Introduction Robust financial management (FM) ensures the strategic and efficient use of funds to achieve development goals. It involves optimal utilization of resources through proper planning, budgeting, fund allocation, and tracking of expenditures. Robust FM helps governments and other public institutions to ensure that their programs and actions contribute to positive outcomes that benefit people and the environment. As a result, FM facilitates to build trust in governance where citizens can have confidence that public funds are used for the purpose they are intended. To ensure the proper use of the funds it provides, the Asian Development Bank (ADB) developed an FM e-learning course to help borrowers, executing agencies, and implementing agencies for its sovereign projects build robust financial management systems and processes. The course also helps them understand their obligations and the requirements that they must comply with as borrowers. Further, the course is one of the actions taken by ADB to implement Strategy 2030, focusing on helping countries through capacity building, technical assistance, and support for project design and implementation. Context Project executing and implementing agencies encounter various challenges throughout the project cycle in ADB sovereign operations. These include financial management issues such as budget overruns, misuse of funds, and resource allocation issues, which could lead to project delays and inability to achieve project outcomes. In the Financial Management in ADB-Financed Sovereign Operations e-Learning Course, project executing and implementing agencies learn how to better manage project risks and increase the likelihood of achieving desired project outcomes. The course was designed mainly for the project FM staff of these agencies, but it is also suitable for non-FM project staff and managers who need an overview of ADB FM requirements. Since its launch at the end of 2023, more than 100 people have accessed the course. The FM e-learning course offers not only convenient tools to learn ADB’s FM concepts and principles at their own pace and location, but also gives them learning journey options that are tailored to their needs, roles, and responsibilities. Tailored Learning Content The FM e-learning course offers the tools for learning ADB’s FM concepts and principles. Learners can take the course at their own pace and location and choose from learning journeys that are tailored to their needs, roles, and responsibilities. They can take all modules or only the modules that they need. Each module takes an average of 30 minutes to complete. Upon completion of the required modules, participants get a certificate of completion. Figure 1: Poster of Financial Management in ADB-Financed Sovereign Operations e-Learning Course Source: Asian Development Bank. Learning Journey 1: FM for Non-FM Staff and Managers. This learning journey is for those who may not be involved in FM technical work but need to understand the major concepts and requirements of FM in ADB sovereign operations. It serves as a mandatory introductory module for all learners. Learning Journey 2: FM in Project Design. For the finance staff of executing and implementing agencies who are involved in ADB-funded projects at the design stage. This includes modules on Cost Estimation, Financial Management Assessment, and Financial Analysis and Evaluation, which contain the critical concepts for conducting financial due diligence when preparing ADB-funded projects. Learning Journey 3: FM in Project Implementation. For the staff and auditors of executing and implementing agencies who are involved or interested in projects under implementation. The module focuses on FM Monitoring, Financial Reporting, and Financial Auditing. Learning Journey 4: FM in Project Closing. For staff who are involved in completing and closing projects where ADB-specific FM requirements need to be implemented. Through the modules, learners understand the FM-related roles and responsibilities of a borrowing entity. They learn what to expect during ADB FM assessments, reviews and missions, and the project documents that are prepared during processing and implementation. They also familiarize themselves with FM-related information and documentation that need to be produced and submitted to ADB during implementation and completion. These include periodic progress reports of financial data, audited project and entity financial statements, and completion reports. Effectiveness of Self-Directed Online Learning The effectiveness of this online program can be further enhanced when combined with an intermediate level in-person training. For example, the ADB Financial Management and Disbursement Workshop held in February 2024 made the e-learning course a prerequisite for participation in subsequent in-person sessions. Feedback from participants indicated the effectiveness of giving individuals the opportunity to acquire fundamental knowledge in advance of in-person sessions, and the perceived benefits from the flexibility of choosing which modules to take. This made the content adaptable to their learning needs at various stages of the project cycle, thus allowing them to optimize their study time. Moreover, by taking the e-learning course to study FM fundamentals, participants could dedicate more in-person session time to discussing advanced concepts and case studies. This course method helps me think and save time when digesting the material. The video presentations with voice-over explanations are very helpful in understanding the modules. We can also choose modules we need, so we don't have to do all from modules 1 to 8. — Mega Rama, Operation and Grant Manager, Climate Change Trust Fund, Indonesia The training is very useful, especially for those who are just starting a project with ADB. It is also useful for those who have been involved in ADB projects and who require more detailed information. The presentation is clear on all aspects that need to be taken into consideration. — Alya Prima, Project Finance and Management Specialist, Climate Change Trust Fund, Indonesia Connectivity in Future Learning Design Needless to say, connectivity is a concern for individuals in places with limited internet infrastructure. Learners suggested that they be given the option to download the course so that they could study it offline. ADB will consider this feedback, in future iterations of the course. Resources Asian Development Bank. eLearn: Financial Management. ADB. eLearn: Financial Management in ADB-Financed Sovereign Operations for Executing/Implementing Agencies. B.J. Zimmerman and D.H. Schunk. 2011. Self-Regulated Learning and Performance: An Introduction and an Overview. Handbook of Self-Regulation of Learning and Performance. pp.15–26. J. Li and C. Wu. 2023. Determinants of Learners’ Self-Directed Learning and Online Learning Attitudes in Online Learning. Sustainability. 15 (12). OECD. 2020. The Potential of Online Learning for Adults: Early Lessons from the COVID-19 crisis. OECD Policy Responses to Coronavirus (COVID-19). Ask the Experts Maria João P. Kaizeler Principal Financial Management Specialist, Procurement, Portfolio, and Financial Management Department, Asian Development Bank Maria João Kaizeler has more than 25 years of professional experience in public financial management, financial reporting, auditing, and governance. Maria is a chartered accountant, certified public accountant/statutory auditor and a certified internal auditor. She has been involved in the entire spectrum of strengthening country FM systems and capacity for more than 15 years. Maria previously held roles at the Asian Infrastructure Investment Bank and the World Bank. Asian Development Bank (ADB) The Asian Development Bank is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. Follow Asian Development Bank (ADB) on Leave your question or comment in the section below: View the discussion thread.