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Overview – WFA

The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the corporate reporting and internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client-shared service function for the WBG corporate expenses and WBG trust funds and ensures fiduciary responsibility for all disbursements related to Bank operations.

Organizationally, WFA is comprised of four functional areas: (1) Corporate Accounting and Reporting; (2) WFA Trust Funds & Loans; (3) WBG Financial Control; and (4) WBG Finance and Accounting, Chennai. These units report directly to the WBG Controller, who heads the WFA Vice Presidency.

The WFA Trust Funds and Loan Operations (WFATL) department supports an appropriate fiduciary control framework for Bank lending and donor funds. It performs several critical financial operation activities related to loan origination, compliance, disbursements, accounting, and analytics for IBRD/IDA and Trust Funds. The department consists of three divisions – (1) WFA Client Services (WFACS) providing client services and related loan operation support to internal and external clients, including loan origination and disbursement, advisory and clearance support for project preparation and implementation, project-level fiduciary and loan portfolio management, and regional and country level loan operations activities; (2) WFA Corporate Services and Accounting Support (WFAAS) supporting both WBG Trust Funds and Loans portfolios with a range of services, including trust funds upstream and downstream finance, client service, day to day accounting, audited financial reporting, and IBRD/IDA loan ledgers, quarterly and year end closes, servicing borrowers’ debt repayments, and analyses and inputs to IBRD and IDA annual audits; (3) WFA Systems and Transformation (WFAST) supporting all WFA units with the primary mandate to drive business process excellence and to utilize technology for innovation in client service delivery.

Unit Overview – WFAAS

WFAAS directly serves the WBG Trust Fund business and the IBRD/IDA loans business.

Regarding Trust Funds, the team provides upstream and downstream finance, client service, day-to-day accounting, and audited financial reporting for the WBG Trust Fund portfolio. It serves as one of the Bank’s core central TF units.

As it relates to the IBRD/IDA loans business, the team is responsible for maintaining the accuracy and completeness of the IBRD/IDA loan ledgers, ensuring proper quarterly and year-end closes, servicing borrowers’ debt repayments, and preparing analyses and inputs to support the IBRD and IDA annual audits, and senior management requests.

The team is also accountable for ensuring solid internal financial reporting controls for trust funds and loan accounting. The team also maintains and enhances trust fund-related workflows that serve the Bank’s TF business and operationalizes new products and requirements into related loan accounting and trust fund applications and workflows.

The division regularly works directly with IBRD/IDA corporate finance, operational, and trust fund teams in DFI, TRE, WFA, LEG, CRO, Operations, Senior Management, and ED offices, in addition to the external auditors, IFC, MIGA, and other MDBs.

This posting is for a Finance Officer in the WFAAS Trust Funds team based in HQ, reporting to the Team Lead, Trust Fund Financial Control Team.

This position requires the individual to engage with WBG staff and other corporate units proactively and significantly – at all levels – who very often seek advice and subject matter expertise (product knowledge, impact upon controls, reporting, accounting, policies) in the design or modification of new/amended trust funds and policies, procedures, practices, systems, business process & workflows, internal controls while ensuring that the Bank’s fiduciary and reporting requirements can be achieved. In addition, this individual is expected to be one of the division’s leaders in institutional projects to formulate policies, implement new systems, and enhance or maintain existing systems, responses, and solutions related to trust funds. The position would require strong technical skills in accounting, internal controls, system development, and project management. This position has a significant hands-on component, and the successful candidate must be comfortable rolling up their sleeves.

The candidate must have a strong client service orientation, a superior problem-solving attitude and aptitude, and the ability to influence others without authority while explaining policy, legal, and basic finance, accounting, and internal control concepts in easy-to-understand language.

