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Description
The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org
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. Its mission is to enable and support the institution to achieve its goals in a financially sustainable manner. The VPU assists management with identifying and managing group-wide cross-cutting risks, enhancing risk response decisions, reducing financial and operational surprises and losses, seizing opportunities and improving deployment of capital. The CRO Vice Presidency comprises three Departments: 1) Credit Risk (CROCR); 2) Market & Counterparty Risk (CROMC), and 3) Operational Risk (CROOR).
The Credit Risk Department (CROCR) ensures that the Bank's credit risk exposure is commensurate with the risk appetite of stakeholders and triple-A rating requirements and strikes the appropriate balance between financial and development objectives. CROCR manages the credit risk inherent in IBRD's loan and guarantee portfolio. CROCR's core functions include, among others (i) Assessing and rating country credit risk for all IBRD borrowers; (ii) Assessing country eligibility for IBRD resources; (iii) Establishing prudential country credit risk management policies and ensuring consistency of lending plans with risk policies and capital adequacy through the exposure management framework: (iv) Anticipating countries that are vulnerable to crises; (v) Participating in arrears workouts for IBRD borrowing countries; (vi) Engaging with the Paris Club of bilateral creditors; (vii) Ensuring IBRD is adequately provisioned for loan losses; (viii) managing IBRD’s Capital adequacy Framework in line with shareholder risk appetite and with triple-A standards; and (IX) developing and managing different risk-transfer mechanisms to enable additional financing headroom.
Responsibilities
The selected candidate will be a senior member of the Sovereign Risk Group within CROCR reporting to the Head, Sovereign Risk. Main duties will include:
- Be a senior member of the Sovereign Risk Group’s team of rating analysts with primary responsibility (country coordinator) for assessing and monitoring the credit risk of a group of IBRD and IDA borrowing countries and backup responsibilities for a further group. Contribute to rating committee discussions of all IBRD and IDA borrowing countries
- Contribute to dialogue with World Bank country operational teams on issues relating to country risk, including:
- Commenting on Country Partnership Frameworks and other strategic country-level documents
- Commenting on development policy finance operations at concept and decision stage
- Contribute to CROCR efforts to continually improve sovereign credit risk methodology, assessment, and governance.
- Contribute to CROCR and corporate activities such as applying IBRD’s Exposure Management Framework (joint with Operations Policy and Country Services Department, OPCS) and other initiatives, which often require working closely with other CROCR teams, other Finance Partner units, LEG and Operational units.
- Contribute to CROCR written products, such as the Annual Risk Report, Board papers, and ad-hoc management briefings.
- Possible participation in specific initiatives, including the Bank’s participation in the Paris Club and monitoring of short-term crisis vulnerabilities.
Selection Criteria
Characteristics of the Successful Candidate
* Master’s degree or PhD in finance, economics or a related subject
* At least eight years of related experience
* Strong economic reasoning and understanding of credit risk and the interlinked aspects of open economy macroeconomics
* Enjoys working in a high-performing team with collective responsibility and a high value placed on teamwork
* Ability to multitask, set priorities and communicate well, including with colleagues on timelines, constraints and deliverables
* Personal initiative and proven ability to lead tasks autonomously; strong drive for results
* Strong quantitative and analytical skills
* Outstanding communication skills, both written and oral, with ability to communicate complex issues in a clear and concise manner. Strong ability to write succinct memos and effective presentations.
* Strong interpersonal, diplomatic and partnership skills. Ability to build and maintain collaborative relationship across organizational boundaries.
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.
