Implementation of Risk Management Principles and Practices in the Ministry of Finance and Planning, Jamaica
Reference: PG/JAM/0624
Location: Ministry of Finance and Planning, Kingston, Jamaica
Duration: 130 person days over a period of 9 months
Closing Date: 11 Jul 2012
Project Background
The Ministry of Finance and Planning (MoFP), Jamaica has since 2009 participated in several key Commonwealth events highlighting the role of Internal Audit to assist in meeting business objectives through the provision of risk management services. The MoFPS has further engaged in a senior practitioner Exchange Programme to benchmark current risk management approaches. This exercise was further complemented with internal audit quality assurance review of central government, which highlighted several performance gaps related to risk management across government.
Concurrently, the Government of Jamaica has committed to several initiatives aimed at strengthening its governance processes, including a senior management accountability framework, and a Corporate Governance Framework. Performance reviews have however indicated that despite these mechanisms for assuring accountability and sound governance, the Ministry of Finance and Planning as the primary Ministry expected to facilitate the conditions for growth, continues to experience gaps in its performance. A further preliminary review indicate the need for a common and systematic approach to manage risks across government Ministries and their agencies, and for increased risk awareness among public sector management and employees.
Following extended discussion of the identified gaps with Advisers at the Commonwealth Secretariat, in May 2010 the MoFP submitted a request for further support to address these challenges.
Project Purpose
The purpose of the project is to enable the Ministry of Finance and Planning to effectively mainstream RM principles and practices within the Ministry and relevant Public Sector Entities (PSEs).
Project Outcome
The Project is ultimately expected to increase accountability and effectiveness of the Government in the fulfilment of its strategic plans and the provision of services to citizens.
Scope of Work
Summary of Project
The project will be implemented in two phases, the second phase building on the achievements of Phase 1 herein described.
This project aims to enable the Public Expenditure Policy Coordination Division (PXPC) of the Ministry of Finance and Planning (MoFP) Jamaica to effectively mainstream risk management (RM) principles and processes into the operational functions of the Ministry. The project will enhance capacity to implement RM across the Ministry and relevant Public Sector Entities (PSEs) in accordance with strategic priorities. Finally, the project will contribute to existing relationships between Jamaica and other Commonwealth countries in the area of Risk Management.
The immediate beneficiaries will be the three or more selected 'pilot' Divisions within the MoFP which will benefit from mainstreamed risk management practices aligned to its operational and strategic plan. Furthermore MoFP will gain a pool of trained RM focal persons to maintain this process and act as embedded drivers of a new organisational culture. Focal persons will provide for second-tier beneficiaries across further Divisions of the Ministry and relevant PSEs. Ultimately, all Jamaican citizens will benefit from the fuller implementation of Government plans, improved decision making and accountability within the public sector, and continuous improvement in service delivery.
Project Outputs – Phase 1
Output 1.1: A formal risk management strategy with attendant tools. This will guide the implementation of an effective risk management programme within the Ministry of Finance and Planning.
Expected activities to include:
- Development of the framework and content of the risk management strategy for MoFP
- Conduct initial risk assessment within the Public Expenditure Policy Coordination Division (PXPC) of MoFP
- Design attendant tools and implementation plan for RM.
Output 1.2: Benchmark information on Jamaica’s risk management experience. This information will be aimed at strengthening and building further links with other Commonwealth countries.
Expected activities to include:
- Identifying the appropriate tools and systems to capture, analyse and communicate risk related information.
- Capture benchmark risk information
Output 1.3: Risk management principles and practices introduced in three (3) or more pilot Divisions. This should increase risk awareness and sensitivity, and lay the foundation for RM mainstreaming among other divisions and agencies of the Ministry.
Expected Activities to include:
- Increase Risk Awareness within MoFP
- Support the development of Desired Risk Management Culture
- Situational Analysis to inform selection of 'pilot' Divisions
Project Outputs – Phase 2 (for information purposes only)
Phase 2 will be initiated after the successful completion of Phase 1; activities to be undertaken under Phase 2 do not form part of this Phase 1 consultancy. Phase 2 will implement RM principles and practices in the three (3) or more pilot Divisions. This will build on the experience in the Public Expenditure Policy Coordination Division (PXPC).
Additionally, Phase 2 will focus on building the sustainable capacity of MoFP to develop and maintain risk management approaches and tools, and integrate them into Divisional/PSE activities by training a pool of risk management focal persons.
Implementation Arrangements
The consultant(s) will be based predominantly at the Ministry of Finance and Planning, Jamaica. The Consultant(s) may elect to deliver specific activities of this project as desk-based work outside of the project duty station. This should be clearly stated in the Proposal to accompany an application. This should not be more than one third of the total project days.
The consultant(s) will report locally, and provide support in the implementation of the project, to the Acting Deputy Financial Secretary. He/she will make regular contact with the Financial Secretary to maintain high-level awareness and commitment to evolving Risk Management principles and processes. He/she will also support the establishment of a ‘Task Force’ for mainstreaming Risk Management principles, tools and systems into the Jamaican context and generating buy-in across the Ministry.
The consultancy will be managed by the Governance and Institutional Development Division (GIDD) of the Commonwealth Secretariat which will provide technical support throughout the project, and which will be developed, managed and monitored by the Technical Cooperation and Strategic Response Group (TCSRG).
The consultant engaged under the project will be expected to ascertain baseline indicators at the start of the project upon which to judge project progress towards its objectives. Specifically, this will include the identification of three suitable Divisions to act as ‘pilots’ for the mainstreaming of risk management practices. These will be presented in the inception report (due after one month), and will be reported again in mid-term progress report, as well as in the final report.
Transfer of Expertise
The Commonwealth Secretariat attaches particular importance to the transfer of expertise and knowledge to counterparts. The consultant in his/her discussions with the Reporting Officer should draw attention to the need for key staff to be assigned as counterparts at the beginning of the consultancy. This should be reported on in the Inception Report (due after one month). A capacity development plan for key counterpart staff should be produced by the consultant and agreed with the Reporting Officer during the Inception period. An update should be provided on this in the first Progress Report.
Experience & Qualifications
The successful candidate should possess the following experience and qualifications to be considered for this consultancy
Professional Experience
- At least 7 years experience working at progressively senior levels in Public Sector Governance and Risk Management;
- Proven experience of developing Risk Management strategies and tools and practically embedding risk management within organisations in a developing country context.
- Extensive senior-level experience of working as part of a change process within a large organisation, including providing advice at senior levels, mobilising capacity building initiatives and developing a risk aware culture.
- Extensive knowledge of good practices including frameworks, methods, tools and technologies in Risk Management and Internal Audit.
- Skills and experience in conducting risk assessment and risk analysis, and collecting salient risk related information, to inform strategic change and lesson-learning.
- Extensive experience in capacity development / training with regard to Risk Management.
- Proven experience of supporting information sharing networks and facilitating benchmarking between organisations.
- Experience of working in the region would be an advantage;
Educational Qualifications
- Advanced degree or Professional Qualification (Masters Degree, MBA or equivalent) in Risk Management, Public Administration or other relevant subject from a recognised and reputable institution.
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