Chief Credit Officer

Contract

This is a World Bank Group grade: GH contract. More about World Bank Group grade: GH contracts.

Chief Credit Officer

Description

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

The successful candidate would join IFC's Investment and Credit Risk Department (CIRIC), part of the Risk and Financial Sustainability Vice-presidency. CIRIC is responsible for providing an independent risk-reward assessment for all new investment transactions and material portfolio events and providing clearance for such transactions at various stages of the investment cycle.

Chief Credit Officers are specialized and experienced risk professionals that are part of the independent risk oversight system. They are responsible for reviewing and approving investment proposals and material portfolio actions submitted by the IFC's Investment and portfolio teams. In addition, working with investment teams on identifying and mitigating credit and equity risk, they ensure that the investment transactions meet IFC's minimum investment standards as required by any applicable policies, procedures, or guidelines, as well as the risk appetite established by senior management.

Chief Credit Officers also play an essential role in maintaining an investment culture within IFC by disseminating credit and equity expertise and best practice through various knowledge management activities.

IFC is now seeking a Chief Credit Officer to join its Investment and Credit Risk Department, focusing on the Financial Institutions (FIG), Infrastructure (INFRA), or Manufacturing and Services (MAS) sectors. S/he will become part of a formal investment approval hierarchy, serving as "second pair of eyes" in IFC's checks and balances for all IFC investments. In addition, S/he will be responsible for providing credit reviews and approvals for new transactions and portfolio projects.

Candidates will be expected to have a demonstrated track record and substantial knowledge and expertise in all aspects of credit risk management and the FIG, Infrastructure (Infra), or Manufacturing, Agribusiness and Services (MAS) space. This role requires a thorough understanding of credit risk policies and procedures, internal credit risk models, identifying challenging situations and trends in the portfolio, emerging markets, macro-economic and political analysis, sector dynamics, financial modeling, equity valuation, legal structuring, and financial instruments and application of this understanding to identify benefits and potential risks of existing and new transactions. In-depth experience and knowledge of capital markets, structured finance, asset-based lending, and digital financing will be preferred.

The Chief Credit Officer (CO) will be based in Washington, DC or Vienna, Austria, and report to the relevant Regional Chief Risk Officer.

Duties and Accountabilities:

• Assure IFC policies, procedures, guidelines and best practices are implemented so that investment transactions and portfolios are contributing to IFC’s financial and development goals.

• Is available at all stages (early review to post-disbursement) to discuss potential issues with teams.

• Assure IFC’s risk appetite as set by IFC senior management is implemented, and that a proper risk-reward balance is achieved in transactions.

• Provide an objective and independent risk assessment and approvals for new transactions and for portfolio projects submitted to IFC’s Investment and Credit Risk Department while meeting the levels of service included in the “Credit Client Service Framework”.

• For the geography, sectors, and products of responsibility, the CO assures that the quality of IFC’s portfolio is maintained by identifying challenging projects and portfolio trends in a timely manner, Credit Watchlists are up to date, and credit and facility ratings adequately reflect risks.

• Be a recognized thought leader and provide expert input to and identify vulnerabilities associated with all approved transactions as well as waivers and changes to the terms of investments. Ensure risks are fully disclosed and understood throughout the approval process.

• Visit transaction teams and/or clients in key office locations on an as needed basis to get a first-hand understanding of risks.

• Contribute to knowledge management activities through drafting of Credit FAQs, actively supporting training programs, or similar activities.

• Develop, review and discuss credit and equity standards, pricing, credit risk policies and procedures, deal acceptance criteria, and business process improvements.

• Formulate well-reasoned and persuasively communicated recommendations including at required corporate committees and to senior management.

• Mentor staff on rotation assignment from operational departments and junior staff within credit

• Keep abreast of developments in risk through network of contacts relevant to credit risk management.

• Keep abreast of developments in portfolio transaction under its responsibility including participating in quarterly portfolio meetings/ Equity reviews.

• Work with Portfolio Managers and Special Operations teams to proactively restructure distressed investments and improve recovery rates.

Selection Criteria

• Advanced degree (at least Masters) in finance, business, law, economics, international affairs or similar fields. FRM or CFA designation would be a plus.

• At least 10-15 years of experience working for a major international financial institution with substantial exposure to the FIG, Infra or MAS space, including at least 8-10 years of experience in a credit risk- related function.

• Candidate has the capacity for clear, complex and independent thinking when under pressure.

• Thorough understanding of analysis, structuring and documentation of debt, equity, mezzanine and structured products.

• Highest standards of integrity.

• Strong independence of thought and ability to express candid opinions.

• Self-starter requiring minimal supervision.

• Ability to manage and resolve conflicts constructively when stakes are high and multiple stakeholders are involved with conflicting interests. Able to make and stand by difficult decisions and communicate them in a way that creates understanding and buy-in from all stakeholders.

• Recognized as a team player and a leader. Ability to build strong relationships across boundaries.

• Extensive knowledge and experience operating under and contributing to the development of credit risk policies, parameters and procedures including a good understanding of advanced internal credit risk rating models.

• Proven ability to work effectively under a complex matrix organization (with regional and sectoral leadership).

• Excellent negotiation skills and ability to seek innovative and constructive solutions that achieve optimum risk-reward for IFC.

• Excellent interpersonal skills.

• Effective Communicator. Ability to synthesize complex information clearly for a variety of internal and external stakeholder audiences including in committees and meetings.

World Bank Group Core Competencies

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.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.