Project Accountant (PLU)

Project Accountant (PLU)

Job Title:                        Project Accountant (PLU)

Job Grade/Level:         FMG/PA 2

Department:                The Accountant General’s Department – A Department of the Ministry of Finance and the Public Service

Reports to:                    Project Team Lead

1. 1.     STRATEGIC OBJECTIVES

The Financial Resources Division is responsible for administering and reporting on the financial resources of the Government. It is responsible for the establishment and maintenance of an effective system of cash management to ensure the availability of cash for effective budget execution; the projection of debt service obligations to warrant allocations from the budget for timely servicing of the public debt; timely and efficient disbursement of Public loans in keeping with best practice for cash management; the use of Treasury Deposits mainly to fund temporary budget gaps; and monitor the balances maintained from time to time to ensure funds availability and the best returns on investments.

This Division operates on the authority of the FAA Act, Section 114 of the Jamaican Constitution, the Public Debt Act, the various Trust and Chancery Fund Acts and various other enactments.

1. 2.     PROJECT PURPOSE

The Public Loans Unit (PLU) is a unit within the Financial Resources Division (FRD) of the Accountant General’s Department (AGD).  The PLU is responsible for ensuring timely and efficient disbursement of public loans and facilitates the administration of certain loans and advances provided by the Government for Public Officers.

The project will focus on monitoring and reducing the delinquency rate of the Public Loan portfolio. The incumbent will be required to accurately and timely account for and report on the reduction of all delinquent loan products. All delinquencies must be investigated and strategic interventions put in place to ensure timely collection on all delinquent loans.

PURPOSE OF THE ROLE

Under the supervision of the Project Team Lead, the Project Accountant will utilize accounting expertise and analytical skills to identify trends, develop strategies and implement solutions to monitor and ensure a reduction in the delinquency rate of all loan products.

The incumbent is required to research and propose strategies to improve borrower communication and outreach efforts for all delinquent loan accounts. The role must collaborate with loan managers and other officers to analyze loan portfolios and develop and execute. targeted collection interventions or plans to address delinquency issues effectively.

This position is responsible for implementing strategies to improve loan repayment performance, mitigate delinquencies, and optimize poor performance outcomes. The incumbent will ensure the maintenance of accurate and current accounting statements and records, and the monitoring and collection of all delinquent loans.

Summary of the broad purpose of the position in relation to Government’s goals and strategies:                                                                                  

• To maintain accurate accounts and records of all activities which targets repayments on delinquent accounts;
• To monitor the performance and collection of any delinquent loans;
• To disseminate information on the loan delinquencies to the relevant stakeholders.
• To make recommendation towards improving collection methods
• To report on delinquent accounts including actions taken to collect and status

1. 3.     KEY OUTPUTS

• Delinquency Reduction Reports prepared and submitted
• Investigations from liaising with MDAs and/ or site visits documented and reported
• Accurate delinquency records maintained
• Collection Targets monitored and achieved
• Repayment schedule monitored to ensure compliance within stipulated timeframes
• Recovery Action Reports documented and reported
• PLU Delinquency Tracker updated and maintained

