E T Consultant
Job #: req24100
Organization: World Bank
Sector: Finance & Accounting
Term Duration: 1 year 0 months
Recruitment Type: Local Recruitment
Location: Washington, DC,United States
Required Language(s): English
Preferred Language(s): English
Closing Date: 9/8/2023 (MM/DD/YYYY) at 11:59pm UTC
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest 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, visit www.worldbank.org.
The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the financial 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, ensures fiduciary responsibility for all disbursements related to Bank operations.
Located within the WBG Corporate Accounting & Reporting Department (WFACA), the Structured Finance Division (WFASF) is responsible for product control functions for financial instruments, including borrowings and investments, as utilized by IBRD, IDA, MIGA and Trust Funds for their operations, except for pension funds. These include financial instrument product aligned accounting, set-up of financial models and valuation review, market data sourcing and verification, implementing accounting policies around financial instruments, independent price verification for investments, financial instrument related data management, exercising internal controls to ensure accuracy of accounting ledgers and 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 current position is that of an extended-term consultant (ETC) in WFASF team at HQ. The tenure of this ETC role would be 1 year from the date of joining.
Duties and Responsibilities:
The consultant will work as part of a team of professionals to meet the team’s responsibilities related to the accounting and reporting of financial instruments and other activities, as back-fill for staff supporting the LIBOR transition project. The scope of work will cover the following:
- Ensuring the accuracy and appropriateness of accounting and/or valuation data, systems, and reporting deliverables, in relation to financial instruments
- Preparation and quality assurance of calculated market data, evaluation of data sources. Daily review, and verification of the market data reliability
- Supporting 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
- Analyzing 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
- Developing expectations, performing analysis, preparing commentaries, suggesting, and implementing solutions in a pro-active manner
- Preparing 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
- Coordinating with external and internal auditors, when required
- Supporting efforts to implement projects / initiatives, such as transition from LIBOR to RFR reference rates, scoping deep dive exercise for Summit replacement, AI/ML solution for trade verification automation, FIARA (SAP BI reporting application) enhancements, and any other, as and when required by the team
- Translating 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 Documents, analyzing solution design specifications, preparing / reviewing test plans and performing / overseeing testing of systems.
- Collaborating with business and information technology teams across locations to address issues and implement solutions promptly
- Proactively interacting 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
- Maintaining and developing processes, procedures, documentation, and internal controls around portfolios handled, with the objective of increasing efficiency and accuracy
- Staying abreast of accounting pronouncements and industry best practices as they relate to accounting / reporting of financial instruments
- Identifying opportunities for improvements in current processes, initiating improvements within the system and control framework.
- Master’s degree(s) or equivalent in relevant profession discipline (Accounting, Finance, Economics, etc.) and a minimum of 5 years’ relevant experience or equivalent combination of education and experience.
- CA/CPA/ACCA/CGMA and/or FRM/CFA preferred
- Professional experience with major financial institutions or a public accounting / auditing / consulting firm with practical knowledge of product control functions (such as accounting and pricing / valuation) related to financial instruments
Core Technical Knowledge:
- Strong knowledge of treasury products / financial instruments (i.e., capital and money market instruments – particularly fixed income instruments, and derivatives)
- Hands-on experience of accounting, financial analysis and reporting in an integrated financial systems environment
- Working knowledge of Summit / Murex or other front-to-back treasury systems, integrated financial systems such as SAP, SAP BI/BO reporting tools
- Good understanding of market data requirements for capital / investment market transactions and knowledge of Bloomberg / Reuters
- Experience in performing control reviews, reconciliations, and analysis
- Experience in supporting implementation of system applications / tools – preparing specifications, design analysis, testing, etc.
- Proven quantitative and qualitative analytical skills, including excellent spreadsheet and skills. Familiarity with financial modeling techniques, programming languages (e.g., Python), writing macros will be a plus.
- Ability to contribute to team performance with strong interpersonal and communication skills
- High level of initiative, self-confidence, and a self-starter; proven problem-solving skills, ability to deliver high quality results and operates with minimum supervision
- Proven capacity to deliver results and respond quickly and effectively to requests. Ability and desire to meet tight deadlines.
