Exciting Opportunity at World Bank: Manager Position in Risk Sector: 1 Apply Now
Exciting Opportunity at World Bank: Manager Position in Risk Sector
Closing date: Friday, 10 May 2024
Position: Manager
Job Number: req27303
Organization: World Bank
Sector: Risk
Grade: GH
Term Duration: 3 years
Recruitment Type: International Recruitment
Location: Washington, DC, United States
Required Language(s): English
Preferred Language(s): Closing Date: 5/10/2024 (MM/DD/YYYY) at 11:59pm UTC
Description:
Employment at the World Bank Group offers a distinct opportunity to contribute to solving the most pressing development challenges faced by our clients. The World Bank Group stands as one of the primary sources of funding and expertise for developing nations, comprising a unique global coalition of five institutions dedicated to eradicating extreme poverty, fostering shared prosperity, and advancing sustainable development. With a presence in 189 member countries and over 120 offices worldwide, we collaborate with both public and private sector partners, investing in pioneering projects and leveraging data, research, and technology to address urgent global issues.
The Office of the Chief Risk Officer (CRO) assumes responsibility for leading the risk management function for IBRD and IDA, overseeing financial and operational risks encompassing policy development, assessment, monitoring, and reporting. Collaborating closely with other risk units within the Bank Group, the CRO addresses interdepartmental issues, promotes sustainable innovation, and shares best practices. The CRO plays a pivotal role in capital structuring, interacts with rating agencies, and communicates risk-related matters to the Board, in addition to comprising the Country Credit Risk Department (CROCR), Market and Counterparty Risk Department (CROMC), and Operational Risk Department (CROOR).
The Market & Counterparty Risk Directorate (CROMC) concentrates on risk oversight across four key domains:
Market risk, encompassing asset and liability management, interest rates, spreads, foreign exchange risk, and liquidity management. Counterparty (non-sovereign lending) Exposure & Liquidity risk, including risks associated with changes in creditworthiness of commercial/derivative counterparties, and treasury investment portfolio liquidity and market-to-market risks. Model risk, covering financial risk models across the WBG (excluding IFC), focusing on model governance.
Valuation & Analytics, encompassing validation of valuation models, independent price verification (IPV), and market data. The Market & Counterparty Risk Directorate seeks a manager to oversee the Valuation and Analytics (VA) function within CROMC, based in Washington, DC. The ideal candidate should possess comprehensive knowledge of financial market instruments, derivatives, and relevant pricing models, demonstrate experience in managing cross-functional relationships, and exhibit a track record of leadership in both Washington, DC, and Singapore, overseeing a team of highly skilled technical professionals.
The VA function’s primary objective is to uphold the integrity of valuations within IBRD and IDA’s financial statements. This is achieved by independently supervising the implementation of models in the designated valuation system and conducting independent price verification.
Responsibilities and Accountabilities:
Serve as the primary point of contact and domain expert for negotiations and communications with internal and external stakeholders on valuation-related matters.
Provide thought leadership and recommendations, proposing changes to enhance the effectiveness and efficiency of valuation model management directives, policies, procedures, and platforms where appropriate.
Lead and implement process improvements to enhance the efficiency and accuracy of valuations produced.
Lead or participate in projects initiated by the Market Risk Department and engage in cross VPU projects as necessary.
Establish and maintain relationships with external and internal clients, management, and staff, effectively managing technical consultants’ engagements.
Offer direction, coaching, and feedback to foster the development of a high-performing, diverse team of quantitative professionals, promoting learning and development strategies to ensure a skilled workforce.
Stay abreast of the latest developments in quantitative modelling techniques, identifying opportunities to enhance existing models and tools.
Develop and maintain industry contacts to remain informed of best practices.
Collaborate closely with external auditors.
Selection Criteria:
Possess a Master’s degree in a relevant field/discipline, accompanied by significant professional experience (typically, at least 12 years of progressively complex and responsible roles within the WBG or comparable public/private sector environments).
Demonstrate prior knowledge and experience in derivatives, structured products, valuation models, and P&L attributions, preferably with direct relevant market experience in structuring/trading/valuation/active risk management of interest rate and/or foreign exchange derivatives.
Exhibit exceptional written and oral communication skills, conveying complex issues clearly to internal and external audiences across all levels.
Demonstrate agility and quick response capabilities, with the ability to anticipate and address a wide range of issues and situations, often emerging and with short notice.
Possess strong interpersonal skills to collaborate effectively in teams and with management and staff at all levels.
Display a high level of initiative, confidence, and self-starter mentality, along with a proven track record of innovation and continuous process improvement.
Demonstrate the ability to manage teams located in different countries, time zones, and geographic areas.
Illustrate proficiency in industry-wide risk modelling practices and trends.
Familiarity with market and accounting standards
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