 billion; with a potential demand gap of about 30,000 animators in the outsourcing of animation production.

Jamaica is particularly poised to take advantage of the opportunities in the animation industry because of its proximity to major markets, can operate in the same time-zone and possesses the cultural norms and tastes that are close to those of consumers in the large outsourcing markets of the Western hemisphere. In addition, given the popularity of the Jamaican culture there is an increasing demand for the development of local content for both consumption and export.

Coupled with the foregoing, structural shifts in the global economy have given rise to the need to harness both technological and non-technological innovation for economic growth. Jamaica has a commendable history of providing scientific and technological research for use in both local and international industries. However, commercializing Science, Technology and Innovation (STI) remains a challenge and even more so developing a culture of STI entrepreneurship, as securing financing for innovation and an investor’s inability to wait for long periods of time (perceived or real) before investments can be recovered or a positive return realized, have been identified as critical obstacles to innovation.

2.0 PROJECT OBJECTIVES

The general objective of this project therefore is to foster innovation and support youth employment in the digital and animation industries. The specific objectives are to: 1) Develop skills and capacities in 2D and 3D animation and a policy framework and strategic plan for the growth of the animation industry in Jamaica; 2) provide support to the development of digital and technical skills for youth 3) support innovative information technology applications with commercial potential.

3.0 OBJECTIVES OF THE FINANCIAL MANAGEMENT SPECIALIST’S ASSIGNMENT

The Financial Management Specialist (FMS) will be responsible for all accounting, financial planning and reporting, internal control and other financial management functions within the Project Implementation Unit, in the Office of The Prime Minister (OPM).

4.0 CHARACTERISTICS OF THE CONSULTANCY

4.1 Type of consultancy: The work will be carried out by an individual Financial Management Specialist.

4.2 Starting date and duration: The contract duration will be for two (2) years and renewable if performance is deemed satisfactory and there exists continuing need for the services to be provided.

4.3 Place of work: The work will be carried out from offices of the Office of the Prime Minister (OPM) (Kingston, Jamaica). 4.4 Reporting relationship: The Financial Management Specialist will report directly to the Project Manager for the Youth Employment in Digital and Animation Industries Project.

4.4 Qualifications, Skills and Experience:

(a) Have at least a first degree in accounting or finance from a recognized University (b) Be a Certified Public Accountant or Chartered Accountant (c) A minimum of five (5) years’ relevant experience; experience in the public service and donor – funded projects is required. (d) Be proficient in advanced computer applications. (e) Capacity to work under pressure and meet tight schedules under minimum supervision. (f) Good analytical, organizational, communication and interpersonal skills and able to work in a team.

 

5.0 SCOPE OF WORK

Under the direction of the Project Manager for the YEDAI Project, the FMS is expected to perform the following tasks:

  • Update the project financial procedures manual that will ensure compliance with accounting policies and practices as stipulated in the financial management regulations/procedures agreed for the project;
  • Establish and maintain an integrated accounting system for all approved project activities to ensure smooth flow and constant availability of financial resources to the project and utilizing standard accounting procedures, which will ensure full documentation and recording of sources and uses of funds;
  • Periodically review the performance of control functions and where appropriate initiate corrective measures to ensure that internal controls are sufficient and function correctly;  Prepare annual work plans and budgets in consultation with project and other OPM staff;
  • Prepare, analyze and consolidate reports in accordance with agreed reporting schedules ensuring correlation between implementation progress and financial performance;
  • Prepare project financial reports, including Interim Financial Reports (IFRs) and withdrawal applications for the replenishment of the Designated Account, for submission to the Project Manager, Ministry of Finance and the Public Service and World Bank;
  • Establish close and cooperative working relationships with the World Bank’s FM Specialist and team, the Principal Financial Officer in the OPM and relevant staff of the MOFPS. This will facilitate regular and on-going notification of any changes in financial management procedures and, by permitting upstream advice from the Bank team, the preparation of quality financial documentation and correspondence to minimize Bank clearance times.
  • Prepare annual financial statements for external audits, and other reports for the project;
  • Review bank reconciliations and other controls necessary to monitor financial and nonfinancial assets of the project;
  • Advise the Project Manager on all financial and control considerations of the project.

6.0 DELIVERABLES

The FMS is expected to perform the above-mentioned tasks on an ongoing basis during the term of his/her assignment, to the satisfaction of the Project Manager and the World Bank. He/she will support the OPM to ensure the financial requirements under the YEDAI Project are developed and implemented efficiently and effectively. Quarterly key performance indicators will be set annually for the FMS by the Project Manager against which deliverables will be measured during the course of the assignment.