Senior Risk Officer (Asset and Liability Management)

Organizational context

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.

Post's organizational accountability

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.

IFAD's Risk and Compliance Function (RCF), under the Financial Operations Department (FOD) Vice-Presidency, provides financial risk oversight of IFAD's, loans, debt and treasury portfolios, as well as managing IFAD's overall financial sustainability and capital position. RCF is seeking seasoned professionals as Senior Officer in Risk Management to join an international dynamic team in support of various specific risk functions, such as asset liability management.

Senior Risk Officers at this level are seasoned professionals reflecting an in-depth, broad understanding of applicable regulations, standards and methods as well as IFAD’s financial regulations, rules and transactional procedures in one or more financial risk occupations including but not limited to asset liability management and capital adequacy. The accountabilities/key results include:

• Support the Associate Vice President of FOD and Chief Risk Officer to coordinate and strategically advance various Finance and Risk initiatives to achieve IFAD’s Business Model objectives for Corporate Finance
• Participate directly as a key member in projects and work programs to ensure their completion
• Lead and coach other risk management officers/finance team as needed to facilitate work program delivery
• Advise AVP and other senior management on risk related policy and process improvements

Senior Risk Officer works within the Front Office Unit (FFO) located within the Financial Operations Department (FOD) under the overall strategic, policy and management guidance of the Chief Risk Officer and the Associate Vice President, Chief Financial Officer and Chief Controller (AVP FOD) supporting the mission of IFAD by providing sound advice, on financial risk policy and management practices, that supports the AVP FOD in making effective risk based decisions  to achieve the strategic goals of the Fund.

Key results expected / Major functional activities

FINANCE BUSINESS PARTNER

The Senior Risk Officer is a credible, trusted partner to the client offices served and the Department/Division/Unit where assigned. S/He supports the Fund’s risk strategy and plans, as well as models a commitment to financial integrity by acting as a responsive and constructive service provider with a focus on results. The Senior Risk Officer provides seasoned verbal and written advice and guidance to supervisors and staff on financial regulations, rules and procedures, facilitating a mutual understanding of roles and fiduciary accountabilities in direct support of integrity in the management of the Fund’s financial resources. Key results/functional activities include:

• Lead the Asset and Liability Management team to efficiently manage the Fund's balance sheet, conducting asset liability management related analysis and make recommendations on the asset and liability structure, interest rate, duration, currency, liquidity and other potential mismatch positions.
• Draft, implement and enforce the Asset and Liability Management Framework and other related financial and risk policies.
• Review of the existing risk framework to monitor and manage risks in the investment portfolio in cooperation with the Treasury and Accounting Divisions.
• Lead the development and implementation of medium and long-term financial projection models, including stress scenarios, and medium term financial performance of the Fund in cooperation with the Treasury, Financial Management and Accounting Divisions.
• Provide key recommendations to the Chief Risk Officer on all issues related to market risk and on the overall performance trends to be communicated to the Risk Committee.
• Supervise and coordinate the creation and implementation of new risk reports including design, implementation, validation and automation.
• Provide guidance and oversight related to the implementation of system enhancements to improve data accuracy and analysis capabilities related to the risk function and asset and liability management projects.
• Provide guidance and oversight in the review and implementation of new financial products within FOD, including the definition of risk safeguards related to the new products.
• Participate in the implementation of balance sheet optimisation strategies.
• Participate in the periodic review of IFAD's risk appetite and financial strategy.
• Participate in technical working groups on financial projections, pricing, funding and liquidity supporting the Chief Risk Officer with technical leadership/capacity development initiatives and awareness campaigns.
• Participate in discussions with credit rating agencies and external auditors. 

FINANCIAL MANAGEMENT

At this level the Senior Risk Officer is a team leader with the capacity to develop as well as authoritatively interpret and apply a broad range of industry best practices, international and IFAD financial policies, rules and regulations as well as standards and techniques. Activities performed by Senior Risk Officer at this level may include (a) maintaining the financial procedures relating to the assigned operation, notable the ALM Framework; (b) preparing information for internal financial and risk reporting, and for IFAD’s Annual Financial Statements, as applicable; and (c) preparing timely, substantive replies to internal and external audit observations concerning the assigned financial operation.

Senior Risk Officer contributes to the development of financial and risk policies through simulations and enhancement of financial models; builds simulations on a range of likely scenarios reflecting IFAD's current and future resources and financial positions, analyses simulation results and identifies key inputs for information on resource mobilization priorities/opportunities; analyses trends in financial data to assess relevance of existing models; recommends changes to underlying assumptions to promote alignment with current and future operating realities; maintains linkages between financial model development and projections of balance sheet and income statements; ensures integration with the structure of IFAD's balance sheet and income statement; and enhances current financial models including integration with other excel-based information in collaboration with team colleagues.

AGENT OF CHANGE

The Senior Risk Officer understands and applies the principles of change management and proactively serves as a role model for transformation and capacity for acceptance of change. S/He uses a seasoned knowledge of results based management and budgeting, enterprise resource planning (ERP) and other information technology to develop, analyse and promote acceptance of new methods of work and automated work flows. At this level the Senior Officer manages change through consultations with finance colleagues and outreach to client offices to build understanding of and to ensure open and regular communication pertaining to current and planned changes in the Fund’s financial risk standards, regulations and rules.

MANAGERIAL FUNCTIONS

The Senior Risk Officer is typically a team leader accountable for integrity, transparency, and equity in the management of  IFAD resources, including equipment, supplies and, as applicable, staff supervised. This includes People Management through supporting the Chief Risk Officer with technical leadership/capacity development initiatives and awareness campaigns.

