Description
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
The IFC Controllers Department is responsible for effectively and efficiently managing IFC’s Financial Operations (loan, equity and short-term finance operations, and back-office treasury support operations), Financial Reporting (including reporting and analysis, portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Integration, Systems and Projects. The Department comprises approximately 140 diverse and highly skilled staff, based in Washington DC, and Chennai.
The Internal Controls unit (CNTIC), under the direction of the IFC Controller, is responsible for the following:
• Managing the Internal Control over Financial Reporting (ICFR) program;
• Coordinating the assessment and reporting of Operational Risks and Business Continuity within Controllers, and
• Advise internal clients on control improvement
CNTIC is looking for an Associate Financial Officer in Washington DC with a background in internal controls to join its team.
Duties & Responsibilities
The Associate Financial Operations Officer’s primary responsibilities will include, but are not limited to, the following duties and responsibilities:
• Focus on documenting and testing processes and controls for IFC’s Blended Finance program.
• Contribute towards improving the overall system of internal controls.
• Participate in pre-implementation reviews and analysis of new processes/ systems to advise internal clients on strong control design.
• Identify process improvement opportunities for efficiency, effectiveness, and risk mitigation.
• Learn and support end-to-end activities in the ICFR program for assigned business areas.
• Participate in ICFR
– scope assessment,
– process risk and control documentation reviews
– development of a control evaluation strategy,
– evaluation of control effectiveness (including testing, continuous monitoring, etc.),
– coordination of deficiency remediation,
– proactive management of external auditor requirements,
– management reporting.
• Assist in strengthening overall operational risk management in CNTIC.
• Analyze CNTIC operational risk events and conduct root-cause analysis.
• Participate in the enhancement of CNTIC operational risk reporting.
• Assist in coordinating CNTIC’s business continuity planning.
• Review business continuity recovery procedures and facilitate testing.
Selection Criteria
• Qualified candidates should at a minimum hold a CPA, CA, or equivalent certification and have a minimum of 8 years related experience.
• Previous audit (internal or statutory) experience in a Big 4 public accounting firm is highly desirable.
• Work experience in internal controls, risk management, audit/ consulting
• Good understanding of the COSO Internal Control-Integrated Framework
• Excellent knowledge of complex financial products and associated financial reporting risks and controls
• Understanding of Information Systems and IT General Controls
• Excellent oral and written communication skills in English. Ability to articulate complex technical ideas clearly to all levels of management and staff. Good presentation skills are desirable.
• Demonstrated ability to manage effectively tasks of various sizes, from small to complex, and simultaneous competing demands, and to deliver on time.
• Experience in World Bank Trust Fund operations, and related controls is an advantage
Controllers Department Competencies
• Client Understanding and Advising: Advises the clients and helps them think proactively about how to best meet their current and future needs, taking into considerations the real underlying issues. Works across CNT and with other VPUs to define client needs and develop the right solutions to meet those needs. PLUS: Provides recommendations to multiple VPUs that can add value to customers beyond normal offerings.
• Broad Business Thinking: Maintains an in-depth understanding of key business issues. Sets clear explanations for the integration and alignment of CNT solutions with business functions. PLUS: consider WBG wide implications in decision making to ensure consistency across WBG. Sponsors long-term VPU-wide initiatives.
• Information Technology and Systems: Demonstrates understanding of the functions and operations of pertinent IT systems and applications. Provides inputs to IT system enhancement efforts based on day to day working experience and knowledge of the systems.
• Analytical Thinking: Coordinates the information gathering and reporting process. Reviews trends and compares to expectations. Conducts analysis to define problems and prepares responses to anticipated questions.
• Policies and Procedures: Demonstrates thorough knowledge of policies and procedures in related fields.
• Risks and Controls: Leads by example and serves as best practice champions in completing internal control procedures, including understanding impact beyond own immediate functional areas.
• Communication: Adapts the communication style appropriate for the intended audience. Adopts an inclusive approach to communication as is appropriate to the situation, so as to ensure adequate stakeholder participation. Presents information effectively and encourage feedback.
• Project Management: Understands and utilizes the concepts of project management, as they relate to the implementation of a project.
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.
