Financial Analyst

Financial Analyst

Job #:

req20957

Organization:

World Bank

Sector:

Financial Management

Grade:

GE

Term Duration:

3 years 0 months

Recruitment Type:

Local Recruitment

Location:

Washington, DC,United States

Required Language(s):

English

Preferred Language(s):

Closing Date:

2/9/2023 (MM/DD/YYYY) at 11:59pm UTC

Description

Workingat the World Bank Group provides a unique opportunity for you to help ourclients solve their greatest development challenges. The World Bank Group isone of the largest sources of funding and knowledge for developing countries; aunique global partnership of five institutions dedicated to ending extremepoverty, increasing shared prosperity and promoting sustainable development.With 189 member countries and more than 120 offices worldwide, we work withpublic and private sector partners, investing in groundbreaking projects andusing data, research, and technology to develop solutions to the most urgentglobal challenges. For more information, visit www.worldbank.org;

The Development Finance Vice-Presidency (DFi) is responsible for the managementand monitoring of policies, procedures, and resources for the World Bank'sdevelopment financing vehicles. DFi sets the policy framework for the WorldBank Group's development finance by engaging in strategic resourcemobilization, playing an intermediation role to help align the needs ofrecipients, WBG institutional priorities, and priorities of funding partners,through a variety of funding instruments. These include the InternationalDevelopment Association (IDA), the World Bank's fund for the poorest, theInternational Bank for Reconstruction and Development (IBRD), and Trust Funds,including Financial Intermediary Funds (FIFs).

Given the nature and variety of this portfolio, DFi works closely with theRegions and Global Practices, offices of the Managing Directors, ExecutiveDirectors, World Bank Group (WBG) senior management, corporate and operationsunits across the WBG, funding partners and government officials. The ForwardLook exercise and Maximizing Finance for Development (the Cascade approach)present opportunities to further strengthen the Bank Group approach todevelopment finance. As such, DFi is structured to provide the institution witha more holistic approach to financing, financial policy, and strategicfundraising across IDA, IBRD, and Bank/IFC trust funds and partnerships.

Within DFI, Corporate IDA and IBRD (DFCII) is responsible for the replenishmentand stewardship of IDA, the Bank's principal facility for providing highlyconcessional resources to the world's poorest countries, as well as forsupporting senior managers and the WBG Board in IBRD's financial management byrecommending policies and strategies related to IBRD medium-term financial andcapital planning, overall balance sheet management, and annual decisions onloan terms and income allocation. DFCII is the institutional focal point forthe IDA replenishment process. The unit has recently shepherded the IDA20replenishment process to a successful conclusion to support countries' postpandemic economic recovery as well as investments for a greener, resilient, andinclusive development. To help countries build back greener, IDA20 willprioritize tackling climate change, with a focus on helping countries to adaptto rising climate impacts and preserve biodiversity. IDA will deepen support tocountries to better prepare for future crises, including pandemics, financialshocks, and natural hazards. Furthermore, IDA20 will support countries inprioritizing investments in human capital, covering issues such as education,health and nutrition, vaccines, safety nets, and support for people withdisabilities. IDA will also address other major challenges such as genderinequality, job creation, as well as fragility, conflict, and violence,including in the Sahel, the Lake Chad region, and the Horn of Africa. Acontinued emphasis on governance and institutions, debt sustainability, anddigital infrastructure interventions will help foster economic and socialinclusion.

DFCIImonitors the implementation of the IDA policy mandates within the Bank,undertakes a significant policy research agenda, and participates in reviewactivities at the country and institutional levels. In addition, DFCII managesthe allocation of IDA resources (both volumes and terms) to eligible countriesas per IDA priorities and maintains policy dialogue with donors. Workingclosely with other Departments notably OPCS, Regions, and Global Practices, ittakes the lead in preparing IDA replenishment papers which form the basis forpolicy discussions with contributing countries and borrower representatives.

Duties and Responsibilities

DFCII consists of two units: the IBRD-IDACorporate Finance and the IDA Strategy and Operations units. This position willwork in the IBRD-IDA Corporate Finance team.

IBRD-IDA Corporate Finance consists offour clusters:

• Financial Strategy and Policy: responsible for monitoring IBRD and IDA's near-term and medium-term financial outlook and setting financial strategies and policies to ensure IBRD and IDA's financial strength and long-term financial sustainability. These policies include those related to loan pricing and repayment terms, capital management, income allocation, balance sheet management, as well as implementation of IDA's relatively new hybrid financial model since it recently started issuing bonds in capital markets as a AAA rated issuer. In addition, the team maintains long-term financial projection models for IBRD and IDA and monitors the institutions' long-term financial capacity and overall financial soundness; identifying income and balance sheet variables and their vulnerabilities; assessing the income and capital impact of any strategic decisions or new programs/initiatives; monitoring the adequacy of income and capital to support lending and other development activities, including under key risk scenarios; and developing strategies for optimal use of capital as well as to address potential shortfalls in capital and income.

• Strategic Initiatives: jointly with other relevant counterparts, undertake strategic initiatives to advance corporate agenda, including Global Public Goods, climate financing, MICs agenda, financial aspects of IDA Replenishments, rating agency analytics, debt relief and arrears clearance including MDRI and HIPC, aid architecture, local currency financing, private capital facilitation, IDA's Private Sector Window (PSW) and other highly strategic initiatives as may come time to time.

• IDA Capital: engages with IDA members on capital matters (subscriptions, contributions, encashments, among others), and contributes to the recording, accounting, and reporting of these.