This may include: (a) People Management through work plan development, recruitment, performance and career management of P, GS staff and consultants as relevant as well as learning management establishing learning plans and ensuring staff supervised meet their development needs while meeting the needs of IFAD; (b) Resource Management by providing strategic and data inputs into the divisional budget preparation exercises; (c) Knowledge and Content Management by ensuring (i) knowledge content within functional area is continuously updated and available to colleagues and clients (ii) best practices are continuously identified, documented and distributed and (iii) appropriate and up-to-date information and learning tools are available to the Fund’s managers, supervisors and staff; and Information Technology Management through leveraging ERP functionality for improved business results, simplification of transaction and reporting processes and improved client services.

Impact of Key results / Key performance indicators

Senior Officers at this level work in an independent and rigorous risk management function and are accountable for in depth analysis of a variety of financial and risk reports that reflect transactions where many different consecutive stages of operations are involved; problems involve interrelationships and interactions within the financial structure and his/her role is to ensure that the Organization's financial business conforms to regulations. Based on a thorough knowledge of finance and risk principles, concepts and systems, the Senior Risk Officer independently performs the full range of work for a complete, homogenous financial operation or components of financial operations. The supervisor may be consulted in the analysis of complex and/or precedent setting cases to ensure consistency in the interpretation and application of regulations and rules and to document such decisions. The work typically requires the identification of the need for changes to finance and risk policies, as well as the authoritative interpretation and application of finance and risk policies, rules and regulations to a broad range of complex casework. The Senior Officer's responsibilities also include supporting the supervisor in key decision making initiatives (e.g. strategic planning, capital and liquidity planning, etc.).

The key performance indicators for Senior Risk Officer at this level include accurate performance of assigned finance/risk operations, technical quality in terms of both substantive depth and adaptive relevance to client needs and customer service approach to problem resolution.

Senior Finance Officers at this level are accountable for authoritative advice and guidance in regard to the Fund’s financial policies, regulations and practices and authoritative interpretation to resolve difficult and unusual cases. They make recommendations to senior management on questions of financial policy, including those that may be the subject of inter-organizational consultations. Senior Finance Officer is also accountable for leading and ensuring the accuracy of a complete, complex financial operation identified by the variety and number of funding sources, diversity of currencies, and the requirement for producing various reports to legislative bodies, member governments, and others interested in the activities of the Fund. S/He achieves finance programme goals and objectives through innovative program design or redesign. The work requires the development of new and/or modifications of existing policies, practices and techniques as well as the review of Finance Officer and Analyst work performed at lower levels, taking corrective and adaptive actions. S/He provides technical advice to stakeholders in countries, leads technical discussions and capacity building in countries assigned. The KPIs include efficient performance of assigned finance operations and other responsibilities, technical quality in terms of both substantive depth and adaptive relevance to client needs and customer service approach to problem resolution and team leading characteristics, as well as maintaining data integrity on assigned portfolios.

Representation / Work relationships

Senior Risk Officer may represent the unit on related matters at internal and external meetings and conferences as requested by the supervisor.

Internally, Senior Risk Officer is required to explain, clarify and implement financial plans and decisions taken or procedural changes planned to ensure accuracy, completeness and integrity of financial data and reporting. Contacts are with finance, budget, loans and grants, treasury, audit and programme management staff in country offices and Headquarters. External work relationships for Senior Risk Officers at this level normally require a potential exchange of information with a range of outside sources in the investment community including, Borrowers and Cooperating institutions, dealer counterparties, external investment managers / other professionals operating in financial markets and vendors/suppliers. They are also delegated authority to make commitments on routine aspects of the assignment.

Competencies

Organizational competencies

• Strategic thinking and organizational development: Strategic leadership
• Demonstrating Leadership: Leads by example; initiates and supports change
• Learning, sharing knowledge and innovating: Challenges, innovates and contributes to a learning culture
• Focusing on clients: Contributes to a client-focused culture
• Problem solving and decision making: Solves complex problems and makes decisions that have wider corporate impact
• Managing time, resources and information: Coordinates wider use of time, information and/or resources
• Team Work: Fosters a cohesive team environment
• Communicating and negotiating: Acquires and uses a wide range of communication styles and skills
• Building relationships and partnerships: Builds and maintains strategic partnerships internally and externally
• Managing performance and developing staff: Manages staff and teams effectively

Technical/Functional

• Demonstrated knowledge and experience of financial and/or risk reporting. Thorough understanding of the intricacies of financial institution’s financial risk exposures, treasury operations, as well as the interaction with global capital markets.
• Strong knowledge of capital markets instruments (fixed income, derivatives, loans), risk and performance metrics and quantitative tools of fixed income valuation (cash flow, present value, interest rate risk, duration, etc.), 
• Ability to independently develop policy / guideline documents
• Ability to communicate to senior management the current drivers and risks of the overall risk framework.
• 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.
• Solid understanding of international financial institutions' rating agency methodologies and experience of interactions with credit rating agencies is a plus.

Minimum recruitment qualifications

Education:

• Advanced university degree in Business Administration, Finance, Banking. The advanced 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.

Experience:

• At least 8 years' of progressively relevant professional experience in a similar position in risk management in International Financial Institutions, Investment Banks, or rating agencies etc.

Language requirements:

• Excellent written and verbal communication skills in English and the working knowledge of another official language (Arabic, French or Spanish) is desirable.

Other information

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.

IFAD is committed to achieving diversity and is seeking a balanced workforce from its Member States. Women are particularly encouraged to apply.