Financial Assistant, Chennai, India At The World Bank


Closing date: Wednesday, 19 July 2023

Financial Assistant

Job #: req23526

Organization: World Bank

Sector: Treasury

Grade: GC

Term Duration: 3 years 0 months

Recruitment Type: Local Recruitment

Location: Chennai,India

Required Language(s): English

Preferred Language(s): Closing Date: 7/19/2023 (MM/DD/YYYY) at 11:59pm UTC

Description

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 works in more than 100 developing economies to improve living standards and fight poverty. The World Bank uses financial resources and extensive experience to help our client countries to reduce poverty, increase economic growth and improve the quality of life. The World Bank is owned by 189 member countries whose views and interests are represented by a Board of Governors and a Washington DC-based Board of Directors. More than 190 countries participate in at least one of the five World Bank Group (“WBG”) institutions, each of which specializes in different aspects of development: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) (IBRD and IDA together also referred to as the “World Bank” or the “Bank”), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), the International Centre for Settlement of Investment Disputes (ICSID).Treasury is 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 & Investment Management, Client Asset Management and Advisory, and Treasury Operations.

Treasury (TRE) has been a large and significant player 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 $195 billion in assets for the World Bank and other official sector investors; (ii) leading IBRD’s and IDA’s triple-A rated financing programs in international and domestic bond and derivative markets; (iii) conducting asset and liability management for IBRD’s and IDA’s 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. Staff in Treasury regularly interact and collaborate with other departments across the Bank and Finance Partners’ teams.

The Treasury Operations Department (TREOP) provides a full range of operational support for the Treasury’s asset management, capital markets and banking businesses. The Department is presently organized into three operational units: Asset and Liability Operations (TREAL), Cash and Banking Operations (TREBK) and Quantitative Solutions and Analytics (TREQA), and a Financial Technology coordination unit (TREFT).

Banking Operations unit (TREBK) provides all banking and payments services for World Bank Group (IBRD, IDA, MIGA, and Trust Funds) entities. The unit manages the SWIFT connection to the external financial system, the institution’s central cash management system, including its integration with sub-systems used by various WBG units for sending payment requests or receiving cash inflows. This role is within the sub-team which manages and reconciles the majority of all WBG bank accounts. In performing these functions, the team works closely with internal partners and market counterparts as well as external service providers such as technology vendors, banks, and paying agents. As and when required, the team is also expected to facilitate the implementation of new products, markets, and business-related technology solutions. The team also participates in capacity building for clients in its related areas of expertise.

Duties and Accountabilities: The TRE Operations Chennai (TRECH) is an integral part of TRE and is responsible for a variety of duties providing vital support across its operational divisions. It works closely with the Headquarters in Washington D.C and another shared services center in Sofia, Bulgaria. Under the guidance and supervision of a Team Lead and/or Functional Lead, the incumbent will have responsibilities for specific individual tasks/projects as well as for working as an integral part of the team in executing the Treasury Operation’s work program, while maintaining close relationships with the other Treasury departments.

His/her primary responsibilities will include, but are not limited to, some combination of the following activities to support any of the business lines in TREOP’s operational division: Cash Reconciliation: * Perform daily reconciliation of cash transactions (in several currencies) thus ensuring transactions related to corporate cash processed by cash management team are settled correctly, and any exceptions are investigated and resolved.

* Investigate reconciliation differences, performing analysis, posting necessary adjustments for resolution of any differences, preparing commentaries on results / findings, and recommending solutions in a pro-active manner.

* Monitor and process manual bank statements from the different depository or central banks including follow-up of overdue bank statements.

* Assist in daily system to system reconciliations and controls review and communicating findings promptly to ensure proper follow-up and timely resolution of any identified differences and exceptions.

Cash Investigations: * Timely and efficient processing and resolution of cash investigations cases that arise out of reconciliation breaks, or emails and SWIFT messages from clients, counterparties, business units and correspondent banks.

* Liaise with various teams across the Bank and with external banking partners to address issues, effect action and resolve cases.

* Investigate and report cash overdrafts and long balances in relation to external cash balances.

Cash Accounting: * Assist in the month-end close process for cash including preparation of reports and necessary adjustments needed to ensure accuracy of data and balances that are sent to general ledger system (SAP)

* Assist in the prompt delivery of daily, monthly, quarterly, and year-end deliverables and other ad- hoc reporting requirements for Treasury’s worldwide clients.

Other Accountabilities:

* Develop, implement, and document changes to TREBK procedures, processes, and standards and actively contribute to the projects and business initiatives undertaken by the team

* Work effectively within the team, as well as with colleagues across business units in applying technical skills and knowledge to support and implement process improvements to the team’s risk management and operational processes.

* Effectively communicate with TREOP staff and Management both in Chennai and in Washington, D.C. headquarters on the status of all assigned activities

Selection Criteria

* Bachelor’s Degree in Commerce, Accounting or Finance and at least 1-2 years of post-qualification experience on accounting / reconciliation and with systems that support payment activities and the processes and controls related to transactions processing.

* Knowledge of SWIFT, Payments & Clearing Systems and understanding about monthly book closing is highly desirable.

* Knowledge of cash reconciliation and accounting processes, and the ability to effectively investigate differences stemming from cash processing and/or bank account issues is highly desirable.

* Demonstrated ability to handle a variety of concurrent activities with excellent organization and time management skills, mature judgment, and ability to work under pressure.

* Excellent written and verbal communication skills, with the ability to interact tactfully with clients and/or business associates across all levels, while exercising sound judgement in handling confidential information.

* High level of initiative, self-confidence, and a self-starter; ability to apply a practical matured approach to problem solving with minimum supervision.

* Strong quantitative and qualitative analytical skills, including excellent spreadsheet skills. Familiarity with writing macros will be a plus.

* Demonstrated ability to learn new technology quickly and effectively for maximum productivity.

* Diplomacy and strong interpersonal skills with strong commitment to work in a respectful team oriented and multi-cultural work environment.

* Highest ethical standards.

* The candidate is expected to work Singapore or London shift and at times will be required to provide extended support to overlap with Washington DC, also is required to observe USA Holiday calendar to meet reporting deadlines as per business needs.

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 the World Bank and IFC, including our values and inspiring stories.

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