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Financial Officer
4 months ago
Financial Officer
Job #:
req25258
Organization:
World Bank
Sector:
Treasury
Grade:
GF
Term Duration:
3 years 0 months
Recruitment Type:
International Recruitment
Location:
Washington, DC,United States
Required Language(s):
English
Preferred Language(s):
French, Spanish or other
Closing Date:
12/23/2023 (MM/DD/YYYY) at 11:59pm UTC
Description
Do you want to build a truly worthwhile career? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their most significant development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries, a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information,
Treasuryis the Vice Presidency, reporting to the Managing Director and World Bank Group Chief Financial Officer, performing treasury functions for the IBRD and IDA and, to varying degrees, for other members of the World Bank Group and other public sector investors. Its activities are organized and grouped into the following departments: Capital Markets and Investment Management, Client Asset Management and Advisory, and Treasury Operations. The Treasury VPU also includes the Risk, Compliance, and Controls Unit.
Treasury has been a large and significant market innovator in the international financial markets for over seventy years and has achieved a global reputation as a prudent and innovative borrower, investor, and risk manager. Treasury is responsible for: (i) managing approximately $185 billion in assets for the World Bank and other official sector investors; (ii) leading IBRDs and IDAs triple-A rated financing programs in international and domestic bond and derivative markets; (iii) conducting asset and liability management for IBRDs and IDAs balance sheets; (iv) overseeing the development and outreach related to the financing and hedging products the Bank provides for its developing-country clients; and (v) collaborating with the World Bank member countries to help build their capacity. Treasury staff regularly interact and collaborate with Departments across the Bank and Finance Partners teams.
Asset tokenization enabled through blockchain technologies are having a significant impact on the financial markets, revolutionizing the way assets are created, traded, settled and accessed. Instantaneous validation, atomic settlement and data transparency are the rationales for market participants to explore and potentially adapt such technology. As Treasury being one of the largest primary market issuers in the international capital markets, it essential to be aware and staying abreast of their development to ensure our readiness to the developments to the future of financial markets.
A next generation of digital money is quickly emerging in the form of crypto-assets and Central Bank Digital Currencies (CBDCs). As many jurisdictions are contemplating the issuance of a CBDC, in part to support the digital economy, improve cross-border payments efficiency, and promote financial inclusion, new developments such as faster payment systems, quick response (QR) codes, and open banking are now favoring CBDCs as the preferable and more secured digital format to transact. Treasury is interested to understand the alternative pathways in servicing cross-border payments and how market providers might be evolving in terms of the interoperability and standardization of clearing infrastructures, settlement rules, and payment solutions.
Treasury Operations (TREOP)
Treasury Operations (TREOP) provides a full range of middle and back-office support for Treasurys asset management, capital markets and banking functions. TREOP is organized in three operational units: Asset and Liability Operations (TREAL), Banking Operations (TREBK), and Quantitative Solutions and Analytics (TREQA), which are supported by a TRE Technology Coordination unit (TREFT).
The primary responsibilities for the Treasury Operations Financial Technology (TREFT) are two-fold: (i) to coordinate the efficient internal administration of World Bank Treasurys Information Technology infrastructure across all institutional, project, maintenance, budget and planning cycles, ensuring it remains fit for purpose, up-to-date, and secure and reliable, and (ii) to develop appropriate strategic technology planning in relation to Treasurys significant standing in the global financial markets and to leverage that standing to build internal and external partnerships for market and development effect. Current technology initiatives include Treasurys participation in large scale asset and liability system renewal, system upgrades in response to regulatory reforms and emerging technology projects and research in fields such as blockchain, asset tokenization, digital currency (CBDC), Robotic Processing and Artificial Intelligence/Machine Learning.
This position is an extraordinary opportunity to engage at the forefront of Fintech application in support of World Banks financial and development agenda, to leverage Treasurys market standing and global reach and to work in partnership with the Banks Innovation Lab and external partners.
The Lead Financial Officer of the TREFT team seeks a dynamic individual who combines technical expertise, the capacity to work autonomously, and excellent communication skills.
Duties and Accountabilities
Overall, the candidate is expected to understand: (i) World Bank Treasurys business context; (ii) the expanding relationship between internal business partners and external banks / fintech firms; and (iii) sound knowledge of the global financial markets and their operational activities; and (iv) the benefits and threats with the momentum building around Artificial Intelligence and Machine Learning. The Financial Officer (GF) reports to the Lead Financial Officer of the TREFT team. She/he will be expected to undertake the following roles and contribute to other Treasury initiatives as needed.
