Senior Financial Officer, Chennai, India

Organization: The World Bank

Country: India

City: Chennai

Office: World Bank in Chennai, India

Closing date: Monday, 23 January 2023

Senior Financial Officer

Job #: req20682

Organization: World Bank

Sector: Finance & Accounting

Grade: GG

Term Duration: 4 years 0 months

Recruitment Type: Local Recruitment

Location: Chennai,India

Required Language(s): English

Preferred Language(s): Closing Date: 1/23/2023 (MM/DD/YYYY) at 11:59pm UTC

Description

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. For more information, visit www.worldbank.org

The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the financial reporting and internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the extensive Trust Fund / Partnership portfolio of these entities. WFA also leads the client shared service function for the WBG corporate expenses and WBG trust funds, ensures fiduciary responsibility for all disbursements related to Bank operations.

Located within the WBG Corporate Accounting & Reporting Department (WFACA), the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments, including borrowings and investments, as utilized by IBRD, IDA, MIGA and Trust Funds for their operations, except for pension funds. These include financial instrument product aligned accounting, set-up of financial models and valuation review, market data sourcing and verification, implementing accounting policies around financial instruments, independent price verification for investments, financial instrument related data management, exercising internal controls to ensure accuracy of accounting ledgers and 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.

This position is that of the Senior Financial Officer (Senior Team Lead, WFASC), who will lead the team (total team size - approx. 16) supporting WFASF in Chennai. The incumbent will report to the Division Manager of WFASF in Washington DC (HQ) and have a dotted reporting line to the Manager, WFA Chennai.

Duties and Responsibilities:

The Senior Financial Officer will lead a team of professionals to meet the Division’s responsibilities as they relate to the accounting and valuation of financial instruments, as well as other analytical and reporting processes.

Responsibilities will include the following:

Core work program:

Oversee the valuation functions performed by Chennai team, using platforms such as Numerix OneView, Murex, Summit, and internally built systems, and independent price verification of liquid investments.

Oversee the maintenance of ledgers for portfolios handled, including accounting entries, book closing and performance of daily/monthly control activities.

Oversee market data implementation and monitoring activities (including daily AER review) and support provided for calculation of lending rates for cost-pass through loan products.

Monitor and analyze operations, accounting, and valuation results, as they relate to the portfolios handled, to ensure they are consistent with expectations and business objectives, or those deviations are understood and adequately documented. This would include the establishment of exception and monitoring reports and review and investigation of the same.

Lead / support cross-unit initiatives and Bank-wide initiatives representing the Division’s views on matters. This includes participating in discussions pertaining to accounting, valuation, controls, reporting and policies and implementing new financial instruments.

Translate new initiatives or financial products into new processes and/or system requirements. This includes documenting approaches and processes, drafting / reviewing Business Requirements Documents, analyzing solution design specifications, preparing / reviewing test plans and performing / overseeing testing of systems.

Support systems development /enhancements and contribute to ensure that adequate controls are built in the system. Identify problems and opportunities for improvement in current processes and as necessary, coordinate with IT teams to implement solutions and improvements.

Continually look for opportunities to improve processes and internal controls. Be responsible for promoting controls and ensuring compliance in WFA.

Provide analysis of results to management and other units in the Bank.

People / talent management:

Lead the unit staff, including the recruitment, evaluation, and career development of staff

Lead and oversee the engagement of technical consultants and contract staff

Monitor the teams‘ dynamics and overall performance and foster effective collaborative environment within the team

Active coaching and mentoring of staff

Stakeholder / client relationship management:

Provide ongoing representation of the unit, WFA, Bank (as the case may be) and outreach to key stakeholders and keep the unit abreast of that dialogue

Develop effective relationships with internal and external key partners and clients with a view to remain abreast of key developments and client requirements

Managing client service relationships within and outside the organization by providing financial information, training programs and related materials.

Actively collaborate and support Division Manager and Leads in implementing additions or revisions to work programs in Chennai

Keep Division Manager and Leads abreast of developments, gaps and challenges affecting the delivery of work program, staff developments, etc.

Resource management:

Lead the unit’s financial resources effectively and efficiently, especially in relation to staff learning and development, engagement of consultants / contract staff, etc.

Selection Criteria

Advanced degree(s) in Accounting, Finance, Economics, Business Administration, and a minimum of 12 years‘ relevant experience in accounting and valuation pertaining to financial instrument transactions, or equivalent combination of education and experience.

CPA/CA/ACCA or CFA/FRM is preferred.

Professional experience with major financial institutions or public accounting / consulting firms, with practical knowledge of accounting and valuation of financial instruments

Strong understanding of fixed income and debt derivative products

Proven quantitative and qualitative analytical skills including familiarity with financial modeling techniques

Demonstrated team leading capabilities

Strong knowledge of applications such as Reuters, Bloomberg, Summit, Murex and Numerix OneView

Project management experience, including system implementation effectively and within agreed timeframes

Demonstrated high level of initiative, self-confidence, and a self-starter

Diplomacy and strong interpersonal skills; commitment to work in a team-oriented, multi-cultural environment; detail oriented, problem solver

Proven capacity to multi-task, deliver results and respond quickly and effectively to requests

Excellent verbal and written communication and presentation skills

Highest ethical standards

Key Competencies - the preferred candidate must demonstrate the following competencies:

Communication: communicate to effectively share and exchange information. Able to listen actively, obtain necessary input, share ideas, speak persuasively, and convey information in a clear, objective, and concise manner.

Collaboration within teams and across boundaries: collaborate and work with others across and outside of the World Bank Group in order to achieve the best results for clients; maintain a WBG corporate mindset above an individual or team perspective.

Leadership and innovation: take initiative and be persistent in their drive for results; seek opportunities to improve and find innovative solutions to problems; inspire and encourage others to have a positive attitude and impact; be able to adapt to changing circumstances and be bold to increase the Bank Group’s effectiveness.

Client understanding and advising: strive to add value to clients in the business; understand the critical forces that shape clients‘ needs.

Other Competencies:

Knowledge creation, application, and sharing: share their expertise; create and contribute to the WBG’s body of knowledge; and efficiently reflect and draw on lessons from colleagues; expand their professional networks in their areas of expertise.

Broad business thinking: solicit information on WBG/VPU direction, goals, and industry competitive environment to determine how own area can add value to the organization and to clients. Makes decisions and recommendations clearly linked to the organization’s strategy and financial goals.

Project management: plans, organizes, monitors and controls projects and tasks using appropriate tools, methodologies and processes.

Analytical thinking: able to break down raw information and undefined problems into specific, workable components that in-turn clearly identify the issues at hand. Make logical conclusions, anticipate obstacles, and consider different approaches that are relevant to the decision-making process.

Policies and procedure: understand and apply relevant policies and procedures in executing responsibilities.

Risks and controls: assess risks and maintain an effective and efficient internal control environment. Able to identify and assess risks, including identification of mitigating controls.

Information technology and systems: utilize information technology to support business operations.

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.

Link to the organization’s job posting: https://unjobs.org/vacancies/1673290333821