Financial management for development professionals

Sound financial management is essential for effective decision making and the implementation of controls and corrective measures by project management. Financial professionals with a solid background in the financial management of development projects can provide the necessary support at different stages of project implementation, leading to the achievement of the expected results over the life of the project through the efficient and effective use of funds. This process involves adherence to procedural/operational rules that may differ from donor to donor, but are underpinned by the agreed common denominator of principles of accountability and transparency. This course, offered by the Development Cooperation Academy, helps build the key skills needed to establish a sound financial management system. This includes aspects related to: budget planning and preparation; compliance with contractual obligations; staffing; procurement; coordination with other beneficiaries; accounting principles and standards; timely collection and recording of financial data within the budget and project deliverables and careful financial analysis; monitoring and reporting; submission of payment requests; organisation of internal controls and preparation for external controls; final project closure. This certification programme in financial management for Development Professionals provides essential information needed by those who manage, implement and monitor projects on behalf of implementing agencies, including government departments, international organisations, non-governmental organisations and other public or private sector implementing organisations. OBJECTIVES This certification attests that participants can competently design and operate in project financial management and execute corresponding transactions, financial controls, collection and use of financial data, preparation and revision of projects’ budgets in accordance with sound professional standards and the harmonized requirements of donors and their respective governments. CONTENT AND PHASES I. Distance learning modules The distance-learning component was conducted via the ITCILO eCampus platform. During this phase, participants were introduced to: project cycle management and the financial ecosystem; project funding sources and mechanisms; projects’ legal dimensions. This content was covered through two online self-guided modules. II. One-week workshop and the Development Cooperation Academy The second phase consisted of a one-week workshop held under the Development Cooperation Academy. During the workshop, participants completed the remaining modules: work planning and budgeting, project procurement and staffing, risk management and fiduciary risks, project’s monitoring and reporting from a financial perspective, internal and external controls including external audit, projects’ closure. During the week, participants also engaged in a 90-minute daily global forum with 80 participants as part of the Development Cooperation Academy. Through these discussions, participants explored the future of work in development cooperation, focusing on topics such as implementing safeguards, leveraging data-driven services to improve development cooperation, the realities of the attention and gig economies and their impact on communication and forms of employment, and the growing role of artificial intelligence. These sessions provided participants with comprehensive and strategic insights into the evolving landscape of development cooperation. III. Practicum at distance Following the week-long workshop, participants completed a practicum/coaching phase with the support and guidance of ITCILO experts. ACHIEVEMENT This certificate of Achievement is delivered to the participants who have produced the required deliverables by completing successfully the self-guided learning modules, the knowledge tests, the case studies and the assignments. I. Distance learning modules and knowledge test (25 hours) conducted online via ITCILO eCampus • Completion of two self-guided online learning modules • Completion of 2 knowledge tests, 2 assignments and 2 collaborative activities • Acquisition of practical knowledge for each module II. Face-to-face workshop (30 hours) in Turin, Italy Completion of practical learning activities and group assignments to simulate performing the essential tasks and analysis needed to manage project financial management efficiently III. Soft-skills, ethics and engagement of stakeholders in M&E (15 hours) • Participation in online learning activities to familiarize with good practices, norms and standards to properly and successfully engage stakeholders and provide necessary internal support in financial management NUMBER OF HOURS: 70