Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. 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.
VPU Overview
The World Bank Group Finance and Accounting (WFA) Vice Presidency Unit, is responsible for all aspects of financial accounting, reporting and the internal control framework for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) and the extensive Trust Fund/Partnership portfolio of those entities.The VPU is also responsible for expressing a Finance viewpoint on controls over Bank Group operations.
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 approximately 170 are in Washington, D.C., with the remainder in regional offices including the largest in Chennai, India.
Unit Overview
The WBG Trust Fund and Loan Operations Department (WFATL) in WFA provides a number of financial operation activities, notably financial services, compliance, disbursements, accounting, reporting, and analytics for IBRD/IDA loans and Trust Funds.
WFAAS, a division within WFATL is focused on supporting both the WBG’s Trust Funds and Loans portfolios, for example, providing advice on the design and implementation of new trust funds or loans, policies, or processes, as well as many activities associated with the implementation and closure of loans or trust funds, including account creation and maintenance, disbursement transactions, trust funds and loans accounting and reporting and helpdesk functions.
WFAAS division operates out of three locations – DC, Chennai and Manila. The team in Chennai (WFALF), comprise three sub-teams viz., (i)Trust funds accounting clearance and Fiduciary & Controls team (ii) Trust Funds accounting and reporting, and (iii) Loan accounting and reporting. Together, the Division provides end-to-end support for IBRD/IDA Loans and WBG Trust Funds, in terms of, Providing upstream advice to Bank teams and influence the design of new Trust funds and loan agreements to ensure compliance with fiduciary, reporting, internal control requirements and best practices.
Support, help design, and ultimately implement and account for new and emerging trust funds and loan products, in addition to the existing trust fund and loans portfolio.
Ensure the accuracy and integrity of the Trust Fund and Loan modules, financial ledgers and related interfaces, which capture all TF and Loan activities.
Report on Trust Fund and Loan accounts at the individual account and portfolio level through, audited/un-audited financial statements, management reports, analyses and trends for corporate reporting, donor specific reports, etc. Maintain/enhance/develop underlying systems, tools and applications to cater to the changing business needs.
This is an advertisement for a Financial Analyst, in the Loans accounting and reporting team in WFALM. This position reports to the Loan Accounting Team Lead in Chennai.
Duties and Responsibilities:
The Financial Analyst’s primary responsibilities will include, but not limited to, a combination of the following activities:
Ensuring the accuracy, appropriateness, completeness and control of information for the Loan portfolio:
Review new loans set up to ensure that the financial terms and other information are accurately captured (Loans master data)
Ensure interest rates are appropriately updated accurately and on a timely basis
Provide support, as necessary, to clients, country and regional operations teams to ensure the smooth operation of the country loan portfolios.Provide billing invoices to the borrowers within the agreed timelines to aid proper collection of funds due.
Conduct debt service workshops to help clients understand the overdue policies of the Bank and its implications.
Ensure that the amounts due are collected on time and also consistent application of overdue policies and procedures of the Bank is adhered to in case of non-payment.
Perform critical month-end closing activities such as validation of key activities of the month, , review of key accounts, business table reconciliations etc., and ensure month-end and year end close per production schedule
Review monthly reports on the portfolio and assess the income statement effects.
Periodically review various reconciliation reports to validate that all business activity has been properly recorded and verified for use in the Bank's financial statements
Analytical review and information support for IBRD/IDA Loan portfolio:
A periodic review of the financial results of the loan portfolio to identify trends and significant changes to assess the reasonableness of account balances leading to a sign off on the data/information
Perform analysis, contribute to the commentaries, suggest and implement solutions in a pro-active manner.
Respond to questions/requests on loan information from period activity or financial reporting requirements
Support the loss provisioning work program in Chennai to meet the Department’s responsibilities
Process improvements & automation projects:
Lead/Participate in automation projects and coordinate with technical teams on system changes, bug fixes, enhancements and testing
Contribute to the continuous improvements and process enhancement initiatives surrounding loan processes aimed at simplification and/or enhancements to process quality and controls;
Provide inputs and actively participate in various institutional projects;
Others:
Provide a variety of metrics / charts to be included in overall departmental operations report to measure progress of operations at Chennai vis-a-vis agreed norms for management information and action;
Coach and mentor junior team members.
Selection Criteria
Chartered Accountant or Certified Public Accountant, with minimum 3 years post qualification experience;
Proven working experience on accounting and reporting processes using automated accounting systems preferably SAP;
Exposure to investments accounting and/or valuation would be an advantage;
Demonstrated good judgmental and analytical skills;
Excellent problem-solving skills;
Proficiency in SAP and Microsoft Office tools;
Good interpersonal and communication skills (both written and oral);
Strong client-focus and excellent team player;
Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues;
Ability to function effectively in multi-disciplinary teams within a matrix environment.
