Manager |Sovereign Credit Risk|

Job #:

req2+311

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 betweendevelopment and financial sustainability objectives. The department managesthe country 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) Assessingsovereign credit risks for all IBRD and IDA borrowers, including assigninginternal credit ratings and assessing country creditworthiness which determineseligibility for IBRD loans; (2) Establishing prudential country creditrisk management policies and ensuring consistency of country lending plans withrisk policies and capital adequacy through the country exposure managementframework; (3) Monitoring countries that are vulnerable to crises, includingpayment arrears to the World Bank; representing the Bank in engaging with theParis Club of official bilateral creditors; (4) Ensuring IBRD and IDA are adequatelyprovisioned for loan losses, in line with US GAAP accounting standards; (5) ManagingIBRD and IDA's Capital adequacy Frameworks in line with shareholder riskappetite and with triple-A rating standards; (6) Monitoring IBRD and IDA'scapital adequacy, including performing stress testing, and reporting to theBoard; and (7) Developing and managing different risk-transfer mechanisms,including new innovative instruments, to enable an increase in the Bank'sfinancing 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 Sovereign Risk Team and its work program. The Manager will supervise a teamof economists and senior economists and report to the Director of the CreditRisk Department.

(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 SovereignRisk Team, with the following main responsibilities:
• Lead the department's Sovereign Risk Rating work and ensure high-quality delivery. Responsible for ensuring a robust rating methodology and guidelines and adequate training and guidance to staff on risk rating work, assigning country responsibilities to team members, and managing the Risk Rating Committee meeting plans, and chair the Committee meetings when delegated by the Director. The Manager is also expected to actively pursue measures to improve the efficiency and effectiveness of the country risk rating process.
• Monitor global and regional economic developments and countries at risk of crisis. Analyze potential risk implications for the Bank and provide prompt alerts and updates to the Director. Serve as Secretariat to the monthly meetings of the Short-Term Risk Monitoring Group and oversee the preparation of the report. Oversees the preparation of the quarterly internal reports on countries facing potential payment difficulties.
• Participate in the Paris Club meetings on behalf of the World Bank and brief the Paris Club members on the economic situations in countries of interest based on input received from relevant country teams. Liaise with IMF and other World Bank representatives.
• Responsible for developing macroeconomic stress testing scenarios and related methodologies and modeling work.
• Oversee country creditworthiness assessments and ensure robust methodologies.
• Contributes to the IBRD Country Exposure Management processes, including assessing country limits reallocation requests. This requires close collaborations with the OPCS team and also involves regular reviews to enhance the process and framework.
• Prepare high-quality briefings to Senior Management. Develop effective dashboard, reports and tools.
• 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 or PhD degree in Economics or another relevant field, with a minimum of 12 years of directly relevant professional experience.
• A seasoned macro economist with broad and deep experience with developing country economics and credit risk analysis. Deep understanding of the various factors that affect World Bank client countries' sovereign credit risks, including IBRD and IDA's Preferred Creditor Status. Ability to guide staff on macroeconomic modeling work, including on stress testing.
• Familiar with the World Bank's country engagement model and financial instruments. Previous experience working in the World Bank or another MDB's country operations is desirable.
• Knowledge of sovereign debt issues, including debt restructuring, is desirable.
• A conceptual and strategic thinker who also fully grasps technical details and nuances. Ability to develop sound and practical methodologies and policy frameworks.
• Excellent communication skills. Ability to write and speak clearly, succinctly and convincingly, for various audiences.
• 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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