Risk Officer

Req# : Req27614

Application Deadline : 7th June 2024

Description

Do you want to build a career that is truly worthwhile Working at the World Bank provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank consists of two entities the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). It is a global development cooperative owned by 189 member countries. As the largest development bank in the world, the World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries, and coordinates responses to regional and global challenges. Visit www.worldbank.org.

The Chief Risk Officer (CRO) Vice Presidency of the World Bank is the core unit responsible for institutional risk oversight, including establishment and monitoring adherence to risk policies and guidelines and risk assessment and reporting to the Board and executive management. Its mission is to enable and support the institution to achieve its goals in a financially sustainable manner. The VPU assists management with identifying and managing Group-wide cross-cutting risks, enhancing risk response decisions, reducing financial and operational surprises and losses, seizing opportunities and improving deployment of capital. The CRO Vice Presidency comprises three Departments: 1) Credit Risk (CROCR); 2) Market & Counterparty Risk (CROMC), and 3) Operational Risk (CROOR).

CROOR which operates under the Group CRO has key responsibilities that cover (i) Operational Risk Management, including Oversight, Challenge and Direction for Operational Risks; (ii) Corporate Insurance Management (iii) Business Continuity and Resilience; and (iv) Enterprise Risk Management and Risk Governance.

Operational Risk Management (ORM):

Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people, systems, or from external events (Basel, 2011) and is distinct from the Bank's risk in operations. The Operational risk unit within CROOR is part of the three lines principle the Bank has established to manage operational risks. Business units are the first line responsible for managing the day-to-day operational risk within their business functions; the operational risk unit is the second line and auditors (internal and external) are the third line and are responsible for providing assurance on the Bank's operational risk management program. As the second line, CROOR is responsible for providing oversight and guidance to business units to manage operational risks and report to management and the board on the overall operational risk profile of the Bank and the status of risk management initiatives.

Roles and Responsibility:

The Risk Officer will support the Operational Risk Department in the following activities.

Design and lead risk management initiatives that include assessing the risk and developing appropriate risk management strategies that are in line with the Bank's risk appetite.

Develop and implement business unit strategy to further enhance ORM capabilities of the business units.

Guide business units to identify, assess, prioritize, monitor, and report operational risks in their functional areas.

Review adequacy of the risk mitigation measures taken by the units and play the challenge role leveraging industry good practice.

Analyze internal and external operational risk data and prepare summary for discussing with the units and various stakeholders.

Contribute to the preparation of quarterly risk reports prepared for various stakeholders.

Coordinate Integrity Due Diligence (IDD) related activities that include secretariat to the IDD Steering Committee, guiding business units on IDD matters, and performing independent testing of IDD processes handled by the units.

Perform research on various thematic areas to understand operational risk landscape that includes trends, emerging risks, good practices, regulatory changes etc.

Provide support to programs designed to create risk culture across the Chennai office.

Participate in designing, testing, and implementing new and current technology solutions.

Perform any other duties or responsibilities consistent with the employee role and assigned by the management.

The Risk Officer position will be based out of WBG Chennai office and will be reporting to the Senior Risk Officer, CROOR. The working hours will be from 11:00AM IST to 08:30 PM IST.

Selection Criteria

Master's degree or equivalent in a business or finance related discipline.

Minimum of 7 years practical experience in ORM, ideally in a second line function.

Expert knowledge on ORM frameworks and processes.

Experience in guiding business units and/or clients in the implementation of risk management frameworks and initiatives.

Experience in management and strategic consulting is highly desirable.

Exposure to preparing risk reports for various stakeholders.

Demonstrated experience in analyzing and interpreting data and presenting in a concise manner.

Knowledge on AML/CFT and Integrity Due Diligence is highly desirable.

Working knowledge of Governance, Risk and Compliance systems.

Working knowledge of various reporting tools such as Business Objects and Tableau.

Exposure to using Artificial Intelligence and Machine Learning based solutions is highly desirable.

Proven ability to lead teams and projects.

Proven ability to learn and contribute in new areas such as climate risk, Artificial Intelligence etc.

Proven ability to deal with confidential matters and with discretion.

Outstanding interpersonal skills to interact effectively with colleagues, various levels of client staff and management.

Exceptional communication skills, written and oral, including the ability to explain and express views/opinions articulately and confidently.

Demonstrate high level of motivation, confidence, integrity, and responsibility.

Be a self-starter; take initiative and be able to work autonomously.

Willingness to travel on short-term assignments.

The flexibility to work outside normal office hours as may be required from time-to-time.