Financial Officer - World Bank - Washington, D.C
The Chief Risk Officer (CRO) Vice Presidency of the World Bank is the core unit responsible for institutional risk oversight, including establishment and monitoring adherence to risk policies and guidelines and risk assessment and reporting to the Board and executive management.
The Market & Counterparty Risk Directorate focuses on oversight of risk in two areas:
I. Market Risk, which covers ALM, interest rate, spread (funding and investments) and FX risk, and the availability/cost of or access to ready liquidity and long-term funding, and
II. Commercial (i.e. not sovereign lending) Credit Risk, which includes risks to IBRD resulting from changes in creditworthiness of IBRD’s commercial counterparties.
Responsibilities for both areas focus on three sub-functions:
1. Risk Control Guidelines: Establishing and maintaining robust risk control guidelines (including setting limits) governing IBRD’s investment management, borrowings and derivatives, consistent with the institution’s financial policies and risk tolerances;
2. Risk Monitoring and Compliance: Identifying and measuring IBRD’s market and counterparty risks; Use and develop risk measurement models; Assessing risk associated with new strategies, initiatives and transactions; Ensuring compliance with financial policies and risk control guidelines; Managing the process of resolving exceptions where required;
3. Reporting: Providing executive management and the Board with regular risk oversight reports. Providing the enterprise’s thought leadership on risk issues and relevant industry, regulatory and legal developments.
As part of its Work Program, CROMC is in need of a Financial Officer, senior in stature and providing functional guidance to junior level staff in Washington, DC, Singapore and Chennai, India. This officer should have 5-7 years of credit experience in an environment similar to that of CROMCs, and will report to the Manager of Commercial Counterparty Credit Risk. This analyst should have strong prior experience in one or more of the following areas and should be proficient in all of the below mentioned areas: 1) fundamental credit analysis of financial institutions, 2) sovereigns, 3) sub-sovereign governments, 4) structured finance and corporates; and 5) financial markets, with an ability to assess and understand security pricing, product liquidity and valuation. Moderate experience in the following areas is also important: quantitative credit and market risk assessment and modeling; and interest rate and currency derivative transactions. This individual must be able to work in a fast paced environment where credit risk decisions are often made in a short time frame. This position is also engaged in longer term projects that involve investigating and developing an understanding of new financial industry products and new credit counterparts. An ability to make regular use of information technology systems, some of which are internally developed systems and some of which are external databases and/or software (e.g., Bloomberg, other data providers such as rating agencies) is required. This individual will work closely with other World Bank colleagues in vastly different time zones (i.e., Washington DC, Chennai India and Singapore) and will need to work flexible hours to accommodate meetings and video conferences across the different regions. Experience in working with trading desks and portfolio managers that are seeking credit and trade approvals would be a plus. Lastly, a strong proficiency with Microsoft Excel, Word and Outlook is required.
The Market & Counterparty Risk Directorate focuses on oversight of risk in two areas:
I. Market Risk, which covers ALM, interest rate, spread (funding and investments) and FX risk, and the availability/cost of or access to ready liquidity and long-term funding, and
II. Commercial (i.e. not sovereign lending) Credit Risk, which includes risks to IBRD resulting from changes in creditworthiness of IBRD’s commercial counterparties.
Responsibilities for both areas focus on three sub-functions:
1. Risk Control Guidelines: Establishing and maintaining robust risk control guidelines (including setting limits) governing IBRD’s investment management, borrowings and derivatives, consistent with the institution’s financial policies and risk tolerances;
2. Risk Monitoring and Compliance: Identifying and measuring IBRD’s market and counterparty risks; Use and develop risk measurement models; Assessing risk associated with new strategies, initiatives and transactions; Ensuring compliance with financial policies and risk control guidelines; Managing the process of resolving exceptions where required;
3. Reporting: Providing executive management and the Board with regular risk oversight reports. Providing the enterprise’s thought leadership on risk issues and relevant industry, regulatory and legal developments.
