Finance & Accounting
4 years 0 months
2/4/2022 (MM/DD/YYYY) at 11:59pm UTC
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Unit 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, 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.
Overview – WFACC
The Chennai team (WFACC) of the Corporate Reporting and Analysis (WFACR) division contributes to the analysis of the financial results and the preparation of statutory and management reports of IBRD and IDA. WFACR also accounts for IBRD’s capital transactions, approval of IDA capital transactions, and corresponds with the member countries on queries related to capital transactions and balances.
WFACC is a dynamic team of accounting and finance professionals, which together with the team in Washington D.C., is responsible for all aspects of IBRD and IDA’s financial reporting. This includes: quarterly/annual financial statements and management discussion and analyses, business unit accounting oversight responsibilities (loans, cash, borrowings, investments, trust funds, pension, and administrative expenses) including review and analysis of key metrices, monthly closing of IBRD and IDA’s ledgers, preparation and review of the monthly trial balances, and other ad hoc deliverables. The team also handles all aspects of IBRD’s capital accounting framework and the approval function of all IDA capital accounting transactions. The team’s roles and responsibilities provide a holistic understanding of the financial dynamics of IBRD and IDA, which places the team in a strong position to be able to assess the impact of market and institutional developments on the results of the two entities.
Generally encompass core areas:
Statutory financial reporting, Management reporting, Financial Analysis, Trial Balance close process, Capital Business processing. Participate in multiple areas of responsibilities as listed below
Financial Analyst will participate in the areas responsible for:
- Preparing internal and external financial statements / reports and other management reports for IBRD and IDA
- Coordination of monthly closing process for the decentralized business units of the Bank
- Maintaining the capital accounts for IBRD / IDA
- Analyzing financial results and balances for reasonableness as part of oversight responsibilities
- Participation in WFA projects and preparation of ad-hoc financial analysis for senior management.
Duties also include
Examples of specific accountabilities:
- Prepare quarterly and annual financial statements including Management Discussion & Analysis, Flash reports to the President, Information Statements and Annual Report
- Work closely with assigned business units to ensure timely and accurate monthly close process including reviewing and approving adjusting entries if needed
- Develop and apply analytical methodologies to test and explain changes in financial trends and results, including validating the monthly trial balance.
- Monthly Trial Balance close process for IBRD/IDA
- Maintain the Financial ledgers for IBRD/ IDA capital; approving transactions relating to processing of capital, leading to generation of accounting for the same and monthly closing of books of IBRD/IDA capital. Prepare/review of communication with IBRD’s member countries.
- Participate in the implementation of new features or enhancements to existing accounting systems
- Documentation and maintenance of processes, controls and checks for financial reporting
- Strive to redefine processes, ideate and contribute to value-add activities leading to efficiency gains
- Performing other responsibilities assigned from time to time.
- Chartered Accountant degree required. Bachelors / advanced degree in a related field will be a plus.
- Basic knowledge of financial instruments and financial markets
- Minimum of 3 years of post-qualification experience in similar or complementary roles is required
- Full proficiency in Microsoft Windows applications, namely Excel, Word and Power Point. Demonstrated ability to learn new technology quickly and effectively use it for maximum productivity. Knowledge of SAP and Financial Reporting tools will be an advantage.
- Excellent analytical skills. The ability to develop and apply methodologies to test and explain changes in financial trends and results using computer assisted techniques.
- Strong interpersonal skills and cultural sensitivity
- Comfortable working in pressured environment with capacity to deliver high-quality outputs and results to tight deadlines
- Ability to work effectively in multidisciplinary teams and
- High degree of self-motivation and proven ability to work under minimum supervision and as part of a team.
WFA Functional Competencies
- Client Understanding and Advising – Applied-Solid understanding and consistent ability to apply the competency in most situations. Looks at issues from the client’s perspective and takes action beyond normal expectations to ensure client satisfaction. Analyses 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 clear 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).
- Information Technology 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.
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