Thinking of a Career in Emergency Management?
- BY Nicole Pelette
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 and Accounting (WFA), one of the vice presidencies in the World Bank Group (WBG), 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 those entities. The vice presidency is also responsible for expressing a Finance viewpoint on controls over Bank Group operations, particularly those which validate the appropriateness of loan disbursements. WFA comprises the following functions: Financial Instruments Accounting and Valuation; Loan Operations; Accounting Business Services; Financial Analysis and Reporting; Accounting Policy; Documentation and Communication; Advisory Services; and Operational Risks and Controls. These units collectively include approximately 500 staff, of which 170 are in WBG’s Washington, D.C. headquarters with the remainder in regional offices including the largest in Chennai, India.
WFA’s Accounting Business Services Division (WFAAB), part of the Financial Controls Department, is responsible for recording and reporting the World Bank Group’s administrative expenses and fixed assets, which have a combined financial statement value of approximately $5 billion. WFAAB also provides strategic leadership and guidance to business units across the Bank Group on developing and maintaining an effective system of internal controls over processing and reporting administrative expenses.
The Assurance and Client Support unit (WFAAC) is in Chennai, India, and functionally reports to WFAAB. The team supports WBG staff and travelers in accounting and compliance activities through training, reviews and help desk operations. The team monitors compliance to internal controls over administrative expense disbursements and report on compliance to the Bank policies & Trust Fund conditions, leading to performance measurement and system / process improvement.
Travel and Quality Assurance function within WFAAC is heavily involved in implementation of Global Travel Corporate Card (GTC) for the entire Bank group. This solution will cover 74 countries, 88% of WBG staff, 92% of travel spend and is expected to bring benefit in terms of reduction of administrative effort, risk of cash handling, enhanced staff experience, optimum rebate earnings and tax savings.
There are 2 open positions. This remains a competitive process and interested candidates are encouraged to apply.
Duties and Accountabilities: