The International Finance Corporation (IFC) is the private sector arm of the World Bank Group and the largest multilateral provider of financing for private enterprise in developing countries. IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and to improve people's lives. IFC finances private sector investments including loan and equity investments; provides credit enhancement and risk sharing guarantees; mobilizes capital in international financial markets; facilitates trade; helps clients improve social and environmental sustainability; and provides technical assistance and advisory services to businesses and governments.
IFC's Corporate Accounting and Financial Operations (CFA) department plays a significant role in achieving IFC's mission - with an overarching responsibility of supporting IFC's activities by delivering value-added financial and management accounting services through strategic and operational business partnership, actively contributing in decision making, business performance, financial intelligence and resource (re)deployment.
The Loan Operations unit (CFALO) of CFA provides commitment management, disbursement, invoicing, payment allocation, syndication and accounting services for all IFC direct loan, syndicated/parallel loan, quasi-equity (e.g. debt securities, subordinated loans), donor-funded and guarantee transactions. The overall mandate of CFALO is to provide servicing support for IFC’s loan and guarantee portfolios, operational support in the development of new business initiatives and products, and play a key role in the review and development of corporate business processes and systems supported by the department.
CFA is seeking a successful, proven leader to move the Head, Loan Operations position to the next level. The Head, Loan Operations, is a senior officer position on the CFA extended leadership team having direct responsibility and oversight for the day-to-day management of all staff, functions, systems and activities of the Loan Operations division of CFA. CFALO has 25 staff under purview (of which 6 are fully dedicated IBRD staff located in Chennai India).
Duties and Accountabilities:
The Head, Loan Operations reports directly to and assists the Senior Manager, Financial Operations (CFAFO) whose responsibilities in addition to CFALO, include the Treasury Support, Equity Support, Investment Accounting and Quality Assurance units of the department. The Head, Loan Operations is a member of CFA’s Extended Leadership team as well as the CFAFO Leadership Team.
The selected individual will play a leading role in policy, procedural/process/product and system innovations, strengthening the control environment, and providing guidance and direction to unit staff encompassing the processing, settlement, control, and accounting for all IFC loan and loan-related investment activities. This individual will lead the dynamic relationship between CFALO, other CFA units and other IFC departments and/or outside parties and determine efficiency, quality, and continuous improvement targets and measurements for the team. The selected individual will be responsible for maintaining high standards of team performance and professional development of all staff members in achieving CFA’s strategic objectives relating to internal and external customer services, processing efficiency, and quality.
Core responsibilities include:
- Lead the 19–person Washington-based CFALO division providing direction and support to 3-4 front line supervisors and sub teams, including Trade Finance & Supply Chain/ Donor Trust Fund Investments, Special Operations, and Guarantee/Risk Sharing Facilities.
- Lead the 6-person CFALO Chennai, India offshore unit staff, functions and activities.
- Lead and provide direction to supervisory staff for all aspects of the Staff Performance Management processes for all CFALO staff (Washington and Chennai based).
- Manage and provide oversight for delivery of integrated accounting and financial support services for IFC’s loan, syndicated loan, quasi-equity (e.g. debt securities, subordinated loans), donor-funded and guarantee portfolios.
- Lead CFALO participation/representation on all cross-departmental efforts.
- Play a key role in the development of a Unit capable of supporting IFC transaction growth by improving and automating processes and controls, reducing volume sensitivity, and introducing straight through processing automation and developing, implementing and maintaining best practice processing and settlement controls associated with CFALO’s investment portfolio.
- Provide guidance and operational support to investment departments, and Treasury and Legal Vice Presidencies in the development of new investment transactions and client products, and development and roll-out of corporate initiatives.
- Direct allocated budgetary and staffing resources in the delivery of Unit objectives.
- Lead Unit team building initiatives, create an enabling work environment, and contribute to establishing an effective performance review and reward mechanism within the Unit
- Actively participate in the CFA extended leadership team related to the development of CFA’s staff talent and performance evaluation and remuneration activities.
- Manage Unit workflow, maintain customer service standard, and handle internal and external communications.
- Ensure further leveraging and marketing of CFA reporting services within IFC Operations and for IFC Senior management;
- The position will also focus on advancing numerous cross-departmental partnerships and leveraging those teams, including but not limited to:
- CFA Innovation and New Product Group
- CSO Management Team Significant Events Reviews
- Trade Finance & Supply Chain Management Support & Systems Strategy Reviews
- Advanced Degree (MBA, CPA or equivalent) in accounting, finance, or business administration required.
- Sustained successful record of achieving high-quality substantive results over an extended period (a minimum of 10 years), in relevant financial operations or loan accounting management experience in a corporate setting required. History of progressing increasing scope of responsibilities strongly preferred.
- Demonstrated experience in leading teams, including attracting, building, developing and retaining talent required. Ability to create a team climate of practical and innovative actions facilitating collaborations between teams with multi-cultural backgrounds and multi-disciplinary stakeholders strongly preferred.
- Strong bias for action demonstrated by strong business acumen, management insight, pro-activity, client responsiveness and pragmatism personal attributes required.
- Proven project management skills and aptitude for coordination and facilitation of groups of teams required. Proven ability to conceptualize, design and implement major initiatives and projects required.
- Proven people management and motivational leadership capabilities. Ability to build productive teams and work collaboratively across functions and departments required.
- Superior communication skills (in English), both written and oral, to convey complex financial issues in a clear and concise way to senior management, clients (internal and external) and staff required.
- Experience with and mastery of IFC’s business lines, financial products and practices and private sector management strategies strongly preferred.
- Demonstrated sound knowledge and understanding of accounting theory, concepts and principles, combined with proven practical skills in financial operations, accounting for loan and guarantee products, business and strategic planning, work programming and financial management required.
IFC - 19 months ago
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries....