Mongolia has received a credit from the International Development Association (IDA) for implementation of the Strengthening Fiscal and Financial Stability (SFFS) project. The Financial Regulatory Commission of Mongolia (FRC) is a beneficiary of the Project and is implementing activities under sub-component #C4. The main objective of the Sub-component is strengthening the institutional capacity of the FRC.
The FRC was established on 25 January, 2006; as a supervisory authority under the Law on the Legal Status of the FRC approved by the Parliament of Mongolia in 2005). The FRC is a parliamentary authority for the regulation and control of different segments of the financial system, including: the insurance market, the securities market, non-bank financial institutions, and savings and credit cooperatives.
The non-bank financial market in Mongolia has been developing since the country shifted from a centrally planned economy to a market economy. Associated financial entities have also been developing rapidly as the national economy expands. Currently, the FRC supervises approximately 2,120 financial institutions and professional participants in above-mentioned sectors; and the number is likely to increase in the future as the Mongolian financial market expands. More particularly, in 2017, the Government of Mongolia approved the ‘National Strategy on Improving the Financial Market to 2025’ which requires the FRC to (among other things) develop and implement a comprehensive risk-based supervisory system, and to urgently improve human resources capacity.
There is an urgent need to translate the three documents such as the ‘Intermediaries Inspection Manual and Guidelines’, ‘Guide to Korea's Risk Based Capital for Korean Insurance Companies’ and ‘Methodology for assessing implementation of the IOSCO objectives and principles of securities regulation’ to assist inspection officers of the FRC to better understand Supervisory evaluation points and various administrative procedures and combination of onsite and offsite monitoring techniques used by supervisory departments and regulatory tools to mitigate the risks, etc.
The intermediaries’ inspection manual and guidelines sets out the FRC’s assessment of the risks posed to its objectives by an intermediary and describes how it uses its regulatory tools to mitigate the risks and adopted by the World Bank in 2014.
Methodology for assessing implementation of the IOSCO objectives and principles of securities regulation helps to ensure fair, efficient and transparent markets also provide investor protection and help to reduce systemic risk and to reduce systemic risk provide protection for investors based on the IOSCO core objectives of securities regulation.
Although the Guide to Korea's Risk Based Capital for Korean Insurance Companies is intended to understand Korea's risk-based capital regime, but also comes with the key technical aspects of the minimum capital requirement for insurance practitioners and professionals.
Accordingly, and in order to improve implementation of the comprehensive risk-based supervisory system and identify necessary job tasks/standards, as well as the skills, knowledge and abilities needed to accomplish functions successfully, the FRC is seeking to hire a translator to translate comprehensive guidelines from English into Mongolian.  

A. OBJECTIVE OF THE ASSIGNMENT

The objective of the assignment is to provide with a translation service to Supervision Department and Insurance Department at the FRC.

B. SCOPE OF THE WORK

Under the guidance and direct supervision of the Director of the International cooperation department, the translator will undertake the following duties and responsibilities.
1. Make written translation from English into Mongolian and each page will be calculated 2200 characters (no space);
2. Ensure that the translation text is technically, linguistically and grammatically correct, error free and it should meet high quality standards, and would not need further editing after completion of translation;
3. Consult with Supervision department when required;
4. Complete the work within the agreed timeline and the translated materials should be provided to the FRC after completion of the required services in a hard copy and a soft copy;
5. The documents translated remains the copyright of the World Bank and the FRC and should not be shared to any third party.

C. DELIVERABLES

The translator shall prepare and present the following deliverables to the FRC.
1. Contract implementation plan (for approval by the FRC) within three days of the start of the contract;
2. Translation of the ‘Intermediaries Inspection Manual and Guidelines’ shall be submitted within 15 working days of the commencement of the contract;
3. Translation of the ‘Guide to Korea's Risk Based Capital for Korean Insurance Companies’ shall be submitted within 22 working days of the commencement of the contract;
4. Translation of the ‘Methodology for assessing implementation of the IOSCO objectives and principles of securities regulation’ shall be submitted within three working days of completion of the tasks;  
5. A report to be delivered within five working days of the completion of the tasks.

D. CONSULTANT’S QUALIFICATIONS AND/OR SELECTION CRITERIA

1. Education: The Translator should have a master’s degree (or above) in a relevant field: Linguistics, background in finance, economics or business will be an asset.
2. Experience: The Consultant should have at least 5 years’ experience in professional translation experience in the relevant area; proven skills in translation and interpretation from and into English and vice versa; a proven record in translation is required.   
3. Language Skills: The Consultant shall be fluent in written and spoken English.
4. Other Skills:
   a. Excellent interpersonal skills with the ability to function effectively and ability to work independently;  
   b. The translator shall exhibit the highest standards of professional behaviour and personal integrity. The ability to work unsupervised is essential;
   c. Excellent computer skills in word and data processing and presentation;
   d. Strong analytical and writing skills with proven skills in policy recommendations and problem identification and solving

E. SUPERVISION AND REPORTING

The Consultant will report directly to the Director of the International Cooperation Department, FRC.

F. CONTRACT DURATION

The Consultant’s work is expected to commence in December, 2018. The duration of the assignment is 50 working days.

G. INSTITUTIONAL ARRANGEMENTS

The FRC will provide office space and assign a Coordinating Consultant to work with the translator. The translator will be asked to use his/her own notebook/computer. The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents:
    1. Cover letter indicating why she/he considers her/himself suitable for the position,
    2. Detailed CV highlighting relevant skills/experience,
    3. Copy of diplomas or certificates and,
    4. 2 reference letters from previous last two employers no later than 17:00, December 14, 2018.

The submitted documents will not be returned to the applicants. Please note that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Bayarmaa, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582