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.
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.
Duties
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.
Selection Criteria
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.
