Chief, Risk Management & Advisor AVP FOD
The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating rural poverty and hunger. It does so by investing in rural people. IFAD finances programmes and projects that increase agricultural productivity and raise rural incomes, and advocates at the local, national and international level for policies that contribute to rural transformation.
The Financial Operations Department (FOD) is a dynamic business, strategic and responsive service provider fully supporting IFAD in managing its financial, investments, and material resources. FOD ensures that these resources are efficiently, economically and effectively used to achieve IFAD's objectives in the long-term and deliver on its development commitments.
FOD's key contributions are, among others, managing IFAD's financial resources proactively and make these resources available as needed for its programme of work and accounted/reported on to executive management and governing bodies to enhance their continued confidence on IFAD; investing and managing the financial assets; formulating and implementing financial and investment policies to ensure best practice financial management of IFAD project and to achieve highest returns with due regards to regulations, rules and IFAD's business context.
Post's organizational accountability
Under the supervision of AVP-FOD, the incumbent plays a significant role in assisting the Associate Vice President in an independent risk management function. The incumbent will be responsible for developing and maintaining the risk management framework for IFAD's financial market operations and for monitoring, assessing and proposing improvements to the operational framework from a risk management perspective. In addition, she/he will assume responsibility for organizing, and coordinating FOD operations involving the Office of the AVP as well as monitoring any corporate agenda items. He/She will provide substantive contribution to the overall functions of FOD and provide coordination to its workflow and administration. He/she will also work closely in general with the Directors of the Accounting and Controller's Division, the Financial Management Services Division and Treasury Services Division to ensure proper communication flows, build consensus and ownership of departmental plans/strategies.
The accountabilities / key results include:
- Leading the policy and compliance monitoring
- Senior-Level Advice on Corporate Financial Policy and Strategy
- Agent of Change
Key results expected / Major functional activities
1. Leading the policy and compliance monitoring:
The incumbent has primary responsibility for overseeing the development and implementation of IFAD's risk management function. She/He takes a leading role in providing continual risk assessment in i) the development of comprehensive policies and procedures, and ii) the implementation of risk management strategies and processes. In particular, the incumbent will:
- Take the lead in the preparation of IFAD's enhanced/new financial architecture taking into account high-level risk implications at the level of corporate business planning, policy framework setting, as well as in the monitoring of the financial operations
- Evaluate the adequacy of the IFAD's internal control framework in addressing financial risks involved and accomplishing the Fund's goals and objectives
- Proactively identify emerging risks and report to relevant stakeholders and act as main liaison and focal point of the FOD for the Enterprise Risk Management (ERM) committee
- Act as the key person for engagement with rating agencies.
- Take a leading role in identifying, formulating, and reviewing risk management policies by making appropriate policy recommendation to the AVP FOD and Senior Management. In addition, ensure that appropriate systems, procedures, limits and guidelines are in effect to implement those policies so as to pre-empt and avert financial stresses.
- Provide substantive advice and recommendations on risk mitigation measuring, deal structuring, risk adjusted pricing, security and other commercial terms and financial covenants throughout the risk appraisal process. Supervise the development of analytics tools to capture and monitor risks.
- Oversee the monitoring of treasury market and credit risk related to liquidity portfolios as well as valuations and collateral management for borrowing and derivative portfolios
2. Senior-Level advice on corporate financial policy and strategy:
- Lead, contribute and coordinate substantive technical input, synthesis and advice based on review and analysis of initiatives and proposals submitted to the AVP/FOD for decision and/or consideration. Coordinate with FOD Directors and other Departments any special project(s) assigned by the AVP/FOD
- Coordinate, create and manage linkages across FOD, advise and support in identifying priorities, issues, constraints and opportunities in the process of achieving commitments made.
3. AGENT OF CHANGE:
The incumbent understands and applies the principles of change management and proactively serves as a role model for transformation and capacity for acceptance of change. At this level, the incumbent manages change through consultations with all IFAD offices to build understanding of and to ensure open and regular communications pertaining to current and planned changes.
