Location:

Chennai, India
Salary:

negotiable / YEAR
Job type:

TEMPORARY
Posted:

4 months ago
Category:

Budget and Accounting, Finance
Deadline:

06/09/2024

JOB DESCRIPTION

Description

The World Bank Group (WBG) is one of the world’s largest sources of funding and knowledge for developing countries. It uses its financial resources and extensive experience to help its client countries reduce poverty, increase economic growth, and improve quality of life. To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the WBG is constantly seeking to improve the way it works. Innovation and partnership are central to the five institutions of the WBG: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID).

Unit Overview – WFA:

The WBG Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD, IDA, IFC, and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client service function for the WBG’s corporate expenses and trust funds, and ensures fiduciary responsibility for all disbursements related to Bank operations.

Organizationally, WFA is comprised of four functional areas: (1) Corporate Accounting and Reporting; (2) WBG Accounting Business Services; (3) WBG Financial Operations; and (4) WBG Finance and Operations, Chennai. These units report directly to the WBG Controller who heads the WFA Vice Presidency.

The Chennai office of the WBG was set up in August 2001 with about 70 staff. Today, the office has over 1100 staff and contractors across nine WBG business units. The Chennai office offers corporate financial, accounting, administrative, treasury, risk management, HR, and IT services to internal WBG clients based in Washington, D.C. and country offices.

The Chennai team (WFACC) of the Corporate Reporting and Analysis division (WFACR), is a dynamic team of accounting and finance professionals, which together with the team in Washington D.C., is responsible for all aspects of IBRD and IDA’s financial reporting. This includes: quarterly/annual financial statements and management discussion and analyses, business unit accounting oversight responsibilities (loans, cash, borrowings, investments, trust funds, pension, and administrative expenses), monthly closing of IBRD and IDA’s ledgers, preparation and review of the monthly trial balances, and other ad hoc deliverables. The team also handles all aspects of IBRD’s capital accounting framework and the approval function of all IDA capital accounting transactions. The team’s roles and responsibilities provide a holistic understanding of the financial dynamics of IBRD and IDA, which places the team in a strong position to be able to assess the impact of market and institutional developments on the financial results of the two entities.

Duties and Responsibilities:

Generally encompass core areas: Statutory financial reporting, Management reporting, Financial Analysis, Trial Balance close process, Capital Business processing. Participate in multiple areas of responsibilities with duties in all areas.

• Maintaining the capital accounts for IBRD and IDA

• Coordination of monthly closing process for the decentralized business units of the Bank

• Analyzing financial results and balances for reasonableness as part of oversight responsibilities

• Preparing internal and external financial statements / reports and other management reports for IBRD and IDA

Duties also include participation in WFA projects and preparation of ad-hoc financial analysis for management.

Examples of specific accountabilities:

• Maintain the Financial ledgers for IBRD/ IDA capital; approving transactions relating to processing of capital, leading to generation of accounting for the same and monthly closing of books of IBRD/IDA capital;

• Prepare communications with member countries;

• Monthly Trial Balance close process for the decentralized business units of the Bank;

• Support ERP migration by participating in User Acceptance testing for trial balance and IBRD Capital accounting streams which includes posting/recording entries in the system, revaluation of ledgers and TA program, generating reports and performing all transactions/close activities relating to IBRD Capital.

• Enhance existing documentation and maintenance of processes, controls and checks for Trial Balance process, IBRD Capital accounting process and other financial reporting process, as required.

• Prepare defined portions of quarterly and annual financial statements including Management Discussion & Analysis, Information Statements, Annual Report and Financial Info App;

• Support preparation of ad hoc information requests

• Participation in the implementation of new features or enhancements to existing accounting systems;

• Documentation and maintenance of processes, controls and checks for financial reporting

• Regularly share key information on processes, timelines, status, responsibilities, expectations and potential problems with supervisors and team members and seek their input; and

• Performing other responsibilities assigned from time to time.

Selection Criteria

• Chartered Accountant degree required. Bachelors degree in a related field, advance degree will be a plus;

• Candidates with 0-1 year of post-qualification experience in similar or complementary roles is required;

• Full proficiency in Microsoft Windows applications, namely Excel, Word and Power Point. Demonstrated ability to learn new technology quickly and effectively use it for maximum productivity. Knowledge of SAP will be an advantage;

• Basic knowledge of financial instruments and financial markets;

• Excellent analytical skills. The ability to develop and apply methodologies to test and explain changes in financial trends and results using computer assisted techniques;

• Strong interpersonal skills and cultural sensitivity;

• Comfortable working in pressured environment with capacity to deliver high-quality outputs and results to tight deadlines;

• Ability to multitask and work effectively in multidisciplinary teams; and

• High degree of self-motivation and proven ability to work under minimum supervision and as part of a team;

World Bank Group Core Competencies

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.

Note: The selected candidate will be offered a one-year appointment, renewable at the discretion of the World Bank Group, and subject to a lifetime maximum ET appointment of three years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their third-year ET appointment are not eligible for future ET appointments.

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