1. Administer the Annual Investment Planning (AIP) program for the Treasury (TRE) department, including the planning, and setting of the AIP calendar as well as coordination among all key stakeholders including TRE units, ITS, and the ITS PMO.
2. Work closely with each TRE unit (covering trading, settlement, analytics, banking and accounting) to understand their investment needs and priorities involving Lead Financial Officer as needed, and ensure all guidelines are followed for AIP submission.
3. Assist in preparing capital funding requests, identify system modernization opportunities, and conduct consultation meetings at different stages of the AIP process including planning, developing the agenda, preparing materials, providing updates on key projects, as well as tracking actions.
4. Support the Treasury Operations Committee (TOC) and Finance & HR Advisory Sub-Committee for the Information Technology Committee (ITC) in the AIP decision-making process. Maintain an institutional view and insight on current investment demands across the WBG.
5. Identify and disseminate innovative Fintech ideas and explore best practices. To the extent possible: (i) participating in communities of practice for Fintech related topics within the World Bank and the wider global community, and (ii) exploring the impact of distributed technologies on financial and payment systems with leading industry researchers and practitioners.
6. Arrange dialogues with SMEs in exploring Blockchain/DLT and Artificial Intelligence/Machine Learning, while working closely with all key stakeholders from Finance Partners and ITS Innovation Lab by providing technical guidance and advisory through VPU-wide knowledge learning series.
7. Participate in proof of concepts in the usage of the asset tokenization, digital currency, and artificial intelligence/machine learning under Treasurys operating portfolios and workflows.
8. Assume role of Project Manager for all Treasury applications in use by monitoring project execution for business-critical financial applications in support of Treasurys lines of business. This includes applications that perform trade capture, settlement, accounting, valuation, quantitative analysis, market data capture, curve construction, call monitoring, SWIFT messaging, collateral management, reporting, etc.
9. Track and monitor system upgrades, retirements, and both upstream and downstream impact of any application changes and its impact on the dependent business processes and the underlying data flows.
10. Coordinate the annual Treasury and WFA Digital Knowledge Exchange and support the Lead Financial Officer in further enhancing the collaboration between the Finance VPUs. Support other MDB/UN-wide forums and conferences, as needed, to foster stronger interactions within the MDB/UN community.
11. Support the Lead Financial Officer in developing Treasurys Fintech strategy, business planning, budget formulation, organization, and project resource allocation.
12. Coach/mentor junior staff on work program and project management to raise the bench strength.
Selection Criteria
Thesuccessful candidate should have the following qualifications:
1. Masters degree in Finance, Economics, Technologies or similar, and typically the successful candidate will have 5 to 7 years of experience in positions of increasing complexity and responsibility.
2. Good technical knowledge and experience in finance, including experience in complex transactions in different financial markets and interacting with the essential agents and custodians.
3. Understanding of the WBG's strategic priorities, particularly in relation to the areas of the ITS capital budgeting framework and financial technologies to balance and maneuver the budget pressure, development finance needs and new Treasury business initiatives.
4. Excellent written and verbal communication skills with demonstrated ability to think strategically and synthesize complex issues (translated into effective oral and written briefs) and to communicate effectively with staff at all levels.
5. Demonstrated pragmatic approach to problem solving, producing high quality work, and adapting to competing and unexpected demands.
6. Self-starter able to provide creative, effective ways of overcoming project management and execution challenges. Experience leading large systems implementation projects across VPUs and teams is a plus.
7. Track record of introducing new ideas and implementing new financial solutions is highly desirable.
8. Experience facilitating the open exchange of ideas and selecting the appropriate beneficial solutions among alternatives. Ability to promote a culture of participation across boundaries, and to inspire collaboration and cooperation within the organization, with clients and other development partners.
9. Proven capacity to multi-task, deliver results and respond quickly and effectively to requests.
10. Excellent team player with strong interpersonal skills and commitment to work in a team-oriented, multi-cultural environment with the highest ethical standards.
11. Original thinking and quick learning abilities with strong drive and attention to detail.
12. Demonstrated professional leadership and ability to lead, coach, and mentor junior staff.
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 theWorld BankandIFC, including our values and inspiring stories.
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