IFC—a member of the World Bank Group (WBG) — 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 is expected to commit a record $35 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 unprecedented levels of uncertainty and volatility. For more information, visit www.ifc.org.

The Risk & Finance Vice Presidency Unit (CRFVP) helps to ensure that IFC is sufficiently profitable and capitalized to sustain and grow its operations through prudent risk management at the corporate, portfolio, project, and client levels. It sets best practice standards in risk management to drive sustainable private sector development in emerging markets. CRFVP works in partnership with other IFC Vice Presidents to ensure IFC meets its corporate objectives.

The Controllers Department (CNT) is housed within CRFVP and is the IFC’s key leader responsible for reporting on financial matters to IFC’s senior leadership and board of directors.

IFC is seeking to recruit a Director, Controllers Department, to be based in Washington, DC, to provide leadership and oversight on IFC’s Financial Operations (loan, equity and short-term finance operations and back-office treasury support operations) and Financial Reporting (including both internal and external financial reporting, investment portfolio review, investment accounting and accounting policy). The Director, Controllers Department, will report to the Vice President, Risk & Finance, and s/he will serve as a core member of the CRFVP leadership team.  The Controllers Department currently comprises over one hundred diverse and highly skilled staff based in Washington DC and Chennai, India.

In carrying out his/her mandate, the IFC Controller collaborates closely with other IFC functions in the Risk and Finance Vice Presidency (Corporate Risk Management, Investment and Credit Risk and Special Operations) and with other functions in the Corporation such as Investment Operations, Treasury and Syndications, Corporate Portfolio Management, Blended Finance, Legal, Advisory Services and with IFC’s senior management, and serves as IFC’s liaison with the Board’s Audit Committee, and external auditors on financial reporting and internal control matters.

The IFC Controller is tasked with overseeing an integrated and cohesive multi-disciplinary team located across headquarters in Washington, DC and the World Bank Group Chennai Service Center that delivers the external financial reporting, management reporting, financial operations, and key relationship with the external auditors.  The successful candidate will be accountable for collaborating on topics of best practice and information sharing across IFC and the WBG.  In addition to the functional oversight and technical leadership, s/he will:

• Define the vision and priorities of the Controllers Department aligned with the priorities of the Corporation. Of particular importance is the department role in the continuous improvement of Corporation’s data and systems.

• Develop objectives, monitor performance, and optimize delivery models to allow efficient and effective work program delivery.

• Identify and lead process standardization and simplification, productivity improvements, and internal control enhancement initiatives.

• Rationalize and ensure proper sourcing and organization of the department’s operations across HQ and Chennai, with an eye towards business continuity and concentration risks.

• Effectively manage the allocation of the department’s administrative budget, ensuring the efficient alignment of strategy, and resources.

• Play an active role in the formulation and design of management and financial reports as input for IFC senior management decision making.

• With other Finance and Risk colleagues, contribute to the financial sustainability of IFC as well as the financial literacy of IFC staff.

• Ensure that the department processes deliver high quality deliverables and meet the organization’s financial operations, financial reporting, and internal controls needs as well as timely and accurate transaction processing and client support.

• Proactively liaise on relevant matters of interest to the multilateral development banking and international financial institutions communities.

Financial Reporting Accountability

• Responsibility for IFC’s internal and external financial reporting.

• Manage and oversee the preparation of timely and accurate monthly, quarterly, and annual financial reporting to internal and external stakeholders for IFC, including the issuance of quarterly and annual financial statements, securing the audit and/or review opinions by the external auditors.

• Ensuring IFC’s attestation as to the effectiveness of internal controls over financial reporting and the external auditor’s assertion thereon.

• Manage, oversee, and provide guidance on the compliance with the basis of preparation of IFC’s financial statements, including the issuance of accounting policies to IFC’s complex product lines, and implementation thereof.

• Provide strategic leadership on the quality of financial reporting and streamlining and operationalizing processes and use of technology used for producing internal and external financial reporting and ensuring the adequacy of internal controls over financial reporting.

• Oversee IFC’s processes for establishing reserves against losses on loans, guarantees and debt securities in compliance with US Generally Acceptable Accounting Principles (GAAP).

• Oversee IFC’s processes for accounting for derivatives and investments including the identification of investments requiring valuation, to ensure proper and timely financial reporting.

Financial Operations Accountability

• Responsibility for IFC’s financial operations: loans, equity, guarantees and short-term finance operations, and back-office treasury support operations.

• Perform value-added back-office processing and administration services related to IFC’s complex investment portfolio in the accounting records.

• Lead support activities related to custody of equities, maintenance of ownership of equities and the confirmation process to support recording of IFC’s investments in the accounting records.

• Oversee provision of operational support to all transactions and activities, including cash and collateral management operations for the treasury and related derivatives portfolios.

• Ensure an efficient and effective internal control environment over investment and treasury portfolios.

• Guide improvements in efficiency and effectiveness of processes and systems to accommodate and adapt to new business, new products, increased complexity and volumes of investment and treasury portfolios.

• Ensure appropriate and timely coordination with internal and external financial reporting.

• Provide strategic leadership to streamline and standardize the relevant IFC processes and technology platforms used for processing investment and treasury transactions.

In addition to the WBG managerial selection criteria(*), the successful candidate will have: (i) an extensive proven and successful track-record in leading highly-skilled diverse teams, including the attraction, retention and development of talent; (ii) superior communication and interpersonal skills and gravitas; (iii) a combination of strategic vision, broad financial knowledge, strong business acumen, management insight, pro-activity, problem solving, responsiveness and pragmatism; (iv) a reputation for outstanding technical leadership with a mature expertise of core accounting functions, practices, processes and systems and their relationship to IFC’s financial operations and balance sheet; and (v) a proven ability to leverage strong relationships cutting across functions within IFC and the World Bank Group.

• Minimum education: Master’s degree in Accounting, Finance or related field is required together with an internationally recognized professional accounting qualification (e.g., CPA, CA, ACCA or equivalent).

• Typically, the successful candidate will have had at least an equivalent of 15 years of relevant experience in the accounting and finance fields with an international accounting firm, a Fortune 500 corporation and/or within the World Bank Group. Private sector management experience, substantial experience in IFC’s complex product line, and in the preparation of financial statements of an International Financial Institution would be strong pluses.

• Strong background in financial reporting and analysis and a strong knowledge of U.S. GAAP and/or IFRS as applicable to IFC’s complex products.

• Sound knowledge and understanding of accounting theory, concepts, and principles, combined with proven practical skills in accounting, reporting, business planning, work programming, budgeting, financial management and audit.

• Experience with an internal control framework such as COSO to support management’s assertion and external auditors’ attestation on internal controls over financial reporting in a Multilateral Development Bank or International Finance Institution is desirable.

• Seasoned experience with design and implementation of information systems.

• Demonstrated ability at managing relationships with external auditors at the most senior levels

• Ability to manage competing and time sensitive deadlines.

• Demonstrated ability to manage complexity, identify interdependencies, and taking a corporate view.

• Strong ethics and integrity.

• Track record of leading by influence, proactive problem solving, exercising judgment, innovative, with an open and collegial work style with ability to listen and integrate ideas from diverse views, create partnerships, and collaborate with others at all levels within IFC.

• Strong communication skills (in English), both written and oral.

• Demonstrated ability to convey complex financial, accounting, and control issues concisely to all levels from senior management to staff.

• Strong familiarity with financial processes and systems development.

• World Bank Group-wide managerial competencies include: (i) Courage of your conviction, (ii) Leading the team for impact, (iii) Influencing across boundaries, (iv) Fostering openness to new ideas, and (v) Building talent for the future.