About the World Bank Group:
Established in 1944, the WBG is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $24 billion was concessional finance to its poorest members. It is governed by 188-member countries and delivers services out of 120 offices with nearly 15,000 staff located globally.
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). The World Bank is organized into six client-facing Regional Vice-Presidencies, several corporate functions and thirteen Global Practices to bring best-in-class knowledge and solutions to regional and country clients.
The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the financial 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, and leads the WBG Financial Control Department (WFAFC). Included in WFAFC is the Structured Finance Division (WFASF).
The Structured Finance Division (WFASF) is responsible for product control functions for financial instruments, including investments and borrowings as utilized by IBRD, IDA, MIGA and Trust Funds for their operations, except for pension funds. These include financial instrument product aligned accounting, valuation review, market data sourcing and verification, implementing accounting policies around financial instruments, independent price verification, accuracy of accounting ledgers, financial instrument related data management and reviewing accuracy of financial statements and management information reports regarding these financial instruments.
The current position is that of Financial Analyst in the investments group at Chennai (WFASC), which is an extension of the WFASF Division in Washington DC (Headquarters).
Terms of reference:
The Financial Analyst will work as part of a team of professionals to meet the Division’s responsibilities as they relate to the accounting and pricing/valuation of financial instruments. The scope of work will cover the following:
- Ensuring the accuracy and appropriateness of accounting / pricing data, systems and reporting deliverables, as it relates to the investments portfolios
- Analyzing accounting results as they relate to financial instruments, to ensure they are consistent with expectations and business objectives or those deviations are understood and adequately documented
- Verifying trade set-up master data and trade modifications
- Identifying, investigating and resolving system-to-system reconciliation and accounting flow breaks
- Developing expectations, performing analysis, drafting commentaries, preparing the monthly investments closing package, suggesting and implementing solutions in a pro-active manner
- Preparing various financial and management reports, as required by the Department or other stakeholders
- Coordinating with external and internal auditors, when required
- Proactively interacting with WFA colleagues, Treasury (TRE) business units and other units as required to resolve issues and stay abreast of new / proposed activities, which may have accounting, valuation or reporting implications.
- Proactively learning / seeking knowledge about industry best practices and standards as they relate to accounting / valuation of financial instruments.
- Identifying opportunities for improvements in current processes, initiating improvements within the system and control framework; working with business and technology teams across locations to implement solutions / improvements
- Contributing to requirement specification, design analysis, testing, implementation and maintenance of systems supporting various portfolios, as and when required
- Participating in the Department’s projects and business initiatives, as and when required
- Maintaining and developing processes, procedures, documentation and internal controls around portfolios handled, with the objective of increasing efficiency and effectiveness
Education and Experience:
- Bachelor’s or Master’s degree, preferably with a major in business administration, accounting, economics, finance, or international trade. Professional accounting qualification such as CA/CPA/ACCA/CGMA and/or CFA/FRM.
- Three or more years of experience in related fields with a public / private financial institution (including IFC/IBRD or other IFIs/MDBs) or the finance / treasury function of a public / private corporation. Proven track record in previous position.
Core Technical Knowledge:
- Hands-on experience of accounting, financial analysis and reporting in an integrated financial systems environment
- Good knowledge of treasury products / financial instruments (i.e. capital and money market instruments)
- Good knowledge of Summit treasury system, SAP and BI/BO tools.
- Working knowledge of Bloomberg/Reuters would be a distinct advantage
- Proven quantitative and qualitative analytical skills, including excellent spreadsheet skills.
- Familiarity with financial modeling techniques and writing macros will be a plus.
- Ability to contribute to team performance with strong interpersonal and communication skills
- High level of initiative, self-confidence and a self-starter; proven problem-solving skills, ability to deliver high quality results and operate with minimum supervision
- Flexibility to perform a variety of tasks and expand the scope of work and responsibilities; committed to achieving individual and team results.
- Fluency in written and spoken English required
- Deliver results for clients – Takes full ownership to address client needs. Demonstrates initiative, independence and autonomy in addressing client needs in changing business contexts and environments. Allocates and prioritizes resources according to areas of most urgent need and greatest impact for the client.
- Collaborate within teams and across boundaries – Adopts a collaborative approach to improve overall effectiveness outside the unit as well and displays an open helpful attitude toward others. Approaches conflicts as common problems to be solved. Demonstrates understanding of and acts to incorporate multiple perspectives. Frames thinking/actions with a WBG corporate perspective in mind.
- Lead and innovate – Initiates changes to work processes to improve efficiency and performance. Applies creativity, flexibility and persistence to develop new approaches. Considers own behavior in context of WBG's values and mission and recognizes impact on others. Frames problems and recommends solutions.
- Create, Apply and Share Knowledge – Actively promotes knowledge-sharing. Takes ownership for organization of knowledge-sharing and learning activities. Contributes to the knowledge of the work group and beyond. Uses feedback to develop self and mentor others. Builds personal and professional networks within and beyond the work group.
- Make Smart Decisions – Analyzes data to support and enable decision-making. Anticipates, researches, reviews, and analyzes available data and relevant empirical evidence, including lessons learned. Understands risk and can provide basic assessment using cost-benefit analysis. Uses critical thinking and good judgment to make decisions. Supports decisions, takes action and ensures appropriate follow-up actions are taken.
- Broad Business Thinking – Maintains an in-depth understanding of the long term implications of decisions both for the team and 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 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 – Coordinates the information gathering and reporting process. Reviews trends and compares to expectations. Conducts research to define problems and prepares responses to anticipated questions. Prioritizes multiple issues and opportunities. Identifies relationships and linkages within several information sources. Anticipates issues that are not readily apparent on the surface. Identifies root causes and effects. Reports and identifies areas that need guidance in order to resolve complex issues. Anticipates the possible outcome of potential solutions.
- 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.