Finance Officer Job at IFC Systems Corporation
Financial Officer, Trust Fund and Loan Accounting
Description
The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development. 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
Overview – WFA
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 and 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.
The WFA Trust Funds and Loan Operations (WFATL) department supports an appropriate fiduciary control framework for Bank lending and donor funds. It performs several critical financial operation activities related to loan origination, compliance, disbursements, accounting, and analytics for IBRD/IDA and Trust Funds. The department consists of three divisions – (1) WFA Client Services (WFACS) providing client services and related loan operation support to internal and external clients, including loan origination and disbursement, advisory and clearance support for project preparation and implementation, project-level fiduciary and loan portfolio management, and regional and country level loan operations activities; (2) WFA Corporate Services and Accounting Support (WFAAS) supporting both WBG Trust Funds and Loans portfolios with a range of services, including trust funds upstream and downstream finance, client service, day to day accounting, audited financial reporting, and IBRD/IDA loan ledgers, quarterly and year end closes, servicing borrowers’ debt repayments, and analyses and inputs to IBRD and IDA annual audits; (3) WFA Systems and Transformation (WFAST) supporting all WFA units with the primary mandate to drive business process excellence and to utilize technology for innovation in client service delivery.
Unit Overview – WFAAS
WFAAS directly serves the WBG Trust Fund business and the IBRD/IDA loans business.
Regarding Trust Funds, the team provides upstream and downstream finance, client service, day-to-day accounting, and audited financial reporting for the WBG Trust Fund portfolio. It serves as one of the Bank’s core central TF units.
As it relates to the IBRD/IDA loans business, the team is responsible for maintaining the accuracy and completeness of the IBRD/IDA loan ledgers, ensuring proper quarterly and year-end closes, servicing borrowers’ debt repayments, and preparing analyses and inputs to support the IBRD and IDA annual audits, and senior management requests.
The team is also accountable for ensuring solid internal financial reporting controls for trust funds and loan accounting. The team also maintains and enhances trust fund-related workflows that serve the Bank’s TF business and operationalizes new products and requirements into related loan accounting and trust fund applications and workflows.
The division regularly works directly with IBRD/IDA corporate finance, operational, and trust fund teams in DFI, TRE, WFA, LEG, CRO, Operations, Senior Management, and ED offices, in addition to the external auditors, IFC, MIGA, and other MDBs.
This posting is for two Financial Officers in the WFAAS division based in HQ.
We are seeking highly skilled professionals who are well-rounded in accounting, auditing, internal controls, and finance to join our team. The ideal candidate will possess a strong background in all areas, with extensive knowledge of US GAAP accounting principles, financial analysis, and auditing practices. Ideally, candidates will have had experience as an auditor with a large public accounting firm, and in a corporate accounting and reporting team of a financial institution.
Candidates must have a keen eye for detail, be able to work well under pressure, and have strong communication and interpersonal skills. As a member of our team, this person will be responsible for preparing and reviewing accurate financial information, supporting audits, and performing internal control and quality gap analyses to improve operations and reduce risk.
The successful candidate will have a proven track record of delivering high-quality work and will be committed to continuous professional development.
Some duties and responsibilities include:
- Prepare analyses and ledger closings to support monthly, quarterly, and annual externally audited IBRD / IDA corporate financial reporting, and/or audited financial statement preparation related to Trust Funds, and Financial Intermediary Funds
- Perform month end close production work, reconciliations, and internal control monitoring
- Support external audits through preparation of analyses, addressing queries, research, and providing supporting documentation/explanations
- Conduct internal control process walkthroughs, assess internal control and operational risks, ensure that adequate accounting and controls are implemented, and/or propose improvements to mitigate risks
- Monitor and oversee other month end closing processes and ensure timely and accurate closing of trust fund and loan ledgers
- Support and contribute to the design and implementation of new and emerging products, policies, internal controls, and systems
- Contribute and support new initiatives from a both from a product specific and broader finance perspective
- Lead and participate in system projects and coordinate with technical teams on system changes, bug fixes, enhancements, and testing
- Perform monitoring of system interfaces and linkages related to the IBRD/IDA loans portfolio, Trust Fund processes and systems to maintain accuracy and integrity of loan and TF financial accounting, data, investment income. Identify root causes of issues, and actively support remediation efforts
- Serve as a business analyst to formulate and articulate new business requirements to implement new systems
- Contribute to process enhancement, simplification, automation, and standardization initiatives
- Provide core services with a strong client orientation and adeptly trouble-shoot and solve issues with multiple clients based in a global and matrix organizational setting
- Any other responsibilities as may be assigned
Selection Criteria
- CPA or equivalent professional accounting designation
- Master's degree with five years relevant experience or bachelor’s degree with a minimum of 8 years relevant experience
- Background in the financial services industry and/or Big Four or equivalent public accounting experience
- Hands on practical experience in accounting and reporting quarterly production work, internal controls
- Proven ability to multi-task, meet tight deadlines, and pay close attention to detail
- Proven ability to explain technical issues in plain language and related implications
- Hands on experience with ERP systems, with preference to SAP
- Experience triaging systems regarding accounting, reporting, data issues, from numerous sources and recommend remediations and improvements
- Meets and exhibits WFA competencies (below)
WFA Functional Competencies
- Client Understanding and Advising – Looks at issues from the client’s 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). Advises the client and helps them think proactively about how to best meet their current and future needs. PLUS: Builds an independent opinion of clients’ needs and opportunities that may challenge traditional approaches within WBG.
- Broad Business Thinking – Maintains an in-depth understanding of the long term implications of decisions both for related areas within the VPU and the client’s 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 client’s business. Advises the client and helps them think proactively about how to best meet their current and future needs. Plus builds an independent opinion of clients’ needs and opportunities that may challenge traditional approaches within WBG.
- 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 readily apparent 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 – Demonstrate subject matter expertise and serve as a resource on risk and internal control issues. Command a holistic understanding of the overall risk and control framework in related areas and establish/streamline the control procedures with both preventive and detective measures. Introduce and share best practices in the management of risk and internal control environment across functional areas. Enhance existing control practices to meet changing business requirements.
- Information Technology and Systems – Demonstrate understanding of the functions and operations of pertinent IT systems and applications. Provide training and guidance to junior staff regarding IT system structure and function related area as relevant to the functional area. May Identify and/or lead opportunities for IT improvements to meet changing business needs and coordinate with IT professionals to design and implement new systems/applications as appropriate based on understanding of the business.
- Communication – Adapt the communication style appropriate for the intended audience. Adopt an inclusive approach to communication as is appropriate to the situation, so as 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 the World Bank and IFC, including our values and inspiring stories.
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