REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTANT SERVICES)
The Republic of Moldova
Dutch Technical Assistance Grant for Financial Sector Reform Project
CONSULTING SERVICES
Grant No.: TF093288
Project ID No.: P106960
Date: July 20, 2011
Expressions of interest: CS-16 LCS “Audit of operational activity of the National Commission of
Financial Market of Moldova”
The Republic of Moldova has received a Dutch Technical Assistance Grant in the amount of Euro
2,280,000 equivalents from the World Bank toward the cost of Financial Sector Reform Project, and
intends to apply part of the proceeds for consultant services Audit of operational activity of the
National Commission of Financial Market of Moldova. The purpose of this assignment is to audit the
existing institutional framework, financial and operational performance level having as an objective the
identification of business risks and develop recommendations for institutional capacity development of
National Commission of Financial Market (NCFM). Also it aims to examine the infrastructure and
administrative and financial system, develop recommendations for the improvement and development of
the institution to increase the efficiency.
The main objectives of the consultancy assignment is to analyze, in an objective manner all current
organizations’ needs as well as matching with its priorities. Likewise, come into sight the prerequisite to
identify all opportunities and to attain ideas and recommendation for improvement activities
performance. The goals for operational audit accomplishment are:
a) To ensure the organization with operational survey, bearing concerning operations’
improvement and contribution with surplus value growth;
b) To help the organization with achievement of its goals by estimation in a systemic
and methodic way, risk management procedures, control and management and offering
proposals to strengthen the institution.
During the implementation of the assignment, the Consultant is expected to perform the
following tasks:
1. Audit institutional and management framework (legal and internal framework) including inter
alia:
a) existing management system (including level of competence and managerial ability) and define
a strategic direction through involvement in the daily management;
b) internal management structure, staff management and provide recommendations for their
improvement;
c) wage policies, financial incentives, information, operation and technical systems;
d) provide recommendations concerning activity process continuity and information flow available
to all levels of management in the decision making process.
2. Oversee, monitor and review the functioning and effectiveness of Internal Audit Department
within the NCFM, including its strategic focus, activities and plans, staff numbers and
qualifications and budget allocated;
3. Comparison of the performance indicators with international practice:
a) identify a system of performance indicators to allow the analysis of the level of progress of the
institution;
b) prepare SWOT analysis of activity for Y. 2010 according to the system of performance indicators
and benchmarking with international practices. Having as the basis the SWOT analysis, to
develop recommendations for improving performance indicators;
4. Assess effectiveness of services provided in terms of costs incurred by the institution in order to:
a) assess the costs for each service provided, as well as the charges and fees approved;
b) establish the relation between pricing policies applied and the real costs associated with
operational activities of the institution and the achievement of targets set by legislation;
c) identify factors that might hinder the operational and financial independence of NCFM in
accordance with the criteria of cost efficiency;
d) develop recommendations which would reflected in all aspects the modern management of
public finances. The recommendations should lead to an increased level of planning and
improved financial, managerial and operational performance.
5. Assessment of the effectiveness of services provided by NCFM in terms of quality:
a) assess the effectiveness of regulatory processes to ensure the provision of services in a fair,
open, transparent and timely manner and in a manner that minimizes regulatory burden for all
involved parties;
b) assess the effectiveness of existing informational systems, which are used to collect and provide
information in support to the supervision;
c) assess the effectiveness of monitoring and the extent to which the results of monitoring activities
are used in the regulatory policies and in the management decision making process.
6. Analysis of the efficiency of all structural subdivisions, i.e.
7. Legal Support General Directorate; Securities Supervision General Directorate; Insurance
Supervision General Directorate; Collective Placements and Microfinance General Directorate;
Economical, Financial and Administrative General Directorate; Foreign Relations and
Development Directorate; Documentation and Archives Directorate; Communication and Public
Relations Service; Staff and Working Relations Service; branch offices according to the standards
recommended by institutions like IOSCO, IAIS, WOCCU:
a) assess the quality of internal control system, to identify bottlenecks and submit recommendations
for the development of an effective internal control and audit systems.
8. Evaluate the salary structure and financial incentives.
The conclusions and final recommendations should include short-term, medium and long term measures
with regard to improving institutional capacity and to ensure consistent achievement of targets set by
legislation.
The assignment is expected to be completed within 3 months after the effectiveness of the consultant
contract with an estimated level of effort of 40 man-days.
This assignment will require a Consulting firm or an association/consortium/joint venture of firms,
which:
- has experience in the fields of operational and financial audits, including experience in Moldovan
non banking financial market;
- has experience in the field of operational audit (e.g. internal processes analysis, HR management,
bottlenecks, etc.);
- has experience in implementation of donors’ and/or IFIs’ sponsored projects.
The Project Implementation Unit of the World Bank Competitiveness Enhancement Project on behalf of
National Commission of Financial Market now invites eligible consultants to indicate their interest in
providing the services. Interested consultants must provide information indicating that they are qualified
to perform the services (brochures, description of similar assignments, experience in similar conditions,
availability of appropriate skills among staff, etc.). Consultants may associate to enhance their
qualifications. This Request for Expression of Interest will lead to the preparation of a Short List of
consultants.
A consultant will be selected in accordance with the procedures set out in the World Bank’s Guidelines:
Selection and Employment of Consultants by World Bank Borrowers (edition May 2004 and revised in
October 2006).
The selection procedure to be applied for this assignment is Least-Cost Selection (LCS).
Interested consultants may obtain further information at the address below during office hours 0900 to
1700.
Expressions of interest must be delivered to the address below by August 12, 2011.
Aureliu Casian, Executive Director
Project Implementation Unit of the World Bank Competitiveness Enhancement Project
180, Stefan cel Mare ave., office 815,
MD-2004, Chisinau, Republic of Moldova
Fax: + 373 22 296-724
E-mail: piu@mec.gov.md