- Flexibility to perform a variety of tasks and expand the scope of work and responsibilities; committed to achieving individual and team results
- Excellent verbal and written communication and presentation skill
- Highest ethical standards
- Deliver results for clients – Takes full ownership to address client needs. Demonstrates initiative, independence, and autonomy in addressing client needs in changing business contexts and environments. Allocates and prioritizes resources according to areas of most urgent need and greatest impact for the client.
- Collaborate within teams and across boundaries – Adopts a collaborative approach to improve overall effectiveness outside the unit as well and displays an open helpful attitude toward others. Approaches conflicts as common problems to be solved. Demonstrates understanding of and acts to incorporate multiple perspectives. Frames thinking/actions with a WBG corporate perspective in mind.
- Lead and innovate – Initiates changes to work processes to improve efficiency and performance. Applies creativity, flexibility, and persistence to develop new approaches. Considers own behavior in context of WBG’s values and mission and recognizes impact on others. Frames problems and recommends solutions.
- Create, Apply and Share Knowledge – Actively promotes knowledge-sharing. Takes ownership for organization of knowledge-sharing and learning activities. Contributes to the knowledge of the work group and beyond. Uses feedback to develop self and mentor others. Builds personal and professional networks within and beyond the work group.
- Make Smart Decisions – Analyzes data to support and enable decision-making. Anticipates, performs research, reviews, and analyzes available data and relevant empirical evidence, including lessons learned. Understands risk and can provide basic assessment using cost-benefit analysis. Uses critical thinking and good judgment to make decisions. Supports decisions, takes action, and ensures appropriate follow-up actions are taken.
- Broad Business Thinking – Maintains an in-depth understanding of the long-term implications of decisions both for the team and client’s business. Ensures that decisions are supported by relevant stakeholders as well as sound performance data. Effectively communicates recommended changes to clients and how they will affect their business while attempting to minimize day-to-day disruption of operations.
- Project Management – Develops and implements realistic and achievable work plans for group or project team – including tasks, priorities, resources, and schedules. Establishes priorities, identifies critical tasks, and pushes projects forward in a timely fashion. Establishes controls to detect problems early and notify those involved if deadlines are affected. Creates opportunities and solutions that address more difficult or abstract situations. Creates and adapts solutions to address unusual data or novel situations.
- Analytical Thinking – Coordinates the information gathering and reporting process. Reviews trends and compares to expectations. Conducts research to define problems and prepares responses to anticipated questions. Prioritizes multiple issues and opportunities. Identifies relationships and linkages within several information sources. Anticipates issues that are not readily apparent on the surface. Identifies root causes and effects. Reports and identifies areas that need guidance in order to resolve complex issues. Anticipates the possible outcome of potential solutions.
- Policies and Procedures – Seek out opportunities to further understanding of relevant policies and guidance. Identify areas for improvements in existing policies and procedures. Emulate best practices in completing own work program. Provides guidance to junior staff and plays a role in transferring skills and knowledge to others.
- Risks and Controls – Demonstrate understanding of key risks and internal control procedures in the related processes. Able to identify key risks and mitigating control steps in own functional areas. Perform internal control procedures in compliance with the overall risk and control framework. Takes proactive measures to know the internal control procedures (e.g., talks with business leaders about their goals and priorities).
- Information Technology and Systems – Leverage information technology systems and applications to improve productivity and efficiency. Provide inputs to IT system enhancement efforts based on day-to-day working experience and knowledge of the systems.
- Communication – Utilize appropriate tools and techniques to explain technical information in plain language. Present information in a logical and organized manner both in speech and in writing. Writes effective correspondence, prepares questions and reports, statements of circumstance and briefing notes.
World Bank Group Core Competencies
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Note: The selected candidate will be offered a one-year appointment, renewable at the discretion of the World Bank Group, and subject to a lifetime maximum ET appointment of three years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their third-year ET appointment are not eligible for future ET appointments.