Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.
The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB’s corporate expenses.
Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In Controller’s our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture. In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.
Within WFA, Risk and Controls team (WFARC) is responsible for:
Managing the Internal Control over Financial Reporting (ICFR) program for IBRD and IDA to support management assertion and external auditor attestation.
Coordinating the identification, assessment, management and reporting of Operational Risks in WFA.
Facilitating the Business Continuity preparedness for WFA’s time critical activities.
Advising internal clients on effective risk mitigation and internal control practices relating to new products, systems, and processes.
WFARN Chennai, which is an integral part of WFARC, is seeking a Financial Analyst to support its deliverables in the above areas. The position will be based in Chennai, India.
How your contributions will help us achieve our goals:
The Financial Analyst plays an important role, working with the rest of the team and other stakeholders, to deliver on all of the areas noted above. The position will report administratively to the Senior Financial Officer, Corporate Reporting and Analysis, Chennai and functionally to the Head of WFA Risk and Controls in Washington DC.
What you will do:
ICFR - support the end to end ICFR program for assigned business lines, which includes:
Scoping; validating business processes, risks and controls; developing testing strategy for key controls; testing the controls for design and operating effectiveness
Liaise with process unit owners/coordinators, auditors and other stakeholders on ICFR program implementation
Support audit requests and enquiries
Follow up and work with business units to remediate open deficiencies; support in management reporting
Ensure adequate documentation of processes and workpapers in Wdesk (ICFR tool)
Operational Risk and Business Continuity
Coordinate the submission of quarterly operational risk report by WFA units
Analyze the risk events submitted to determine root-cause and remediation status, to support overall management reporting
Contribute to enhancing staff awareness on learnings from risk events and best practices in controls
Coordinate the end-to-end BCP program activities including Business Impact Assessment, Recovery Procedures documentation, Exercises and Reporting to management
Advisory work on Risk and Controls
Perform pre-implementation review of new products and systems to evaluate and mitigate ICFR risks
Advise on internal control best practices, participate in adhoc deep dive reviews of specific areas and help enhance control awareness among staff
Participate and contribute to other institutional risk initiatives as assigned
Wdesk Administration and Automation
Serve as in-house functional specialist for Wdesk system, to support the ICFR and Operational risk reporting activities
Guide business units in using Wdesk effectively, for the above-mentioned initiatives
Perform user acceptance testing for Wdesk system upgrade
Identify opportunities and support the automation efforts to streamline and bring about efficiencies in the above activities.
Selection Criteria
Professional accounting qualification (ACA / ACCA / CPA or equivalent)
Bachelor’s degree in finance/ accounting with at least 3 years relevant work experience
Experience in financial institutions or public accounting/consulting firms in an audit, consulting or risk/control role.
Knowledge and Skills:
Fundamental Controllership Knowledge: Has a strong understanding of general accounting principles, risks and controls, and financial concepts and transaction processes
Financial Products Knowledge: Good understanding of financial products, hands-on experience in performing process reviews in financial institutions in areas such as treasury, loans, reporting
Knowledge of Recognized Risk and Control Frameworks: Working knowledge of COSO Internal control framework and Basel Operational risk guidelines.
Information Technology (IT): Familiarity with IT environments, processes, risks and controls.
Digital dexterity skills: incl. experience working with data analytical tools (e.g. advanced skills in MS Office, Power BI, etc.)
Communication and Report writing: Strong communication (oral and written), reporting writing and presentation skills
