Manager
Apply NowCompany: The World Bank Group
Location: Washington, DC 20011
Description:
Manager
Job #:
req29648
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:
10/11/2024 (11:59pm UTC)
Description
Do you want to build a career that is trulyworthwhile? Working at the World Bank Group provides a unique opportunityfor you to help our clients solve their greatest development challenges. TheWorld Bank Group is one of the largest sources of funding and knowledge fordeveloping countries; a unique global partnership of five institutionsdedicated to ending extreme poverty, increasing shared prosperity, andpromoting sustainable development. With 189 member countries and more than 120offices worldwide, we work with public and private sector partners, investingin groundbreaking projects and using data, research, and technology to developsolutions to the most urgent global challenges. For more information, visit www.worldbank.org
The office of the Chief Risk Officer (CRO) is responsiblefor leading the risk management function for IBRD and IDA, with oversightresponsibility for financial and operational risks including policyformulation, measurement, monitoring, and reporting. The CRO works closely withother risk units in the Bank Group to address cross-cutting issues, supportinnovation in a sustainable manner, and share best practices. It also fosterscollaboration in risk management across other MDBs. CRO plays a key role inoptimizing capital structure, interacting with rating agencies, internal, andexternal auditors, and Board communication on risk related matters. It consistsof Country Credit Risk Department (CROCR), Market and Counterparty Risk Department(CROMC), and Operational Risk Department (CROOR).
The Market & Counterparty Risk Directorate (CROMC) focuses on oversight ofrisk in four main areas:
1) Market risk, which covers ALM, interest-rate, spread (funding andinvestments), and foreign-exchange risk, and the availability/cost of, oraccess to, ready liquidity and long-term funding;
2) Counterparty (i.e., no sovereign-lending) Exposure &Liquidity risk, which includes risks to IBRD resulting from changes increditworthiness of IBRD's commercial/derivative counterparties, andMTM/liquidity risks of the treasury investment portfolios;
3) Model risk, which covers financial-risk (capital, risk,income, etc.) models, across the WBG excluding IFC, in terms of model, risk,& governance; and
4) Valuation & Analytics, which includes validation andverification of valuation models & market data, and independent priceverification (IPV) of fair-valued products.
The Market & Counterparty Risk Directorate is looking to recruit a Managerunder the Market risk function in CROMC, based in Washington, DC. An idealcandidate should have strong institutional knowledge of IBRD & IDA, a deepexpertise in market financial instruments including derivatives, and provenALM, and balance sheet risk management capabilities.
Duties and Accountabilities:
The Manager, CROMC Market Risk/ALM Team will reportdirectly to the Director, CROMC.
She/he will focus on assessment, measurement, andreporting for key risk areas such as balance sheet interest rate risks, ownequity management, liquidity, and FX risks. Key responsibilities include:
The Market andALM Risk Manager will lead a team of professionals in the CROMC department todeliver on responsibilities as they relate to an independent second line ofrisk control. The principal areas of the individual's work program would covera wide range of current and prospective responsibilities that include:
* Provideoversight to CROMC's responsibilities in setting market and ALM limits at alllevels, including institutional (balance sheet level), portfolio and positionlevels and in ensuring adherence to the established limits; Role includes leadingidentification of risk appetites/tolerances and establishing policies,guidelines, and processes to ensure adherence.
* Ensure CROMCdeploys robust, market-leading analytics to achieve best-in-breed marketsurveillance, risk measurement/quantitative-analysis, risk modeling/metrics andformal reporting to support the Executive Board, Asset/Liability Committee,Finance and Risk Committee and Executive Leadership.
* Provide thoughtleadership and recommendations (including quantitative assessment ofrisk/reward/cost for alternatives) regarding emerging risks. Such risks mayinclude broad changes in market levels/volatility, structural market factors(geopolitical, regulatory), and internal policy/business-line/product proposalswhich support The World Bank Group Mission.
* Ensure top-levelquality control of CROMC metrics and reports to the Asset Liability ManagementCommittee, the Finance and Risk Committee & the Audit Committee, includingaccuracy, timeliness, relevance, consistency and explainability.
* Perform anexpert role in the planning stages for new products or new initiatives or forchanges in the existing governance framework vis-a-vis financial integrity of TheBank.
* Supervise theteam on ongoing market, ALM and internal business surveillance work toidentify, measure, and evaluate risks.
* Provideleadership in initiating the development, enhancement and implementation of oversightand analytical/monitoring systems and processes.
* Work closelywith other members of the CROMC management team to develop, plan, oversee, andexecute the CROMC business strategy and work program holistically and bybreaking any existing silos.
