Senior Financial Officer
Job #: req22884
Organization: World Bank
Sector: Finance & Accounting
Grade: GG
Term Duration: 3 years 0 months
Recruitment Type: International Recruitment
Location: Washington, DC,United States
Required Language(s): English
Preferred Language(s): Proficiency in other languages is desirable
Closing Date: 6/16/2023 (MM/DD/YYYY) at 11:59pm UTC
Description
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. For more information, visit www.worldbank.org
Treasury is the Vice Presidency, reporting to the Managing Director and World Bank Group Chief Financial Officer, performing treasury functions for the IBRD and IDA and, to varying degrees, for other members of the World Bank Group and other public sector investors. Its activities are organized and grouped into the following departments: Capital Markets and Investment Management, Member Asset Management and Advisory, and Treasury Operations. The Treasury VPU also includes the Risk, Compliance, and Controls Unit.
Treasury has been a large and significant player in the international financial markets for over seventy years and has achieved a global reputation as a prudent and innovative borrower, investor, and risk manager. Treasury is responsible for: (i) managing approximately $205 billion in assets for the World Bank and other official sector investors; (ii) leading IBRD’s and IDA’s triple-A rated financing programs in international and domestic bond and derivative markets; (iii) conducting asset and liability management for IBRD’s and IDA’s balance sheets; (iv) overseeing the development and outreach related to the financing and hedging products the Bank provides for its developing-country members; and (v) collaborating with the World Bank member countries to help build their capacity. Staff in Treasury regularly interact and work with other Departments across the Bank and Finance Partners’ teams.
Asset Management and Advisory (TREAA)
TREAA is responsible for managing approximately $75 billion of liquidity and fixed income portfolios for Trust Funds (including Financial Intermediary Funds) and over 70 external members consisting of Central Banks, Pension Funds, Sovereign Wealth Funds, and other Official Institutions. The department is also responsible for providing investment partnership and advisory functions, capacity building, and training under the umbrella of the Reserve Advisory and Management Partnership (RAMP) Program. This department is organized in three units: Asset Management (TREAM), Advisory and Partnership (TREAP), and Product, Knowledge, and Research (TREPK). Learn more about our organization: https://treasury.worldbank.org/en/about/unit/treasury/about/what-we-do.
The Treasury Advisory & Partnership team (TREAP) is responsible for administering the Reserve Advisory & Management Partnership (RAMP), including leading and delivering technical advisory and training services for official sector asset managers on all aspects of asset management. Staff design, budget, implement and evaluate an annual engagement plan and deliver and coordinate advisory services to currently more than 70 RAMP members including 56 central banks, seven public pension plans, six international finance organizations, and three sovereign wealth funds. The team also leads business strategy and outreach to prospective members for RAMP. Staff also deliver a range of training activities and workshops, design policy fora for senior executives of member institutions and contribute to research and applied research notes on public asset management. Finally, the team manages and monitors all of the use of resources, financials, and budgets for RAMP members, negotiates legal documentation, and is responsible for all member communication and documentation.
Duties and Accountabilities: The Senior Financial Officer (Engagement Manager) works under the Advisory and Partnership (AP) Manager. Primary responsibilities will include the following activities: 1.Lead and facilitate member institutions to identify a set of annual capacity-building initiatives (each of which maps back to a generally defined set of key performance indicators) designed to support the continuous improvement of the reserve management staff capabilities, policies, and practices.
2.Assist in advancing individual initiatives at the member institutions and champion progress, with sensitivity to the norms and corporate culture of the members.
3.Train RAMP members on the design and development of the investment policy, strategic asset allocation, and portfolio construction for various fixed-income and/or multi-asset class portfolios, based on applicable investment objectives and risk tolerance considerations.
4.Provide technical briefings to member investment committees and/or boards on topics relating to governance, investment policy, strategic asset allocation, and risk management.
5.Lead business outreach to prospective RAMP members and design outreach strategies including enhancing existing background material and information on the RAMP program.
6.Co-lead or participate in workshops, including designing the agenda and preparing and delivering presentations, case studies, and policy notes.
7.Liaise with colleagues in Treasury and other World Bank units to facilitate the delivery of technical assistance to members.
8.Represent the World Bank and RAMP and cultivate collaborative relationships with the most senior- level representatives of the member institutions as well as asset management practitioners, opinion leaders, and external service providers.
9.Contribute to research reports, working papers, and blogs on all issues relevant for public asset managers including on governance, strategic asset allocation, and investment asset management.
10.Lead, participate in and contribute to corporate, and member reporting activities and write briefing notes on topical issues as necessary.
11.Significant international travel is required.
Selection Criteria
The successful candidate should have the following qualifications: 1.Advanced degree(s) in relevant field of study, such as economics, finance, mathematics, financial economics, or financial engineering
2.Ten years of relevant experience in a senior position at an official sector asset management entity or an international development organization, preferably with experience and responsibilities in the area of investment management and central bank operations
3.Substantial knowledge and experience across a wide array of business, policy, and operational topics associated with investment management and ancillary areas, macroeconomic, fiscal, and monetary underpinnings of asset management at the sovereign level, a firm understanding of finance and portfolio theory, as well as a practitioner’s unique grasp of the key dimensions of the front, middle, and back-office aspects of a well-functioning asset management organization
4.Curiosity and proven interest and ability to perform research in areas of RAMP’s expertise
5.Proven ability to manage multiple tasks and lead multiple engagements simultaneously
6.Highest ethical standards
7.Demonstrated professional leadership and ability to lead, coach, and mentor junior staff
8.A high degree of self-motivation, a positive attitude, and the ability and drive to lead and collaborate in a team-based, multi-cultural work environment
9.Experience facilitating the open exchange of ideas and selecting the appropriate beneficial solutions among alternatives. Ability to promote a culture of participation across boundaries, and to inspire collaboration and cooperation within the organization, with members and other development partners.
10.Excellent and proven writing skills in English, as well as verbal skills to communicate complex and technical issues in simple terms
11.Fluency in other languages like Arabic, French, and Spanish is highly desirable.
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.