Manager |Portfolio Risk|

Job #:

req2+300

Organization:

World Bank

Sector:

Risk

Grade:

GH

Term Duration:

4 years 0 months

Recruitment Type:

International Recruitment

Location:

Washington, DC,United States

Required Language(s):

English

Preferred Language(s):

Closing Date:

+/25/2024 (11:5+pm 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 18+ 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. For more information, visit www.worldbank.org

TheChief Risk Officer (CRO) Vice Presidency (VPU) of the World Bank is the coreunit responsible for institutional risk oversight, including establishing riskpolicies and guidelines, conducting risk assessment, and monitoring and reportingto the Board and executive management. Its mission is to enable andsupport the institution to achieve its development goals in a financiallysustainable manner. The VPU assists management in identifying and managinggroup-wide cross-cutting risks, enhancing riskresponse decisions, reducing financial and operational surprises and losses, andseizing opportunities and improving efficiency in the deployment ofcapital. The CRO Vice Presidency comprises three Departments: 1)Credit Risk (CROCR); 2) Market & Counterparty Risk(CROMC), and 3) Operational Risk (CROOR).

The Credit RiskDepartment (CROCR) ensures that the Bank's credit risk exposure is commensuratewith the risk appetite of stakeholders, consistent with IBRD and IDA's triple-Acredit rating requirements and strikes the appropriate balance between developmentand financial sustainability objectives. The department manages thecountry credit risks inherent in IBRD and IDA's loan and guarantee portfolios,which is the most predominant risks on IBRD and IDA's balance sheets given theWorld Bank's development mission. The department also manages IBRD and IDA'sCapital Adequacy Frameworks. CROCR's core functions include, among others:(1) Assessing sovereign credit risks for all IBRD and IDA borrowers,including assigning internal credit ratings and assessing countrycreditworthiness which determines eligibility for IBRD loans;(2) Establishing prudential country credit risk management policies andensuring consistency of country lending plans with risk policies and capitaladequacy through the country exposure management framework; (3) Monitoringcountries that are vulnerable to crises, including payment arrears to the WorldBank; representing the Bank in engaging with the Paris Club of officialbilateral creditors; (4) Ensuring IBRD and IDA are adequately provisioned forloan losses, in line with US GAAP accounting standards; (5) Managing IBRD andIDA's Capital adequacy Frameworks in line with shareholder risk appetite andwith triple-A rating standards; (6) Monitoring IBRD and IDA's capital adequacy,including performing stress testing, and reporting to the Board; and (7) Developingand managing different risk-transfer mechanisms, including new innovativeinstruments, to enable an increase in the Bank's financing headroom.

TheDepartment consists of three teams - the Sovereign Risk Team that assesses andmonitors individual country credit risk and overall global and regional developmentthat affects IBRD and IDA countries' credit risks; the Portfolio Risk Team thatis responsible for assessing and managing IIBRD and IDA portfolio and balancesheet risks, including stress testing, loan loss provisioning, and capitaladequacy; and a third innovative finance team that develops risk-transfermechanisms to mitigate risks on IBRD and IDA's balance sheet and frees upcapital for additional lending.

This Manager role will be responsible for overseeingthe Portfolio Risk Team and its work program. The Manager will supervise a teamof finance and risk professionals and report to the Director of the Credit RiskDepartment.

(This will be a four-year term position. Staff who arealready on Open-ended contract will retain Open-ended terms.)

Duties and Responsibilities:-

The Manager will oversee the work program of the PortfolioRisk Team, with the following key responsibilities:
• Ensures IBRD and IDA's loan loss provision (LLP) framework and methodologies are robust and in line with US GAAP accounting standards. Oversees quarterly LLP calculations which feed into IBRD and IDA's Quarterly Financial Statements. The Manager is responsible for ensuring that LLPs are calculated accurately, with robust planning and business processes, and that there is strong internal control throughout the entire process. The Manager will be required to work closely with the WFA (Finance and Accounting) teams, as well as the External Auditors, and represent the department to respond to questions related to quarterly LLP results from the Senior Management and the Audit Committee of the Board.
• Responsible for IBRD and IDA's Capital Adequacy Framework (CAF). Ensures that the frameworks are fit for purpose, reflecting IBRD and IDA's business model and balance sheet structure, and provide efficient utilization of capital to maximize development objectives while staying consistent with IBRD and IDA's triple-A rating and financial sustainability objectives. This includes regular reviews and enhancements of IBRD and IDA's Frameworks to ensure their continued robustness and appropriateness.
• Oversees the team's responsibilities for IBRD's Country Exposure Management Framework, including regular exposure limits update and assessing country limits reallocation requests. Responsible for developing annual Single Borrower Limit recommendations to the Board. This requires close collaborations with the Sovereign Risk team in CROCR and the OPCS team and also involves regular reviews to enhance the process and framework.
• Contribute to the development of innovative risk transfer instruments, including providing capital adequacy impact assessment of new innovative financing structures.
• Responsible for conducting risk and capital adequacy assessment and reporting for Financial Intermediary Funds for whom the World Bank provides trustee services. This includes attending the Board meetings and rating agency meetings of these funds and discussing the fund's risk developments.
• In addition to ensuring timely and high-quality delivery of the team's work program and objectives, the Manager is also responsible for overseeing staff members and ensuring that they are provided with adequate training and guidance to effectively perform their roles and are well-supported in their career development efforts. The Manger is also responsible for ensuring an equitable and inclusive working environment that values diversity.
• The Manager will be a member of both the Department's and the VPU's Management Team and will be expected to contribute to Department-wide and VPU-wide initiatives and discussions.

Selection Criteria
• Master's degree in Finance, Risk Management, Business Administrative, Economics, or other relevant field, with a minimum of 12 years of directly relevant professional experience.
• A seasoned credit risk management expert, with deep experience and insights in quantitative portfolio credit risk modeling methodologies. Familiar with Basel and regulatory capital framework.
• Strong understanding of IBRD and IDA's business model and balance sheet structure, including how they differ from commercial banks, and their implications for capital adequacy framework. Prior direct working experience with MDBs is highly desirable.
• A conceptual and strategic thinker who also fully grasps technical details and nuances. Strong ability of developing sound and practical solutions to complex problems.
• Excellent communication skills. Strong writing and oral communications skills are essential. Ability to articulate and communicate complex and highly technical matters for non-technical audiences in a clear, concise and convincing manner.
• Highly organized and pays attention to details. Experienced with designing robust business processes to ensure accurate and high-quality analytical deliverables with strong internal controls.
• Strong interpersonal and diplomacy skills. Ability to build effective partnership with a wide range of internal and external stakeholders, including resolving conflicting views and forging consensus.
• Strong leadership, managerial and organizational skills, ability to effectively plan and allocate resources to deliver the team's work programs in a timely manner with high quality, including responding to unexpected urgent tasks. Commitment to innovations and process improvement, including utilizing the latest new technologies.
• Interested and skilled in people management and building a high-performing team.
• Excellent work ethic and results focus, with a "can do" attitude.

The World Bank Group values diversity and encourages all qualified candidates who are nationals of World Bank Group member countries to apply, regardless of gender, gender identity, religion, race, ethnicity, ****** orientation, or disability. Sub-Saharan African nationals, Caribbean nationals, and female candidates are strongly encouraged to apply.

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