Established in 1944, the WBG is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $24 billion was concessional finance to its poorest members. It is governed by 188-member countries and delivers services out of 120 offices with nearly 15,000 staff located globally.
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). The World Bank is organized into six client-facing Regional Vice-Presidencies, several corporate functions and thirteen Global Practices to bring best-in-class knowledge and solutions to regional and country clients.
The WBG Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD, IDA, and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client service function for the WBG’s administrative expenses and trust funds and ensures fiduciary responsibility for all disbursements related to Bank operations.
World Bank Group Finance & Accounting (WFA) is led by the Vice President and Controller, who reports to the Managing Director and Chief Financial Officer. WFA 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 leads the client shared service function for the WBG corporate expenses and ensures fiduciary responsibility for all disbursements related to Bank operations.
Organizationally, WFA comprises the following functions:
- Corporate Accounting and Reporting (WFACA);
- Financial Controls (WFAFC)
- Trust Funds and Loans (WFATL); and
- Systems & Transformation (WFAST)
- These units along with WFA Chennai report directly to the WBG Vice President and Controller.
- WFA’s Financial Controls Department (WFAFC), which comprises three divisions, Accounts Payable, Quality Assurance and Travel Accounting (WFATA), Accounts Receivable, Payroll and Tax (WFAPT) and Valuation and Analytics (WFAVA), is in search of a Director.
- The WFAFC Director will be based in Washington DC, report directly to the Vice President and WBG Controller and serve as a key member of the WFA Leadership Team.
- Accounts Payable, Quality Assurance and Travel Accounting (WFATA), Accounts Receivable, Payroll and Tax (WFAPT)
WFATA and WFAPT are responsible for the recording and reporting of the World Bank Group’s administrative expenses (approximately $5 billion) and fixed assets. The work program of these units includes transaction processing, monitoring and reporting as well as the design and operation of effective internal control systems for administrative expenses for the World Bank Group entities (IBRD, IDA, IFC, MIGA, and ICSID). The units provide strategic leadership and guidance to business units across the Bank Group on developing and maintaining an effective system of internal controls over the processing and reporting of administrative expenses. The divisions are also accountable for developing policy and monitoring compliance relating to administrative expenses and fixed assets/leases.
The responsibilities of the two divisions are summarized as follows:
- Accounts Payable, Quality Assurance and Travel Accounting division (WFATA) is responsible for accounts payable, fixed assets and lease accounting, quality assurance program, and travel accounting.
- Accounts Receivable, Payroll & Tax division (WFAPT) is responsible for ensuring that (i) accounts receivable are recorded, monitored and collected in a timely and efficient manner, (ii) salary and benefit payments to WBG staff are reported and processed in a timely and efficient manner, and (iii) tax allowances to WBG staff and retirees are reported and processed in a timely and efficient manner.
- The two divisions have approximately 140 staff and operates from both Washington DC (28) and Chennai, India (112).
Valuation and Analytics (WFAVA)
The Valuation & Analytics division is a quantitative team responsible for financial instrument valuation for the World Bank. It facilitates innovative and customized solutions for World Bank clients and stakeholders through model construction, validation and control. WFAVA is also the World Bank’s experts for loans, bonds and derivatives. Its functions include, but are not limited to, the following:
- Development of proprietary valuation models to support innovation
- Model, curve construction and market data validation
- Valuation control function of the World Bank portfolio of USD500+ billion in derivatives, loans, credits and issuances
- Verification and enhancement of the implementation of the models, curve construction and market data deployed at the World Bank for valuation of financial instruments
- Independent price verification and quantitative analytics of the bonds, derivatives, loans and credits portfolio
- Review of internal valuation standards and practices to ensure market alignment
- Generating and monitoring financial reporting indicators, P&L attribution and validating the valuation results affecting financial reporting
- Policy and Operationalization of Derivative Accounting Standards
- Producing management reporting such as Interest Spread analysis
- Liaising with auditors and specialists in derivative accounting policy and valuation
The team is co-located in Singapore (6) and Washington DC (3).
