Financial Officer

• Job #130031
• Job TitleFinancial Officer
• Job FamilyFinancial Management
• Job TypeProfessional & Technical
• GradeGF
• LocationWashington, DC
• Recruitment TypeInternational Hire
• Language RequirementEnglish [Essential]
• Closing Date21-Jan-2013

Background / General description:
CTR comprises three departments: (1) Financial Instruments, Accounting and Valuation, (2) Loans, and the (3) Client Services Department. In addition, the Financial Analysis and Reporting, Accounting Policy, Knowledge Dissemination, and Operational Risks and Controls units also report directly to the Controller. The Trust Funds Division is part of the Client Services Department, and is responsible for providing a wide range of internal and external client services as well as numerous financial reporting products in support of the World Bank Group’s overall trusteeship and administration of its substantial trust fund operations. CTRTF establishes and communicates trust fund accounting policies and control requirements to business units, trust fund managers, and decentralized transaction processing units. It is also responsible for building and maintaining effective relationships with business units, trust fund managers and donor contacts. This includes providing guidance, advice and assistance on all trust fund accounting and administration matters. In addition, CTRTF is accountable for maintaining the financial accounting and business records of the World Bank Group’s trust fund and/or joint venture operations. CTRTF consists of staff based in Washington DC (“CTRTF”) and Chennai (“CTRTN”). Of its approximately 45 staff, two thirds are based in Chennai. Furthermore, the Division consists of three primary teams as follows: (1) financial reporting team (2) financial control team, and (3) the trust fund accounting clearance team. The Financial Control (FC) team is responsible for the management of TF back office functions, the integrity of the financial ledgers of all trust fund company codes, preparing the TF Single audit and lead various IT projects involving CTRTF/N. CTRTF is currently looking to hire two Financial Officers for the FC team. Both Financial Officers will be based in Washington, DC and will report to the Senior Financial Officer leading the FC team.
Duties and Accountabilities:
1. Lead or support the work related to the detailed design, implementation and maintenance of tools and applications managed by CTRTF to support TF business processes; 2. Producing financial reports for Bank management and donors. Examples include the Quarterly Board and Business Review, quarterly letter from the Controller to the Audit Committee, the six monthly trust fund financial summary report which aggregates all trust fund financial information, and financial reports for individual trust funds and programs (available to donors through a secure website) showing the aggregate amount of receipts, disbursements, investment income, and administration fees together with the current fund balance; 3. Since trust fund accounting back office operations are managed by the FC team, the Financial Officer will be required to: • Provide guidance and support to, and co-ordinate with the FC team in Chennai to ensure the timely and seamless execution of routine production activities of the financial control team. • Provide technical guidance on production issues as well as the design of control activities, and complete tasks managed in headquarters. 4. Providing technical advice and guidance to senior management and operational staff concerning the design and implementation of new trust fund arrangements, including complex financial products and programs, and specifically on matters relating to financial reporting, accounting systems, internal control and governance arrangements, treatment of investment income, administration fees, audit arrangements, data structure, systems, framework agreements between the Bank and donors, and grant agreements between the Bank and recipients. 5. Evaluating new trust fund proposals in collaboration with other trust fund central units to ensure they conform to Bank policies and can be supported by the Bank’s trust fund and other related systems. 6. Preparing and issuing an annual management assertion and combined financial statement for cash-basis trust funds (known as the single audit) together with the external auditor’s attestation report regarding the controls surrounding the preparation of trust fund financial reports; and 7. Establishing and communicating trust fund accounting policy and control requirements to decentralized transaction processing business units and trust fund managers. CTRTF is also responsible for building and maintaining effective relationships with various business units (including IFC, MIGA, and ICSID), trust fund users and managers (CFP, LEG, TQC, CFR, IMT, IAD, TRE, etc), as well as donors who require trust fund financial information. This involves providing guidance, advice and assistance on all trust fund accounting, financial reporting and relevant administrative matters. CTRTF also prepares numerous ad hoc financial reports and analyses in order to respond to queries received from donors, or internally within the Bank.
