Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. 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. For more information, visit www.worldbank.org.
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 WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.
Within WFA, WFACS – Client Services unit of the Trust Funds and Loan Department is devoted to providing “front-end” client services and related operations to business and external clients, and is organized along business lines serving the regions and global practices. The Services within the area of WFACS responsibilities fall under three categories: regional coordination, country focal point assistance, and project-level fiduciary and portfolio management.
WFACS is currently seeking a highly motivated Extended Term Consultant (ETC) for its team in Chennai, India.
How your contributions will help us achieve our goals
The ETC plays an important role in disbursement related activities during implementation of a project. You will collaborate with Finance Officer(s) in Chennai and other locations to support Operations staff and external Borrowers. You will also perform a variety of broad responsibilities of the division, including working on diverse range of disbursement related issues and providing solutions and also working on system design.
As a ETC, you will report to the Team Lead.
What you will do
• Disbursement transactions processing: Act as the country focal point for assigned countries in disbursement related aspects in collaboration with the country Finance Officer, at country level. Perform transaction processing including release of disbursements, as appropriate. Promptly liaise with clients to resolve any potential issues or exceptions noted in the processing of transactions;
• Project Restructuring and preparation of certain Trust Funds: Manage project preparation, as assigned by the Finance Officers for low-risk Trust Funds and review restructuring packages;
• Portfolio management: Monitor inactive Project Designated Accounts, engage in portfolio management activities, system updates and liaise with clients to ensure that Designated Accounts balances are promptly documented or refunded for orderly loan closure;
• Central Services: Handle transaction processing, restructuring and review work of Central Services such as Refunds and Adjustments, Special Commitment payments, Financial Intermediary Financing Trust Funds, Carbon Trust Funds and Central Trust Funds.
• Training and Capacity building: Evaluate the results of both the reviews of transactions and the portfolio management work to identify areas where borrowers have capacity constraints and provide capacity-building to clients;
• System and related tasks: Provide support on planning the development of system and enhancement tasks, upgrades to applications and new system. Perform testing related to enhancement tasks, upgrades to applications. Preparation of disbursement and analytical reports and handle other tasks that may be assigned by the WFACS Team Lead and management.
What you will bring
• Chartered Accountant or equivalent is mandatory
• A Bachelors’ degree in Finance, Accounting or a relevant discipline
• Master’s degree in a relevant discipline – finance, accounting is a plus
• Minimum of three years of relevant work experience
• Experience with a financial institution or an accounting firm is a plus
• Preferable: Big Four or equivalent public accounting experience would be advantageous
Knowledge and Skills
• Relevant knowledge of Generally Accepted Accounting Principles (GAAP), internal controls and financial management.
• Knowledge and application of the Bank’s Operational Policies and Procedures and how they relate to disbursements and loan portfolio management.
• Preferable: Ability to exercise professional judgment and appropriately interpret and apply operational policies, as they relate to disbursements and loan portfolio management.
• Willingness to travel on mission and short-term assignments
• Strong quantitative skills with superior attention to detail and numerical accuracy.
• Ability to manage complex tasks, deal with rapidly shifting priorities, provide professional support to senior staff and deliver against ambitious deadlines.
• Demonstrates good understanding of risks and internal control procedures pertaining to various activities in own functional areas.
• Strong client focus including good interpersonal, diplomatic and team building skills required for building and maintaining collaborative relationships.
• Strong communication skills, including the ability to explain and express views/opinions clearly and confidently
• Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues
• Willingness to work in different time zones – Given that the division is co-located in multiple cities in different time zones and borrowers are in different countries, candidates must be willing to work in different time zones especially the US EST time zone on an ‘as-needed’ basis.
World Bank Group Core Competencies
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