Financial Officer

Financial Officer

Job #:
req31448
Organization:
World Bank
Sector:
Finance & Accounting
Grade:
GF
Term Duration:
4 years 0 months
Recruitment Type:
Local Recruitment
Location:
Chennai,India
Required Language(s):
English
Preferred Language(s):

Closing Date:
2/4/2025 (MM/DD/YYYY) at 11:59pm UTC

Description

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. For more information, visit www.worldbank.org.

The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and 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.
Unit Overview:

Within WFA, the Loan Accounting Division (WFALA) directly supports the quarterly and annual year end audits, day to day accounting, management reporting and the design and implementation of new products related to the IBRD & IDA loan portfolios.

The division is accountable for the accuracy and completeness of the day-to-day accounting and reporting of the IBRD and IDA loan portfolios. This involves overseeing processes which generate accounting at the transactional and portfolio level, overseeing quarterly and fiscal loan ledger closings, and directly supporting the IBRD/IDA external audits. The division is also a key upstream provider of loan portfolio data, analyses and reports to other downstream reporting and corporate finance units who consume this information in their quarterly/fiscal year end activities.

The division is also responsible for servicing IBRD and IDA borrowers' debt repayments, monitoring repayment status, management reporting, and engaging with Bank operational teams to facilitate timely repayments.

Our division is heavily involved in the full lifecycle of new loan product development across the Bank by supporting upstream design and feasibility, to downstream implementation and stabilization. The team plays a pivotal role related to most initiatives related to the loan and guarantees portfolios.

The division is also a main focal point for addressing and researching queries from Senior Management related to the IBRD and IDA loan portfolios.
The loan accounting division is heavily engaged in new product development at the Bank, participating in the end-to-end lifecycle from initial design and feasibility to implementation and stabilization phases - and often leads some phases within the lifecycle.

The team is spread across three locations: Washington, Chennai and Manila.
WFALA is currently seeking a Financial Officer who will be based in Chennai and report to the Senior Financial Officer in Chennai.

How your contributions will help us achieve our goals

This role requires sound knowledge of IBRD and IDA loan products and policies, together with a strong background and experience in monthly closings in a production accounting unit that regularly interacts with Bank colleagues across other Finance VPUs, Operations, IFC, MIGA, and the external auditors. The role also requires strong project management experience, exposure to new age technological tools and ERP systems. A large part of the work program relates to addressing urgent and unanticipated issues that arise on a regular basis - from all levels of the organization.

What you will do:

• Quarterly / FY end closings: Directly perform accounting closing production work for the IBRD/IDA loans portfolios. This work involves a large hands-on component working in underlying systems and other related modules. Directly engage with other corporate finance units, and the external auditors
• Financial Analysis: Proactively identify trends and/or potential inconsistencies through critical review of data and fact patterns regarding the loans portfolio. Lead/assist/support the response to queries from senior management, external auditors etc.
• Process Improvements and Efficiencies: Proactively identify and operationalize process improvements, and/or challenge status quo through use of automated solutions such as RPA, Alteryx and similar tools
• Internal Control Oversight: Proactively adopt and role model a strong control mindset to learn from past issues, identify areas in need of strengthening, and initiate appropriate actions
• Systems / business requirements: Draft and articulate business needs in business requirement documents related to new system needs, products or policies. Perform user acceptance testing of new systems and functionality
• New products - Support division's interests in new product working groups, provide inputs, comments, raise issues based upon knowledge of the business and underlying IT systems.
• Act as a key point of contact for external auditors and other reporting units.

Selection Criteria

Education & Experience:

• CA, CPA or equivalent designation
• Bachelor's in finance, Accounting or relevant discipline
• Minimum 5 years post qualification experience in a corporate accounting setting, and hands on experience in an accounting production environment
• Experience in financial services industry with preference towards experience in an international multilateral organization

Knowledge and Skills:

• Strong knowledge of U.S. GAAP and proficiency with researching and applying accounting standards
• Knowledge of the World Bank's loan products and policies is advantageous
• Hands on experience with an ERP system - with strong preference to SAP experience
• Demonstrated and proven attention to details is required
• Strong knowledge of and practical experience in designing and implementing internal controls over day-to-day processes and financial reporting related tasks

Abilities:

• Ability to manage simultaneous competing demands and deliver on time
• Strong communication skills, including the ability to explain and express views/opinions clearly, and confidently to ensure high-quality results
• Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues.

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 the World Bank and IFC , including our values and inspiring stories.