IFC - International Finance Corporation

IFC Chennai, India

Financial Operations Analyst

Job #: req18476

Organization: IFC

Sector: Finance & Accounting

Grade: GE

Term Duration: 3 years 0 months

Recruitment Type: Local Recruitment

Location: Chennai,India

Required Language(s): English

Preferred Language(s): Closing Date: 8/12/2022 (MM/DD/YYYY) at 11:59pm UTC

Description

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 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit (link)

The IFC Controllers Department (CNT) 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 Integration, Systems and Projects. The Department comprises approximately 130 diverse and highly skilled staff, based in Washington DC, and Chennai.

The Loan and Equity Operations units (CNTFO) 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, 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.

CNTQA 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 Financial Operations Analyst shall interact extensively with internal partners, such as Loan Operations counterparts, IT teams, Cash Settlement unit, and IFC Financial Reporting team. The individual must be a self-starter in identifying and undertaking projects or initiatives and ability to lead a diverse professional team. Duties & Responsibilities:

The Financial Analyst is a key member of the team, providing Accounting and Quality Assurance support for the IFC’s Loans, Guarantee 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.

  • Analysis and reporting of pre-month end and post month end key control related to Loans operations.
  • Oversee and perform tests on control effectiveness and accuracy based on regulatory requirements, and internal policies and procedures.
  • Identify KPIs and KRIs, establish thresholds, monitor the actual results, and coordinate with CNTFC Team Lead and HQ Quality Assurance Senior TL.
  • Research and provide to management on emerging operational risks with recommendations.
  • Participate in process reviews, from a controls perspective, in relation to new products/ initiatives and advise process owners on process/control improvements.
  • Review and posting of prior period transactions of both Loans and Equity through Post Closing Adjustment Layer (PCAL) system.
  • Daily review of Loan GL rejects and posting correcting entries in both ACBS (IFC Loan accounting system) and SAPGL.
  • Review accuracy of system-to-system data feeds and trial balance analysis as part of month end closing.
  • Quarterly portfolio reporting of loan and equity projects to stakeholders, Donors, and middle office operations team
  • Liaise with Investment officers and other internal stakeholders to ensure projects are booked and processed correctly and unique reporting requirements are met.
  • Perform reconciliation and identify transaction processing anomalies and suggest corrective measures and entries

Selection Criteria

  • Master’s in business or related field. Advanced qualification in Finance or Accounting (MBA-Finance or CA/CPA) is preferred.
  • Minimum 4 years’ experience in related fields with a public/private financial institution
  • Knowledge and experience in key financial products, loans, equity investments, bonds, swaps, options are advantageous.
  • Competence in office technology tools with advanced Excel skills and conversant with SQL and data analysis.
  • Experience and knowledge of IFC accounting systems such as ACBS, Quantum, Investran, iPortal is advantageous.
  • Demonstrated strong judgmental/analytical skills

  • Demonstrated strong interpersonal skills to interact effectively with colleagues and various levels of client staff and management.
  • Demonstrated ability to analyze business process requirements and translate them into technical design specifications for process changes and/or automated solutions
  • Effective communication skills in English, including strong writing, editing, and reporting skills. Knowledge of other languages a plus.
  • Comfort working in time pressured environment with capacity to deliver high-quality outputs and results to tight deadlines.
  • Ability to multitask and work effectively in multidisciplinary teams; and
  • High degree of self-motivation and proven ability to work under minimum supervision and as part of a team

WBG Core Competencies

  • Deliver Results for Clients – Achieves results and identifies mission-driven 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 system enhancement 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 thorough knowledge of policies and procedures in related fields.
  • Risks and Controls: Leads by example and serves as best practice champions 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, to ensure adequate stakeholder 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.

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.

Tags: covid, data analysis, emerging markets, extreme poverty, financial institutions, financial reporting, guarantee agreements, information technology, international finance, new products, parental leave, project management, reconciliation