Risk Officer (Derivatives)
New York City
Org. Setting and Reporting
The United Nations Secretary-General is responsible for the investment of the assets of the United Nations Joint Staff Pension Fund (UNJSPF). The Secretary-General has delegated this responsibility to the Representative of the Secretary-General for the investment of the assets of the UNJSPF (RSG). The RSG is, in turn, assisted in this function by the Office of Investment Management (OIM). OIM manages a $80+ billion multi-asset class, global investment portfolio, about 85% of which is actively managed in-house. Asset classes under management comprised of global equities, fixed income, foreign exchange, private equity, real estate, infrastructure, timber and commodities. OIM’s staff are all based in New York and come from over 30 countries. For more information, please visit OIM's website at https://oim.unjspf.org/.
This position is located in the Risk and Compliance Team of OIM. The incumbent reports to the Chief, Risk and Compliance.
Under the overall supervision of the Chief, Risk and Compliance, the incumbent will perform the following duties:
• Manages of risk of derivatives, TBAS and establish limits for the positions.
• Analyses of collateral requirements and daily monitoring of the positions using stress test models to estimate margin requirements.
• Ensure accurate and complete review of the risks arising from forwards, futures, TBAs and any other type of derivative
• Ensure that implementation of the derivatives project is successful supporting the risk group and oversee implementation of credit/counterparty module system.
• As an active member of the derivatives working group representing risk, provides guidance on contracts with counterparties, risk processes and procedures and other documentation in collaboration with legal, operations, investments and other teams.
• Prepare guidelines and policies related to derivative transactions.
• Establish a dashboard for the monitoring of the positions.
• Prepare risk opinions for material derivative transactions, collateral management and other related topics.
• Advice and guide on the proper processes OIM needs to follow when implementing and using derivatives as risk management tool.
• Develop or introduce internal or external methodologies to support risk assessment as appropriate
• Under the supervision of the Chief Risk and Compliance officer, produces and implements a comprehensive credit risk monitoring mechanism for the investments and provide oversight as second line of defense
• Periodically reviews derivative positions, counterparty risk and collateral requirements.
• Represents the Organization at inter-agency meetings, seminars, etc. on substantive-relative issues as instructed by the Deputy Director for Risk and Compliance Service.
• Participates in international, regional or national meetings and provide programmatic/substantive expertise on derivatives, or holds programmatic/substantive and organizational discussions with representatives of other institutions.
• Caries out other tasks as may be assigned by the Chief Risk and Compliance officer.
• Contribute to the weekly, monthly, quarterly and annual management and external reporting on the risks in the Fund.
• Mentoring, guiding, and training new team members.
• Professionalism: Knowledge and experience of investment risk measurement and derivatives. Knowledge and understanding of theories, concepts and approaches relevant to this field. Ability to identify issues, analyze and participate in the resolution of issues/problems. Ability to conduct data collection using various methods. Conceptual analytical and evaluative skills to conduct independent research and analysis, including familiarity with and experience in the use of various research sources, including electronic sources on the internet, intranet and other databases. Ability to apply judgment in the context of assignments given, plan own work and manage conflicting priorities. Shows pride in work and in achievements; demonstrates professional competence and mastery of subject matter; is conscientious and efficient in meeting commitments, observing deadlines and achieving results; is motivated by professional rather than personal concerns; shows persistence when faced with difficult problems or challenges; remains calm in stressful situations. Takes responsibility for incorporating gender perspectives and ensuring the equal participation of women and men in all areas of work.
• Teamwork: Works collaboratively with colleagues to achieve organizational goals; solicits input by genuinely valuing others’ ideas and expertise; is willing to learn from others; places team agenda before personal agenda; supports and acts in accordance with final group decision, even when such decisions may not entirely reflect own position; shares credit for team accomplishments and accepts joint responsibility for team shortcomings.
• Planning & Organizing: Develops clear goals that are consistent with agreed strategies; identifies priority activities and assignments; adjusts priorities as required; allocates appropriate amount of time and resources for completing work; foresees risks and allows for contingencies when planning; monitors and adjusts plans and actions as necessary; uses time efficiently.
Advanced university degree (Master's or equivalent) in Business Administration (MBA), Finance, Economics, Mathematics or related field is required. A first level university degree in combination with academic qualifications and experience in investment/risk management may be accepted in lieu of the advanced degree. Additional relevant professional qualifications (e.g CFA, CQF) is desirable.
A minimum of seven years of progressively responsible experience working in investment management institutions is required.
A minimum of seven years of direct experience with derivatives in an investment, or risk oversight/risk management role is required.
Experience with computer languages such as Python, R or Risk Management/Investment platforms, such as Bloomberg or RiskMetrics is desirable.
Experience in implementing a derivatives program is desirable.
