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Risk Officer

3 months ago

Wenatchee, United States World Bank Group Full time
Risk Officer

Job #:
req28033

Organization:

IFC

Sector:
Risk

Grade:

GF
Term Duration:

3 years 0 months

Recruitment Type:
International Recruitment

Location:
Washington, DC,United States

Required Language(s):

English

Preferred Language(s):

Closing Date:

7/1/2024 (MM/DD/YYYY) at 11:59pm UTC

Description


IFC- a member of the World Bank Group - is the largest global developmentinstitution focused on the private sector in emerging markets.

We work in morethan 100 countries, using our capital, expertise, and influence to createmarkets and opportunities in developing countries.

In fiscal year 2023, IFCcommitted a record US$43.7 billion to private companies and financialinstitutions in developing countries, leveraging the power of the privatesector to end extreme poverty and boost shared prosperity as economies grapplewith the impacts of global compounding crises.

For more information, visit


As part of IFC's dynamic and market-oriented operations, the Model Risk unit in Corporate Risk Management Department (CRMMM) is responsible for validating the financial models across IFC.

The Corporate Risk Management Model Risk Team (CRMMM) is conducting a search for a dynamic, motivated, and an experienced quantitative professional with strong financial modeling & model validation background in Structured Finance, Derivatives, & Capital as well as excellent verbal and written communication skills to join their team to validate financial models used in IFC.


Role & Responsibilities:

The successful candidate will:

  • Be responsible for validating/reviewing IFC's Structured Finance models such as those used for Synthetic/Significant Risk Transfer, Risk Sharing Facilities (first loss), etc., including copula-based models and related models for valuation and credit rating methodology.
  • Be able to review models and approaches for bail-in instruments such as AT1, B3T2, & MREL by working together with other colleagues in the Model Risk Team.
  • Be responsible for validating
    IFCTreasury financial derivative valuation models, including models such as FMM/LMM, Local Stochastic Volatility, Local Volatility, Stochastic Volatility, Hull-White, etc. to value exotic derivatives.
  • Assess implementation of models pertaining to Structured Finance & Bail-in instruments, including models developed in spreadsheet environment.
  • Validate implementation of exotic derivative models in valuation systems, such as Numerix, Murex, etc.
  • Get involved with and assist in reviewing/validating other models such as Economic Capital, etc. as required.
  • Ensure that the models are implemented, documented, tested, and are being applied/used appropriately.
  • Provide effective challenge while validating models and be able to challenge using factual and sound arguments as well as judgements.
  • Provide support to the Head and other Senior members of the Model Risk Team to evaluate memos submitted by various stakeholders to the management, any Steering Committee, and Corporate Risk Committee.
  • Ensure that any model development/remediation plans are implemented within appropriate timelines and proactively follow-up with the Modeling Team and other stakeholders to highlight and resolve issues, including escalation of unresolved issues to the Senior members of the Model Risk Team.
  • Perform industry research on upcoming and state-of-the-art models to help the Team to provide effective challenges and ensure that
    IFCis aligned with industry standards.
  • Revalidate models that were validated before to meet the Model Risk policy and Audit requirements.
  • Create and maintain model validation documentation with adequate testing to meet the Model Risk policy and procedures.
  • Ensure timely response to queries and requests.
  • Meet deadlines and achieve agreed-upon results.
  • Actively seek knowledge needed to complete assignments and share knowledge with others.
Selection Criteria

  • MS or higher degree in Finance, Mathematics, Financial Engineering, Statistics, or equivalent
  • PhD in Finance, Mathematics, Financial Engineering, etc. would be a plus.
  • At least 7 years relevant experience in derivatives & structured finance modeling, markets, and related products.
  • In depth experience with validating and reviewing derivatives & structured finance models for several years would be a strong plus.
  • Thorough understanding of quantitative financial models involving copula-based models, credit rating methodology, hazard rate models, dynamic credit models, PD, LGD, etc. is a must.
  • Good understanding of Bail-In and Hybrid Capital models such as those for AT1, B3T2, & MREL would be a strong plus.
  • Deep knowledge and experience with financial derivative models such as Libor Market Model, Forward Market Model, Stochastic Volatility Model, Local Volatility Model, Local plus Stochastic Volatility Model, Hull-White model, Black-Scholes, etc. is a must.
  • In depth knowledge and exposure to the product models such as Bermudan Callables, PRDCs, Equity KIKO, FX KIKO, Quantos, CMSs, Hybrids, etc. is a must.
  • Good understanding of models for Economic capital, etc. would be a plus.
  • Able to determine appropriate modeling and valuation techniques and to construct models consistent with market practice.
  • High proficiency in Excel (including VBA), MS Word, MS PowerPoint, C/C++, Python, and vendor systems such as Numerix, Murex, etc. would be a strong plus.
  • Strong quantitative, analytical modeling, and model validation skills.
  • High degree of motivation and commitment to highest ethical standards.
  • Strong desire and motivation to learn different types of quantitative financial models and willing to take on challenging model validation tasks, even if it is outside the comfort zone.
  • Be able to challenge the counterparts who develops the models and ability to handle difficult discussions, including being able to push-back and say "no".
  • Strong inter-personal and communication skills.
  • Excellent written and verbal skills in English.
  • Ability to work under pressure and multitasking.
  • Excellent team player and ability to work with colleagues from diverse backgrounds.

Note:
This internal requisition is opento WBG and IMF staff only (including short-term and extended term consultants/temporaries). External candidates are requested not to apply. In case anexternal candidate applies, their application will not be considered.

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.