Senior Financial Assistant Job Vacancy in World Bank Group Chennai, Tamil Nadu – Updated today

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Company Name : World Bank Group
Location : Chennai, Tamil Nadu
Position :

Job Description : Job #: req16303

Organization: IFC

Sector: Finance & Accounting

Grade: GD

Term Duration: 3 years 0 months

Recruitment Type: Local Recruitment

Location: Chennai,India

Required Language(s): English

Preferred Language(s):

Closing Date: 3/18/2022 (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 www.ifc.org
The IFC 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 Integration, Systems and Projects. The Department comprises approximately 130 diverse and highly skilled staff, based in Washington DC, and Chennai.

The Loan Operations (CNTLO) and Equity Operations (CNTEC) units 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 and CNTEC 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 restructuring; 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 and CNTEC have 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 their work program. The team provides support and interacts with IFC colleagues in Washington on a day-to-day basis. The position shall interact extensively with internal partners and counterparts, such as in Loan Operations, Trust Funds Middle Office, IT units, Cash Settlement unit, and IFC Financial Reporting team. IFC Controllers Department is seeking a Senior Financial Assistant in the CNTFC unit in Chennai. This position will report to the Team Lead of CNTFC. The individual must be a self-starter in identifying and undertaking projects or initiatives.

Duties & Responsibilities:

The Senior Financial Assistant 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, Trade Finance Middle Office team, Trust Fund Budget team, Blended Finance team, Syndications team, Internal Controls and the external auditors.

Review of project agreements to ensure accurate booking of product commitments in IFC systems.Process disbursements for regular loans, other debt products, Short Term finance products, guarantee claims, rebate payoutsReview for accuracy and sign-off of monthly/quarterly/semi-annually or annual bills to IFC’s borrowers including portfolio servicingSettling of client’s payments related to loans, guarantees, short term finance, risk sharing facilities, blended finance facilities and other debt instruments.Process wire transfer for regular reflows of loan principal and income to the IFC’s donor participantsEnsure accurate and timely posting of transactions in ACBS and Investran for Loans, Guarantees, Donor funded activities and equities.Provide financial operations support to Investment Departments in day to day operations related to IFC guarantees by booking guarantee exposures, dispatch of quarterly guarantee fee bills payable to IFC by Issuing banks or Confirming banks, and provide arrears list of fee-paying banks on ad-hoc basisExecute monitoring, reconciliation and periodic reporting on guarantees, short term finance, of Donor-Trust-Fund-Investments (DTFI), Risk sharing facilities, MCPP and Blended finance facilities.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 ODSOversee 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.Participate in development, testing and implementation of new and enhanced processes to accommodate the transition of the IFC Loan portfolio from LIBOR to SOFRProvide guidance to internal and external clients regarding transaction processes, procedures and IFC’s corporate policies under all aspects of Loans, Guarantees, Donor Trust Funds Investments (DTFI) functions and Risk Sharing FacilitiesProvide backup coverage during peak volume periods.
Selection CriteriaBachelor’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 3 years’ experience in related fields with a public/private financial institution.Sound knowledge of SWIFT application and processing of payments using SWIFT standard instructions such as MT103, 202.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 team player with excellent organization skills and ability to interact tactfully and professionally with clients and staff at all levels.Ability to deliver quality results under deadline pressures and deliver quality results.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.
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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