1. 4.     KEY RESPONSIBILITIES AND TASKS

Technical

1. Ensures consistent efforts to reduce delinquency to influence delinquency being kept at a minimal level
2. Investigates delinquent accounts to include liaising with respective MDAs, and site visits as required;
3. Maintains accurate loan delinquency records
4. Prepares and submits Delinquency, Collection, and Contact reports within the agreed timeline
5. Monitors all delinquent accounts on which collections have commenced to ascertain timeliness of payments;
6. Monitors and meets or exceeds collection targets;
7. Records and maintains current and accurate data of receipts on all delinquent loans;
8. Conducts comprehensive monitoring of the entire loan portfolio to detect delinquent accounts, perform in-depth analysis to identify underlying causes of delinquency, and develops targeted mitigation strategies;
9. Reports on loan portfolio performance, to include delinquency rates and recovery efforts and provides report for management review
10. Monitors the loan portfolio to identify delinquent accounts and assess the root causes of delinquency
11. Conducts thorough analysis of borrowers’ payment history, financial status and repayment behaviours to determine risk factors that contribute to delinquency
12. Monitors the payment history (salary deductions) of all loans disbursed to identify new delinquent accounts to swiftly identify and flag new delinquent accounts;
13. Takes appropriate steps to ensure that assets which are held against liens as collateral are in good physical standard;
14. Documents all delinquency-related activities taken correspondences, and decisions in accordance with regulatory requirements, internal policies and best practice.
15. Monitors the repayment schedule for loans to ensure that these are recoverable within the stipulated timeframe;
16. Monitors disbursements and recoveries and takes appropriate steps to recover outstanding balances from delinquent borrowers or their guarantors;
17. Assists in the recovery of outstanding balances in respect of delinquent borrowers and others separated from the service;
18. Ensures that individual loan records are kept and maintained;
19. Ensures that relevant monthly statements are prepared which are substantiated by supporting documents which are audit/review friendly in presentation;
20. Ensures that relevant salary deduction stop-orders are prepared and loan accounts are accurately updated in accordance with remittances received;
21. Maintains relationships with MDAs to assist with the effective management of loan accounts;
22. Reviews loan agreements to ensure that they are complete and accurate according to policy;
23. Tracks whereabouts of delinquent borrowers and recovers outstanding balances and recommends the seizure of motor vehicles where applicable;
24. Updates customers’ accounts utilizing the PLU Delinquency Tracker with pertinent changes and submits the supporting documentation to the relevant authority for the necessary approval (e.g. changes in deduction amount);
25. Ensures compliance with relevant laws, regulations, policies, procedures and Instructions governing the operations of the AGD;
26. Contributes to the establishment of internal control processes required to effectively and efficiently manage the loans processing function;
27. Contacts delinquent borrowers daily toward reduction of outstanding amounts;
28. Monitors all delinquent accounts on which collections have commenced to ascertain timeliness of payments;
29. Investigates delinquent accounts to include liaising with respective MDAs, and site visits as required;
30. Inspects or arranges for the inspection of motor vehicles periodically, to mitigate against rapid unusual depreciation;
31. Updates customers’ accounts utilizing the PLU Delinquency Tracker with pertinent changes and submits the supporting documentation to the relevant authority for the necessary approvals (e.g. changes in deduction amount);
32. Updates records/files with comments from the customers, MDAs and sureties;
33. Provides the relevant information to Communications and Customer Service Unit to respond to correspondence and queries from customers;
34. Provides schedule of all delinquent accounts with required action(s) (e.g. deduction from salary of Borrower or recovery from Guarantor) to the relevant authority;
35. Collects targeted amounts from delinquent borrowers monthly in accordance with defined procedures;
36. Supplies comprehensive and accurate data required for the preparation of the monthly Recovery Report, facilitating informed decision-making and strategic planning.
37. Reviews collection method(s) from time to time and makes recommendation for improvement.

 Any Other Duties

• Performs any other related duty that may be assigned from time to time.

1. 5.     KEY PERFORMANCE INDICATORS

The job is successfully performed when:

• Assigned targets are met
• Progress reports are accurately prepared in accordance with agreed standards and submitted within stipulated timeframe;
• Sound advice and recommendations provided with respect to the attainment of Project Objectives;

1. 6.      AUTHORITY

• N/A

1. 7.      CONTACT

Internal

    External

1. 8.     JOB SPECIFICATION:

1. a.     Minimum Qualification and Training

• Bachelor’s Degree in Accounting/Management Studies with Accounting or BBA Degree from an accredited University or; ACCA Level 2 or; NVQJ Level 5, Accounting; or ASc. Degree in Accounting, MIND along with the Diploma in Government Accounting, MIND

1. b.     Essential Experience and Knowledge:

• Three (3) to five (5) years of experience in loan recovery and delinquency management in a financial institution;
• A minimum of 10 years overall work experience;
• Sound knowledge of Accounting practices and loan administration;
• General knowledge of International Public Sector Accounting Standards (IPSAS); GAAP, and/or other accounting standards
• Knowledge of Government Accounting, public treasury operations and the FAA Act;
• Good working knowledge of Microsoft Excel and Word

1. c.      Competencies

The incumbent is expected to participate in realizing the goals and objectives of the Department, in a highly dynamic environment. The following competencies are required for the effective performance of this job:

Core Competencies

• Good Oral and Written Communication Skills
• Good Problem Solving and Analytical Skills
• Excellent Customer Focus Skills
• Results Focus
• Integrity

Technical Competencies

• Loans/Delinquency Management
• Project Management
• Knowledge of Legislations, Policies and Procedures

Managerial Competencies

• Leadership
• Performance Management
• Emotional Intelligence

1. 9.     SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

Physical Demands – Pressured working conditions with critical deadlines.

Work Environment - Normal office conditions.  

Travel – No or minimal travel is associated with this position