Manager

Manager

Job #: req27303 Organization: World Bank Sector: Risk Grade: GH Term Duration: 3 years 0 months Recruitment Type: International Recruitment Location: Washington, DC,United States Required Language(s): English Preferred Language(s): Closing Date: 5/10/2024 (MM/DD/YYYY) at 11:59pm UTC

Description

Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. 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 office of the Chief Risk Officer (CRO) is responsible for leading the risk management function for IBRD and IDA, with oversight responsibility for financial and operational risks including policy formulation, measurement, monitoring and reporting. The CRO works closely with other risk units in the Bank Group to address cross-cutting issues, support innovation in a sustainable manner, and share best practices. It also fosters collaboration in risk management across other MDBs. CRO plays a key role in capital structure and interaction with rating agencies, as well as, internal and external auditors and Board communication on risk related matters. It consists of 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 of risk in four main areas:

1.Market risk, which covers ALM, interest-rate, spread (funding and investments) foreign-exchange risk, and the availability/cost of, or access 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 in creditworthiness of IBRD's commercial/derivative counterparties, and MTM/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 and verification of valuation models & market data, and independent price verification (IPV) of fair-valued products.

The Market & Counterparty Risk Directorate is looking to recruit a manager responsible for managing the Valuation and Analytics (VA) function in CROMC, based in Washington, DC. An ideal candidate should demonstrate a strong knowledge of market financial instruments including derivatives & relevant pricing models, have an experience with managing cross-functional relationships, and possess a track-record of leading a group of highly qualified technical staff in Washington, DC, and in Singapore.

The primary purpose of the VA function is to ensure the integrity of valuations in IBRD and IDA's financial statements. VA does so by independently overseeing implementation of the models in the designated valuation system and following through independent price verification.

Responsibilities and Accountabilities:

• Functions as point person and domain expert in negotiations, communications with external and internal stakeholders for valuation related matters.

• Provides thought leadership and recommendations. Proposes, where appropriate, changes to improve the efficacy and efficiency of valuation model management directives, policies & procedures, and platforms.

• Oversee and proactively implement process improvements with the objective of increasing efficiency and accuracy of valuations produced.

• Lead/participate in projects undertaken by the Market Risk Department and collaborate in cross VPU projects as necessary.

• Build, sustain and manage relationships with external and internal clients, management, and staff to achieve institutional goals in an effective manner. Proactively interact with World Bank Treasury (TRE) and Controller (WFA) business units to stay abreast of new/proposed activities that may have valuation implications.

• Manage and oversee the engagement of technical consultants.

• Provides direction, coaching, and feedback to continually develop and maintain a high performing, talented and diverse team of quant professionals; foster learning and development strategies to maintain a professional workforce with up-to-date skills, knowledge, and experience.

• Stays current with the latest developments in quantitative modelling techniques, identifying opportunities to improve existing models and tools.

• Develops and maintains industry contacts to remain abreast of best practices.

• Collaborates closely with external auditors.

Selection Criteria

• Master's degree in relevant field/discipline with substantial professional experience (typically, the successful candidate will have at least 12 years of experience in positions of increasing complexity and responsibility in WBG or comparable public/private sector setting).

• Prior knowledge and experience with derivatives, structured products, valuation models and P&L attributions. Direct relevant market experience in a major financial institution in Structuring/Trading/Valuation/Active Risk management of interest rate and/or foreign exchange derivatives is strongly preferred.

• Outstanding written and oral communication skills and ability to convey complex issues clearly to both internal and external audiences at all levels.

• Ability to anticipate, with quick response, capability, and selectiveness.

• Ability to self-research and address a wide range of issues and situations, often emerging and at short notice.

• Strong interpersonal skills to work effectively in teams, and with management and staff at all levels.

• Demonstrated high level of initiative, self-confidence, and a self-starter. Proven track record of innovation and continuous improvements of complicated processes.

• Proven ability to manage teams located in different countries, time zones and geographic areas.

• Ability to lead through influence, partnerships and building trusted relationships.

• Ability to think strategically, tackle sophisticated problems and formulate solutions by using appropriate industry standards and sound judgment.

• Prior experiences with control / second line of defense and oversight functions are preferred.

• Ability to model WBG leadership values and managerial behaviors and to reinforce these qualities in the management team and staff.

• Solid understanding of industry-wide risk modelling practices and trends.

• Familiarity with market and accounting standards for valuation.

• Profession qualification and/or experience in application of accounting principles (GAAP / IFRS) as they relate to risk, treasury and controller functions preferred.

• Advanced programming skills across different platforms: C++, Python, MATLAB, SQL, etc. preferred.

• Experience with Numerix/Murex platforms is preferred.

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 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.

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.