Director, Corporate Risk Management Department

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

Director, Corporate Risk Management Department

Description

IFC—a member of the World Bank Group (WBG) — 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 unprecedented levels of uncertainty and volatility. For more information, visit www.ifc.org.

The Risk & Finance Vice Presidency Unit (CRFVP) helps to ensure that IFC is sufficiently profitable and capitalized to sustain and grow its operations through prudent risk management at the corporate, portfolio, project, and client levels. It sets best practice standards in risk management to drive sustainable private sector development in emerging markets. CRFVP works in partnership with other IFC Vice Presidents to ensure IFC meets its corporate objectives.

The Corporate Risk Management Department (CRM) is housed within CRFVP. IFC is seeking to recruit a Director, Corporate Risk Management, to be based in Washington, DC, to provide leadership and oversight on all risk functions impacting the financial sustainability of the IFC, with special focus on the key rating dimensions of solvency, liquidity, and funding. The Director, CRM, will report to the Vice President, Risk & Finance, and s/he will serve as a core member of CRFVP leadership team.

The Director, Corporate Risk Management, leads a specialized function that works as a second line of defense supporting the maintenance of the IFC’s triple-A credit rating. The Director is a member of the Corporate Risk Committee and serves as IFC’s liaison with the Board’s Audit Committee in their oversight role of risk. The function contributes to the sustainability, efficiency, and optimization of the IFC’s balance sheet and income generation capacity, across the following dimensions.

1. Funding, liquid assets and ALM risk management. Funding and liquidity underpin IFC’s financial risk profile, while the necessity to operate simultaneously across global and local capital markets requires a unique ALM approach. The Director should have the understanding and experience necessary to lead second line of defense on sound and fit to purpose policies, procedures, and market risk analytics tools, in line with the IFC triple-A risk appetite.

2. Capital adequacy and stress testing. IFC’s unique treasury portfolio requires thorough analytical approaches, which are distinct from those normally applicable to short-term, lending focussed financial institutions, while its risk appetite goes well beyond that of traditional investors. The Director should be able to lead a best-in-class solvency assessment for the Corporation under stressed conditions, compatible with its rating requirements.

3. Financial sustainability. IFC’s financial sustainability is rooted in its triple-A rating, which depends on liquidity, funding, and capital adequacy, while the ability to consistently generate income is predicated on its mastery of Asset-Liability Management and portfolio across the cycle. Increasingly, the G20 looks at IFC to lead the MDB’s private capital mobilization and risk transfer and this is being incorporated in the rating agency assessment. Gravitas and ability to co-opt key stakeholders in the Corporation’s sustainability will characterize this role.

Duties and Accountabilities

The Director will work in partnership with other Directors in CRFVP and with staff from other Vice-Presidencies of the Corporation and WBG. The Director will be responsible for, inter-alia, day to day management of activities under the above mentioned three core areas of responsibility for the Department. S/he will ensure consistency of approach and principles in promulgating strategic and operational risk practices and oversight across IFC operations in multiple time zones.

Main responsibilities include:

• Managing a multi-disciplinary team, including several managers and key senior subject-matter experts, to provide high-quality advice to the Vice-President and Directors in CRFVP, while building and maintaining excellent working relations across IFC. People and resource management responsibilities involve the following dimensions: o Provide vision, leadership, and strategic direction team and support staff in developing skills required for career progression. o Formulate strategic staffing needs and annual budget requirements to deliver the agreed work program through cost-effective use of resources aligned with appropriate internal controls and procedures. o Attract resources, both financial and talent, including hiring and developing diverse talent, to achieve the business objectives. o Manage budget for the department with a goal to increase efficiency and effectiveness in alignment with corporate priorities. • Maintain strong relationships with the rating agencies, based on a thorough understanding of their models, and processes used to rate IFC, with structured and frequent communication. • Take responsibility for continuous improvements in data infrastructure and analytical systems that are fundamental to operating the core functions of the Department. Lead collaborative efforts with the Controller and the Director, Investment and Credit Risk, for digital transformation in CRFVP. • Provide vision and leadership to the treasury risk management functions, through continually updated policies and guidelines; market, credit, and counterpart analysis; economic capital measurement and reporting; model validation. Ensure efficient sizing and management of the liquidity portfolios. • Drive the overall economic capital management of the IFC, ensuring that (i) internal models are state of the art reflecting IFC’s business; (ii) balance sheet capital utilization is optimized; (iii) robust bottom-up forecasting capabilities of capital needs and capital resources accurately project future gaps/excesses; and (iv) stress-tests are deployed to identify areas of vulnerability and plans to address them. • Formulate Financial Sustainability quantitative goals including performance benchmarks, through the following: o Deploying risk/return assessment models for all areas of business including Treasury and Operations. o Assessing incremental business decisions (including new business) on both a standalone basis and marginal portfolio contribution basis. o Integrate risk/return portfolio management concepts in business planning, performance measurement and benchmarking. • Engage with the Board and WBG Management. Liaise with the Office of the CRO of the WBG. Support working groups and fora involving other multilateral development banks.

