Financial Officer

**Financial Officer**

Job #:
req31509
Organization:
World Bank
Sector:
Treasury
Grade:
GF
Term Duration:
3 years 0 months
Recruitment Type:
Local Recruitment

**Location**:
Chennai,India
Required Language(s):
English
Preferred Language(s):
Closing Date:
2/14/2025 (MM/DD/YYYY) at 11:59pm UTC

Description

The World Bank Treasury (Treasury") provides asset management, banking and debt management, and capital markets services to the International Bank for Reconstruction and Development (IBRD") and its affiliates and member countries, and to other official-sector institutions. Treasury also carries out extensive collaborations with finance officials of member countries and their agencies with the objective of building members' capacity in public wealth and debt management. The scale of these activities is substantial: Treasury currently manages more than $80 billion in assets for over 25 clients, carries out about $15 billion per annum in debt issuance in global bond markets for IBRD and for the International Finance Facility for Immunisation (IFFIm), and is engaged in capacity-building partnerships in more than 25 countries.

Treasury's 270 staff is organized into seven departments operating in the asset management, banking and debt management, and capital markets business segments. The Quantitative Strategies, Risk and Analytics Department in the World Bank's Treasury is responsible for developing leading-edge solutions in the areas of strategic asset allocation, quantitative strategies and financial modeling, market analysis, portfolio analytics and risk measurement for the benefit of the three business segments. In addition to partnering with groups in Treasury, QRA maintains an extensive outreach program with external counterparts including investment banks, asset managers, and international institutions to exchange ideas, and enhance Treasury's reputation in the field of asset allocation strategy, risk management and portfolio analytics.

The Pension and Endowments Department (PEN) manages over $15 billion US dollars invested across the spectrum of asset classes, from fixed income to private equity and hedge funds. The Pension Administration Division (PENAD) is part of (PEN) and has two teams located in the Bank's offices Washington, DC and Chennai, India. PENAD provides a full range of support functions for the administration of the Staff Retirement Plan (SRP), the Retired Staff Benefits Plan (RSBP) and the Post-Employment Benefit Plan (PEBP). These Plans cover approximately 13,000 active staff and 7,000 retirees around the world. PENAD determines and administers payment of pension benefits to retirees in U.S. dollars and foreign currencies, accounts for the pension benefit payments, and provides a comprehensive educational program to disseminate the Staff Retirement Plan provisions to participants in the headquarters and country offices.

**Duties and Accountabilities**:
The Financial Officer is a key member of the team and reports to the Senior Financial Officer of PENAD. Work implies frequent interaction with internal counterparts in Treasury, Legal, and Human Resources. S/he is responsible for specific tasks as well as working as part of a team in support of all areas of the business, which will include, but is not limited to, the following:

- Play a lead role in reviewing control procedures and transaction processing procedures to help streamline operations and gain efficiencies;
- Serve as project manager, leading multi-disciplinary teams, on projects of moderate size and complexity, conducting as well as coordinating user acceptance testing efforts;
- Identify systems problems and recommend enhancements, and modifications
- Provide information, resolve issues, and provide advice relating to the Staff Retirement Plan through in-person contacts, electronic mail, the telephone, and correspondences with active staff, retirees and other beneficiaries;
- Prepare and present briefings to groups of staff on Pension Plan provisions, both at Headquarters and in country offices.
- Process and calculate pension benefit payments made under the Plan at the request of active participants and prepare certifications as requested by retired participants;
- Process transfer-in and transfer-outs to and from the Plan, purchase of optional pensionable service and currency options. Calculate and process pension benefit payments made under the Plan;
- Conduct staff contribution, cash balance and country office savings plan reconciliations and other control activities on a periodic basis;
- Calculate the tax exclusions under the US taxes for various scenarios, review tax supplement related information and make necessary corrections. Participate in 1099-R preparation process;
- Prepare various tax related communications as retiree and active staff requests to help them to comply with local tax obligations;
- Responding to various client inquiries about their benefits under the Plan;
- Undertake ad hoc projects and specia