Description
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. 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
The World Bank Group Finance and Accounting (WFA) Vice Presidency Unit, is responsible for all aspects of financial reporting and the internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the extensive Trust Fund/Partnership portfolio of those entities. The VPU is also responsible for expressing a Finance viewpoint on controls over Bank Group operations.
WFA comprises the following functions: Financial Instruments Accounting and Valuation; Loan Operations; Accounting Business Services; Financial Analysis and Reporting; Accounting Policy; Documentation and Communication; Advisory Services; and Operational Risks and Controls. These units collectively include approximately 500 staff, of which approximately 170 are in Washington, D.C., with the remainder in regional offices including the largest in Chennai, India.
Unit Overview
The WBG Trust Fund and Loan Operations Department (WFATL) in WFA provides a number of financial operation activities, notably financial services, compliance, disbursements, accounting, reporting, and analytics for IBRD/IDA loans and Trust Funds.
WFATL consists of two divisions, each managed by one manager.
The first division, WFACS, is devoted to providing client services and related operations for the loans business and external clients and is organized along business lines serving the regions and global practices. The Services within the area of WFACS responsibilities fall under three categories: regional coordination, country focal point assistance, and project-level fiduciary and portfolio management.
The second division, WFAAS, is focused on supporting both the WBG’s Trust Funds and Loans portfolios, for example, providing advice on the design and implementation of new trust funds, policies, or processes, as well as many activities associated with the implementation and closure of loans or trust funds, including account creation and maintenance, disbursement transactions, trust funds and loans accounting and reporting and helpdesk functions. These two divisions work closely and collaboratively with one another, in addition to with other Bank units.
Division overview
WFAAS division is split into (a) Advisory teams, based out of Washington DC, and (b) Operational support teams, based out of Chennai. The Operational support team in Chennai (WFALF), is split into three sub-teams viz., (i) TACT & Fiduciary Controls, (ii) Trust Funds accounting and reporting, and (iii) Loan accounting and reporting. Together, the Division provides end-to-end support for IBRD/IDA Loans and WBG Trust Funds, in terms of,
• Providing upstream advice to Bank teams and influence the design of new loan agreements to ensure: compliance with fiduciary, reporting, internal control requirements and best practices
• Support, help design, and ultimately implement and account for new and emerging loan products, in addition to the existing loans portfolio
• Ensure the accuracy and integrity of the Trust Fund and Loan modules, financial ledgers and related interfaces, which capture all TF and Loan activities
• Report on Trust Fund and Loan accounts at the individual account and portfolio level through, audited/un-audited financial statements, management reports, analyses and trends for corporate reporting, donor specific reports, etc.
• Maintain/enhance/develop underlying systems, tools and applications to cater to the changing business needs
This is an advertisement for a Senior Financial Assistant, in the Trust Fund Fiduciary Controls Team forming part of the Operational Support in Chennai. This position reports to the Trust Fund TACT & Fiduciary Controls Team Lead.
Duties & Responsibilities:
The primary purpose of the job is to execute centralized accounting processes, ensure trust fund financial ledgers are fully reconciled and in sync with all business applications that record/generate trust fund financial transactions.
• Execute centralized accounting processes, such as investment income allocation to individual trust funds, administration fee recovery, intercompany billing, computation and remittance of TF revenue to IBRD, settlement of dues to IBRD for payments made on behalf of trust funds, etc., in a timely and accurate manner.
• Carry out periodic financial control activities, such as system interface reconciliations and monitoring of suspense and Inter-business unit accounts.
• Ensure weekly settlement of dues to IBRD for payments made on behalf of trust funds.
• Create GL accounts in TF company codes per request from BUs and map them to appropriate report types to facilitate accurate reporting
• Periodic review of SAP roles for WFALF and coordinate for changes to, or obtaining new SAP roles for staff
• Support half-yearly budget reorganization activities
Process improvements & automation projects:
• Participate in automation projects and coordinate with technical teams on system changes, bug fixes, enhancements and testing
• Contribute to the continuous improvements and process enhancement initiatives surrounding Trust Fund processes aimed at simplification and/or enhancements to process quality and controls;
• Provide inputs and actively participate in various institutional projects;
Others:
• Provide a variety of metrics / charts to be included in overall departmental operations report to measure progress of operations at Chennai vis-a-vis agreed norms for management information and action;
Selection Criteria
• Qualified Chartered Accountant or Certified Public Accountant;
• Knowledge of accounting and reporting processes using automated accounting systems preferably SAP;
• Demonstrated good judgmental and analytical skills;
• Problem-solving skills;
• Proficiency in Microsoft Office tools;
• Good interpersonal and communication skills (both written and oral);
• Strong client-focus and excellent team player;
• Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues;
• Ability to function effectively in multi-disciplinary teams within a matrix environment.
Competencies:
Client Understanding and Advising - Looks at issues from the client’s perspective and takes action beyond normal expectations to ensure client satisfaction. Analyzes situations and determines alternative or creative scenarios and approaches to add value to the business in new and different ways. Works within the team and with other specialty areas to define client needs and develop the best approach to meet client needs. Sees how ideas and best practices from other specialties can be adapted or applied to address client issues.
Broad Business Thinking - Maintains an in-depth understanding of the long-term implications of decisions both for department and the client’s business. Ensures that decisions are supported by relevant stakeholders as well as sound performance data. Effectively communicates recommended changes to clients and how they will affect their business using the client’s own terminology with limited jargon while attempting to minimize day-to-day disruption of operations
Project Management - Develops and implements realistic and achievable work plans for group or project team – including tasks, priorities, resources and schedules. Establishes priorities, identifies critical tasks, and pushes projects forward in a timely fashion. Establishes controls to detect problems early and notify those involved if deadlines are affected. Creates opportunities and solutions that address more difficult or abstract situations. Creates and adapts solutions to address unusual data or novel situations
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 - Seek out opportunities to further understanding of relevant policies and guidance. Identify areas for improvements in existing policies and procedures. Emulate best practices in completing own work program. Provides guidance to junior staff and plays a role in transferring skills and knowledge to others.
Risks and Controls - Demonstrate understanding of key risks and internal control procedures in the related processes. Able to identify key risks and mitigating control steps in own functional areas. Perform internal control procedures in compliance with the overall risk and control framework. Takes proactive measures to know the internal control procedures (e.g., talks with business leaders about their goals and priorities).
IT 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 - Utilize appropriate tools and techniques to explain technical information in plain language. Present information in a logical and organized manner both in speech and in writing. Writes effective correspondence, prepares questions and reports, statements of circumstance and briefing notes
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.
This vacancy is archived.