Financial Specialist

Financial Specialist

Job #:

req21550

Organization:

World Bank

Sector:

Climate Change

Grade:

GF

Term Duration:

3 years 0 months

Recruitment Type:

International Recruitment

Location:

Washington, DC,United States

Required Language(s):

English

Preferred Language(s):

Closing Date:

3/15/2023 (MM/DD/YYYY) at 11:59pm UTC

Description

Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. Visit www.worldbank.org.

The World Bank Group (WBG)'s twin goals of ending extreme poverty and promoting shared prosperity reflect a new global landscape: one in which developing countries have an unprecedented opportunity to end extreme poverty within a generation.

The Climate Change Group (CCG) is part of the Sustainable Development (SD) Practice Group of the World Bank and helps client countries recognize, prepare for, and respond to the risks that climate change poses. With CCG support, the Bank can mobilize the necessary public and private finance, provide technical assistance, and utilize its convening power to support countries in their transition to low-carbon, climate-resilient development pathways. The CCG also works across the Bank with Global Practices and Regional Operations to ensure climate considerations are integrated in development planning and operational activities, enabling the institution to meet the targets outlined in its Climate Change Action Plan (CCAP) 2021-25 and the new 2025 Targets to Step Up Climate Action.

The World Bank's Climate Change Fund Management Unit (SCCFM) resides in the Climate Change Group (CCG). A "one stop shop" for Results-Based Climate Finance (RBCF), the SCCFM mobilizes climate finance through trust funds that deliver innovative, scalable climate and environmental action.

The core SCCFM trust fund work is organized across several teams:

• Forest and Land Use Funds (FCPF, BioCF) - the "Green Team";

• Results-based Climate Funds (TCAF, CPF, Ci-Dev) - the "Clean Team";

• SCCFM has the World Bank's implementing agency (IA) function for the Green Climate Fund (GCF) and the Pilot Program for Climate Resilience (PPCR) - the "Global Team".

The SCCFM is a large unit in the World Bank, with approximately $6bn in assets under management. There are about 40 staff led by a Practice Manager, and each of the trust funds is led by a Fund Manager. The IAs and AMU/FT are led by Coordinators.

The SCCFM also manages the development and implementation of the new Umbrella Trust Fund for RBCF, Scaling Climate Actions by Lowering Emissions (SCALE).

The SCCFM oversees the implementation of these trust fund programs by the World Bank. It is also responsible for financial and trust fund reporting; donor relations; mobilization of other sources of finance and manages the trust fund management system for the Climate Group of the World Bank. Financial management of all SCCFM funds is conducted by the Finance Team.

The Financial Specialist will perform the assigned core duties on financial management of SCCFM Trust Fund programs. The position requires good knowledge of and practical experience with WB trust funds, financials, technical, analytical, IT systems, and writing and communications skills, as well as a good knowledge of Bank operational, fiduciary, and administrative processes - especially managing financial performance and financial risks under trust funds.

The Financial Specialist will report to the Practice Manager and work as part of the Finance Team under the supervision and the general guidance of the Senior Financial Specialist, and in collaboration with other team members within the unit, or with staff of all levels in other units within the World Bank, as well as with external parties as required. The selected incumbent must have analytical skills to understand the impacts and risks of the business as well as demonstrate solid skills in task planning, prioritization to successfully handle the assigned tasks, with attention to detail and results driven orientation.

Duties and Accountabilities

The Financial Specialist will have a diverse work program and be expected to work independently on a number of complex tasks under the general direction of the SCCFM Practice Manager, and under the supervision of the Sr. Finance Specialist. The Financial Specialist will be primarily assigned to the Finance Team and will be providing trust fund financial management and financial risk management services to the assigned TF Program/s, as well as performing the required core services of the Finance Team for the assigned fund/s under SCCFM. The duties will include but not limited to the following:

• Provide financial management to specific funds/programs. Provide the day-to-day financial supervision of TF portfolios of a number of existing results-based climate finance funds, such as FCPF, BioCF/ISFL, working closely with the fund managers and teams. This will include the creation and implementation of standardized and customized financial reports, analyzing and managing key financial and operational metrics (trust fund pledges, paid-in contributions, currency exchange risks, disbursements, operational milestones, etc.), providing or coordinating transactional support (GFRs, flow/reflow of funds, etc.).