English and French are the working languages of the UN Secretariat. For this position, fluency in English is required. Knowledge of another UN official language is desirable.Assessment
Evaluation of qualified candidates may include an assessment exercise which may be followed by competency-based interview.Special Notice
• This position is funded by General Temporary Assistance funding for an initial period of one year. Further extensions are subject to extension of the mandate and/or the availability of funding.
• Staff members are subject to the authority of the Secretary-General and to assignment by him or her. In this context, all staff are expected to move periodically to new functions in their careers in accordance with established rules and procedures.
• The United Nations Secretariat is committed to achieving 50/50 gender balance in its staff.
Female candidates are strongly encouraged to apply for this position.
• Appointment at the United Nations is subject to mandatory adherence to the United Nations Financial disclosure Programme. An appointment to the Office of Investment Management (OIM) of the UNJSPF additionally requires compliance with the rules and regulations pertaining to OIM's Code of Ethics, Personal Securities, Gift and Hospitality policies.
• For this position, applicants from the following Member States, which are unrepresented or underrepresented in the UN Secretariat as of 31 January 2022, are strongly encouraged to apply: Afghanistan, Andorra, Angola, Antigua and Barbuda, Bahrain, Belize, Brunei Darussalam, Cabo Verde, Cambodia, China, Comoros, Cuba, Cyprus, Democratic People's Republic of Korea, Djibouti, Dominica, Equatorial Guinea, Gabon, Grenada, Guinea-Bissau, Haiti, Israel, Japan, Kiribati, Kuwait, Lao People's Democratic Republic, Lesotho, Liberia, Libya, Liechtenstein, Luxembourg, Marshall Islands, Federated States of Micronesia, Monaco, Mozambique, Namibia, Nauru, Norway, Oman, Palau, Papua New Guinea, Paraguay, Qatar, Republic of Korea, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Solomon Islands, Somalia, South Sudan, Timor-Leste, Turkmenistan, Tuvalu, United Arab Emirates, United States of America, Vanuatu, Viet Nam.
United Nations Considerations
According to article 101, paragraph 3, of the Charter of the United Nations, the paramount consideration in the employment of the staff is the necessity of securing the highest standards of efficiency, competence, and integrity. Candidates will not be considered for employment with the United Nations if they have committed violations of international human rights law, violations of international humanitarian law, sexual exploitation, sexual abuse, or sexual harassment, or if there are reasonable grounds to believe that they have been involved in the commission of any of these acts. The term “sexual exploitation” means any actual or attempted abuse of a position of vulnerability, differential power, or trust, for sexual purposes, including, but not limited to, profiting monetarily, socially or politically from the sexual exploitation of another. The term “sexual abuse” means the actual or threatened physical intrusion of a sexual nature, whether by force or under unequal or coercive conditions. The term “sexual harassment” means any unwelcome conduct of a sexual nature that might reasonably be expected or be perceived to cause offence or humiliation, when such conduct interferes with work, is made a condition of employment or creates an intimidating, hostile or offensive work environment, and when the gravity of the conduct warrants the termination of the perpetrator’s working relationship. Candidates who have committed crimes other than minor traffic offences may not be considered for employment.
Due regard will be paid to the importance of recruiting the staff on as wide a geographical basis as possible. The United Nations places no restrictions on the eligibility of men and women to participate in any capacity and under conditions of equality in its principal and subsidiary organs. The United Nations Secretariat is a non-smoking environment.
The paramount consideration in the appointment, transfer, or promotion of staff shall be the necessity of securing the highest standards of efficiency, competence, and integrity. By accepting an offer of appointment, United Nations staff members are subject to the authority of the Secretary-General and assignment by him or her to any activities or offices of the United Nations in accordance with staff regulation 1.2 (c). In this context, all internationally recruited staff members shall be required to move periodically to discharge new functions within or across duty stations under conditions established by the Secretary-General.
Applicants are urged to follow carefully all instructions available in the online recruitment platform, inspira. For more detailed guidance, applicants may refer to the Manual for the Applicant, which can be accessed by clicking on “Manuals” hyper-link on the upper right side of the inspira account-holder homepage.
The evaluation of applicants will be conducted on the basis of the information submitted in the application according to the evaluation criteria of the job opening and the applicable internal legislations of the United Nations including the Charter of the United Nations, resolutions of the General Assembly, the Staff Regulations and Rules, administrative issuances and guidelines. Applicants must provide complete and accurate information pertaining to their personal profile and qualifications according to the instructions provided in inspira to be considered for the current job opening. No amendment, addition, deletion, revision or modification shall be made to applications that have been submitted. Candidates under serious consideration for selection will be subject to reference checks to verify the information provided in the application.
Job openings advertised on the Careers Portal will be removed at 11:59 p.m. (New York time) on the deadline date.
THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.