Job Vacancies International Finance Corporation (IFC)
Position: Financial Officer
Location: United States of America ( The ), Washington
Closing Date: Thursday, 26 January 2012
Background / General description
Note to Internal Staff: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a renewable term appointment. IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org. IFC’s Loss Provisioning unit (CFALP) is responsible, in collaboration with investment departments, for the determination of IFC’s loan loss reserves and investment write-downs as well as for oversight on IFC’s portfolio investment valuations from an impairment and income statement impact perspective. CFALP’s main functions can be summarized as follows:
Esure that IFC’s loan loss provisioning policies and methods are most effective and in compliance with applicable accounting standards.
Monitor investment staff compliance with IFC’s loan loss provisioning and equity valuation policies and methods.
Review investment staff recommendations for loan loss provisioning, investment write-downs and investment valuations.
Provide loss provisioning and write-down training to the investment staff.
Recommend to IFC management the general loan loss reserves required to cover the unidentified expected loan portfolio losses, in partnership with Integrated Risk (CIR).
Substantiate to external auditors and IFC’s Management the adequacy and fairness of IFC’s loss reserves and investment write-downs. CFALP is looking to hire a Financial Officer to perform the functions described below. This position provide an opportunity to obtain credit and valuation review experience of IFC’s investment portfolio worldwide, insight into the calculation of general and specific loan loss reserves and a first-hand understanding of financial reporting of portfolio investments.
Duties and Accountabilities
On a quarterly basis, carry out an independent impairment review for a selected portfolio of investments (equities, loans, debt securities and guarantees). This entails performing a review of investment valuations and loan loss reserve calculations as well as of supporting documentation in EPMS and CRR databases.
On a quarterly basis, prepare analytical material for, actively participate in and eventually chair the quarterly loss provisioning meetings with Portfolio Managers of IFC’s investment divisions. In addition, closely interact with CFAPV on equity valuation issues and with Portfolio staff on loan loss reserve issues to ensure that investment write-downs and loan loss reserves are appropriately determined and well- documented.
On a monthly basis, perform the closing of the Loan Loss Reserve (LLR) system and report loss reserve information to the Financial Reporting unit (CFAFR) for incorporation into the Corporation’s financial statements. Also, coordinate with CBT support on all system related issues required for a smooth functioning of the LLR closing and reporting processes.
On a quarterly basis, provide the LLR data feed to CIR for the calculation of the general loan loss reserve. Receive from CIR the calculation output, verify integrity/completeness and report to CFAFR for inclusion in IFC’s financial statements.
On a quarterly basis, report specific loan loss reserves and investment portfolio write-downs to relevant CFA units for inclusion in IFC’s financial statements. Carry out all necessary quality control checks to enable the correct recording and reporting of these items.
Develop the capability to deliver training presentations on loss provisioning topics to portfolio supervision staff.
Act as liaison vis-Ã -vis external auditors in connection to their audit of portfolio loan loss reserves and investment write- downs and address their information requests.
Keep abreast of new developments in accounting standards for financial instruments and impairments and lead in the implementation of those applicable to CFALP.
Master’s degree, preferably in business, finance, risk management or economics.
4-7 years of experience in the financial services industry, preferably in an investment/portfolio supervision related area (certifications such as a CFA or CPA would be a plus). Knowledge of IFC’s operations and portfolio a plus..
Knowledge of corporate finance, financial modeling and asset valuation in emerging markets. Experience in credit analysis desirable.
Strong organizational and time management skills. Candidate should be detailed oriented and yet be able to keep sight of the overall outcome.
Strong written, oral communication and presentation skills.
Excellent interpersonal skills, with the ability to function effectively and collaboratively in a team environment as well as individually. Willingness to share information and best practices.
Capacity to show initiative and ability to take responsibility for own actions. Only online applications are accepted. Only short-listed candidates will be contacted for interviews.
International Finance Corporation (IFC)
2121 Pennsylvania Avenue Northwest
Washington, DC 20433-0005
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