Project Accountant, Team Lead (PLU)

Project Accountant, Team Lead (PLU)

Job Title:                        Project Accountant, Team Lead (PLU)

Job Grade/Level:           FMG/PA 3

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

Reports to:                    DAG Financial Resources

Direct Reports:    Project Accountants (FMG/PA 2) [x3]

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 portfolios. All delinquencies must be investigated and strategic interventions put in place to ensure timely collection on all delinquent loans.

PURPOSE OF THE ROLE

The incumbent will lead/manage a team of project accountants to uncover, regularize and recover funds from delinquent borrowers/institutions for each loan portfolio in an effort to reduce the unit’s loan delinquency rate. The incumbent will propose and implement strategies to improve borrower communication, outreach efforts and substantial recovery for all delinquent loan accounts. The role will advise the DAG & AG on best practice in loan recovery and targeted and intentional collection interventions.

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

• To reduce, manage and monitor the performance of the delinquent loan portfolio and collection of delinquent loans;
• To devise and maintain systems for the intentional recovery of delinquent loans;
• To maintain an accurate delinquency database that accounts for all delinquent loans;
• To devise and maintain systems to monitor delinquent borrowers and institutions that are non-compliant with payment submission requirement and other relevant advisories to the PLU;
• To prepare accurate and time delinquency reports.

1. 3.     KEY OUTPUTS

• Monthly Delinquency, Collection, and Contact reports prepared and submitted;
•  Delinquent borrowers of Government funds monitored and reported;

• Delinquency is kept at a minimal level with a view to eliminate delinquency tracked and reported;
• Collection targets are met or exceeded;
• Accurate records are maintained and verifiable reports are produced, complete with source documents.

1. 4.     KEY RESPONSIBILITIES AND TASKS

Technical 

• Prepares and submits annual, quarterly, monthly and weekly financial statements and reports or other financial information regarding the delinquency portfolio.  The reports should be accurate and audit/reviewer friendly;
• Performs ratio analysis using metrics relating to (i) the size of delinquency to the overall size of each loan portfolio and (ii) the various component parts of the overall Delinquency total, to identify trends.  Satisfactory performance requires a downward trajectory in the trends identified/calculated;
• Conducting research with the objective of benchmarking the PLUs Delinquency outcomes against the Delinquency outcomes of other institutions, within the constraints of accessing relevant information.  It is possible that impairment/Bad Debts information which is contained in published financial statements may be the best source of relevant information;
• Maintains current and accurate records of all delinquent loans directly contracted by and/ or guaranteed by Government;
• Assesses from a strategic perspective the sufficiency of Delinquency Reduction efforts and makes recommendations for broadening the scope and reach of actions which target Delinquency reduction.  This includes early intervention strategies, to commence at the point of the Loan Approval Process, to reduce the number of loans that eventually fall into Delinquency;
• Specifies and/or oversees efficient workflows between the core Operations and the Delinquency Teams in the PLU, to ensure effective and timely communication between the two teams, in an effort to reduce the likelihood of the Delinquency portfolio again rising to unacceptable levels when compared to the overall Loan portfolio.  This includes setting maximum delinquency levels, per portfolio, complete with justification of each (maximum) Delinquency target, as informed by the nuances of each loan portfolio;
• Develops and implements predictive analytical tools and risk management strategies to proactively identify accounts at risk of delinquency;
• Proposes and advocates for the use of a transparent policy to balance the AGD’s need to minimize financial risk with the customers’ ability to repay;
• Fosters collaboration with other MDAs to ensure a holistic approach to delinquency reduction by establishing clear communication channels and coordinated efforts to effectively address delinquency issues;
• Monitors deposits of repaid loan amounts to the Treasury Deposit Account in the TSA;
• Tracks whereabouts of delinquent borrowers and recovers outstanding balances and/ or authorizes seizure of the motor vehicles where applicable;
• Ensures project activities’ and team’s compliance with financial regulations and standards;
• Recommends and advocates for policies and develops standard operating procedures to promote knowledge management strategy and standardization
• Recommends and develops Learning and Capacity Development Strategies for Project Team members;
• Assesses resources and required inputs and works to promote and ensure timely deliverables and outputs;
• Collaborates with Information Technology Unit to identify and implement suitable technologies to promote re- engineering of PLU processes;
• Collaborates with other units in the AGD (TDU, Pensions, TSU, R&EU/GAR) to improve synergies, and documents/updates work process flows;
• Focuses on Strategic Performance Management by placing emphasis on accountability, adherence to service level agreements and excellence;
• Supervises the consistent usage of the PLU Delinquency Tracker to promote the usage of same as an employee monitoring tool, by ensuring that records/files are updated with comments from the customers, MDAs and sureties;  
•  

As a Team Lead

• Embraces a strategic focus with the objective of continuously improving Delinquency Reduction outcomes by embracing the effective usage of novel Delinquency Reduction initiatives for customers with delinquent loan balances, whether the customers now reside overseas, or have remained in Jamaica.
• Maintains ongoing communication with AGDs Legal Officer to discuss proposed changes or initiatives for strengthening Delinquency Reduction activities, ahead of making written submissions for approval
• Leads in the smooth and efficient operation of the project team through the management of daily project operations;
• Establishes and implements systems for reporting of project work done against stated and agreed project objectives;
• Establishes internal control processes required to manage the project team and guide them to excellence;
  • Meets or exceeds project team performance targets.

 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:

• Delinquent borrowers’ accounts are effectively monitored and outstanding loan balances/motor vehicles recovered;
• Reasonable steps are taken to ensure the motor vehicles for which the Accountant General is first (1^st) lien holder are verified to be in good physical condition as is possible/appropriate;
• There is compliance with financial regulations and standards;
• Targets set in work plans are met or exceeded.

1. 6.     AUTHORITY

• Recommend strategic interventions to mitigate delinquency
• Authorize travel itinerary of team members for site visits and recovery where necessary
• Approve leave for staff under supervision
• Authorize repossessions of motor vehicles where applicable
• Authorize loan recovery from sureties where applicable

1. 7.      CONTACTS

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:

• At least five (8) years of experience in loan recovery and delinquency management in a financial institution
• A minimum of 12 years overall work experience
• Sound knowledge of Accounting practices and loan applications;
• Sound knowledge of how financial markets operate;
• Comprehensive knowledge of investment strategies banking, and financial instruments;
• 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 Management
• Project Management
• Audit
• 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 – Minimal travel is associated with this position