Banking Supervision Advisor, AFRITAC West II (MCMTA) job at IMF in Nigeria 2013
AFRITAC West II (AFWII) is the IMF-sponsored (in collaboration with several donors) regional technical assistance center for the Economic Community of West African States (ECOWAS), Cape Verde, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone. MCM will coordinate technical assistance (TA) with AFW II, inter-alia, through a monetary operations advisor.
The resident Banking Supervision Advisor (“advisor”) will be assigned to the AFWII for an initial period of one year.
AFWII will be located in Accra, Ghana and the post requires extensive travel to member countries to deliver/coordinate TA.
Objectives and tasks
The advisor will help identify and address the capacity-building and other technical assistance needs of AFWII member countries in the area of financial sector supervision, taking account of the individual countries’ differing levels of supervisory effectiveness. The advisor’s primary work will be in the area of commercial bank supervision and regulation, including such areas as licensing, on-site supervision, off-site monitoring, problem bank intervention, failing-bank resolution/liquidation, and establishing an effective legal and regulatory framework for conducting those activities. The advisor will also provide support in the area of consolidated supervision (of pan-African groups) and on cross-border issues.
To this end, the advisor will:
- Review existing laws, regulations, policies, and procedures.
- Consider and determine the status of recommendations that were made by previous IMF missions and, insofar as possible, other donor agencies.
- Provide recommendations regarding replacement or supplementing of laws, regulations, policies, and procedures as needed.
The secondary area of work for the advisor will be coordination of work on the supervision and regulation of nonbank financial institutions, principally through the fielding of short-term experts on the various sectors from the MCM roster.
The work of the advisor will include:
- Providing direct technical assistance on banking supervision and related issues to members either in-country or from AFWII, in the areas of banking supervision, bank restructuring, and, through the fielding of short-term experts, the supervision of nonbank financial institutions.
- At the end of each mission, a report will be left with the authorities for comment and revised following internal review by MCM.
- Conducting, facilitating, or otherwise participating in in-country or regional workshops and seminars.
- Coordinating and assisting short-term experts recruited by MCM on issues relating to banking and financial sector supervision and regulation, and helping to prepare and monitor their work programs under the supervision of the MCM backstopper.
- Participating in MCM missions and following up on previous missions’ recommendations, upon the joint request of MCM, and within the context of the AFWII work plan.
- Coordinating with AFR missions in the field to review and advance reforms recommended by the Fund, and assisting in developing implementation plans for those reforms.
In performing his/her duties, the advisor shall:
- Ensure the assistance provided in his/her area is consistent with the work plan approved by the AFWII Steering Committee.
- Observe the policies and procedures of the IMF and AFWII, exercising the utmost discretion regarding all matters of official business.
- Work directly with central banks and other relevant government agencies.
- Coordinate activities, where appropriate, with other IMF and AFWII advisors, donors, experts, and advisors appointed by other donors.
- Work under the guidance of a) the AFWII coordinator on day-to-day operational matters, and b) the backstoppers in MCM’s Financial Supervision and Regulation (FR) and Financial Crisis Preparedness and Management (FC) (for bank resolution issues) divisions on technical matters, while being responsible to the MCM Technical Assistance Division Chief.
- Coordinate closely with FR in providing advice and in organizing missions (for him/herself and for short-term experts). This should involve regular communication with the FR backstopper on technical matters and consultation on the use of experts for missions/tasks, and on work program development.
- Provide a quarterly report to MCM detailing his/her activities and progress in implementing the AFWII work plan. Copies of those reports and MCM’s responses will be provided to the AFWII Coordinator, AFR, and ICD.
The above terms of reference can only be amended with the agreement of the advisor, and the IMF.
Remuneration and benefits
The Fund offers a generous compensation package including housing, cost of living, and car allowances, full medical and group life coverage, and retirement plan/indemnity payment.
Nonbank institutions refer to those regulated financial institutions that are not commercial banks, but are engaged in the gathering of deposits/deposit-type instruments, provide contractual savings or credit information.
The desired candidate will have extensive hands-on experience in bank supervision. Experience supervising non-bank financial institutions will be an advantage. Other qualifications include:
- A university degree in economics, finance, or a related field.
- Solid knowledge of the technical assistance work, organization, policies, and procedures of the IMF, and the institutional setting of the beneficiary countries.
- Ability to work closely with other organizations, senior government officials, and other long-term and short-term experts.
- Excellent interpersonal skills, including the ability to deal effectively with senior policymakers in the region and the donor community, and to work as part of a team that would include staff at IMF headquarters.
- Strong reporting skills.
- Strong oral and written communication skills.
This vacancy is for a one year contractual position, which may be renewed.