Duties and Accountabilities
The WFAFC Director is tasked with the functional leadership and possible expansion of finance and accounting services for WBG. In addition to the functional oversight and strategic leadership, the successful candidate will perform the following overarching responsibilities:
- Set the strategic direction for the department in line with the priorities and objectives of WFAVP.
- Lead a group of professionals to deliver the department's broad work program within a given budget envelope with special attention given to managing the day-to-day operations, automation and value-add.
- Attract, retain, and develop high caliber staff through the implementation and active use of a career framework to increase individual and organizational capabilities.
- Develop departmental objectives and productivity metrics, monitor performance, and optimize delivery models to allow greater efficiency and effectiveness.
- Identify and undertake further process standardization and simplification, productivity improvements, and control enhancement initiatives.
- Lead optimization, modernization and automation initiatives that serve to improve service quality and timeliness, cost effectiveness, reduce operational risk and support an adequate control environment.
- Ensure client and stakeholder satisfaction and that the department processes deliver superior services and timely processing and client support.
- Rationalize and ensure proper sourcing and organization of the department's operations.
- Actively contribute to the shared services strategy and evolution of the model towards best practices.
- Identify, and adopt or adapt industry best practices related to the delivery and operation of shared service functions in a global environment.
- Liaise with external parties on relevant matters of interest to the multilateral development banking and financial institutions community.
- Be an active member of the WBG Finance & Accounting leadership team.
- Act on behalf of the Vice President and WBG Controller in his absence when asked.
- Lead strategic discussions with key business partners, including ITS, BPS, HR, GCS, TRE, etc.
- The successful candidate will have: an extensive proven track-record in leading multi-locational teams, including attracting, building and retaining talent; superior communication and interpersonal skills and gravitas; a combination of strategic vision, broad financial knowledge, strong business acumen, management insight, pro-activity, problem solving, client responsiveness and pragmatism; proven ability to leverage strong relationships cutting across functions and WBG towards achievement of collective goals.
- Knowledge of financial instruments is essential, including valuations of investments, loans, borrowings and derivatives.
- Minimum education: Masters degree in Accounting, Finance or related field and an internationally recognized professional accounting qualification (e.g. CPA, CA, ACCA or equivalent) is required, CFA a plus.
- Typically, the successful candidate will have at least an equivalent of 15 years of relevant experience in the accounting field, including time with either an international accounting firm, a Fortune 500 corporation or the World Bank Group, and a proven sustained track-record in a senior leadership position. Private sector management experience would be a strong plus.
- Experience in financial reporting and analysis, and a solid knowledge of U.S. and/or international financial reporting standards (IFRS).
- Sound knowledge and understanding of accounting theory, concepts and principles, combined with proven practical skills in accounting, reporting, business planning, work programming, budgeting, financial management and audit.
- Experience with high volume transaction processing operations in a multiple currency, multiple location global environment.
- Demonstrated experience implementing and successfully managing finance and accounting shared services is required.
- Track-record of efficiency improvements that increase quality and timeliness of service.
- A demonstrated capacity to effectively negotiate and manage trade-offs at senior level with diverse stakeholders, would be a plus.
- Seasoned leader with proven ability to build productive teams and work collaboratively across functions and departments, including building and strengthening cooperation and coordination across the WBG institutions, with varying levels of staff in operations, finance, and corporate support departments. Ability to manage and meet tight deadlines.
- Demonstrated ability to manage complexity, to identify interdependencies, and take a corporate view.
- Strong ethics and integrity.
- Track record of leading by influence, proactive behavior, problem solver, exercising judgment, innovative, with an open and collegial work style with ability to listen and integrate ideas from diverse views, create partnerships, and collaborate with others at all levels.
- Strong communication skills (in English), both written and oral, to convey complex financial, accounting, and control issues in a clear, concise way at all levels from senior management to staff.
- Meet World Bank Group managerial competencies at the GI level.