Job Vacancies International Finance Corporation (IFC)
Position: Director, Treasury Client Solutions
Location: United States of America (The ), Washington
Closing Date: Friday, 23 March 2012
Background / General description
International Finance Corporation (IFC) is a pioneer in developing emerging capital markets and to stimulate growth in emerging markets, it issues bonds in local currencies, structures long dated derivatives such as currency swaps and customized currency hedging solutions, and credit enhances local currency bonds and securitizations. IFC also offers, through its client risk management program, customized hedging products to help IFC clients’ hedge their specific risks such as interest rate or currency risks through swaps and forwards, carbon price risk through carbon swaps, commodity price risk (such as gold or agricultural commodities) through commodity swaps etc. The Treasury Client Solutions department at the IFC is a newly formed group that provides above mentioned local currency solutions and other Treasury products to IFC clients. In addition, this group manages currency and interest risk on IFC’s funded balance sheet (more than $70 billion in assets and liabilities with 34 local currencies in addition to G7 currencies). The IFC is now looking for a Director to head this department in Washington, D.C. reporting to the Vice President Treasury & Information Technology. The individual will develop, implement and execute the strategy of offering local currency and other Treasury products to IFC clients in conjunction with various investment departments of IFC located globally as well as in headquarters at Washington DC. The department is also in the process of decentralization to several local hubs and Director is expected to ensure smooth change management. The Director will manage a dynamic group of over 20 professionals and communicate strategy and results to senior management and the IFC’s Board of Directors. The Director will provide leadership and work closely with internal financial policy , accounting and risk management professionals to ensure policy and procedural compliance with the relevant guidelines. The expectation is that the successful candidate will be able to manage the strategy and the team at the outset.
Duties and Accountabilities
1.The Director is responsible for leading and managing the Department. As a member of the senior management team for the Vice Presidency of Treasury & Information Technology, contribute to provide strategic inputs for the sound management of Treasury, especially, various client products offered by Treasury to facilitate development of local capital markets .
2.Develop and contribute to annual strategic plan of IFC Treasury while achieving the Department goals. Develop workable policies and communicate policies to various stakeholders, senior management, and the Board of Directors.
3.Identify the needs of IFC’s internal and external clients, especially related to local currency financing, and offer solutions. Design and manage a program-based approach to issue local currency bonds in different markets to fund local currency financing needs of IFC investments. Provide overall guidance and leadership in structuring current product line consisting of local currency loans, interest rate and cross currency swaps, commodity swaps, partial or full guarantees on bonds and loans, credit enhancement of securitization transactions, risk sharing facilities and customized derivative based hedging solutions. Liaise with regulators (central banks and ministries of finance) in communicating IFC’s role in local capital markets development and get product specific approvals enabling IFC to offer various local currency products and solutions.
4.Proactively identify, measure, and manage interest rate and currency risks on IFC’s funded balance sheet to ensure compliance with the corporation’s Asset-Liability Management framework.
5.Guide and manage decentralization efforts of the Department by identifying and hiring staff to be located at various regional hubs (East Asia, Sub-Saharan Africa and Europe) to be closer to IFC clients, setting up procedures and guidelines in place for empowering staff located in hubs and setting up appropriate internal controls to minimize operational risks.
6.Regularly engage and ensure satisfactory performance on internal audit, external audit and other internal compliance examinations.
7.Innovate and remain up-to-date with knowledge of various financial products offered by Treasury and maintain knowledge at cutting edge with continuous engagement with local and global markets. People/ Talent Management accountabilities:
8.Lead and manage a dynamic team of Treasury professionals, including day to day management and career progression, annual reviews, recruiting and objective setting. Resource Management accountabilities:
9.Manage and ensure effective formulation of the department’s budget. Relationship Management accountabilities (Internal and External):
10.Lead the strategic dialogue and build partnerships with other internal Bank units and participate on behalf of Treasury in IFC/Bank-wide task forces and working groups.
11.Proactively manage relationship with market counterparts including international commercial banks and domestic banks across a range of markets and countries.
12.Represent the Department and Treasury in internal and external forums including the World Bank Board of Executive Directors and its Audit Committee, international conferences, seminars and workshops and high-level meetings with external clients; and
Master’s or higher degree in Finance, Economics or related major.
10+ years of professional experience in structuring financial products (as mentioned above) in emerging market currencies. Proven record in delivery of local currency solutions, preferably with special focus on local currency bond markets.
Documented track-record in Treasury related functions, especially in managing interest rate and currency risks. Proven skills in Asset/Liability Management. Experience in capital market transactions is a plus.
Broad and deep knowledge of financial markets, products and participants- especially fixed income and financial derivatives; experience launching/evaluating new product/project proposals. Thorough knowledge of financial theory and techniques, corporate finance, financial markets, derivatives, tools of financial risk analysis and accounting.
Experience in negotiating with regulators and market counterparts. Capacity to develop client relationships and innovative financial solutions.
Excellent leadership skills, particularly demonstrated in a complex organizational setting with responsibilities for leading and managing large, diverse, and highly technical projects and functions. Strong track record in providing intellectual leadership, managing staff and building talent.
Excellent interpersonal and communication skills including the ability to present complex and technical issues in simple terms. Ability to successfully engage senior decision-makers on complex technical and policy issues.
Committed to The World Bank Group and to IFC’s mission, strategy and values.
Highest ethical standards.
International Finance Corporation (IFC)
2121 Pennsylvania Avenue Northwest
Washington, DC 20433-0005
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