Selection Criteria:
1. A relevant Advanced Degree, preferably MA/MBA (Finance, Accounting, Business, Economics), or a combination of a relevant Bachelor's degree plus a professional accounting qualification (e.g., ACA/ACCA/CPA) or equivalent professional certification. 2. Minimum of 5 years’ experience in the audit function, preferably with one of the larger public accounting firms, or major financial institution(s), with a good understanding of U.S. and International Financial Reporting Accounting and Auditing standards. Knowledge of accounting for complex financial instruments (e.g. derivatives) would be advantageous. 3. Strong understanding of what is meant by the ‘overall control environment’ and compliance monitoring activities’, as well as an ability to contribute to the overall design of the key controls required in a modern controllership. Knowledge of the COSO framework is desirable. 4. Strong understanding of the trust funds business and systems, including accounting and operational policies and control requirements. 5. Experience in managing back office operations, management reporting and oversight of production systems. Demonstrated ability and experience conceptualizing and analyzing business process requirements and translating them into technical design specifications for process changes and/or automated solutions. Experience working on teams developing new system applications and / or reports. 6. Demonstrated ability to analyze and research technical system problems, and develop solutions. 7. Demonstrated strong judgmental/analytical skills. A keen eye for detail is essential, as is the ability to multi-task and prioritize a variety of activities at the same time. Adherence to critical deadlines is also paramount. 8. Solid understanding and/or extensive experience with accounting systems. Experience in SAP and Business Warehouse (BW) is a strong plus. Advanced competence in all Microsoft Office applications. 9. Ability to operate effectively within a multi-cultural, matrix management environment, both as a task leader and team member and build effective working relations with clients and colleagues. 10. Excellent written and verbal communication skills, including the ability to explain and express views, opinions or technical issues articulately and confidently and in layman’s terms with all levels of clients, donors or management. 11. Initiative and the ability to work independently, seeking advice from the Senior Financial Officer or Division Manager only as necessary. TECHNICAL COMPETENCIES Business Processes & Systems - Moderate understanding of business processes and systems to review and analyze business processes and systems, recommend improvements, enhance internal controls, and assist with implementation. Fundamental Controllership Knowledge - Has a broad understanding of general accounting principles, risks and controls, financial concepts and financial transaction processes. Accounting Policy - Able to interpret basic accounting principles and related auditing standards, and translate those principles and standards into accounting and administrative policies and procedures for the organization. Project Management - Understands and utilizes the basic concepts of project management, as they relate to the implementation of a project Disbursement Policies & Procedures - Has strong understanding of Bank policies and procedures related to disbursement, portfolio management and legal agreements. Financial Products – Broad understanding of the range of available financial instruments and able to advise clients on selection of financial terms, and negotiate detailed loan choices. Operational Policies & Procedures - Has a broad understanding of operational policies and procedures, and in particular FM and Procurement policies and procedures, that affect disbursements. Risk Management & Internal Controls - Has solid knowledge of internal controls & risk management principles to help deliver risk and controls work program, demonstrating ability to guide clients toward a basic interpretation of related policies. Client Orientation - Takes personal responsibility and accountability for timely response to client queries, requests or needs, working to remove obstacles that may impede execution or overall success. Drive for Results - Takes personal ownership and accountability to meet deadlines and achieve agreed-upon results, and has the personal organization to do so. Teamwork (Collaboration) and Inclusion - Collaborates with other team members and contributes productively to the team's work and output, demonstrating respect for different points of view. Knowledge, Learning and Communication - Actively seeks knowledge needed to complete assignments and shares knowledge with others, communicating and presenting information in a clear and organized manner. Business Judgment and Analytical Decision Making - Analyzes facts and data to support sound, logical decisions regarding own and others' work. The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence.

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