Job Vacancies International Finance Corporation (IFC)
Position: Manager – Intergrated Risk Governance and Reporting
Location: United States of America, Washington
Closing Date: Wednesday, 02 March 2011
The International Finance Corporation (IFC), World Bank Group (WBG), supports economic growth by promoting private sector development in its developing member countries through long term financing and advisory services. IFC finances investments which have a significant developmental impact, are commercially viable, environmentally sustainable and socially sound. IFC s Integrated Risk Management (CIR) Department, under the Risk VPU is responsible for IFC s Financial Policies, Risk Reporting, Corporate credit risk oversight, Market and Liquidity Risk management, Counterparty exposure management and Risk Governance management within IFC. Primary responsibilities include managing IFC s credit, market and liquidity risks in an integrated way using tools such as Economic Capital, Risk Adjusted Return and Value-at-Risk (VaR). We must create a common risk language to assess and report on risk across IFC s investment portfolio and define risk policies and set limits as well as to monitor those risk limits. We will also take the lead in developing a Corporate risk strategy and culture as well as a Corporate risk reporting framework. The mandate also includes the pricing of the Liquid Assets Portfolio in line with pricing policy. Within this Department there is a Risk Governance and Reporting (CIRGR) group that will be responsible for developing different levels of risk reporting, ensuring proper risk governance procedures and helping to enhance the risk culture throughout the Corporation. CIR is conducting a search for an experienced Risk Manager to lead this CIRGR Group.
Duties and Accountabilities:
Management: The selected candidate will be an integral part of the Integrated Risk Management (CIR) Department management. In this role he/she will help set the department strategy, communication plans, risk management policies and staffing decisions. The management team will be responsible for reviewing the effectiveness of overall risk management at the enterprise level, and prioritizing a work program and related budget. The selected candidate will manage a team of about 7 staff who will be covering various aspects of risk management. He/she will ensure that there is close coordination across the GR unit as well as with the various groups within CIR and that close links are maintained between the group and all operating departments across IFC. Risk Culture: In coordination with the other units in the Department, the GR team will be responsible for helping extend the risk culture and risk awareness throughout the Corporation. It will also coordinate efforts to develop stress testing scenarios based on internal and external risks as well as to coordinate the development of scenario analyses for the risks facing IFC. Governance and Policy: Under the selected candidate, the team will be responsible for ensuring that risk management policies and procedures are followed throughout the Corporation. They will also be responsible for limit monitoring as set out in IFC s risk policies. The team will be responsible for establishing a proactive and systematic process for understanding, managing and communicating risk management principles corporate-wide. Risk Reporting: Work with other groups in the Department to define and implement an enterprise risk reporting framework, based on key performance risk indicators and determine the risks to be raised to Management on a timely basis. Work with the other units of CIR to ensure that appropriate and effective communication and reporting mechanisms are maintained (reporting governance) including an effective mechanism for escalation of risk issues. Oversee IFC s integrated risk management reporting on risk governance to Senior Management and the Board of Directors. Help provide timely risk reporting to Management and other stakeholders and update management on key risk issues. Follow up and agree to any action identified in areas of responsibility from reviews undertaken by internal or external auditors. Coordination with Corporate Business Technology Department: Work with CBT and other teams in CIR to ensure that all CIR IT requirements are clearly defined, properly scoped and delivered on schedule. Training and Education: Prepare an assessment of the need for training for staff and management at all levels to be able to fulfill the responsibilities defined in the CIR Risk Management framework. Develop a communication program and ensure that appropriate education and training about CIR risk management framework and tools is provided on a timely basis.
* Advanced degree in Finance, Mathematical Economics, Statistics, Mathematics (or related subject areas) with a strong technical and quantitative background.
* CFA and FRM (or other risk qualification) preferred.
* Experience in enterprise risk reporting techniques.
* A minimum of 12 years of established experience in a leading commercial/investment banking environment, with a minimum of 5 years experience in an Enterprise Risk management position.
* In depth knowledge of the latest enterprise risk management techniques, stress testing and scenario analysis methodologies and reporting frameworks including dashboard development.
* Financial engineering experience and experience in emerging markets a plus.
* Excellent management skills, teamwork and interpersonal skills and the ability to interact effectively with financial professionals, technical specialists and technology experts.
* Persuasive communication and strategic skills (both written and verbal) along with ability to deliver highly visible presentations to Operations Departments, Treasury units, as well as Senior Management and the Board of Directors.
* A high attention to detail and reliability of output and sound business judgment. Only short-listed candidates will be contacted. Please refrain from calling or emailing. Only applications submitted through the Recruitment Portal will be accepted (i.e., no applications via email)
1818 H St NW
Washington, DC 20006
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