* Promoteteamwork and collaboration within CROMC, across the department and CRO,Treasury and Development Finance colleagues, including Finance Partners, andexternal experts and MDB peers to foster efficient processes, effective riskmanagement, and high-quality service delivery.
* Build, sustain,and manage relationships with external and internal stakeholders, management,and staff to achieve institutional goals effectively.
* Providedirection, coaching, and feedback to continually develop and maintain a highperforming, talented and diverse team of risk professionals; foster learningand development strategies to maintain a professional workforce with up-to-dateskills, knowledge, and experience. Cultivate future leaders within the team toensure the CROMC team remains a sustainable and world-class risk managementunit; and exude familiarity with the Information Technology platforms currentlydeployed by CROMC e.g., Numerix and Murex and thematic risk initiatives such asESG, Libor transition, liquidity optimization, XVA, etc.
Selection Criteria
* Advanced degree in Finance, Economics, Business, or related discipline; and at least 12 years of relevant risk monitoring and surveillance work experience, with at least 8 of these years within the World Bank Group.
* Professional certifications such as FRM or equivalent.
* Exceptional experience leading risk/market/oversight functions covering international capital markets, risk management and regulations (e.g., Basel).
* Excellent command of fixed income markets/relationships, driving factors, products, participants, trends, history with special emphasis on the fixed income derivative products and business modalities particularly interest rates, currencies, and credit- including assessment of risks, rewards, costs, and capital implications.
* Deep, demonstrated experience in complex/mathematical fixed income analytics/modeling, metrics, including curve construction, valuation, VaR, market/Basel standards.
* Outstanding background in ALM, interest rate and FX risks and WB institutions (products, business model, organization/roles).
* Demonstrated ability to prioritize and make decisions, effectively manage relationships with group/institutional leadership, peers, and providers.
* Experience writing risk appetites/policies, guidelines, oversight processes.
* Vision that incorporates needs of mission, institution, our leaders and how we can best help them now and in the future- requires excellent communication and listening- includes identifying/acquiring means to achieve concrete goals. Communication of vision/needs and negotiation with partners (e.g., IT), articulation of alternatives and trade-offs.
* Strong track record of managing highly qualified technical teams, with demonstrated ability to coach and mentor staff.
* Drive for results and the organizational and implementation skills to ensure that quality products and services are delivered on time.
* Strong written and oral communication skills, ability to convey complex issues clearly to both internal and external audiences at all levels.
* Demonstrated ability to facilitate and manage organizational change and to work across boundaries to build consensus, resolve problems, and foster teamwork.
* Ability to model WBG leadership values and managerial behaviors and to reinforce these qualities in the management team and staff; and Highest ethical standards.
MANAGERIAL COMPETENCIES
Courage of your Convictions
Outstanding WBG managers demonstrate the confidence in their convictions and the integrity to express themselves to peers and superiors even if it is easier or more comfortable to refrain from speaking up. They have the confidence, balanced with humility and judgment, to operate with the intent of doing what is right for the WBG and its clients.
Leading the Team for Impact
Outstanding WBG managers focus on the WBG purpose and mission in order to provide on-going clarity and vision to their teams. They align capabilities and resources around the WBG mission. They create an energizing and empowering work environment where people are engaged and have the resources necessary to do their jobs, while holding team members accountable for results and improvement.
Influencing Across Boundaries
Outstanding WBG managers persuade, convince, and create buy-in for ideas and initiatives in order to advance their own goals and strategies, consistent with the WBG mission and vision.
Fostering Openness to New Ideas
Outstanding WBG managers create open and innovative climates for the people around them. They are transparent, open to divergent views and encouraging of these attributes in others. They promote broad thinking and frank discussion, welcoming others' input into the decision-making process, and they build on others' ideas.
Building Talent for the Future
Outstanding WBG managers build people's capabilities for the future by supporting and leveraging the diversity of staff in terms of their race, gender, nationality, and culture, educational and professional backgrounds. They create growth opportunities for others, encouraging them to stretch beyond their current experience or comfort zone. They provide ongoing feedback and development, including long term career development and mentoring, as well as hold their team members accountable for developing others.
Note: This internal requisition is open to WBG and IMF staff only (including short-term and extended term consultants). External candidates are requested not to apply. In case an external candidate applies, their application will not be considered.
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
If the selected candidate is a current World Bank Group Staff Member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. If the selected candidate is a current World Bank Group Staff Member with a Term appointment that expires later than the end date of this appointment, s/he will retain the duration of his/her current Term appointment.
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, sexual orientation, or disability. Sub-Saharan African nationals, Caribbean nationals, and female candidates are strongly encouraged to apply.
