Financial Officer
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Location:
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Salary:negotiable / YEAR
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Job type:FULL_TIME
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Posted:2 weeks ago
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Category:Budget and Accounting, Finance
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Deadline:01/05/2024
JOB DESCRIPTION
Description
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, 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.
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, the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments including borrowings, investments, and derivatives for IBRD, IDA, MIGA and Trust Funds except for pension funds. These include producing valuation for the IBRD / IDA bonds, derivatives, and loans, set-up of financial models and valuation review, market data sourcing and verification, financial instrument product aligned accounting, implementing accounting policies around financial instruments, independent price verification of investments, financial instrument related data management and providing disclosure information for financial statements regarding these financial instruments. In addition, WFASF team is involved in a host of critical institutional projects and initiatives that seek to enhance WB’s ability to capture and integrate data from different sources into, accounting, valuation and reporting systems and ultimately enable analysis that serves financial and / or management reporting needs.
The Financial Officer will play a key role in meeting the team’s responsibilities related to the accounting and reporting of financial instruments. He/she will interact with counterparts in Finance (WFA, Treasury, Risk, Corporate Finance, and other units) and represent the division in working groups related to new initiatives and financial instruments.
What you will do
1. Ensure the accuracy and appropriateness of accounting and / or valuation data, systems, and reporting deliverables, in relation to financial instruments
2. Determination of lending rate and related debt allocation
3. Support period-end accounting close process, including but not limited to, preparing / posting journal entries, performing assigned internal control reviews and reconciliations, resolving breaks / issues before and after close.
4. Analyze accounting and /or valuation results as they relate to financial instruments, to ensure they are consistent with expectations and business objectives, or those deviations are understood and adequately documented.
5. Develop expectations, perform analysis with regard to lending rate, spreads or other areas, prepare commentaries, suggest, and implement solutions in a pro-active manner
6. Prepare / review various financial and management reports (including foot notes / disclosures as part of Financial Statements and MD&A), as required by the department or other stakeholders
7. Support efforts to implement institutional projects and business initiatives, translate new business initiatives or financial products into processes and / or system requirements. This includes documenting approaches and current and future state processes, drafting / reviewing business requirements, analyzing solution design specifications, preparing / reviewing test plans and performing / overseeing testing of systems.
8. Partner with business and information technology teams across locations to address issues and implement solutions promptly
9. Proactively interact with WFA colleagues and Treasury (TRE) front office and other business units, as required to stay up to date on new or proposed investment activities, products and initiatives and assess their accounting and reporting implications
10. Maintain and develop processes, procedures, documentation, and internal controls around portfolios handled, with the objective of increasing efficiency and accuracy.
11. Stay abreast of accounting pronouncements and industry best practices as they relate to accounting, reporting and valuation of financial instruments
12. Identify opportunities for improvements in current processes, initiating improvements within the system and control framework
13. Coordinate with external and internal auditors, when required
14. Collaborate with stakeholders across the World Bank Group and with other MDBs / banks.
15. Provide training and direction to less experienced staff
Selection Criteria
Education
• Master’s or Bachelor’s degree(s) or equivalent in relevant professional discipline (Accounting, Finance, Economics, Engineering etc.)
• Professional finance/accounting qualification (CA, CPA, ACCA or equivalent accounting qualification and or CFA / FRM) would be a plus
Experience
• Minimum of 5 years of relevant work experience
• Professional experience working with major financial institutions or a public accounting / auditing / consulting firm with practical knowledge of product control functions (such as accounting and pricing / valuation) related to financial instruments
Knowledge and Skills
• Proven quantitative analytical skills, including excellent spreadsheet and skills. Familiarity with financial modeling techniques, programming languages (e.g., Python), writing macros will be a plus.
• Strong knowledge of treasury products / financial instruments (i.e., capital and money market instruments – particularly fixed income instruments and derivatives)
• Hands-on experience of accounting, financial analysis and reporting in an integrated financial systems environment
• Working knowledge of Summit / Murex or other front-to-back systems, integrated financial systems such as SAP, SAP BI/BO reporting tools
• Good understanding of market data for capital / investment market transactions and knowledge of Bloomberg / Reuters
• Experience in performing control reviews, reconciliations, and analysis
• Experience in supporting implementation of system applications / tools – preparing specifications, design analysis, testing, etc.
Abilities
• High level of initiative, self-confidence, and a self-starter; proven problem-solving skills, ability to deliver high quality results with minimum supervision.
• Proven capacity to deliver results and respond quickly and effectively to requests. Ability and desire to meet tight deadlines
• Ability to contribute to team performance with strong interpersonal skills
• Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues
• Flexibility to perform a variety of tasks and expand the scope of work and responsibilities; committed to achieving individual and team results
• Excellent verbal and written (including presentation) communication skills
• Highest ethical standards
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.
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