IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
The IFC’s Controllers Department is responsible for effectively and efficiently managing IFC’s Financial Operations (loan, equity and short-term finance operations, and back-office treasury support operations), Financial Reporting (including reporting and analysis, portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Systems, Integration and Projects. The Department comprises approximately 125 diverse and highly skilled staff, based in Washington DC, and Chennai.
The Loan and Equity Operations units (CNTLO-EC) within the Controllers Department have overall responsibility for recording, servicing, and providing post-commitment support for the private sector loan, guarantee, short term finance products and programs, and the equity investments of the International Finance Corporation.
The CNTLO-EC units provide financial operations support and services to the IFC Investment Departments, counterparts, internal and external financial and investment reporting units, syndication and treasury units, and portfolio management units, in the administration and management of all IFC Loan, Guarantee, Equity, and Donor-Trust Funds financial operations. The units ensure that loan and guarantee agreements, equity investments, and donor-trust-fund investments are recorded accurately and timely in the Corporation’s systems of record and general ledger. The units support all disbursements activities (e.g., call of funds, transfer of funds to clients, booking of disbursement data in systems of record) and all ongoing servicing functions over the life cycle of each investment, e.g. fee, interest and principal invoicing; repayment processing; specialized loan functions such as loan restructurings; equity sales and corporate actions.
The units play a key role in the decision-making for, and implementation of, IT systems and upgrades, as well as in the implementation of new initiatives and financial products to ensure that data is recorded accurately and timely.
CNTLO/EC has co-located some aspects of its work program to IFC’s Chennai Office (CNTCO), who have recruited staff in the IFC Financial Operations Support team (CNTFC) to deliver this work program. The team provides support and interacts with IFC colleagues in Washington on a day–to–day basis. The Consultant (ETC) shall interact extensively with internal partners, such as Loan Operations counterparts, Trust Funds Middle Office, IT teams, Cash Settlement unit, and IFC Financial Reporting team. The ET Consultant will report to the Team Lead of CNTFC Loan & Equity unit in Chennai. The individual must be a self-starter in identifying and undertaking projects or initiatives
Duties & Responsibilities:
The ET Consultant is a key member of the team, providing operational support for the IFC’s Loans and Equity operations. This role requires frequent interaction with internal counterparts in CNT, Treasury, Investment operations team, Syndications team, Internal Controls and the external auditors.
• Participate in development, testing and implementation of new and enhanced processes to accommodate the transition of the Loan portfolio from LIBOR to SOFR.
• Participate in vetting activities for new SOFR modules acquired to perform transaction and conversion, including testing, identifying issues, tracking fixes etc.
• Work closely with IT teams to coordinate project testing plans and SOFR implementation.
• Participate in data collection, including meetings with internal colleagues to understand good practices.
• Analyze and interpret testing results provided by IT team and determine next action items.
• Review for accuracy and sign-off of monthly/quarterly/semi-annually or annual bills to IFC’s borrowers including portfolio servicing
• Settling of client’s payments related to loans, guarantees, risk sharing facilities and other debt instruments.
• Ensure accurate and timely posting of transactions in ACBS and Investran for Loans, Guarantees, and equities.
• Support a wide range of new product initiatives by assessing and advising on impact of such initiatives on processes in close coordination with CNTLO/EC Quality Assurance team, IT support team, and Investment operations team.
• Reconcile and articulate accounting issues related to ACBS transaction postings, SAP and ODS
• Oversee and perform tests on control effectiveness and accuracy based on regulatory requirements, and internal policies and procedures.
• Support department’s various existing and future business automations and transformations in close coordination with HQ counterparts and IT support team.
• Master’s Degree preferably with a major in business administration, accounting, finance or international trade finance.
• Accounting Certification such as CA or CPA would be a plus.
• Minimum 4 years’ experience in related fields with a public/private financial institution.
• Knowledge of IFC systems, procedures and policies shall be advantageous. (IFC uses ACBS, CFApps, BI reporting, SAP, Investran, Quantum, I-Portal)
• Ability to contribute to team performance with strong interpersonal and communication skills with attention to details.
• Dedicated teammate with excellent organization skills and ability to interact tactfully and professionally with clients and staff at all levels.
• Ability to deliver quality results under pressure, and with limited direct supervision.
• Excellent problem solving and analytical skills.
• Solid skills and knowledge of the latest information and office technology, and relevant business tools.
• Highest ethical and business conduct standards.
• Fluency in written and spoken English required. Fluency in another WBG working language a plus.
WBG Core Competencies
• Deliver Results for Clients – Achieves results and identifies solutions.
• Collaborate Within Teams and Across Boundaries – Initiates collaboration across boundaries and broadly across WBG, bringing differing ideas into the forefront.
• Lead and Innovate – Develops innovative solutions with others.
• Create, Apply and Share Knowledge – Creates, applies and shares knowledge from across WBG to strengthen internal and/or external client solutions.
• Make Smart Decisions – Recommends and takes decisive action.
Controllers Department Competencies
• Client Understanding and Advising: Advises the clients and helps them think proactively about how to best meet their current and future needs, taking into considerations the real underlying issues. Works across CNT and with other VPUs to define client needs and develop the right solutions to meet those needs. PLUS: Provides recommendations to multiple VPUs that can add value to customers beyond normal offerings.
• Broad Business Thinking: Maintains an in-depth understanding of key business issues. Sets clear explanations for the integration and alignment of CNT solutions with business functions. PLUS: consider WBG wide implications in decision making to ensure consistency across WBG. Sponsors long-term VPU-wide initiatives.
• Information Technology and Systems: Demonstrates understanding of the functions and operations of pertinent IT systems and applications. Provides inputs to IT systems improvement efforts based on day to day working experience and knowledge of the systems.
• Analytical Thinking: Coordinates the information gathering and reporting process. Reviews trends and compares to expectations. Conducts analysis to define problems and prepares responses to anticipated questions.
• Policies and Procedures: Demonstrates detailed knowledge of policies and procedures in related fields.
• Risks and Controls: Leads by example and serves as good practice champion in completing internal control procedures, including understanding impact beyond own immediate functional areas.
• Communication: Adapts the communication style appropriate for the intended audience. Adopts an inclusive approach to communication as is appropriate to the situation, so as to ensure adequate partner participation. Presents information effectively and encourage feedback.
• Project Management: Understands and utilizes the concepts of project management, as they relate to implementation of a project.
Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two 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 second-year ET appointment are not eligible for future ET appointments.
|Closing date:||May 25, 2021|