Duties and Accountabilities

The Trust Funds Finance Officer is based in Washington, D.C., and reports to the Trust Funds FC Team Lead within the WFAAS Division. The general duties and responsibilities of this position include but are not limited to the following:

Leadership:

• Contribute to the ideation, technical development, and implementation, as appropriate, of innovative products & systems in Trust Funds.
• Support/lead WFAAS’ contributions to corporate initiatives and projects.
• Support WFAAS’ provision of data insights to stakeholders. Support/lead the WFAAS ICFR work program to design, build, monitor, and enhance Trust Funds’ internal control systems.
• Drive a shared vision across the Trust Funds team by contributing to product execution.
• Model an environment of collaborative, cross-product teamwork and open communication within the FC team and across the division.

Client Service:

• Build and maintain relationships with clients and systematically engage stakeholders.
• Proactively advise and consult upstream with Bank stakeholders while developing new or blended products, corporate initiatives, or data insights.
• Cultivate trusted working relationships with other Bank units regarding the design, construction, and implementation of policies about Trust Funds.
• Support the division’s participation in corporate and across-VPU projects and initiatives.
• Conduct proactive and sustained outreach to clients, key business partners, and other WBG staff to keep abreast of Trust Funds developments, connecting the implications of those insights into the division’s actions.

Technical:

• Represent the division’s interests, and articulate its views, together with the supporting business rationale-cross-functional oral meetings and projects. This will require the individual to develop a strong understanding of the trust fund business, its underlying processes and systems, and dependencies with other Bank units to be able to solve problems that predominantly cut across multiple Bank units actively.
• Have a good understanding of TF ICFR processes. Oversees trust funds processes & systems that maintain the accuracy and integrity of TF financial data (financial, accounting, and master data) and the TF ledger.
• Review and ensure a sound internal control environment, proactively monitor TF process/system exceptions, analyze and diagnose the root cause, and design, and execute remediation plans. Actively looking for opportunities to strengthen TF internal control systems.
• Pursuing operational efficiencies through streamlining work practices.
• Actively pursuing enhancements/automation of existing systems/business processes.
• Oversees Trust Funds month end closing process and ensure timely closing of TF ledgers. Review closing check list to ensure completeness and accuracy of activities/controls/checks bring carried out.
• Proactively and continually perform fit gap analysis of the division’s internal controls, processes, to ensure it continues to align with the underlying business, and that emerging risks (due to changes in products, systems, upstream flows etc.) are mitigated.
• Represents WFA in the investment management community and collaborates with DFI, TREAM, TREQA, and other units involved in asset allocation and rebalancing processes. Manage the WFA component of the trust funds investment income allocation & rebalancing process, and work with other key stakeholders in investment accounting processes such as WFASF, TROIM, and TROBP to ensure the accuracy of trust fund investment accounting ledgers.
• Contribute to the design, implementation, and operationalization of new systems, products, and policies by representing the division in corporate projects or taking leading roles in division initiatives. Including but not limited to the ERP replacement project, TF portal project, TF Shareholder Recordkeeping system renewal project, etc. Experience/knowledge of TF systems and SAP is highly desired.
• The candidate should have solid experience translating ideas, policies, and business needs into system requirements and strong project management skills to deliver the desired outcome.
• Support the production of routine or ad hoc financial management reports and data for Bank management and donors. Examples include the Quarterly Board and Business Review, the trust fund financial summary report, and individual trust fund financial reports to be made available to donors.
• Apply Trust Funds subject matter expertise, business knowledge, and familiarity with client needs to advise internal and external clients on the accounting implications of new and complex Trust Funds and FIFs.
• As necessary, contribute to the preparation of TF and FIF financial statements or related analyses, including diagnosis and formulation of replies to questions, fielding questions from Bank staff, donors, or external auditors
• Contribute to hands-on research to identify issues (e.g., internal control, fiduciary, reporting, or system issues) and provide recommended solutions in response to specific points on existing TFs, or the design of new TFs or corporate initiatives
• Ensure consistent interpretation and application of Trust Funds policies and processes, internal control, and framework requirements across the Trust Funds portfolio

The successful candidate should have demonstrated strong finance and accounting skills, excellent written and oral communication skills, and experience conveying and negotiating business needs with other business and IT units. In addition:

