E T Consultant – Financial Operations – IFC careers
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. Our mission is to leverage the power of the private sector to end extreme poverty and boost shared prosperity on a livable planet. 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 D.C., and Chennai.
The Financial Operations division (CNTFO) within the Controllers Department has overall responsibility for recording, servicing, and providing post-commitment support for the private sector loan, guarantee, short-term finance products and programs, and the equity investments of the International Finance Corporation.
Financial Operations provides financial operations support and services to the IFC Investment Departments, counterparts, internal and external financial and investment reporting units, syndication and treasury units, and portfolio management units, in the administration and management of all IFC Loan, Guarantee, Equity, and Donor-Trust Funds financial operations. The units ensure that loan and guarantee agreements, equity investments, and donor-trust-fund investments are recorded accurately and timely in the Corporation’s systems of record and general ledger. The units support all disbursement activities (e.g., call of funds, transfer of funds to clients, booking of disbursement data in systems of record) and all ongoing servicing functions over the life cycle of each investment, e.g. fee, interest, and principal invoicing; repayment processing; specialized loan functions such as loan restructurings; equity sales and corporate actions.
The units play a key role in the decision-making for, and implementation of, IT systems and upgrades, as well as in the implementation of new initiatives and financial products to ensure that data is recorded accurately and timely.
Duties & Responsibilities:
The CNTFO work program involves significant interdependencies and requires close coordination between units within the Controllers Department, such as Investment Accounting, Financial Reporting, Portfolio Review, Accounting Policy, Treasury Support and Internal Controls, and our other business partners, e.g. Investment Departments, Syndication, Treasury, Risk, Valuation, Portfolio Management, Legal, etc.
Under the immediate supervision of a supervisor, this position is responsible for:
• Working closely with assigned business partners to ensure timely and accurate processing of debt and equity transactions across the lifecycle of the IFC investment (i.e. commitment, disbursement, servicing, and closing)
• Process and monitor transaction processing, perform reconciliation, and resolve issues in support of the unit operational activities, and in accordance with policies and procedures.
• Liaise with Investment Officers and downstream business partners (Portfolio Management, Accounting, Valuation, Risk, Treasury) to ensure projects are booked and processed accurately, and unique reporting requirements are met. Respond to inquiries from internal/external staff and clients.
• Coordinate with CNTFO business partners to plan, execute, and monitor the operational implementation of new products, initiatives, and IT projects.
• Identify opportunities for improvements in current processes and support efforts to enhance controls.
• Expected to have adequate accounting knowledge for loan/equity/guarantee investments and strong interpersonal skills.
• Provide operational support on accounting transactions and accounting schemas to ensure the integrity of reporting in Financial Statements.
• Ensuring that technical accounting conclusions by the Investment Accounting unit for complex investment modification transactions are recorded accurately in the Loan system.
• Perform reconciliations and review accounting transactions, identify transaction processing anomalies, and, where necessary, suggest corrective measures and entries as part of the month-end closing process of the transaction processing system.
• Participate in the design and development of accounting schemas for new business events to ensure end-to-end integration across systems including end-to-end testing of systems.
• Support implementation of loan accounting-related IT system and other transformation initiatives.
• Continually look for opportunities to improve processes and internal controls.
• Supporting the Team Lead in implementing and maintaining processes to identify, measure, monitor, mitigate, and report operational risk within the Loan and Equity team.
• Working independently under the general direction of the Team Lead.
Selection Criteria
• Bachelor’s degree in Accounting, Finance, or a related field. A master’s degree, CPA, CFA, or equivalent is advantageous.
• At least 2 years of relevant accounting experience in international financial instruments, loans, and equity transactions, or an equivalent combination of education and experience. Private sector and/or IFC experience is a plus.
• Working knowledge of one or more complex, highly integrated accounting systems, and financial reporting tools.
• Working knowledge of database query languages and reporting tools is advantageous.
• Understanding of accounting concepts and knowledge of IFC’s Financial Products is a plus.
• Applied knowledge of operational risk characteristics, including reporting and Key Risk Indicators (KRIs)
• Demonstrated high-level of initiative, self-confidence, and a self-starter.
• Diplomacy and strong interpersonal skills; commitment to working in a team-oriented, multicultural environment; detail-oriented.
• Proven capacity to multi-task, deliver results, and respond quickly and effectively to requests. Ability and desire to meet tight deadlines.
• Ability to assist the development of IT projects, identify opportunities for automation, and propose the right and sustainable solutions to improve operational efficiency.
• Excellent verbal and written communication and presentation skills.
• Highest ethical standards.
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 consideration the real underlying issues. Works across CNT and with other VPU.s 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 a best practice champion in completing internal control procedures, including understanding the 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
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