Duties and Accountabilities

The Director will work in partnership with other Directors in CRFVP and with staff from other Vice-Presidencies of the Corporation and WBG. The Director will be responsible for, inter-alia, day to day management of activities under the above mentioned three core areas of responsibility for the Department. S/he will ensure consistency of approach and principles in promulgating strategic and operational risk practices and oversight across IFC operations in multiple time zones.

Main responsibilities include:

• Managing a multi-disciplinary team, including several managers and key senior subject-matter experts, to provide high-quality advice to the Vice-President and Directors in CRFVP, while building and maintaining excellent working relations across IFC. People and resource management responsibilities involve the following dimensions: o Provide vision, leadership, and strategic direction team and support staff in developing skills required for career progression. o Formulate strategic staffing needs and annual budget requirements to deliver the agreed work program through cost-effective use of resources aligned with appropriate internal controls and procedures. o Attract resources, both financial and talent, including hiring and developing diverse talent, to achieve the business objectives. o Manage budget for the department with a goal to increase efficiency and effectiveness in alignment with corporate priorities. • Maintain strong relationships with the rating agencies, based on a thorough understanding of their models, and processes used to rate IFC, with structured and frequent communication. • Take responsibility for continuous improvements in data infrastructure and analytical systems that are fundamental to operating the core functions of the Department. Lead collaborative efforts with the Controller and the Director, Investment and Credit Risk, for digital transformation in CRFVP. • Provide vision and leadership to the treasury risk management functions, through continually updated policies and guidelines; market, credit, and counterpart analysis; economic capital measurement and reporting; model validation. Ensure efficient sizing and management of the liquidity portfolios. • Drive the overall economic capital management of the IFC, ensuring that (i) internal models are state of the art reflecting IFC’s business; (ii) balance sheet capital utilization is optimized; (iii) robust bottom-up forecasting capabilities of capital needs and capital resources accurately project future gaps/excesses; and (iv) stress-tests are deployed to identify areas of vulnerability and plans to address them. • Formulate Financial Sustainability quantitative goals including performance benchmarks, through the following: o Deploying risk/return assessment models for all areas of business including Treasury and Operations. o Assessing incremental business decisions (including new business) on both a standalone basis and marginal portfolio contribution basis. o Integrate risk/return portfolio management concepts in business planning, performance measurement and benchmarking. • Engage with the Board and WBG Management. Liaise with the Office of the CRO of the WBG. Support working groups and fora involving other multilateral development banks.

Selection Criteria

In addition to the WBG managerial selection criteria*, the following qualifications are sought:

• Master’s degree in finance, business, law, economics, international affairs, or similar fields and a minimum of 15 years of experience working for a major financial institution focusing on Emerging Markets, of which at least 10+ years of increasing responsibility in a corporate risk related function covering capital adequacy, liquidity, funding, ALM and financial sustainability.

• Unquestionable integrity, commitment to development, alignment with the WBG core values, strong work ethics.

• Demonstrated experience, superior business judgment, deep understanding, and expertise of managing the broad spectrum of financial risks considered by the rating methodologies applicable to Multilateral Development Banks.

• Strong track record of leading innovation and culture change; proven ability to drive process improvement in risk systems and operational frameworks.

• Demonstrated exposure to and understanding of IFC target countries as well as strong familiarity with risk frameworks such as Basel and internal controls frameworks.

• Demonstrated ability to lead cross-cutting initiatives across the institution and work across boundaries to build consensus, resolve problems, and foster teamwork.

• Strong written and oral communication skills, ability to convey complex issues clearly to both internal and external audiences. Able to listen effectively and stand his/her ground when appropriate, as well as deliver difficult messages with tact at all levels, including counterparts and top management.

• Experience and understanding of efficient management of stakeholder and senior management interactions.

* World Bank Group-wide managerial competencies include: (i) Courage of your conviction, (ii) Leading the team for impact, (iii) Influencing across boundaries, (iv) Fostering openness to new ideas, and (v) Building talent for the future.

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.

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Added 11 months ago - Updated 11 months ago - Source: worldbank.org