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Financial Officer, Portfolio Review
IFC
Washington, DC, United States
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Financial Officer, Portfolio Review
Job #:
req958
Organization:
IFC
Sector:
Investment
Grade:
GF
Term Duration:
3 years 0 months
Recruitment Type:
International Recruitment
Location:
Washington, DC
Required Language(s):
English
Preferred Language(s):
Closing Date:
23/11/2018 (MM/DD/YYYY) at 11:59pm UTC
Description
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
Controllers Department in IFC’s Risk and Financial Sustainability VPU is responsible for financial reporting and the internal control framework for IFC. The Controllers Department comprises approximately 100 diverse and highly skilled staff, of which 70 are based in Washington DC with the remaining 30 staff providing cross support to IFC located in Chennai, India.
The Portfolio Review unit (CNTPR) in IFC’s Financial Reporting Division in IFC’s Controllers Department provides governance and oversight, primarily from a financial reporting perspective, of IFC’s Investment Portfolio. Specific governance responsibilities include assessing the appropriateness of specific and general loan loss reserves and reserves against other receivables, guarantees and trade finance facilities, write-downs in the Investment Portfolio and significant gains and losses impacting the financial statements.
In addition, the unit chairs quarterly portfolio meetings with IFC Portfolio Managers that serve as focal points for discussion of portfolio issues impacting financial reporting engaging key portfolio stakeholders in Risk and Financial Sustainability and in Portfolio Management, as well as Loan and Equity Operations staff within IFC’s Controllers Department.
Given the complexity of both IFC’s portfolio and the accounting rules under which IFC prepares its financial statements (US GAAP), the function is called upon to blend knowledge about valuation principles for non-traded investments, credit analytics, and an ability to analyze macro developments impacting IFC’s Investment Portfolio with sound knowledge of complex accounting requirements to ensure proper recording of portfolio matters in IFC’s financial statements.
CNTPR manages IFC’s new Investment Portfolio Accounting and Reporting (IPAR) system. IPAR is an accounting and financial reporting system designed to efficiently calculate, record, and report loss provisions and impairments in IFC’s investment portfolio. The system also provides data to enable portfolio teams to assess financial statement impact of credit ratings, loss provisions and valuations.
CNTPR is also the primary contact for the annual external audit processes of loan loss provisioning and provides loss provisioning and portfolio reporting trainings in Headquarters and in the Field.
The team responsible for CNTPR’s work program is co-located in Washington DC (HQ) and in WBG’s Chennai office. CNTPR is seeking a qualified Financial Officer, reporting to the Team Lead, to support its work program in Washington DC. This position provides an opportunity to utilize and obtain credit and valuation review experience of IFC’s investment portfolio worldwide, insight into the calculation of the general and specific loan loss reserves and first-hand understanding of financial reporting of portfolio investments. The individual must have substantial experience in financial analysis with sound knowledge of US GAAP and/or IFRS as it applies to IFC and its product lines.
Roles & Responsibility:
• On a quarterly basis, carry out an independent review of a selected portfolio of investments across portfolio investment products (loans, debt securities, equity, derivatives, guarantees and trade finance facilities), with specific focus on impairment assessment, loss reserving and overall financial statement recording and disclosures.
• Chair selected quarterly portfolio meetings and lead the discussions with the relevant Portfolio Managers, portfolio management staff and Investment Valuation staff, as needed.
• On a quarterly basis, calculate and report loan loss reserves and investment portfolio write-downs to Reporting and Analysis unit (CNTRA) for inclusion into IFC’s financial statements. Carry out all necessary quality checks to enable correct recording and reporting of these items.
• On a quarterly basis, assist in the preparation of analytical materials for quarterly portfolio review meetings and presentation materials to Senior Management.
• Assist in managing overall external and internal audit relationships relating to the unit’s work programs and periodic reviews by Internal and External Audit.
• Keep abreast of new developments in accounting standards for credit impairments and support the implementation of those aspects applicable to CNTPR.
• Actively participate in major initiatives impacting the unit’s work, including stabilization and enhancement of the IPAR system.
Selection Criteria
• 5 - 8 years of experience in the financial services industry, certification such as CFA or CPA would be a plus;
• Master’s degree, preferably in business, finance, risk management or economics;
• Knowledge of IFC’s operations and portfolio a strong plus;
• Expertise in credit analysis, financial modeling and asset valuation in emerging markets;
• Sound knowledge of US GAAP and/or IFRS as it applies to IFC and its product lines;
• Proficient organizational and time management skills; candidate should be detailed oriented and yet be able to keep sight of the overall outcome;
• Strong verbal and written communication and presentation skills;
• Excellent interpersonal skills, with the ability to function effectively and collaboratively in a team environment as well as individually;
• Proven capacity to take initiative and take responsibility for own actions.
Required Competencies:
• Client Understanding and Advising: Strive to add value to clients in the business; understand the critical forces that shape clients’ needs.
• Broad business thinking: Solicit information on WBG/VPU direction, goals and industry competitive environment to determine how own area can add value to the organization and to clients. Makes decisions and recommendations clearly linked to the organization's strategy and financial goals.
• Communication: Communicate in a clear, focused and respectful manner based on a solid understanding of others’ needs and WBG mission and values.
• Analytical thinking: Derives solutions to complex problems by applying sophisticated analytical methods and techniques. Leads the development and implementation of new quantitative methods and techniques for functional area.
• Information technology and systems: Uses knowledge of financial systems and applications to analyze the system impact of new accounting policies and procedures or financial products. Leads the design, testing, development and implementation of enhancements of system features and functionalities that support financial reporting activities.
• Policies and procedure: Interprets new accounting principles, recommending their application within the WBG. Evaluates new financial transactions and products to determine appropriate accounting and reporting requirements.
• Project management: Engages counterparts effectively to design appropriate risk mitigation approaches for complex projects. Manages project teams and project preparation resources effectively, ensuring that all requisite inputs are timely and integrated effectively.
The World Bank Group values diversity and encourages all qualified candidates who are nationals of World Bank Group member countries to apply, regardless of gender, gender identity, religion, race, ethnicity, sexual orientation, or disability. Sub-Saharan African nationals, Caribbean nationals, and female candidates are strongly encouraged to apply.