Thinking of a Career in Emergency Management?
- BY Nicole Pelette
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.
Unit Overview – WFA
The WBG Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD, IDA, IFC, and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client service function for the WBG’s corporate expenses and 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) WBG Accounting Business Services; (3) WBG Financial Operations; and (4) WBG Finance and Operations, Chennai. These units report directly to the WBG Controller who heads the WFA Vice Presidency.
The Chennai office of the WBG was set up in August 2001 with about 70 staff. Today, the office has over 1100 staff and contractors across nine WBG business units. The Chennai office offers corporate financial, accounting, administrative, treasury, risk management, HR, and IT services to internal WBG clients based in Washington, D.C. and country offices.
The Chennai team (WFACC) of the Corporate Reporting and Analysis division (WFACR), 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), 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 financial 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 in multiple areas of responsibilities with duties in all areas
Financial Analyst will participate in the areas responsible for:
Duties also include participation on WFA projects and preparation of ad-hoc financial analysis for senior management.
Examples of specific accountabilities: