|Sector:||Finance & Accounting|
|Term Duration:||4 years 0 months|
|Recruitment Type:||Local Recruitment|
|Closing Date:||6/9/2023 (MM/DD/YYYY) at 11:59pm UTC|
The World Bank Group (WBG) is one of the world's largest sources of funding and knowledge for developing countries. It uses its financial resources and extensive experience to help its client countries reduce poverty, increase economic growth, and improve quality of life. To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the WBG is constantly seeking to improve the way it works. Innovation and partnership are central to the five institutions of the WBG: The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the corporate reporting and internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client shared service function for the WBG corporate expenses and WBG trust funds, ensures fiduciary responsibility for all disbursements related to Bank operations.
Organizationally, WFA is comprised of four functional areas: (1) Corporate Accounting and Reporting; (2) WFA Trust Funds & Loans; (3) WBG Financial Control; and (4) WBG Finance and Accounting, Chennai. These units report directly to the WBG Controller who heads the WFA Vice Presidency.
Unit Overview WFACC
The Chennai team (WFACC) of the Corporate Reporting and Analysis (WFACR) division contributes to the analysis of the financial results and the preparation of statutory and management reports of IBRD and IDA. WFACR also accounts for IBRDs capital transactions, approval of IDA capital transactions, and corresponds with the member countries on queries related to capital transactions and balances.
WFACC is a dynamic team of accounting and finance professionals, which together with the team in Washington D.C., is responsible for all aspects of IBRD and IDAs financial reporting. This includes quarterly/annual financial statements and management discussion and analyses, business unit accounting oversight responsibilities (loans, cash, borrowings, investments, trust funds, pension, and administrative expenses) including review and analysis of key metrices, monthly closing of IBRD and IDAs ledgers, preparation and review of the monthly trial balances, and other ad hoc deliverables. The team also handles all aspects of IBRDs capital accounting framework and the approval function of all IDA capital accounting transactions. The teams roles and responsibilities provide a holistic understanding of the financial dynamics of IBRD and IDA, which places the team in a strong position to be able to assess the impact of market and institutional developments on the results of the two entities.
Financial Officer will work as part of the team of professionals to meet the Divisions responsibilities as they relate to preparing statutory and management reporting packages, Chennai liaison for ERP implementation, serve as in-house functional specialist to work with IT to leverage technology to support the Division deliverables, financial analysis and implementing various Division/institutional projects. S/he will also provide proactive task leadership to small groups of WFACC staff formed to handle projects or unique tasks.
Duties and Accountabilities:
Financial reporting: Serve as the key point of contact for WFACC for the preparation of IBRD/IDAs financial statements including the MD&A, management reporting and other ancillary documents. Ensure that monthly, quarterly, and annual financial reporting is accurate, timely, and in compliance with GAAP and/or internal reporting requirements.
Financial analysis: Identify trends and/or potential inconsistencies through critical review of data and fact patterns. Assess the Banks financial position and results in the context of market movements. Specifically, monitor the interest, foreign exchange, and credit risk exposures of all financial instruments used by the Bank, including those in the loan, investment, and the borrowing portfolios
Project implementation: Lead / Coordinate project team and support the Division to navigate and migration to new products, processes, and system changes. Be the subject matter expert in the assigned project to provide thought leadership in techno functional aspects in the current and changing ERP environment. As a custodian of the reporting ledgers, assess, identify, and eliminate potential bottlenecks in the new system implementation like ERP or reporting tools like Wdesk.
Digital Dexterity: Lead, innovate and share knowledge of best technology practices to increase efficiency and impact for the Division through incorporating technology tools to add more value to routine tasks and to solve work-related problems. Plan and provide technical direction to other team members for projects related to systems/migration.
Accounting Policy: Research accounting issues and interpret accounting standards in coordination with DC leads and the Accounting Policy team to ensure the application of existing and new accounting guidance timely and accurately. Maintain strong working knowledge of the applicable accounting framework as well as a thorough understanding of the Banks portfolios and processes to analyze the appropriate accounting treatment of new financial products and strategies
Internal/external relationship management: Act as the point person from WFACC for the stakeholders. Coordinate financial reporting, accounting, internal control, and external audit activities with counterparts from other business units within the Bank;
Support WFACC Senior Team Lead to plan recruitment of staff, set selection criteria according to skill sets and competencies required for jobs in WFACC, hire the best resources available in the marketplace, and help build a motivated team. Provide direction, training and guidance as needed to less experienced staff in the Division and serve as an adequate source of help for the teammates.
Plan skills and knowledge development for the team through on-the-job and external training, to ensure both staff development and the effective execution of the work plan.
Identify challenges and opportunities for improvement in current control and work processes and coordinate with the Senior Team Lead to devise solutions.
Chartered Accountants with a minimum of seven years post qualification experience preferably with a financial institution or a big 4 accounting firm.