4. MANAGERIAL FUNCTIONS: The Adviser to the AVP/FOD will be in charge of the supervision of the Risk Assessment Officer/P3 as well as the overall supervision/coordination of FOD front office.
In addition, the incumbent is accountable for integrity, transparency, and equity in the management of IFAD resources. This includes People Management through technical leadership/capacity development.
Impact of Key results / Key performance indicators
The incumbent works in an independent and rigorous risk management function. She/He works within a framework of broad policies, principles and goals, applying a high degree of autonomy in selection of work methods. The incumbent's responsibilities also include managing and participating in key decision-making processes (strategic planning, capital and liquidity planning, etc.).
Representation / Work relationships
Provide leadership in maintaining and managing professional relationships with the investment community, dealer counterparties, central banks and other professionals operating in financial markets, by coordinating responses to information requests, representing IFAD at conferences.
The incumbent collaborates and liaises with other multilateral development banks in sharing of information and knowledge on policies, methodologies, and related techniques used in treasury market and counterparty risk management and to obtain best practices on market and treasury risk management policies and guidelines.
- Strategic thinking and organizational development: Strategic leadership (Level 2)
- Demonstrating Leadership: Leads by example; initiates and supports change (Level 2)
- Learning, sharing knowledge and innovating: Challenges, innovates and contributes to a learning culture (Level 2)
- Focusing on clients: Contributes to a client-focused culture (Level 2)
- Problem solving and decision making: Solves complex problems and makes decisions that have wider corporate impact (Level 2)
- Managing time, resources and information: Coordinates wider use of time, information and/or resources (Level 2)
- Team Work: Fosters a cohesive team environment (Level 2)
- Communicating and negotiating: Acquires and uses a wide range of communication styles and skills (Level 2)
- Building relationships and partnerships: Builds and maintains strategic partnerships internally and externally (Level 2)
- Managing performance and developing staff: Manages staff and teams effectively (Level 2)
- Demonstrated knowledge and experience of financial and/or risk reporting. Thorough understanding of a multilateral development bank's financial policies, treasury operations, as well as the global capital markets and their products.
- Technical expertise to properly understand the intricacies of an institution's risk exposures.
- Solid knowledge of financial concepts and quantitative tools of fixed income valuation, risk and performance measurement.
- Solid experience in formulating risk related policies, procedures and methodologies.
- Strong analytical capabilities with a good eye for detail.
- Ability to ensure and improve upon the flow of information for management regarding the ongoing risk, compliance and performance of investment and funding operations.
- Ability to exercise high degree of independent judgment and initiative in analysing highly complex issues with the ability to make interpretative decisions and identify, assess and mitigate risks.
- Ability to lead, build, and inspire teams and ensure that all processes, including management are consistently and highly effective. Foster teamwork by being a good team player. Strong interpersonal skills. Commitment to strengthening knowledge sharing needs and requirements.
- Ability to work under pressure with tight deadlines and multiple priorities.
Minimum recruitment qualifications
Master's Degree or its equivalent in Business Administration, Finance, Banking from an accredited academic institution. The Master's Degree may be substituted by a first university degree (Bachelor or equivalent) in the above-mentioned subjects plus at least four additional years of relevant professional experience, over and above the minimum number of years of experience outlined below.
Professional qualification in Risk and/or Finance (Financial Risk Manager, Chartered Financial Analyst or other related certifications) would be an advantage.
At least 10 years' of progressively relevant professional experience in a similar positions in risk management in International Financial Institutions, Investment Banks, or rating agencies.
Excellent written and verbal communication skills in English and the working knowledge of another official language (Arabic, French or Spanish) is desirable.
Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD, and they may be assigned by him/her to any of the activities of IFAD, including field assignments and/or rotation within IFAD.
In the interest of making most cost-effective use of funds and resources, we are only able to respond to applicants who are short-listed for interview. Candidates who do not receive any feedback within three months should consider their application unsuccessful.
Candidates may be required to take a written test and to deliver a presentation as well as participate in interviews.
For more information on how to apply, please click the apply button.
(*) Please note that this vacancy has been reopened and extended to April 2 2018. Applicants who have already submitted their applications do not need to re-apply.