Senior Financial Assistant

World Bank Group

Chennai, India

Experience: 0 to 3 Years

Skill Required: HR and Admin

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.

The IFC’s Controllers Department is responsible for effectively and efficiently managing IFC’s Financial Operations (loan, equity and short-term finance operations, and back-office treasury support operations), Financial Reporting (including reporting and analysis, portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Systems, Integration and Projects. The Department comprises approximately 125 diverse and highly skilled staff, based in Washington DC, and Chennai. 

The Loan and Equity Operations units (CNTLO-EC) within the Controllers Department have overall responsibility for recording, servicing, and providing post-commitment support for the private sector loan, guarantee, short term finance products and programs, and the equity investments of the International Finance Corporation.

The CNTLO-EC units provide financial operations support and services to the IFC Investment Departments, counterparts, internal and external financial and investment reporting units, syndication and treasury units, and portfolio management units, in the administration and management of all IFC Loan, Guarantee, Equity, and Donor-Trust Funds financial operations. The units ensure that loan and guarantee agreements, equity investments, and donor-trust-fund investments are recorded accurately and timely in the Corporation’s systems of record and general ledger. The units support all disbursements activities (e.g., call of funds, transfer of funds to clients, booking of disbursement data in systems of record) and all ongoing servicing functions over the life cycle of each investment, e.g. fee, interest and principal invoicing; repayment processing; specialized loan functions such as loan restructurings; equity sales and corporate actions.

The units play a key role in the decision-making for, and implementation of, IT systems and upgrades, as well as in the implementation of new initiatives and financial products to ensure that data is recorded accurately and timely.

CNTLO/EC has co-located some aspects of its work program to IFC’s Chennai Office (CNTCO), who have recruited staff in the IFC Financial Operations Support team (CNTFC) to deliver this work program. The team provides support and interacts with IFC colleagues in Washington on a day–to–day basis. The Consultant (ETC) shall interact extensively with internal partners, such as Loan Operations counterparts, Trust Funds Middle Office, IT teams, Cash Settlement unit, and IFC Financial Reporting team. The ET Consultant will report to the Team Lead of CNTFC Loan & Equity unit in Chennai. The individual must be a self-starter in identifying and undertaking projects or initiatives  

Duties & Responsibilities:

  • The Senior Financial Assistant is a key member of the team, providing operational and administrative support for the IFC’s Loans and Equity operations. This role requires frequent interaction with internal counterparts in CNT, Treasury, Investment operations team, Syndications team, Internal Controls and the external auditors. 
  • Dispatching of Audit confirmations to clients' external auditors.
  • Review for accuracy and sign-off of monthly/quarterly/semi-annually or annual bills to IFC’s borrowers including portfolio servicing.
  •  Settling of client’s payments related to loans, guarantees, risk sharing facilities and other debt instruments.
  • Ensure accurate and timely posting of transactions in ACBS and Investran for Loans, Guarantees, and equities.
  • Monthly reflows of principal and interest to IFC’s co-lenders via Northern Trust batch process.
  • Provide backup coverage in Loan billing, client contact updates, and Equity & Custody operations during peak volume periods.
  • Participate in development, testing and implementation of new and enhanced processes to accommodate the transition of the Loan portfolio from LIBOR to SOFR.
  • Support a wide range of new product initiatives by assessing and advising on impact of such initiatives on processes in close coordination with CNTLO/EC Quality Assurance team, IT support team, and Investment operations team. 
  • Support department’s various existing and future business automations and transformations in close coordination with HQ counterparts and IT support team.

Selection Criteria

  • Bachelor’s Degree preferably with a major in business administration, accounting, finance or international trade finance. Masters in Finance or Accounting Certification such as CA or CPA would be a plus.
  • Minimum 2 years’ experience in related fields with a public/private financial institution.
  • Sound knowledge of SWIFT application and processing of payments using SWIFT standard instructions such as MT103, 202.
  • Knowledge of IFC systems, procedures and policies shall be advantageous. (IFC uses ACBS, CFApps, BI reporting, SAP, Investran, Quantum, I-Portal)
  • Ability to contribute to team performance with strong interpersonal and communication skills with attention to details.
  • Dedicated team player with excellent organization skills and ability to interact tactfully and professionally with clients and staff at all levels.
  • Ability to deliver quality results under deadline pressures and deliver quality results.
  • Excellent problem solving and analytical skills.
  • Solid skills and knowledge of the latest information and office technology, and relevant business tools.
  •  Highest ethical and business conduct standards.
  •  Fluency in written and spoken English required. Fluency in another WBG working language a plus.