Financial Officer

The World Bank, Washington DC, United States

Skill Required:, Finance and Accounts
Preferred Experience: 
5 years
Closing Date for Applications: 
30th April, 2019


Job Description

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 Corporate IDA and IBRD Department is part of the Development Finance Vice-Presidency (DFi).

The Development Finance Vice-Presidency (DFi) is responsible for the management and monitoring of policies, procedures and resources for development financing in the World Bank. Development financing consists of all the aspects of corporate finance of the IBRD, resource mobilization and management of the world’s largest concessional fund, IDA, and the financial management of grant contributions from development partners for Trust Funds (TFs), and Financial Intermediary Funds (FIFs). DFi is also leading the dialogue on financing for development and organizes the annual Development Finance Forum (DFF). Given the nature and variety of this portfolio, DFi works closely with the President's office, Executive Directors, WBG senior management, corporate and operations units across the WBG, funding partners and government officials. The VPU has two departments – Corporate IDA and IBRD (DFCII) and Trust Funds and Partner Relations (DFTPR).

Corporate IDA and IBRD (DFCII) is responsible for the replenishment and stewardship of IDA, the Bank’s principal facility for providing highly concessional resources to the world’s poorest countries, as well as for supporting senior managers and the WBG Board in IBRD’s financial management by recommending policies and strategies related to IBRD medium-term financial and capital planning, overall balance sheet management, and annual decisions on loan terms and income allocation.

The Corporate IDA and IBRD Department consists of two units, the IBRD-IDA Corporate Finance team and the IDA Strategy and Operations team. This position will work in the IBRD-IDA Corporate Finance team.

DUTIES AND RESPONSIBILITIES

The IBRD-IDA Corporate Finance team is responsible for monitoring IBRD and IDA’s near-term and medium-term financial outlook, and setting financial strategies and policies to ensure IBRD and IDA’s financial strength and long term financial sustainability. These policies include those related to loan pricing and repayment terms, capital management, income allocation, and balance sheet management. In addition, the team maintains long-term financial projection models for IBRD and IDA and monitors the institutions’ long-term financial capacity and overall financial soundness; identifying income and balance sheet variables and their vulnerabilities; assessing the income and capital impact of any strategic decisions or new programs/initiatives; monitoring the adequacy of income and capital to support lending and other development activities, including under key risk scenarios; and developing strategies for optimal use of capital as well as to address potential shortfalls in capital and income. The unit also manages the financial aspects of IDA replenishment in close collaboration with IDA Strategy and Operations Unit, including preparing financing strategy documents for the replenishment discussion and interfacing with donors on contributions.

In support of these areas of responsibility, the unit is required to establish and maintain robust analytical infrastructure in the form of models, data, systems and expertise to ensure robust support to IDA replenishment and income and balance sheet projections and scenarios to support institutional policy-formulation and the Board’s decision-making process.

In addition, the department works on the outreach and communication necessary to gather political consensus around strategic and policy decisions.

Key Accountabilities

The principal areas of the individual’s work program would cover a range of responsibilities and could include:

  • Contribute to the monitoring of IDA and/or IBRD’s income and capital outlook for strategic planning of the institutions’ financial capacity, including IDA replenishment. Maintain, update and enhance projection models. Utilize projection output and financial analysis to monitor the institution's income dynamics and financial outlook.
  • Independently develop and/or review sophisticated financial models required for a variety of different financial simulations and scenario analysis.
  • Contribute to developing and reviewing financial policies and the production of the department's Board papers, management reports, and IDA replenishment documents.
  • Carry out a range of financial analysis required to assess IBRD and IDA’s capital and income adequacy to support lending and other development activities, including IDA replenishment planning, and develop proposals to safeguard the institutions’ financial strength while enabling effective utilization of its financial capacity in fulfilling its development mandate.
  • Provide input and feedback to colleagues across the Bank on innovative financing proposals from IBRD and IDA Corporate Finance perspective.
  • Support management in responding to requests from Senior Management, the Board, and IDA donors.

Selection Criteria

  • Advanced degree in Finance, Business Administration or Economics. CFA is a plus.
  • At least five years of directly relevant experience in Finance. Direct experience with financial policies and financial analysis/modeling is desirable.
  • Deep understanding of Corporate finance and balance sheet management theories and techniques. Knowledge and prior experience with the World Bank or MDB financial policies and products desirable.
  • Strong conceptual and critical thinking, problem-solving, and analytical skills.
  • Ability to develop succinct and to-the-point materials (e.g. through papers or powerpoint presentations) to communicate complex concepts and ideas in an easy-to-understand manner. Ability to quickly adapt materials to different audiences.
  • Ability to summarize and present analytical results, identify main drivers, and present key messages in a clear, concise and convincing manner. Sharp sense of numbers is key.
  • Ability to quickly build ad-hoc financial models to respond to a variety of different analytical needs.
  • Excellent powerpoint, writing and oral communication skills.
  • Strong interpersonal skills. Ability to work across boundaries to resolve differences and build consensus.
  • A great team player.

Competencies

  • Lead and Innovate: Encourages and works with others to identify, incubate and implement relevant solutions. Identifies opportunities in changing circumstances and energizes others to continuously improve, using intentional strategies to boost morale, team spirit, and productivity in context of WBG's values and mission. Helps others to understand problems, client needs and the underlying context.
  • Deliver Results for Clients: Develops and implements solutions that show understanding of how clients and/or own work achieves results that are financially, environmentally and socially sustainable. Shares new insights based on in-depth understanding of the client and recommends solutions for current and future needs of clients. Holds self and team accountable for risk management and outcomes.
  • Collaboration within Teams and Across Boundaries: Collaborates across organizational boundaries, internally and externally with a sense of mutuality and respect. Consistently engages others in open dialogue, brings out any conflicting viewpoints and incorporates viewpoints into solutions, giving credit where credit is due. Leverages expertise of all team members to ensure successful outcomes. Makes choices and sets priorities with a WBG corporate perspective in mind.
  • Create, Apply and Share Knowledge: Ensures systematic sharing of good practice and learning from lessons from across WBG, clients, and partners. Is known across WBG in their subject area and is sought out by WBG colleagues to advise, peer review, or contribute to knowledge products of others. Seeks mentoring opportunities with more experienced staff to deepen or strengthen their professional knowledge and mentors junior staff. Builds networks across the WBG and as part of external professional groups/networks.
  • Make Smart Decisions: Applies critical thinking and seeks inputs and experience from others to recommend a course of action consistent with the WBG's strategy. Evaluates risk and anticipates the short and long term implications of decisions. Commits to a decision and takes action once a decision has been reached.

Source:https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=2566&site=1


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