Senior Credit Risk Officer, Washington

• Organization: World Bank
• Country: United States
• City: Washington
• Office: World Bank HQ Washington
• Follow @UNjobs

The World Bank | 1818 H St NW | Washington, DC 20006 | Tel: (202) 473-1000

Closing date: Monday, 29 August 2016

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Background/General Description
The World Bank Group, Its Vision and Strategy : The World Bank Group (WBG or the Group) is one of the world's largest sources of funding and knowledge for development solutions. In fiscal year 2015, the WBG committed close to USD 60 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which close to USD 19 billion was concessional finance to its poorest members.
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
The World Bank Group set two specific and measurable goals for itself and its partners in the development community: effectively ending extreme poverty by shrinking the share of people living on less than USD 1.25 a day to 3% by 2030, and promoting shared prosperity by raising the incomes of the poorest 40% of the population in every developing country.
Succeeding will require systematic and relentless collaboration from the WBG, its member countries, and partners. The WBG Board of Governors approved a strategy which leverages, for the first time, the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, knowledge and services. The strategy has three components: (1) maximizing development impact by engaging country clients in identifying and tackling the most difficult development challenges; (2) promoting scaled-up partnerships that are strategically aligned with the goals; and (3) crowding in public and private resources, expertise and ideas.
The President of the WBG is Dr. Jim Yong Kim, and he leads the WBG under the direction of the Boards of Directors of the World Bank Group institutions.
MIGA
MIGA (or the Agency) was established in 1988 to enhance the flow of capital and technology to developing countries and executes its mandate by providing political risk insurance guarantees and credit enhancement products against non-commercial risks for investors and lenders in its 180 member countries. For the fiscal year 2015, ended on June 30, MIGA issued $2.8 billion in guarantees, had a gross outstanding portfolio of $12.5 billion and approximately 125 staff.
In addition to its traditional political risk guarantees, MIGA offers credit enhancement products that protect lenders against losses from the failure of a sovereign, sub-sovereign or State-Owned Enterprise (SOE) to make a payment when due under an unconditional financial payment obligation or guarantee related to an eligible investment.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.
Duties and Accountabilities
MIGA is seeking to recruit a Senior Credit Risk Officer for State-Owned Enterprises. The Agency is looking for a professional with extensive practical experience in credit risk analysis of corporates and financial institutions, preferably in developing countries. The position will be based in Washington, D.C. and will report to the Head of Credit for State-Owned Enterprises, within MIGA's Finance and Risk Management team.
The Senior Credit Risk Officer for State-Owned Enterprises will be responsible for assessing, rating, recommending, monitoring and reporting on the credit risk of corporates and financial institutions in developing markets where MIGA considers providing credit enhancement under its Non-Honoring of Financial Obligations by State-Owned Enterprises (NHSOE) product.
The role requires the full comprehension and clear articulation of the primary drivers of the credit risk of State-Owned Enterprises (SOEs), including, inter alia, a full financial analysis – including financial projections - with a focus on debt sustainability and ultimate creditworthiness assessment. Candidates preferably have additional practical experience analyzing and identifying the impact of idiosyncratic drivers of credit risk of SOEs, such as ownership, corporate structure and organization, relationship to the sovereign, governance, management, business line(s), regulatory framework, or competitive dynamics.
Key responsibilities

• Perform the credit risk analysis of SOEs and contribute, as necessary, to the structuring of transactions by recommending credit risk mitigants or -enhancements.
• Submit and present SOE credit risk analyses to MIGA's Credit Committee for SOEs.
• Participate in- and contribute to other relevant operating committees of MIGA where the NHSOE product is considered.
• Support the development of the analytical framework, policy and operating guidelines for the credit risk analysis of SOEs, as well as the development of the reporting and credit monitoring frameworks, policies and operating guidelines for the credit risks assumed under the NHSOE product.
• Support the prioritization of the credit analysis pipeline, in close coordination with the Head of Credit for SOEs and MIGA's Operations Department.
• Field inquiries of outside parties, such as reinsurers and rating agencies, as applicable to the NHSOE product and its applications in individual transactions, in coordination with the Reinsurance, Economics and Sustainability, and Operations groups.

Qualifications & Knowledge

• Advanced degree (Master's or PhD) in Finance, Business, Economics and/or a related discipline and at least 8 years of relevant experience or an equivalent combination of education and relevant experience.
• The candidate will be an expert in the credit risk analysis and credit risk management of corporates and/or financial institutions, preferably in developing markets.

Experience

• Comprehensive technical knowledge of credit risk analysis and credit risk management acquired in a financial institution and/or credit rating agency with strong presence in emerging markets for at least 8 years.
• Extensive experience with a broad array of financial instruments including, but not limited to, cross-border lending, equities, guarantees, investment insurance, derivatives, complex transaction structures and structured financial products.
• Experience in emerging market financial crises and sovereign-, bank-, and/or corporate workouts is preferred.
• Familiarity with the risk, financial reporting and regulatory considerations associated with MIGA's guarantee products is a plus.

