Finance Officer – Budget

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record US$43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

The Vice Presidency for Corporate Support (COSVP) integrates Budget and Business Administration, HR, Communication, Partnerships, and Information & Technology functions under one umbrella to enable the execution of IFC’s management and operational needs in the best way. 

Within COSVP, the Budget and Business Administration department (CBA) plays a pivotal role in allocating IFC scarce resources and aligning them to the IFC 3.0 strategy by leveraging budget as a management tool to mainstream the corporate strategy, creating profitability and efficiency metrics, improving the scorecard, and overseeing procurement and facilities administration.

Within CBA, the CBASA unit within CBA supports South Asia Operations and is seeking a Finance Officer based in Dhaka, Bangladesh. Reporting to the Regional Financial Controller (RFC) for South Asia, the Finance Officer will be a senior person in the team and has two main primary responsibilities:

• To lead the finance and control functions for Bangladesh, Bhutan and Nepal (BBN) and oversee the CBA teams in the Dhaka and Nepal offices
• To lead client-facing financial management-related activities such as resource management, analytics, reporting, Trust Fund Management, and controls for Asia/South Asia/Country Office(s) as may be allocated by RFC

Roles and Responsibilities

Budget and Resource Management

• Lead country office budget formulation, cost monitoring,  analysis, and reporting activities, partnering closely with clients i.e. Country Managers/ Sr. Country Officers
• Advise on resource allocation and reallocation. Lead forecast expenditure exercises (including depreciation forecasting), as required
• Collaborate with the Partnership team on Donor funding availability and monitor donor funding utilization for projects and programs as per Governance
• Collaborate with the HR Business Partner to budget and manage staff costs for the unit (including managing the technical aspects in the system)
• Conduct variance analyses, identify trends, identify/resolve issues, and engage with stakeholders as relevant
• Knowledge sharing of WBG/IFC resource management, accounting, and administrative policies & procedures, ensuring these are communicated and followed by staff
• Actively participate in Global/Regional/Functional ad-hoc working groups and disseminate learnings to other colleagues

Reporting, Communications, and Liaison

• Partner with the Country Manager/Sr. Country Officer on budget matters, provide regular updates on budget utilization and surface relevant financial issues to Country Manager/Sr. Country Officer
• Manage and review regional Donor reporting as per the respective donor agreements, in close coordination with the Portfolio and Partnership teams for South Asia
• Provide insightful information and analysis
• Coordinate and lead preparation of monthly and quarterly financial and operational reports for Bangladesh, Bhutan, and Nepal countries and other departments as required
• Work closely with the CBA Real Estate team on office ecology and other footprint analytics
• Work closely with WB Country office counterparts on common issues like VAT process, Tax exemption, duty-free import, etc. Where required establish MoU for cooperation and common services on a cost-sharing basis
• Share best practices and establish a strong knowledge network within and outside CBA

Financial Control and Fiduciary Responsibilities

• Oversee and supervise all finance and accounting activity in the designated Country Office/s
• Apply the internal control framework to the department’s financial transactions and review internal control effectiveness
• Perform routine analyses, identify problem transactions/irregularities and resolve problems in a timely and effective manner
• Within the Policy framework, find opportunities to automate, simplify processes, find innovative solutions and implement improvements to enhance efficiency.
• Ensure a strong control environment and Strong scorecard ratings
• Provide business intelligence and, if required, supporting documents and reconciliations during preparation for internal and external audits and coordinate their smooth implementations with action plans
• Ensures compliance with World Bank Group policies and procedures within the Unit

Team Management

• Lead and manage the Dhaka and Kathmandu teams in their day-to-day activities and support their professional development and career growth under the guidance of the RFC and the Manager
• Mentor and build capacity within the team, meeting the needs of individual staff in line with their annual objectives
• Ensure optimum allocation of work and effective backup arrangements to enable timely completion of activities
• Promote sharing of knowledge and information within the team to scale best practice

Selection Criteria

• Relevant master’s degree (Finance, Accounting, Business Management) with 8 years of relevant professional experience or the equivalent combination of education and experience. Additional professional Finance/accounting qualifications will be preferred (eg. CA, ACCA, CIMA)
• Demonstrated ability to inspire and lead teams and deliver results through others either as part of the defined organizational structure or on a project basis
• Sound knowledge and understanding of accounting theory and principles, combined with proven practical skills in financial and management accounting, reporting & analytics, business planning, budgeting and financial controls/audit
• Strong problem-solving, conceptual, and analytical skills. Good understanding of critical linkages and relationships between budget processes, business operations and financial objectives
• Ability to research, analyze and interpret data and information from different sources; Retrieve data from SAP or other databases to analyze and support decision-making
• Strong proficiency in using Microsoft Office (Excel, PowerPoint and Word): Strong data management skills; ability to quickly develop effective understandings of logical accounting/finance data structures and data inter-relationships to effectively evaluate and make recommendations; Strong sense in using PowerPoint to communicate messages simply, visually, and effectively.
• Proven experience in the development and/or implementation of new technologies related to analytics, resource management and budget/operations planning and monitoring. Interest in or enthusiasm around working with technology rollouts
• Strong communication skills (in English), both written and oral, to convey complex budget and administrative financial issues concisely to management and staff
• Ability to work independently and as part of a team; organize and prioritize work to meet deadlines
• Ability to effectively transfer knowledge and stimulate continuous learning
• Ability to work under pressure; flexibility in handling several concurrent assignments, including project management skills
• Strong interpersonal skills and ability to work effectively with internal/external partners in a multicultural environment. Ability to develop solid relationships with key stakeholders and build productive partnerships

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=27501&site=1