Senior Finance Officer, Loan Accounting

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.

• 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.

Unit Overview :

• Within WFA, the Loan Accounting Division (WFALA) directly supports the quarterly and annual year end audits, day to day accounting, management reporting and the design and implementation of new products related to the IBRD & IDA loan portfolios.
• The division is accountable for the accuracy and completeness of the day-to-day accounting and reporting of the IBRD and IDA loan portfolios.  This involves overseeing processes which generate accounting at the transactional and portfolio level, overseeing quarterly and fiscal loan ledger closings, and directly supporting the IBRD/IDA external audits.   The division is also a key upstream provider of loan portfolio data, analyses and reports to other downstream reporting and corporate finance units who consume this information in their quarterly/fiscal year end activities.
• The division is also responsible for servicing IBRD and IDA borrowers’ debt repayments, monitoring repayment status, management reporting, and engaging with Bank operational teams to facilitate timely repayments.
• Our division is heavily involved in the full lifecycle of new loan product development across the Bank by supporting upstream design and feasibility, to downstream implementation and stabilization.  The team plays a pivotal role related to most initiatives related to the loan and guarantees portfolios.
• The division is also a main focal point for addressing and researching queries from Senior Management related to the IBRD and IDA loan portfolios.
• The loan accounting division is heavily engaged in new product development at the Bank, participating in the end-to-end lifecycle from initial design and feasibility to implementation and stabilization phases – and often leads some phases within the lifecycle.
• The team is spread across three locations:  Washington, Chennai, and Manila.
• WFALA is currently seeking a Sr. Financial Officer who will be based in Washington, and report to the Division Manager.

How your contributions will help us achieve our goals:

• This position requires a thorough understanding of IBRD and IDA loan products and policies, as well as substantial experience with monthly closings in a production accounting unit. The role involves regular interaction with colleagues from various Finance units, Operations Units, IFC, MIGA, and the external auditors.  Additionally, the role includes guiding and supervising 3-5 staff members and frequently dealing with urgent and unexpected issues from all organizational levels.
• In this role, you will be responsible to support the Bank-wide development and implementation of new products by reviewing proposals and providing insights, comments, and issues from our team’s perspective.  Your ability to wear a ‘corporate hat’ and consider the broader implications of recommendations will be essential, while having a sound understanding of the current business and systems ecosystem capabilities.
• You will also be responsible to directly support the delivery of the team’s day to day accounting and reporting obligations, in addition to system and other corporate initiatives.

What you will do:

• New products – Represent the division’s interests in new product working groups, formulate and provide oral and written inputs, comments, raise issues based upon knowledge of the business and underlying IT systems
• Systems / business requirements: Lead the various system projects in (1) formulating, drafting and articulating business needs in system requirement documents to support new products and policies, (2) performing and overseeing user acceptance testing of new systems and functionality
• Quarterly / FY end closings: Directly perform accounting closing production work for the IBRD/IDA loans portfolios.  This work involves a large hands-on component working in underlying systems and other related modules.  Directly engage with other corporate finance units, and the external auditors
• Internal Control Oversight:  Proactively adopt and role model a strong control mindset to learn from past issues, identify areas in need of strengthening, and initiate appropriate actions
• Process Improvements and Efficiencies:  Proactively identify and operationalize process improvements, and/or challenge status quo through use of automated solutions such as RPA, Alteryx and similar tools
• Financial Analysis: Proactively identify trends and/or potential inconsistencies through critical review of data and fact patterns regarding the loans portfolio.  Lead/assist/support the response to queries from senior management, external auditors etc.
• Internal and external collaboration: Act as a key point of contact for external auditors and coordinate financial activities with business units within IBRD and IDA
• Team Oversight:  Oversee and perform supervisory review of team members’ work status and quality.  Provide guidance and support to team members on technical and non-technical areas
• Coaching and talent development:  Act as a role model, provide direction, training and/or mentorship to junior staff.

Selection Criteria

What you will bring:

Education & Experience:

• Bachelor’s degree in Finance or Accounting, or relevant discipline
• Minimum 8 years post qualification experience in a corporate accounting setting, with significant hands on experience in an accounting production environment
• Big Four or equivalent public accounting experience is preferred
• Track record of supporting the development of new products and policies, with a demonstrated ability of applying critical thinking to anticipate, address and resolve issues
• Experience supervising and mentoring staff

Knowledge and Skills:

• Strong knowledge of U.S. GAAP and proficiency with researching and applying accounting standards
• Strong knowledge of the World Bank’s loan products and policies
• Hands on experience with an ERP system – with strong preference to SAP experience
• Proven attention to details is required
• Strong experience in designing and implementing internal controls over day to day processes and financial reporting related tasks
• Strong Project management skills and experience.

Abilities:

• Strong oral and written 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.
• Many requests may involve off hours work due to their urgency.  Applicants unable to accept this requirement should not apply to this position.

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=28176&site=1