• CPA or equivalent professional accounting designation
• Master's degree with five years relevant experience or bachelor’s degree with a minimum of 7 years relevant experience
• Strong interpersonal skills with the ability to collaborate and interact confidently with staff at all levels
• Hands on experience in month end close production work, reconciliations and internal control monitoring in a financial institution
• Track record of proactively initiating efficiency improvements and internal controls to reduce operational and financial risk
• Ability to quickly triage accounting data structures from numerous sources and recommend remediations and improvements
• Demonstrated ability to effectively influence without authority
• Strong experience in project management, systems testing and implementation experience
• Experience with SAP FI (financial module) is desirable
• Strong experience in managing and analyzing large datasets in excel/databases
• Proven ability to multi-task, meet tight deadlines, and pay close attention to detail
• Proven ability to explain technical issues in plain language and related implications
• Meets and exhibits WFA competencies at the GF level

WFA Functional Competencies

• Client Understanding and Advising – Looks at issues from the client’s perspective and advocates for clients within own area as well as urges others to focus on meeting client needs. Works with others across the VPU to define client needs and develop the best approach to meet client needs (e.g., finds appropriate solutions and negotiates internally for needed resources and support). Advises the client and helps them think proactively about how to best meet their current and future needs. PLUS: Builds an independent opinion of clients’ needs and opportunities that may challenge traditional approaches within WBG.

• Broad Business Thinking – Maintains an in-depth understanding of the long term implications of decisions both for related areas within the VPU and the client’s business. Involves the key players in identifying operating needs, issues and immediate solutions. Ensures that decisions are supported by relevant stakeholders and creates the business case for investment in process and enhancements. Sets clear explanations for the integration and alignment of services/solutions with business functions, focusing on the strategic value provided for area of responsibility within the client’s business. Advises the client and helps them think proactively about how to best meet their current and future needs. Plus builds an independent opinion of clients’ needs and opportunities that may challenge traditional approaches within WBG.

• Project Management – Prepares and manages multi-resource plans which affect the direction of the work unit. Analyzes complex, evolving circumstances and takes corrective action to avoid resource constraints and meet deadlines. Prepares to implement plans by ensuring that mandate is clear and manageable with present resources. Foresees problems and opportunities not obvious to others and acts to address them in a timely fashion. Creates new solutions that address problems and anticipate obstacles – i.e. thinking ahead about next steps in detail.

• Analytical Thinking – Determines criteria for assessing issues and opportunities. Establishes clear goals and priorities needed to assess performance. Identifies relationships and linkages between different information sources. Anticipates issues that are not readily apparent on the surface. Identifies root causes and effects. Establishes clear goals and priorities. Anticipates potential problems and develops solutions needed to resolve them. Systemically analyzes relationships between apparently independent problems and issues. Reviews and cross-reviews reports. Identifies trends as well as isolated events. Translates analytical reports into management presentations, and provides guidance to resolve issues. Anticipates the possible outcome of potential solutions. Identifies areas of significant concern or opportunity. Probes and initiates research to identify critical problems.

• Policies and Procedures – Demonstrate thorough knowledge of policies and procedures in related fields. Provide training and guidance to junior staff in enhancing their understanding of relevant policies and procedures. Lead by example and serve as the best practice champion in applying pertinent policies and procedures.

• Risks and Controls – Demonstrate subject matter expertise and serve as a resource on risk and internal control issues. Command a holistic understanding of the overall risk and control framework in related areas and establish/streamline the control procedures with both preventive and detective measures. Introduce and share best practices in the management of risk and internal control environment across functional areas. Enhance existing control practices to meet changing business requirements.

• Information Technology and Systems – Demonstrate understanding of the functions and operations of pertinent IT systems and applications. Provide training and guidance to junior staff regarding IT system structure and function related area as relevant to the functional area. May Identify and/or lead opportunities for IT improvements to meet changing business needs and coordinate with IT professionals to design and implement new systems/applications as appropriate based on understanding of the business.

• Communication – Adapt the communication style appropriate for the intended audience. Adopt an inclusive approach to communication as is appropriate to the situation, so as to ensure adequate stakeholder participation. Present information effectively and encourage feedback.