Do you want to build a career that is truly worthwhile? 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.
The Chief Risk Officer (CRO) Vice Presidency of the World Bank is the core unit responsible for institutional risk oversight, including establishment and monitoring adherence to risk policies and guidelines and risk assessment and reporting to the Board and executive management. Its mission is to enable and support the institution to achieve its goals in a financially sustainable manner. The VPU assists management with identifying and managing group-wide cross-cutting risks, enhancing risk response decisions, reducing financial and operational surprises and losses, seizing opportunities and improving deployment of capital. The CRO Vice Presidency comprises three Departments: 1) Credit Risk (CROCR); 2) Market & Counterparty Risk (CROMC), and 3) Operational Risk (CROOR).
The Credit Risk Department (CROCR) ensures that the Bank's credit risk exposure is commensurate with the risk appetite of stakeholders and strikes the appropriate balance between financial and development objectives. CROCR manages the credit risk inherent in IBRD's loan portfolio. CROCR's core functions include, among others (i) Assessing and rating country credit risk for all IBRD borrowers; (ii) Assessing country eligibility for IBRD resources; (iii) Influencing IBRD’s lending strategy and assessing lending plans against lending allocations as established through the exposure management framework: (iv) Anticipating countries that are vulnerable to crises; (v) Participating in arrears workouts for IBRD borrowing countries; (vi) Engaging with the Paris Club of bilateral creditors; and (vii) Ensuring IBRD is adequately for loan losses; and (viii) Assessing/Monitoring the size of credit shocks (unexpected losses) as part of IBRD’s capital adequacy framework.
The Operational Risk department (CROOR) is responsible for assisting business units in identifying, assessing, and managing operational risk, including the risk of disruption. CROOR is headed by a Director and has three units: Operational Risk unit, Business Continuity Management unit, and Enterprise Risk Management unit.
The Market & Counterparty Risk Directorate (CROMC) focuses on oversight of risk in four areas: 1) Market Risk, which covers ALM, interest rate, spread (funding and investments) and FX risk 2) Liquidity Risk, which covers the availability/cost of or access to ready liquidity and long-term funding; 3) Commercial (i.e. not sovereign lending) Credit Risk, which includes risks to IBRD resulting from changes in the creditworthiness of IBRD’s commercial counterparties; and 4) Model Risk, which covers financial risk models in IBRD in terms of model governance.
The Market & Counterparty Risk Directorate (CROMC) is now looking to recruit a Senior Financial Assistant to support analytics on risk measurement, assessment and reporting for key risk areas such as balance sheet risks, equity management, and liquidity and FX risks.
This position is based in Chennai, India and will report directly to the Manager, Market Risk.
Duties and Accountabilities
Responsibilities include:
Collect, evaluate/validate, clearly articulate modeling results and analyze institutional data (including positions and risk metrics) and market data used for risk oversight, in-depth quantitative analysis on all aspects of models, including theoretical aspects, model design and implementation as well as reporting.
Participate in creating and providing a rigorous assessment of regular reports of key risk metrics such as economic capital, VaR, derivative/swap counterparty exposure and stress tests to support CROMC’s daily/monthly/ quarterly oversight responsibilities in areas such as liquidity and counterparty exposure.
Support the production of executive- and Board-level market risk reports, creating graphs and updating portions of text, and assisting in-depth quantitative analysis/explaining changes in metrics over time.
Support special projects and ad hoc requests using advanced analytical techniques and statistical modeling in the areas of market and institutional risk analysis, the study of business scenarios, development of new risk metrics and evaluation of proposed business opportunities and business transactions, including via deployment of latest FinTech tools/techniques.
Selection Criteria
Bachelors degree with 3 years relevant work experience in complex analytical projects in the area of Finance. Masters degree would be a plus.
Basic knowledge of fixed income products and capital markets. Experience with financial derivatives is a plus.
Direct experience in building complex analytical models, tools and techniques to measure and analyze risks. Working knowledge of models in the financial market realm is a plus.
Demonstrate ability in programming languages/tools used for analytics, data mining with SQL and reporting
Working knowledge in utilizing model estimation tools such as R or Python
Knowledge of Bloomberg and of downloading Bloomberg data for building market monitoring spreadsheets with VBA is a plus
FRM, CFA are a plus
Excellent written and verbal communication skills, with an ability to relay complex data and information in a concise, clear manner
Strong organizational skills and attention to details
Ability to work pro-actively in a small team-driven environment.
