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  • Chief Finance Officer at African Economic Research Consortium (AERC)

  • Posted on: 9 July, 2019 Deadline: Not Specified
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  • African Economic Research Consortium (AERC), established in 1988, is a premier capacity building institution in the advancement of research and training to inform economic policies in sub-Saharan Africa. It is one of the most active Research and Capacity Building Institutions (RCBIs) in the world, with a focus on Africa. AERC’s mission rests on two premises: First, that development is more likely to occur where there is sustained sound management of the economy. Second, that such management is more likely to happen where there is an active, well-informed cadre of locally-based professional economists to conduct policy-relevant research. AERC builds that cadre through a programme that has three primary components: research, training and policy outreach. The organization has now emerged as a premier capacity building network institution integrating high quality economic policy research, post graduate training and policy outreach within a vast network of researchers, universities and policy makers across Africa and beyond. AERC has increasingly received global acclaim for its quality products and services and is ranked highly among global development think tanks. As a Pan African organization, AERC serves the continent with its administrative headquarters in Nairobi, Kenya.

    Chief Finance Officer


    SRI has been retained by African Economic Research Consortium (AERC) to conduct a search for a suitably qualified individual to undertake the position of The Chief Finance Officer, a crucial position in the growing organisation.

    The Chief Finance Officer (CFO) will provide leadership and management for the General Shared Services Division which comprises the Finance and Procurement functions.

    As a key member of the senior management team, the position holder will assist the Executive Director in the over-all management of the Consortium’s financial resources and in the development and maintenance of the Consortium’s financial, procurement and the administrative policies and procedures.  

    The Chief Financial Officer (CFO) achieves the vision of AERC by specifically:

    • Taking the lead in developing annual budgets and revisions and ensuring that long and short-term financial requirements are accurately projected.
    • Advising management on long term financial strategies and investments and participates in fund raising initiatives.
    • Acting as the custodian of the risk management functions and ensures that an effective risk management framework is in place and operational.
    • Ensuring compliance with the respective legislation, policies and procedures and donor terms   and conditions.

    Duties and Responsibilities

    The Chief Finance Officer will have the following key responsibilities:

    General Management and Administration   

    • Providing leadership and management of the General Shared Services Division which includes the Finance, and Procurement Departments.
    • Anticipating and moving to resolve expeditiously and proactively any financial and administrative issues or problems that might otherwise tarnish the consortium’s reputation.
    • Advising the Executive Director on matters relating to administration and finance and to risk assessment in relation to procurement as a member of the Senior Management Team (SMT).
    • Overseeing the administration of the consortium’s Provident Fund.
    • Facilitating and participating in the development of the strategy and Business plan development, revisions and reporting.
    • Participating in the meetings of AERC Board, its Executive Committee meetings and Programme Committee meetings. Presents information on financial and administration matters.
    • Establishing an effective administrative infrastructure to ensure that resources are utilized effectively to support Programmes.
    • Performance review for the Finance and Procurement teams.
    • Reviewing and recommending changes to the administrative policies and procedure manuals.

    Treasury and Risk Management   

    • Developing an investment strategy and acting as key liaison with the Consortium’s investment managers and ensuring close monitoring of the investment managers activities.
    • Engaging with the Internal Auditors and External Auditors and ensuring an effective follow through on audit and risk matters including the Risk Register.
    • Tracking currency risks and instituting an effective process for managing currency risks.
    • Leading key analysis and preparation of the Treasurer’s report and reports of the Audit and Risk Committee, taking minutes and follows up on matters arising.
    • Approving transfer of funds, reimbursements, and related matters requiring authorization by signatories.
    • Overseeing the administration of the consortium’s insurance policies and ensuring that there is in place an effective insurance program to provide adequate protection of the Consortium’s assets against insurable risks at a minimum practical cost.

    Financial Management

    • Ensuring that the Secretariat’s financial operations are conducted in accordance with Consortium policies and procedures and that both financial controls and value for money regimes are in place.
    • Reviewing and recommending changes to the financial, procurement management policies and procedures manuals.
    • Anticipating and identifying financial and administrative risks and takes appropriate action in terms of reviewing and/or developing new policies and procedures and recommending audits.
    • Coordinating the annual attest audit; arranging for special audits as required by specific donor grant conditions.
    • Authorizing book entries covering year-end adjustments for reserves, contingencies and other major or unusual items.
    • Reviewing the larger proposals to donors to ensure that financial matters are adequately addressed;
    • Ensuring that an appropriate cost allocation methodology is fully implemented
    • Reviewing financial reports, expenditure, variances and donor reports.
    • Reviewing all draft audit reports and taking necessary action, following up on completion, issues raised and implementation of recommendations.
    • Approval of procurement services, specific procurement contracts, payments and adjustments journals.

    Grant Management

    • Oversight all grants to grantees, institutional grants and conference grants;
    • Ensures all risks relating to grants issues are managed.

    Procurement Function

    • Oversight overall management of the procurement function and ensures compliance to all policies, procedures and other requirement;
    • Ensures that risks are well managed within the procurement function.

    Key clients and stakeholders:

    Main Internal Contacts

    • Executive Director
    • Board and Executive Committee
    • Treasurer
    • Departmental /division heads and other senior managers

    Main External Contacts

    • Donors/ Potential donors
    • Government officials in various ministries and departments, including KRA
    • Bankers/Investment advisors
    • Auditors / Audit & Risk Committee
    • Financial consultants
    • Counterparts in other organizations
    • Legal advisors
    • Service providers and major suppliers
    • Office building management

    Qualifications and Experience

    • Master’s Degree in Business, Finance or Accounting
    • CPA (K) or equivalent
    • At least ten years’ experience in a managerial position and progressive experience in financial resources management, resource planning & allocation
    • Impeccable ethics and integrity and proven track record in managing with financial proprietary
    • Knowledge of and experience in handling AML, FATCA and other related practices

    Core Competencies

    • Strategic thinking and leadership
    • Unquestionable ethics and impeccable integrity
    • Excellent financial management and reporting skills
    • Good knowledge of information and communication technology and computerized management & financial systems
    • Well-organized and able to multitask and meet deadlines
    • Excellent interpersonal skills including diplomacy & fairness
    • Excellent people management skills
    • Excellent presentation skills
    • Computer literacy including standard office applications such as MS Office packages Word, Excel, PowerPoint, Access and Internet
    • Ability to work under pressure and meet deadlines
    • Excellent judgment in analyzing data and information
    • Excellent oral and written communication

    Terms of Appointment

    This is a full-time position, local based, with the successful candidate being contracted on a three-year basis with the possibility of renewal based on performance. Salary is competitive and commensurate with qualifications and experience. A pension plan, life and medical insurances are included in the benefits package.


    African Economic Research Consortium (AERC) is an equal opportunity employer and is committed to a workplace without discrimination and harassment of any kind. All candidates will receive equal consideration for employment without regards to race, color, religion, sex, sexual orientation, gender identity, gender expression, national origin, age, or protected veteran or disabled status.

    Method of Application

    If you wish to be considered for this position, please forward a copy of your CV and a supporting letter in Microsoft Word format, along with any relevant documentation to Ms. Many France Bautista at mbautista@sri-executive.com.

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