• Will lead the effort of setting up SCALE trustee, liaising with all involved units and departments of the Bank. Under the general supervision of the Sr Finance Specialist will provide inputs into the financial section of SCALE operations manual and other documents and reviews of processes and procedures. Will establish and implement TF hierarchy and financial monitoring and reporting systems for SCALE and associated fund/s.

• Prepare financial data and in-depth financial performance analysis for the financial portion of the annual and interim performance reports for donors and participants.

• Work with fund managers and teams to provide guidance on all aspects of TF financial management and performance. Take necessary actions to ensure compliance with institutional and VPU policies and guidelines. The Financial Specialist will be the focal point for liaison with BPS, ITS, WFA, and other relevant corporate units to facilitate financial and operational management-related initiatives for the assigned TF programs.

• Deliver financial management support across funds. In support of the Senior Financial Specialist, the Financial Specialist will lead support to funds on financial planning for program costs - WPAs with GPs, transfer of funds, annual budgets, long-term plans, etc. Develop guidelines and procedures on WPAs and allocations of funds and advise staff on the related processes and procedures, and best practices

• Review workflow and propose solution to improve efficiency of the financial management in the assigned program teams and across teams.

• Interact with clients both inside and outside the Bank, e.g. staff, consultants, vendors, third party etc., to timely address the issues relating to all aspects of TF financial performance and financial management.

• Mentoring and training. The Financial Specialist will be responsible for mentoring more junior staff in SCCFM on financial management and financial reporting matters.

• Other duties as determined by the SCCFM PM and Senior Finance Specialist to advance strategic and operational objectives of the unit.

Selection Criteria

• MA/MSc in a relevant discipline (finance, business administration, economics is essential) plus at least 4 years of relevant professional experience.• Minimum 3 years of hands-on trust fund financial management experience in Carbon Finance trust funds; extensive experience with WB financial management systems and general trust fund management.• Knowledge of WB operations and particularly Carbon Finance operations and application of relevant WB policies and practices as they relate to financial management of carbon funds.• Working knowledge of and proven experience with FCPF and ISFL/Bio CF programs and their financial management specifics and challenges. Understanding of new SCALE umbrella's principles, financial set up, and financial implementation plans.• Good understanding and experience with the Emission Reduction Payment Agreements' terms and conditions and the management of emission reductions transactions in general, and in relation to trust funds financial planning and performance in particular.• Solid ability to identify financial risks, report to appropriate parties, and propose strategies on risk management and risk mitigation measures.• Experience of preparing guidelines and procedures to ensure corporate guidelines are adhered to, ability to evaluate and ensure the consistency of trust fund policies and procedures.• Working understanding of operational and/or financial accounting concepts and experience with reporting standards.• Ability to analyze business processes and systems, recommend improvements, and assist with implementation.• Excellent judgement and ability to work with considerable autonomy under pressure to deliver high quality results in a timely manner.• Collaborates across boundaries, gives own perspective, and willingly receives diverse perspectives.

Technical Competencies

• Solid organizational skills, attention to detail, and ability to manage multiple tasks at the same time under tight deadlines.• Excellent working knowledge and understanding of the WBG organization and its range of instruments, especially of the Trust Funds (e.g., IBRD loans, IDA credits and grants, ERPAs). • Proven experience and in-depth knowledge of carbon finance trust funds; familiarity with the specificities of climate funds' performance, management, and reporting.• Understanding of the Emission Reduction Payment Agreements, including knowledge of EMS system and reporting requirements.• Having TF Accreditation is essential. • Familiarity with World Bank data management and reporting systems, including SAP, the Operations Portal, MyTF, Standard Reports, BI reports, EMS. • High proficiency in the use of advanced functions of MS Excel - power pivots, power queries are critical.• Solid knowledge of TF accounting and TF internal controls.• Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues.• Effective verbal and written communications skills.• Ability to function effectively in multi-disciplinary teams within a matrix environment.

The World Bank Group is committed to achieving diversity in race, gender, nationality, culture, and educational background. Individuals with disabilities are equally encouraged to apply. Women and SSA/CR candidates are strongly encouraged to apply. Candidates with open term appointments will retain their employment status if selected for this position. All others will be offered a 3 year term appointment. All applications will be treated in the strictest confidence.

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.

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

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.