Personal Characteristics

• Highly collaborative personality, proven team player, het in possession of a 'strong backbone', i.e. the ability to stand up under scrutiny, challenge and pressure.
• Outstanding intellect and analytical abilities.
• Excellent partnering and interpersonal skills, and the ability to establish and develop relationships within the organization and with the business line.
• Sensitivity to operate successfully in multi-cultural and highly diverse environments.
• Excellent communication and presentation skills in English, both written and orally, including the ability to convey ideas and positions clearly and concisely.
• Impeccable personal and integrity record.
• Motivated and enthusiastic about the opportunities and challenges of working for a development institution.

WBG Competencies
Deliver Results for Clients
Effective WBG staff set high standards and challenging goals, and measure impact. They address the needs and challenges of internal and external clients, while also keeping the goal of reducing poverty and increasing prosperity as the ultimate objective. They hold themselves accountable and take personal ownership for identifying and managing risks and delivering evidence-based results that are financially, environmentally and socially sustainable and have development impact.
Collaborate Within Teams and Across Boundaries
Effective WBG staff collaborate and work with others across and outside of the World Bank Group in order to achieve the best results for clients. They cultivate and leverage their professional networks to this end. They are inclusive in gathering options and information, and align their behavior and priorities with the needs and goals of WBG. They maintain a WBG corporate mindset above an individual or team perspective and are proactive in mitigating and managing conflicts
Lead and Innovate
Effective WBG staff demonstrate personal leadership and commitment to the WBG's values and mission. They take initiative, and are persistent in their drive for results. They seek opportunities to improve and find innovative solutions, where appropriate, to problems. They inspire and encourage others to have a positive attitude and impact, are able to adapt to changing circumstances, and are willing to be bold to increase the Bank's Group's effectiveness.
Create, Apply and Share Knowledge
Effective WBG staff understand the value of creating, applying, and sharing knowledge. Staff, rapidly and readily share their expertise; create and contribute to the WBG's body of knowledge and efficiently reflect and draw on lessons of past experience from colleagues, clients, partners and external sources to drive the WBG to achieve its goals. They expand their professional networks in their areas of expertise by forging linkages with others. They energize others to create, apply and share knowledge and learn from each other. They also seek opportunities to grow personal and institutional knowledge and invest in the growth of others through mentoring, as well as developing themselves and others through feedback and continuous learning.
Makes Smart Decisions
Effective WBG staff balance the need for risk management with a sense of urgency by making quick, timely, and relevant decisions. They display the confidence to take smart risks and make timely and effective decisions and show confidence in own judgment and actions. They are good problem solvers, collect evidence, lessons from past experience, and research to support their actions, and are willing to make decisions and take smart risks that advance the goals of WBG.
They take ownership for decisions they make, and ensure issues are pushed to the right level for decision-making when needed. Senior leaders drive alignment, and ensure information is shared to make realistic, sound decisions and recommendations. Trust and support is given to decision makers, regardless of level, with the assumption that the right decisions will be made.
MIGA Competencies
Proficiency in Finance, Accounting and Insurance

• Reviews financial models for projects and conducts financial analysis.
• Analyzes business plans, financial projections, and other financial reporting/industry information to identify and monitor issues that may affect MIGA's risk, and recommends action where necessary.
• Applies appropriate insurance principles in the evaluation of projects.
• Reviews and analyzes complex financial information and analyzes underwriting risks for complex projects.
• Clearly and concisely synthesizes information into key recommendations for management.
• Independently conducts complex financial analysis and reviews complex projects.
• Proactively identifies potential issues, discusses issues including pricing with internal and external clients, and persuasively presents conclusions of analysis.
• Applies creativity and innovative ideas towards resolving project issues including pricing and moving projects forward.

Project Structuring & Negotiations

• Is able to understand key project frameworks and appropriately structure and recommend risk coverages.
• Uses effective negotiation skills to bring projects to close and is able to develop alternative solutions that address concerns of internal and external stakeholders.
• Contributes to the development of innovative structures and applications of MIGA coverage, applies knowledge of comparable past deals.
• Successfully negotiates structuring of straightforward, innovative, and/or complex transactions, with risk mitigants where appropriate.
• Leads negotiations effectively, including pricing and coverage terms.
• Can build support for a position though informal discussion and can negotiate across a variety of issues to achieve objectives.
• Develops and executes clear negotiation plans based on identified objectives.

Reinsurance Placement and Relationship Management

• Applies underwriting expertise and knowledge of reinsurance products and markets to the placement of reinsurance to support MIGA's Operations.
• Undertakes proactive promotion of MIGA with existing and new reinsurers to maintain or increase reinsurance capacity.
• Effectively leads all aspects of straightforward reinsurance syndication.
• Provides input for the development of treaty reinsurance structures and assists with the placement thereof.
• Analyzes potential transactions and uses market/structuring expertise to ensure that reinsurers' requirements are met.
• Uses strong negotiation skills to find common ground between clients, MIGA, and its reinsurers.
• Effectively leads on complex and strategically important reinsurance syndication.
• Anticipates reinsurers' concerns and recommends changes.
• Develops treaty reinsurance structures and leads the placement thereof.
• Works independently on complex matters.
• Develops and maintains positive relationships with new reinsurers and across MIGA.

The World Bank Group is committed to achieving diversity in terms of race, gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply.