Financial Officer

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Description

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Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. 

The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting, internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB’s corporate expenses.

Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.

Within WFA, the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments including borrowings, derivatives, and investments for IBRD, IDA and Trust Funds except for pension funds. These include financial instrument product aligned accounting, determination of the lending rate of the Bank, producing valuation for the IBRD/IDA bonds, derivatives, and loans, set-up of financial models and valuation review, market data sourcing and verification, implementing accounting policies around financial instruments, independent price verification, financial instrument related data management and providing disclosure information for financial statements regarding these financial instruments.

This position is that of Financial Officer in Chennai WFASC, who will play the role of a technical lead in the delivery unit’s responsibilities as they relate to the accounting, valuation and reporting of financial instruments. She/He will interact with counterparts in Finance (WFA, Chief Risk officer, Treasury, and Corporate Finance) and with external counterparts especially MDBs and will represent the division in working groups related to new initiatives and new financial instruments.

Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain her/his Regular or Open-Ended appointment. All others will be offered a 4-year term appointment.

What will you do:

• Review accounting entries and ensure daily / weekly / monthly control activities are performed, especially for the liquid investments portfolios
• Identify, investigate, and resolve system-to-system reconciliation and accounting flow breaks
• Monitor and analyze accounting and valuation results as they relate to the investments portfolios primarily, to ensure they are consistent with expectations and business objectives or deviations (if any) are justified and adequately documented. This would include the establishment of exception and monitoring reports and review and investigation of the same.
• Verify trade set-up and trade modifications
• Prepare and provide quality assurance of calculated market data, evaluation of data sources, and verification of the data reliability
• Develop expectations, perform analysis, prepare / review and present sign-off commentaries, suggest and implement solutions in a pro-active manner
• Prepare and analyze allocation of debt funding to separate pools and computation of cost pass through rates for Bank lending products
• Prepare / present various financial and management reports, as required by the department or other stakeholders
• Lead / support efforts to implement institutional projects and business initiatives. Translate new initiatives or financial products into new processes and / or system requirements. This would include performing requirement (business specifications) gathering and documentation, design review and analysis, user acceptance testing, implementation and maintenance of systems supporting various portfolios
• Collaborate with business and information technology teams across locations to address system issues and implement solutions promptly
• Proactively interact with World Bank Treasury (TRE) front office business units to stay abreast of new/proposed activities that may have accounting or reporting implications.
• Provide services to clients within and outside the Bank by providing financial information, training programs and related materials.
• Coordinate with / support external and internal auditors, when required
• Exercise fiduciary responsibility by reviewing policies and procedures and ensuring they are correctly followed.  
• Staying abreast of accounting pronouncements and industry best practice as it relates to accounting / valuation of financial instruments.
• Continually look for opportunities to improve processes and internal controls.  Be responsible for promoting controls and ensuring compliance in WFA.
• Maintain and develop processes, procedures, documentation and internal controls around portfolios handled, with the objective of increasing efficiency and accuracy.

Selection Criteria:

Education:

• Master’s degree(s) or equivalent in relevant profession discipline (Accounting, Finance, Economics, etc.)
• Professional finance/accounting qualification (CA, CPA, ACCA or equivalent accounting qualification and / or CFA / FRM)

Experience:

• Minimum of 5 years of relevant experience 
• Professional experience with major financial institutions with practical knowledge of product control functions (such as accounting and valuation) related to financial instruments

Core Technical Knowledge:

• Strong understanding of fixed income and derivative products.
• Proven quantitative and qualitative analytical skills, including excellent spreadsheet and skills. Familiarity with Power BI, financial modeling techniques, programming languages (e.g., Python), writing macros will be a plus.
• Hands-on experience of accounting, financial analysis and reporting in an integrated financial systems environment
• Strong knowledge of Summit / Murex or other front-to-back treasury systems, integrated financial systems such as SAP, SAP BI/BO reporting tools
• Knowledge of appropriate valuation models including calibration instruments and model limitations.
• Demonstrated high level of initiative, self-confidence, and a self-starter.
• Diplomacy and strong interpersonal skills; commitment to work in a team-oriented, multi-cultural environment; detail oriented.
• Excellent verbal and written communication and presentation skills, including preparing presentations for senior management.

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=28309&site=1

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