Financial Officer

2 weeks ago

Washington, Washington, D.C., United States World Bank Group Full time

Job #:

- req27213
Organization:

  • World Bank
    Sector:
  • Finance & Accounting
    Grade:
  • GF
    Term Duration:
  • 4 years 0 months
    Recruitment Type:
  • International Recruitment
    Location:
  • Washington, DC,United States
    Required Language(s):
  • English
    Preferred Language(s):
  • English
    Closing Date:
  • 5/6/2024 (MM/DD/YYYY) at 11:59pm UTC
    Description


The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting, internal control framework for IBRD and IDA, and the extensive Trust Fund / Partnership portfolio of the WB entities.

It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB's corporate expenses.

WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls.

In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.


Within WFA, the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments including borrowings, investments, and derivatives for IBRD, IDA, MIGA and Trust Funds except for pension funds.

These include producing valuation for the IBRD / IDA bonds, derivatives, and loans, set-up of financial models and valuation review, market data sourcing and verification, financial instrument product aligned accounting, implementing accounting policies around financial instruments, independent price verification of investments, financial instrument related data management and providing disclosure information for financial statements regarding these financial instruments.

In addition, WFASF team is involved in a host of critical institutional projects and initiatives that seek to enhance WB's ability to capture and integrate data from different sources into, accounting, valuation and reporting systems and ultimately enable analysis that serves financial and / or management reporting needs.


The Financial Officer will play a key role in meeting the team's responsibilities related to the accounting and reporting of financial instruments.

He/she will interact with counterparts in Finance (WFA, Treasury, Risk, Corporate Finance, and other units) and represent the division in working groups related to new initiatives and financial instruments.


What you will do

  • Ensure the accuracy and appropriateness of accounting and / or valuation data, systems, and reporting deliverables, in relation to financial instruments
  • Prepare and provide quality assurance of calculated market data, evaluate data sources. Review and verify market data reliability regularly
  • Support period-end accounting close process, including but not limited to, preparing / posting journal entries, performing assigned internal control reviews and reconciliations, resolving breaks / issues before and after close
  • Analyze accounting and /or valuation results as they relate to financial instruments, to ensure they are consistent with expectations and business objectives, or those deviations are understood and adequately documented
  • Develop expectations, perform analysis, prepare commentaries, suggest, and implement solutions in a pro-active manner
  • Prepare / review various financial and management reports (including foot notes / disclosures as part of Financial Statements and MD&A), as required by the department or other stakeholders
  • Support efforts to implement institutional projects and business initiatives, translate new business initiatives or financial products into processes and / or system requirements. This includes documenting approaches and current and future state processes, drafting / reviewing business requirements, analyzing solution design specifications, preparing / reviewing test plans and performing / overseeing testing of systems.
  • Partner with business and information technology teams across locations to address issues and implement solutions promptly
  • Proactively interact with WFA colleagues and Treasury (TRE) front office and other business units, as required to stay up to date on new or proposed investment activities, products and initiatives and assess their accounting and reporting implications
  • Maintain and develop processes, procedures, documentation, and internal controls around portfolios handled, with the objective of increasing efficiency and accuracy
  • Stay abreast of accounting pronouncements and industry best practices as they relate to accounting, reporting and valuation of financial instruments
  • Identify opportunities for improvements in current processes, initiating improvements within the system and control framework
  • Coordinate with external and internal auditors, when required
  • Collaborate with stakeholders across the World Bank Group and with other MDBs / banks.
  • Provide training and direction to less experienced

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