Job #:
req29648
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:
10/11/2024 (11:59pm UTC)
Description
Do you want to build a career that is trulyworthwhile? Working at the World Bank Group provides a unique opportunityfor you to help our clients solve their greatest development challenges. TheWorld Bank Group is one of the largest sources of funding and knowledge fordeveloping countries; a unique global partnership of five institutionsdedicated to ending extreme poverty, increasing shared prosperity, andpromoting sustainable development. With 189 member countries and more than 120offices worldwide, we work with public and private sector partners, investingin groundbreaking projects and using data, research, and technology to developsolutions to the most urgent global challenges. For more information, visit www.worldbank.org
The office of the Chief Risk Officer (CRO) is responsiblefor leading the risk management function for IBRD and IDA, with oversightresponsibility for financial and operational risks including policyformulation, measurement, monitoring, and reporting. The CRO works closely withother risk units in the Bank Group to address cross-cutting issues, supportinnovation in a sustainable manner, and share best practices. It also fosterscollaboration in risk management across other MDBs. CRO plays a key role inoptimizing capital structure, interacting with rating agencies, internal, andexternal auditors, and Board communication on risk related matters. It consistsof Country Credit Risk Department (CROCR), Market and Counterparty Risk Department(CROMC), and Operational Risk Department (CROOR).
The Market & Counterparty Risk Directorate (CROMC) focuses on oversight ofrisk in four main areas:
1) Market risk, which covers ALM, interest-rate, spread (funding andinvestments), and foreign-exchange risk, and the availability/cost of, oraccess to, ready liquidity and long-term funding;
2) Counterparty (i.e., no sovereign-lending) Exposure &Liquidity risk, which includes risks to IBRD resulting from changes increditworthiness of IBRD's commercial/derivative counterparties, andMTM/liquidity risks of the treasury investment portfolios;
3) Model risk, which covers financial-risk (capital, risk,income, etc.) models, across the WBG excluding IFC, in terms of model, risk,& governance; and
4) Valuation & Analytics, which includes validation andverification of valuation models & market data, and independent priceverification (IPV) of fair-valued products.
The Market & Counterparty Risk Directorate is looking to recruit a Managerunder the Market risk function in CROMC, based in Washington, DC. An idealcandidate should have strong institutional knowledge of IBRD & IDA, a deepexpertise in market financial instruments including derivatives, and provenALM, and balance sheet risk management capabilities.
Duties and Accountabilities:
The Manager, CROMC Market Risk/ALM Team will reportdirectly to the Director, CROMC.
She/he will focus on assessment, measurement, andreporting for key risk areas such as balance sheet interest rate risks, ownequity management, liquidity, and FX risks. Key responsibilities include:
The Market andALM Risk Manager will lead a team of professionals in the CROMC department todeliver on responsibilities as they relate to an independent second line ofrisk control. The principal areas of the individual's work program would covera wide range of current and prospective responsibilities that include:
* Provideoversight to CROMC's responsibilities in setting market and ALM limits at alllevels, including institutional (balance sheet level), portfolio and positionlevels and in ensuring adherence to the established limits; Role includes leadingidentification of risk appetites/tolerances and establishing policies,guidelines, and processes to ensure adherence.
* Ensure CROMCdeploys robust, market-leading analytics to achieve best-in-breed marketsurveillance, risk measurement/quantitative-analysis, risk modeling/metrics andformal reporting to support the Executive Board, Asset/Liability Committee,Finance and Risk Committee and Executive Leadership.
* Provide thoughtleadership and recommendations (including quantitative assessment ofrisk/reward/cost for alternatives) regarding emerging risks. Such risks mayinclude broad changes in market levels/volatility, structural market factors(geopolitical, regulatory), and internal policy/business-line/product proposalswhich support The World Bank Group Mission.
* Ensure top-levelquality control of CROMC metrics and reports to the Asset Liability ManagementCommittee, the Finance and Risk Committee & the Audit Committee, includingaccuracy, timeliness, relevance, consistency and explainability.
* Perform anexpert role in the planning stages for new products or new initiatives or forchanges in the existing governance framework vis-a-vis financial integrity of TheBank.
* Supervise theteam on ongoing market, ALM and internal business surveillance work toidentify, measure, and evaluate risks.
* Provideleadership in initiating the development, enhancement and implementation of oversightand analytical/monitoring systems and processes.
* Work closelywith other members of the CROMC management team to develop, plan, oversee, andexecute the CROMC business strategy and work program holistically and bybreaking any existing silos.
