Risk Officer
4 weeks ago
**Job #**:
- req27629**Organization**:
- World Bank**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**:
- 6/3/2024 (MM/DD/YYYY) at 11:59pm UTC**Description**
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 Risk Officer under the Model Risk function in CROMC, based in Washington, DC.
**Duties and Accountabilities**:
- Build relationships with model development teams to establish and maintain model validation standards.
- Ensure that models are validated in accordance with the existing framework, identify model risks and discuss remediation plans.
- Conduct internal validation of high-risk, or systematically important, models within the inventory.
- Perform model governance function for models in the model inventory and ensure they are validated in accordance with the existing framework, identify model risks and discuss remediation plans.
- Assess and perform independent ratings of all models in IBRD’s model inventory and summarize to the CROMC director.
- Help create awareness of the model governance environment across the WBG.
- Build and maintain industry contacts to maintain best practices.
**Selection Criteria**
- Advanced degree (PhD, MS, or an equivalent) in Finance, Economics, Mathematics or Physics.
- Minimum of 5 years experience in either in model validation, financial modelling or risk management.
- Excellent written and oral communication skills, including the ability to present complex and technical issues in simple terms.
- Experience with Economic & Regulatory Capital Models, Credit Risk Models (PFE, Credit Capital, Counterparty, XVA, etc.) and Market Risk Models (VAR).
- Ability to analyze and understand complex financial instruments, models and write and interpret relevant code to facilitate the analysis.
- Advanced programming skills: Python, C++, MATLAB, R etc.
- Excellent understanding of the markets and knowledge of structured products and derivatives.
- Experience with model validation, model risk, or development of quantitative models, ideally in an international or a major financial services organization.
- Understanding of industry-wide risk modelling practices and trends.
- Ability to participate in multi-disciplinary teams.
**WBG Competencies**:
- Financial Products - Able to advise clients on the Bank's range of financial instruments and negotiate detailed loan / trust fund choices.
- Risk Management & Internal Controls - Able to advise senior management on technical risk and control issues such as development of key risk and control indicators, risk tolerances.
- Client Orientation - Maintains client relationships in the face of conflicting demands or directions and provides evidence-based advice and solutions based on sound diagnosis and knowledge.
- Drive for Results - Identifies the needed resources to accomplish results involving multiple stakeholders and finds solutions to obstacles affecting key deliverables.
- Teamwork (Collaboration) and Inclusion - Shows leadership in ensuring the team stays organized and focused, and actively seeks and considers diverse ideas and approaches.
- Knowledge, Learning and Commun
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