• Data & Analytics: In support of above areas of responsibilities, the unit establishes and maintains robust analytical infrastructure in the form of advanced financial models, database, systems and expertise to ensure robust support to balance sheet management and projections to support institutional policy-formulation and the Board's decision-making process.

KeyAccountabilities

FinancialAnalyst position will be under the IDA Capital cluster. The principal workprogram of the Financial Analyst includes a range of responsibilities withinthe IDA Capital cluster and include:

• Quality, accuracy and control of the financial management and accounting of IDA member subscriptions and contributions in the unit's highly customized SAP system (called STAR). This includes managing donor contributions to IDA from the receipt of donors' Instruments of Commitment through the encashment of donors' promissory notes.

• Approve transactions in STAR/SAP. This includes mainly approving member communications (e.g., Thank-you-letters, Installment and Encashment Invoices), and approving changes in member payment schedules. In case the staff initiating these transactions is not available, the individual will also be required to initiate transactions to ensure the work is done on time.

• Prepare and assist in the production of timely and accurate reports for donors and internal stakeholders and senior management. Support management on donor engagement by performing financial analysis as well as in responding to requests from Senior Management, the Board, and IDA donors.

• SWIFT is the system used by DFCII to communicate with member countries' central banks. Messages are created by one staff and are approved by a second staff. The individual will mainly be in charge of the approver role, unless the initiators are not available, in which case the individual should also take over the creation of SWIFT messages.
  Update IDA bank account information in STAR/SAP.

• Perform the monthly closing of the IDA ledgers in STAR/ SAP and the required monthly and quarterly reporting.

• Support DFCII in its interaction with internal and external auditors of IDA.

• Advise Government officials in IDA donor countries on IDA's financial policies and procedures and providing them with projected IDA encashments for legislative budget planning purposes.

• Manage IDA's donor-related business processes, including identification and correct application of cash and note receipts from IDA member countries, reconciliation of IDA's voting power, and preparation of financial information for IDA members on an ad-hoc basis.

• Review responses to member's requests for audit statements (so-called Status of Subscriptions and Contributions and Votes report).

• Conduct research and support team in the writing of analytical papers and briefing notes; analyze and research financial transactions, economic issues.

• Assist with system developments in the IDA Desk platform and STAR/SAP. This usually involves participation in requirements discussions, preparing testing documentation for new IDA systems applications being developed and helping in system testing.

• Assist in the building of quantitative models and replenishment related analysis.

• Assist in the preparation and periodic update of long-term cash flow projections and other IDA models.

• Other tasks required to deliver team objectives.

Selection Criteria

• Preferable Advanced Degree in Finance, Accounting, or Business Administration preferred and at least two years of relevant experience, ideally in managing member-related business processes, communication with members on capital related matters including voting power.

• Strong finance knowledge and analytical skills.

• Familiarity with accounting policies and procedures.

• Demonstrated skills in system development and translating business needs into systematic programs would be an advantage. Knowledge and experience with Bank systems (STAR/ SAP) is required and familiarity with messaging financial entities through SWIFT Alliance is highly desirable.

• Highly organized, attention to detail, and ability to carry out financial analysis in a systematic and structured manner.

• Ability to think strategically, creatively and practically.

• Strong problem-solving skills with a demonstrated capacity to identify pragmatic solutions and to integrate contributions from different sources.

• Strong verbal and written communication skills; proven ability to work as part of a team; capacity to work under tight deadlines and pressure.

• Mastery of MS Excel, Word and PowerPoint.

• Strong interpersonal skills. Ability to work across boundaries to resolve differences and build consensus.

• Outstanding interpersonal, diplomatic and partnership skills and proven ability to work across organizational boundaries to build alliances for results.

• High ethical standards, deep sense of fairness and strong degree of tact, judgment, and diplomacy.

• A great team player and excellent teamwork skills.

WBGCore Competencies

* Deliver Results for Clients. Adds value by constantlylooking for a better way to get more impactful results; sets challengingstretch goals for oneself; immerses oneself in client experiences andperspective by asking probing questions to understand unmet needs; anddemonstrates accountability for achieving results that have a developmentimpact and financial, environmental, and social sustainability. Identifies andproposes solutions to mitigate and manage risks.

* CollaborateWithin Teams and Across Boundaries. Appropriately involves others indecision making and communicates with key stakeholders; approaches conflicts ascommon problems to be solved; actively seeks and considers diverse ideas andapproaches displaying a sense of mutuality and respect; and integrates WBGperspective into work.

* Leadand Innovate. Contributes new insights to understand situations anddevelops solutions to resolve complex problems; adapts as circumstances requireand manages impact of own behavior on others in context of WBG's values andmission; and identifies and pursues innovative approaches to resolve issues.

* Create,Apply and Share Knowledge. Leverages department's expertise and body ofknowledge across WBG to strengthen internal and/or external client solutions;seeks to learn from more experienced staff to deepen or strengthen theirprofessional knowledge and helps others to learn; and builds personal andprofessional networks inside and outside the department unit.

* MakeSmart Decisions. Seeks diversity of information and inputs, researchespossible solutions, and generates recommended options; identifies andunderstands risks and proposes recommendations; and based on risk analysismakes decisions in a timely manner within own area of responsibility,considering the interests and concerns of stakeholders.

DFIVision Statement for Diversity, Equity, and Inclusion (DEI):

"Ourvision is to be a diverse, equitable and inclusive team, where all staff arerespected and supported, in effectively serving DFI clients in pursuit of WBGgoals."

Note - This internal requisition is open to WBG and IMF staff only (including short-term and extended term consultants/ temporaries). External candidates are requested not to apply. In case an external candidate applies, their application will not be considered.

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.