Financial Analyst
Chennai, India
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 $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 130 diverse and highly skilled staff, based in Washington DC, and Chennai.
The Portfolio Review unit in Controllers (CNTPR) provides governance and oversight, primarily from a financial reporting perspective, of IFC’s Investment Portfolio. Specific governance responsibilities include assessing the appropriateness of 1) loss reserves against loans, guarantees, trade finance facilities, debt securities and other receivables, 2) Qualitative NPLs where collectability is in doubt, and 3) internal write-offs of non-performing assets.
The unit chairs quarterly portfolio meetings with IFC Portfolio Managers that serve as focal points for discussion of portfolio issues impacting financial reporting engaging key portfolio stakeholders in Credit, Special Operations and Portfolio Management, as well as Loan and Equity Operations staff within IFC’s Controllers Department.
Given the complexity of both IFC’s portfolio and the accounting rules under which IFC prepares its financial statements (US GAAP), the function is called upon to blend knowledge about valuation principles for non-traded investments, credit analytics, and an ability to analyze macro developments impacting IFC’s Investment Portfolio with sound knowledge of complex accounting requirements to ensure proper recording of portfolio matters in IFC’s financial statements.
CNTPR manages IFC’s Investment Portfolio Accounting and Reporting (IPAR) system. IPAR is IFC’s accounting and financial reporting system for documenting, calculating, and reporting loss reserves in IFC’s investment portfolio.
CNTPR is also the primary contact for the annual external audit processes of loan loss provisioning and provides loss provisioning and portfolio reporting trainings in Headquarters and in the Field.
CNTPR has co-located part of its work program in IFC’s Chennai office under the Financial Reporting (CNTFM) unit. CNTPR is seeking a qualified Financial Analyst, who will report to the Team Lead of CNTFM in Chennai and work with the Team Lead CNTPR in Washington DC, to support the delivery of all aspects of CNTPR’s work program. The individual must have experience in financial analysis with knowledge of US GAAP and/or IFRS as it applies to IFC and its product lines, and exceptionally strong analytical and quantitative skills with the ability to work proficiently with large data sets. This position provides an opportunity to obtain expertise in the calculation of individual and portfolio loan loss reserves and first-hand understanding of financial reporting of portfolio investments. Furthermore, the role offers scope for skills development in credit analysis and valuation of IFC’s Investment Portfolio worldwide.
Roles and Responsibilities
The Financial Analyst is a key member of the CNTPR team which requires frequent interactions with internal counterparts in Controllers departments and external clients in Investment/Portfolio, Credit, Risk, Treasury and IT departments in Washington DC, Chennai and other field offices. Her/his tasks and responsibilities will include, but are not limited to:
• Prepare analytical materials and support quarterly portfolio review meetings with IFC Portfolio Managers and teams.
• Assist in the preparation of quarterly analytical presentations to Senior Management.
• Perform IPAR system monthly closing activities, calculate and report loan loss reserves and Investment Portfolio write-downs to Reporting and Analysis unit (CNTRA) for inclusion into IFC’s financial statements. Carry out all necessary quality checks to ensure accurate recording and reporting of these items.
• Maintain the integrity and accuracy of loss reserves data in IPAR system, work with other business and IT teams to resolve system and portfolio data issues as well as system enhancements required for smooth functioning of the IPAR portfolio review, closing and reporting processes.
• Maintain and improve loss reserves data reporting and visualization solutions.
• Address information requests from external auditors, internal controls, and other departments regarding loss reserves and investment write-downs.
• Ad-hoc analytical projects as required.
Selection Criteria
• Bachelor’s or Master’s degree, preferably in finance, accounting, business, economics or risk management. Certification such as CFA, FRM, CA/CPA or CGMA would be a plus
• At least 3 years of relevant post-qualification experience in the financial services industry. Private sector and/or IFC experience would be a strong plus;
• Strong data analytics skills with ability to work proficiently with large Excel data sets
• Effective communication skills in English, including strong writing, editing and reporting skills
• Excellent project management and organizational skills. Candidate should be detail oriented yet also be able to keep sight of the overall outcome
• Comfort working in time pressured environment with capacity to deliver high-quality results, while adhering to tight deadlines and multitask as needed
• High degree of self-motivation and proven ability to work under minimum supervision and as part of a multicultural team in different time zones
WBG Core Competencies
• Deliver Results for Clients – Achieves results and identifies mission-driven solutions
• Collaborate Within Teams and Across Boundaries – Initiates collaboration across boundaries and broadly across WBG, bringing differing ideas into the forefront.
• Lead and Innovate – Develops innovative solutions with others.
• Create, Apply and Share Knowledge – Creates, applies, and shares knowledge from across WBG to strengthen internal and/or external client solutions
• Make Smart Decisions – Recommends and takes decisive action
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 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.
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