E T Consultant
Washington DC, United States
JOB DETAIL
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 US$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 portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Systems, Integration and Projects. The Department comprises approximately 125 diverse and highly skilled staff, based in Washington DC, and Chennai.
The IFC Equity & Custody Support (CNTEC) Unit has overall responsibility for recording and servicing IFC’s equity investments and custody of IFC’s securities. The unit provides direct internal accounting, financial operations, internal client-facing funding and custodial services to support the management and supervision of IFC’s equity investments.
The selected candidate will report to the Team Lead of IFC Equity and Custody Operations (CNTEC).
Duties & Responsibilities:
The successful candidate will work closely with the CNTEC Team Lead on IFC’s equity portfolio program, investment project management, financial and portfolio performance reporting, technology/automation development and knowledge transfer/learning activities. The individual is expected to independently undertake substantive pieces of work and deliver world class equity support services in coordination with relevant IFC investment, mobilization, funds, credit and risk management teams in the IFC and others across the IFC Risk and Finance Vice-Presidency Department.
CNTEC is seeking a qualified finance and accounting professional with well-developed technical expertise related to equity and custody operations and activities to provide client servicing support, deliver high standards of team performance and support the achievement of departmental goals and objectives. The individual will:
• Review and settle all equity and custody related investment agreements within the current and future servicing capabilities of the Unit.
• Perform end-to-end equity investment transaction processing, commitment booking, disbursement processing, ad-hoc invoice processing, payment clearing and application and portfolio support activities including review of transactions in the equity accounting system, Investran BEM, for IFC’s equity investment portfolio.
• Review signed equity investment agreements and ensure that all terms and conditions are correctly reflected in the systems and processes of the Unit.
• Ensure consistency of commitment and disbursement transactions between the agreements, client instructions in accordance with IFC Operational Procedures.
• Initiate processing, monitoring, compliance and reporting of exceptional investment transactions, such as corporate actions, mergers and acquisitions, redemptions, restructurings, directors’ fees, and cancellations.
• Liaise with Custodian on all aspects of equity investment transaction processing and settlements. Provide settlement and accounting support to Investment departments on all equity and equity related transactions.
• Manage end-to-end disbursement processes in the Investran systems and other system interfaces to ensure compliance with funding and settlement procedures and guidelines.
• Review and verify all entries to Investran, e.g. call of funds and service payments, to ensure quality and service standards.
• Analyze and reconcile major clearing and suspense accounts in Investran system within assigned portfolio.
• Handle internal and external communications regarding disbursement and service payment procedures and processes.
• Support Unit system enhancement and process improvement initiatives.
• Support and carry out the technical workplan(s) in the absence of other Team Members when appropriate.
Selection Criteria
• Applicant must have an undergraduate degree(s) in accounting, finance, business or equivalent.
• Relevant work experience in equity and custody operations is a plus.
• Knowledge of international market custody operations is a plus.
• Understanding of accounting concepts and knowledge of IFC’s Financial Products.
• Experience with and broad knowledge of IFC’s enterprise IT systems (iDesk, iPortal, EPMS TM, EPMS VM, Investran PCAL, Investran Equity, Quantum, SAP, CSIP, SWIFT/SAM) is a plus.
• Proven track record of achieving high quality results, managing programs and delivering client value-added services to meet team and departmental objectives.
• Recognized as a team player and problem solver.
• Proven ability to conceptualize, design, and implement innovative solutions and challenge the status quo.
• Demonstrated ability and reliability to identify opportunities for automation and propose the right and sustainable solutions to improve operational efficiency.
• Experience working with IT in the design and deployment of system and process improvements.
• Demonstrated strong written and verbal communication skills and ability to convey complex issues concisely to management, colleagues, and clients.
• Strong sense of service to clients and demonstrated ability to obtain results in a time pressured environment.
World Bank Group Core Competencies
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