Enterprise Risk Management (ERM) Expert for CBS

REQUEST FOR EXPRESSION OF INTEREST (REOI)

Background: In May 2025, the Federal Republic of Somalia, through its Ministry of Finance (MoF) launched the Somalia Productive, Resilient, and Inclusive Growth (SPRING) project. The project development objective is to promote private sector-led growth and job creation by improving the business-enabling environment, strengthening the financial system, and enhancing access to finance.

The SPRING project is organized around four components (three mutually reinforcing and one supporting): (i) Component 1: Improving the enabling environment for the private sector; (ii) Component 2: Deepening financial sector reforms and strengthening institutional capacity; (iii) Component 3: Enhancing access to finance and resilience for MSMEs; and (iv) Component 4: Project Management. A wide range of activities will be implemented as part of this project to reach its development objective, such as improvements to regulatory/institutional frameworks, the rollout of the digital ID system, financial sector reforms, the creation of a risk-sharing mechanism, and the provision of business development services for micro, small and medium enterprises in select economic sectors, among others.

The MoF received US$105 million from the World Bank, including US$10 million from the Somalia Multi-Partner Fund to implement the SPRING project. As part of this initiative, under Component 2, the MoF intends to apply part of the proceeds from the World Bank to finance the position of Enterprise Risk Management (ERM) Expert for the Central Bank. The Enterprise Risk Management (ERM) Expert supports the Central Bank of Somalia (CBS) in strengthening institutional capacity under the Somalia Productive, Resilient, and Inclusive Growth (SPRING) Project by providing and conducting a comprehensive ERM maturity assessment, enhance risk governance structures, develop a structured multi-year ERM enhancement roadmap, and strengthen sustainable institutional capacity in risk management.

1. Responsibilities: The Enterprise Risk Management Expert at the Central Bank of Somalia leads the assessment and strengthening of the ERM framework by identifying gaps, improving risk governance, and aligning risk practices with strategy. The role includes developing a multi-year roadmap, updating policies and tools, and embedding risk management into operations. It also involves training staff, supporting stakeholders, and promoting a strong risk culture across the institution.

All other specific tasks detailed in the Terms of Reference (TOR) for the assignment can be found at the following website link: https://centralbank.gov.so/wp-content/uploads/2026/04/Enterprise-Risk-Management-ERM-Expert.pdf

3.Skills and qualifications

Selection Criteria: The selection shall be based on the qualifications, experience and skills of the candidate and followed by an interview. The qualifications, experience and competencies include:

• Master’s degree in economics, finance, risk management, business administration, or a related field
• Professional certifications such as FRM, PRM, CRM, or equivalent
• Strong knowledge of international ERM frameworks such as COSO ERM and ISO 31000
• At least eight years of experience in enterprise risk management, preferably within central banks, regulators, or financial institutions
• Proven experience in ERM implementation and embedding risk practices into operations
• Experience in training, coaching, and institutional capacity building
• Ability to translate frameworks into practical tools, policies, and procedures
• Strong analytical and problem-solving skills
• Good communication skills and ability to engage stakeholders effectively

4. Duration: The proposed duration for the assignment is Twelve Months (12) calendar months from starts date.

5. The Ministry of Ministry of Finance now invites eligible consulting (“Consultants”) to indicate their interest in providing the above-mentioned Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services and furnish the Curriculum Vitae (CV).

6. Attention of interested Consultants is drawn to section III, para 3.14, 3.16 & 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers: Procurement in Investment Projects Financing Goods, Works, Non -Consulting and Consulting Services dated in September 2023 (Procurement Regulations), setting forth the World Bank’s policy on conflict of interest.

7. A Consultant will be selected in accordance with the Individual Consultant method set out in the World Bank Procurement Regulations.

8. Interested Consultant may obtain further information (in person or by e-mail) at the address below during office hours from 8.00 a.m. – 4.00 p.m. Saturday to Thursday except on public holidays.

9. Deadline for submission: Expressions of interest should be delivered in a written form to the address below (in person, or by e-mail) by May 16, 2026, at 4:00pm (Somalia Local time)

Attention; Project Coordinator

SCALED-UP Project

Ministry of Finance

Federal Government of Somalia

Shangani District, Mogadishu, Somalia

Email Address: bid.scaledup@piu.mof.gov.so

Copy to: Project.coordination@centralbank.gov.so

cbs.tender@centralbank.gov.so