The World Bank Group (WBG) is the world’s largest source of funding and knowledge for development solutions. It is governed by member countries and delivers services out of 120 offices with more than 16,000 staff located globally. The World Bank raises funds through capital markets for its development mission. Part of this is achieved through issuing structured instruments, across asset classes and currencies, tailored to meet the needs of particular investors. The World Bank has a sovereign loan and credit portfolio in excess of $275 billion, outstanding issuance of more than $200 billion and manages investments of over $100 billion.
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), the International Finance Corporation (IFC), and the extensive Trust Fund/Partnership portfolio of these entities. The WBG F&A also leads the client shared service function for the WBG corporate expenses nd WBG trust funds, ensures fiduciary responsibility for all disbursements related to Bank operations.
Located within the WBG Financial Controls Department, the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments including investments, borrowings and loan conversions as utilized by IBRD, IDA and Trust Funds for their operations except for pension funds. These include financial instrument product aligned accounting, set-up of financial models and 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 regarding these financial instruments.
Roles & Responsibility:
- The Financial Analyst will work as part of a team of professionals to meet the group’s responsibilities as they relate to the
- accounting and valuation of financial instruments. Responsibilities will include the following:
- Ensure the accuracy and appropriateness of accounting /valuation data, systems and reporting deliverables as it relates to the borrowings and investments portfolios. This includes but is not limited to reviewing inputs to the ledgers, maintaining the ledgers, and performing/reviewing reconciliations to ensure accuracy of ledgers.
- Prepare/ Review various statutory and management reports as required by the department.
- Assist in various daily control and review procedures related to the Liquid Investments of IBRD, IDA, MIGA and Trust Funds, including performing system to system reconciliations, researching control breaks and preparing the necessary correcting journal entries;
- Perform additional month-end system to system reconciliations and identification of differences requiring follow-up as part of the month-end closing process;
- Develop analytical tools, perform analysis, develop expectations, prepare commentaries, suggest and implement solutions in a pro-active manner.
- Coordinate with external and internal auditors when required.
- Proactively interact with various business units in the Bank to stay abreast of new/proposed activities that may have accounting or reporting implications.
- Lead/ participate in the department’s projects and business initiatives.
- Provide support, as necessary, to country and regional operations teams to ensure the smooth operation of the country loan portfolios. Provide inputs for developing and delivering learning programs for Bank staff and clients on the Bank’s loan products and policies.
- Identify opportunities for improvements in current processes, initiate improvements within the system and control framework; work with business and technology teams across locations to implement solutions / improvements.
- Assist in the specification, testing, implementation and maintenance of systems supporting various portfolios.
- Stay abreast of accounting standards and best practices adopted by other market participants in the area of product control.
- Advanced degree(s) in Accounting, Finance, and/or Economics and a minimum of 3 years’ relevant experience in accounting and valuation pertaining to financial instrument transactions, or equivalent combination of education and experience.
- CPA/CA/ACCA and/or CFA/FRM preferred.
- Professional experience with major financial institutions.
- Strong understanding of fixed income products including derivatives and their related accounting treatment associated with both investment and borrowing related products.
- Excellent Excel spreadsheet skills, analytical skills, and proficiency in working with large amount of data from multiple sources and/or systems.
- Strong knowledge of the functionality of applications such as Reuters, Summit and Bloomberg.
- Demonstrated high level of initiative, self-confidence and self-motivation.
- Diplomacy and strong interpersonal skills; commitment to work in a team-oriented, multi-cultural environment; detail oriented.
- Proven capacity to multi-task, deliver results and respond quickly and effectively to requests. Ability and desire to meet tight deadlines.
- Excellent verbal and written communication and presentation skills.
- Highest ethical standards.
Key Competencies – The preferred candidate must demonstrate the following competencies:
- Project Management - Understands the basic concepts of project management, as they relate to the execution of tasks within a project
- Business Processes & Systems - Has basic understanding of business processes and systems (including accounting systems) to recommend and help implement process improvements.
- Fundamental Controllership Knowledge - Has a basic understanding of general accounting principles, risks and controls, financial concepts and financial transaction processes.
- Accounting Policy - Understands accounting principles and, under guidance of senior staff, is able to apply accounting principles to appropriately record transactions.
- Corporate Finance - Has a basic understanding of corporate finance concepts and financial instruments as demonstrated by ability to perform basic analyses to assess the impact of market forces on portfolios of financial instruments.
- Transaction Processing - Has substantial work experience with using automated systems to process transactions.
- Financial Products - Has a basic understanding of the range of available financial instruments (e.g., IBRD loans, IDA credits and grants, and trust funds).
- Product Valuation and Modeling - Applies market knowledge of derivatives from a valuation (modeling), risk management or trading perspective towards World Bank products.
- Client Orientation - Takes personal responsibility and accountability for timely response to client queries, requests or needs, working to remove obstacles that may impede execution or overall success.
- Drive for Results - Takes personal ownership and accountability to meet deadlines and achieve agreed-upon results and has the personal organization to do so.
- Teamwork (Collaboration) and Inclusion - Collaborates with other team members and contributes productively to the team's work and output, demonstrating respect for different points of view.
- Knowledge, Learning and Communication - Actively seeks knowledge needed to complete assignments and shares knowledge with others, communicating and presenting information in a clear and organized manner.
- Business Judgment and Analytical Decision Making - Analyzes facts and data to support sound, logical decisions regarding own and others' work.