Strong knowledge of U.S. GAAP and proficiency with researching accounting literature
Hands on experience in statutory and management reporting for a financial institution.
Strong Understanding of financial reporting tool like Wdesk and ERP/SAP functionalities with the ability to converge business processes and ERP technical aspects. Project management experience handling migration of accounting /reporting software would be advantageous.
Working knowledge of one or more complex financial reporting tools.
Understanding of the overall financial dynamics of multilateral development organization would be advantageous.
High level of initiative, self-starter; proven problem-solving skills, ability to deliver high quality results and operates with minimum supervision
Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues.
Ability to contribute to team performance with strong interpersonal and communication skills
WBG Core Competencies:
Deliver results for clients Proactively addresses clients stated and unstated needs. Adds value by constantly looking for a better way to get more impactful results; sets challenging stretch goals for oneself. Immerses oneself in client experiences and perspective by asking probing questions to understand unmet needs. Identifies and proposes solutions to mitigate and manage risks
Collaborate within teams and across boundaries Collaborates across boundaries, gives own perspective and willingly receives diverse perspectives. Appropriately involves others in decision making and communicates with key stakeholders. Approaches conflicts as common problems to be solved. Actively seeks and considers diverse ideas and approaches. Integrates WBG perspective into work.
Lead and innovate Develops innovative solutions. Contributes new insights to understand situations and develops solutions to resolve complex problems. Adapts as circumstances require and manages impact of own behavior on others in context of WBG's values and mission. Identifies and pursues innovative approaches to resolve issues.
Create, Apply and Share Knowledge Applies knowledge across WBG to strengthen WBG client solutions. Leverages department's expertise and body of knowledge across WBG to strengthen internal and/or external client solutions. Seeks to learn from more experienced staff to deepen or strengthen their professional knowledge and helps others to learn. Builds personal and professional networks inside and outside the department unit.
Make Smart Decisions Interprets a wide range of information and pushes to move forward. Seeks diversity of information and inputs, research possible solutions, and generates recommended options. Identifies and understands risks and proposes recommendations. Based on risk analysis makes decisions in a timely manner within own area of responsibility, considering the interests and concerns of stakeholders.
WFA Functional Competencies:
Client Understanding and Advising Looks at issues from the clients perspective and advocates for clients within own area as well as urges others to focus on meeting client needs. Works with others across the VPU to define client needs and develop the best approach to meet client needs (e.g., finds appropriate solutions and negotiates internally for needed resources and support).
Broad Business Thinking Maintains an in-depth understanding of the long-term implications of decisions both for related areas within the VPU and the clients business. Involves the key players in identifying operating needs, issues and immediate solutions. Ensures that decisions are supported by relevant stakeholders and creates the business case for investment in process and enhancements. Sets clear explanations for the integration and alignment of services/solutions with business functions, focusing on the strategic value provided for area of responsibility within the clients business.
Project Management Prepares and manages multi-resource plans which affect the direction of the work unit. Analyzes complex, evolving circumstances and takes corrective action to avoid resource constraints and meet deadlines. Prepares to implement plans by ensuring that mandate is clear and manageable with present resources. Foresees problems and opportunities not obvious to others and acts to address them in a timely fashion. Creates new solutions that address problems and anticipate obstacles i.e. thinking ahead about next steps in detail.
Analytical Thinking Determines criteria for assessing issues and opportunities. Establishes clear goals and priorities needed to assess performance. Identifies relationships and linkages between different information sources. Anticipates issues that are not clear on the surface. Identifies root causes and effects. Establishes clear goals and priorities. Anticipates potential problems and develops solutions needed to resolve them. Systemically analyzes relationships between apparently independent problems and issues. Reviews and cross-reviews reports. Identifies trends as well as isolated events. Translates analytical reports into management presentations and provides guidance to resolve issues. Anticipates the possible outcome of potential solutions. Identifies areas of significant concern or opportunity. Probes and initiates research to identify critical problems.
Policies and Procedures Demonstrate thorough knowledge of policies and procedures in related fields. Provide training and guidance to junior staff in enhancing their understanding of relevant policies and procedures. Lead by example and serve as the best practice champion in applying pertinent policies and procedures.
Risks and Controls Lead by example and serve as best practice champions in completing internal control procedures, including understanding impact beyond own immediate functional areas. Provide constructive inputs to the design, implementation and improvement of risk and internal control procedures for standalone end-to-end processes based on understanding of the business. Assess impact of potential control risks and propose mitigating control procedures as appropriate, with balanced efficiency and effectiveness results within any given processes.
Information Technology and Systems Leverage information technology systems and applications to improve productivity and efficiency. Provide inputs to IT system enhancement efforts based on day to day working experience and knowledge of the systems.
Communication Adapt the communication style appropriate for the intended audience. Adopt an inclusive approach to communication as is appropriate to the situation, to ensure adequate stakeholder participation. Present information effectively and encourage feedback.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at theWorld BankandIFC, including our values and inspiring stories.