* Promoteteamwork and collaboration within CROMC, across the department and CRO,Treasury and Development Finance colleagues, including Finance Partners, andexternal experts and MDB peers to foster efficient processes, effective riskmanagement, and high-quality service delivery.
* Build, sustain,and manage relationships with external and internal stakeholders, management,and staff to achieve institutional goals effectively.
* Providedirection, coaching, and feedback to continually develop and maintain a highperforming, talented and diverse team of risk professionals; foster learningand development strategies to maintain a professional workforce with up-to-dateskills, knowledge, and experience. Cultivate future leaders within the team toensure the CROMC team remains a sustainable and world-class risk managementunit; and exude familiarity with the Information Technology platforms currentlydeployed by CROMC e.g., Numerix and Murex and thematic risk initiatives such asESG, Libor transition, liquidity optimization, XVA, etc.
Selection Criteria
* Advanced degree in Finance, Economics, Business, or related discipline; and at least 12 years of relevant risk monitoring and surveillance work experience, with at least 8 of these years within the World Bank Group.
* Professional certifications such as FRM or equivalent.
* Exceptional experience leading risk/market/oversight functions covering international capital markets, risk management and regulations (e.g., Basel).
* Excellent command of fixed income markets/relationships, driving factors, products, participants, trends, history with special emphasis on the fixed income derivative products and business modalities particularly interest rates, currencies, and credit- including assessment of risks, rewards, costs, and capital implications.
* Deep, demonstrated experience in complex/mathematical fixed income analytics/modeling, metrics, including curve construction, valuation, VaR, market/Basel standards.
* Outstanding background in ALM, interest rate and FX risks and WB institutions (products, business model, organization/roles).
* Demonstrated ability to prioritize and make decisions, effectively manage relationships with group/institutional leadership, peers, and providers.
* Experience writing risk appetites/policies, guidelines, oversight processes.
* Vision that incorporates needs of mission, institution, our leaders and how we can best help them now and in the future- requires excellent communication and listening- includes identifying/acquiring means to achieve concrete goals. Communication of vision/needs and negotiation with partners (e.g., IT), articulation of alternatives and trade-offs.
* Strong track record of managing highly qualified technical teams, with demonstrated ability to coach and mentor staff.
* Drive for results and the organizational and implementation skills to ensure that quality products and services are delivered on time.
* Strong written and oral communication skills, ability to convey complex issues clearly to both internal and external audiences at all levels.
* Demonstrated ability to facilitate and manage organizational change and to work across boundaries to build consensus, resolve problems, and foster teamwork.
* Ability to model WBG leadership values and managerial behaviors and to reinforce these qualities in the management team and staff; and Highest ethical standards.
MANAGERIAL COMPETENCIES
Courage of your Convictions
Outstanding WBG managers demonstrate the confidence in their convictions and the integrity to express themselves to peers and superiors even if it is easier or more comfortable to refrain from speaking up. They have the confidence, balanced with humility and judgment, to operate with the intent of doing what is right for the WBG and its clients.
Leading the Team for Impact
Outstanding WBG managers focus on the WBG purpose and mission in order to provide on-going clarity and vision to their teams. They align capabilities and resources around the WBG mission. They create an energizing and empowering work environment where people are engaged and have the resources necessary to do their jobs, while holding team members accountable for results and improvement.
Influencing Across Boundaries
Outstanding WBG managers persuade, convince, and create buy-in for ideas and initiatives in order to advance their own goals and strategies, consistent with the WBG mission and vision.
Fostering Openness to New Ideas
Outstanding WBG managers create open and innovative climates for the people around them. They are transparent, open to divergent views and encouraging of these attributes in others. They promote broad thinking and frank discussion, welcoming others' input into the decision-making process, and they build on others' ideas.
Building Talent for the Future
Outstanding WBG managers build people's capabilities for the future by supporting and leveraging the diversity of staff in terms of their race, gender, nationality, and culture, educational and professional backgrounds. They create growth opportunities for others, encouraging them to stretch beyond their current experience or comfort zone. They provide ongoing feedback and development, including long term career development and mentoring, as well as hold their team members accountable for developing others.
Note: This internal requisition is open to WBG and IMF staff only (including short-term and extended term consultants). External candidates are requested not to apply. In case an external candidate applies, their application will not be considered.
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
If the selected candidate is a current World Bank Group Staff Member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. If the selected candidate is a current World Bank Group Staff Member with a Term appointment that expires later than the end date of this appointment, s/he will retain the duration of his/her current Term appointment.
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, sexual orientation, or disability. Sub-Saharan African nationals, Caribbean nationals, and female candidates are strongly encouraged to apply.