As part of its Work Program, CROMC is in need of a Financial Officer, senior in stature and providing functional guidance to junior level staff in Washington, DC, Singapore and Chennai, India. This officer should have 5-7 years of credit experience in an environment similar to that of CROMCs, and will report to the Manager of Commercial Counterparty Credit Risk. This analyst should have strong prior experience in one or more of the following areas and should be proficient in all of the below mentioned areas: 1) fundamental credit analysis of financial institutions, 2) sovereigns, 3) sub-sovereign governments, 4) structured finance and corporates; and 5) financial markets, with an ability to assess and understand security pricing, product liquidity and valuation. Moderate experience in the following areas is also important: quantitative credit and market risk assessment and modeling; and interest rate and currency derivative transactions. This individual must be able to work in a fast paced environment where credit risk decisions are often made in a short time frame. This position is also engaged in longer term projects that involve investigating and developing an understanding of new financial industry products and new credit counterparts. An ability to make regular use of information technology systems, some of which are internally developed systems and some of which are external databases and/or software (e.g., Bloomberg, other data providers such as rating agencies) is required. This individual will work closely with other World Bank colleagues in vastly different time zones (i.e., Washington DC, Chennai India and Singapore) and will need to work flexible hours to accommodate meetings and video conferences across the different regions. Experience in working with trading desks and portfolio managers that are seeking credit and trade approvals would be a plus. Lastly, a strong proficiency with Microsoft Excel, Word and Outlook is required.
Duties and Accountabilities:
• Participate as a senior team member with regard to CROMCs responsibilities in the areas of fundamental credit analysis and/or quantitative risk analysis. Provide impactful thoughts and recommendations.
• Take a leading role in monitoring IBRD’s Liquid Asset Portfolio from the point of view of credit risk.
• Actively participate in CROMC Rating Committee meetings, Product Committee meetings and team meetings.
• Provide assistance with daily, weekly, monthly and quarterly data reporting requirements, with a focus on rating agency data, counterparty credit exposure and credit limit data.
• Be involved in a number of ad hoc projects of high importance to CROMC. Examples include new quantitative modeling methods (e.g. Independent Amount calculations) and/or credit assessments of new products and markets (e.g. Sukuk bonds).
• Have familiarity with the Information Technology platforms of CROMC.
• Establish and maintain good business relationships with CROMC’s principal internal customers within Treasury.
• Take an active role in new development projects within CROMC.
• Take a leading role in monitoring IBRD’s Liquid Asset Portfolio from the point of view of credit risk.
• Actively participate in CROMC Rating Committee meetings, Product Committee meetings and team meetings.
• Provide assistance with daily, weekly, monthly and quarterly data reporting requirements, with a focus on rating agency data, counterparty credit exposure and credit limit data.
• Be involved in a number of ad hoc projects of high importance to CROMC. Examples include new quantitative modeling methods (e.g. Independent Amount calculations) and/or credit assessments of new products and markets (e.g. Sukuk bonds).
• Have familiarity with the Information Technology platforms of CROMC.
• Establish and maintain good business relationships with CROMC’s principal internal customers within Treasury.
• Take an active role in new development projects within CROMC.
Desired Skills and Experience
• 5-7 years’ work experience in credit, preferably in trading/capital markets environment.
• Strong experience in one or more of the following areas and should be proficient in all of the mentioned areas – fundamental credit analysis of financial institutions, sovereigns, sub-sovereign governments, structured finance and corporates.
• Moderate experience with an understanding of quantitative risk modeling.
• An ability to assess and understand security pricing, liquidity and valuation.
• A background and expertise with derivative contracts (i.e., ISDAs, CSAs).
• Ability to work in a fast pace environment where credit risk decisions are often made in a short time frame.
• Ability to make use of IT systems, some of which are internally developed systems and some of which are external databases.
• A commitment to training and reviewing the work of more junior colleagues.
• An ability to work flexible hours to accommodate business needs in Singapore and Chennai, India.
• Experience working with trading desks and portfolio managers is a plus.
• Lastly, a strong proficiency with Microsoft Excel, Word and Outlook is required.
• Strong experience in one or more of the following areas and should be proficient in all of the mentioned areas – fundamental credit analysis of financial institutions, sovereigns, sub-sovereign governments, structured finance and corporates.
• Moderate experience with an understanding of quantitative risk modeling.
• An ability to assess and understand security pricing, liquidity and valuation.
• A background and expertise with derivative contracts (i.e., ISDAs, CSAs).
• Ability to work in a fast pace environment where credit risk decisions are often made in a short time frame.
• Ability to make use of IT systems, some of which are internally developed systems and some of which are external databases.
• A commitment to training and reviewing the work of more junior colleagues.
• An ability to work flexible hours to accommodate business needs in Singapore and Chennai, India.
• Experience working with trading desks and portfolio managers is a plus.
• Lastly, a strong proficiency with Microsoft Excel, Word and Outlook is required.
The World Bank Group is committed to achieving diversity in race, gender, nationality, culture, and educational background. Individuals with disabilities are equally encouraged to apply.
For further details and to apply, please go to www.worldbank.org/careers and under “current job openings” seek vacancy number 150988. Deadline for applications June 15, 2015.
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