Where: Rome (Italy)
Extent of Work: Full Time
Click here to apply in English
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 debt and treasury portfolios, as well as managing IFAD’s overall financial sustainability and capital position. RCF is seeking seasoned professionals as Risk Officer in Risk Management to join an international dynamic team in support of various specific risk functions, such as asset liability management and capital adequacy.
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 of the Senior Risk Officer include supporting the Chief Risk Officer of IFAD to coordinate and strategically advance Risk initiatives, while participating as a member in related projects, to achieve IFAD’s Business Model objectives.
Risk Officers work 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 effective, risk based decision making assisting the AVP FOD and in turn the Fund in achieving its strategic goals.
Key results expected / Major functional activities
FINANCE BUSINESS PARTNER
The 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 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:
- Contribute to the mandate/work of risk management function in efficiently managing the Institution’s balance sheet, conducting asset liability management related analyses and making recommendations on the asset and liability structure, interest rate, duration, currency, liquidity and other potential mismatch positions.
- Draft the Asset and Liability Management Framework and other related financial and risk policies.
- Review the existing risk management framework to monitor and manage risks in the investment portfolio in cooperation with the Treasury and Accounting Divisions.
- Develop 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.
- Create new risk reports including design, implementation, validation and automation related to capital adequacy and liquidity framework.
- Run periodic stress scenarios on IFAD’s Loan Portfolio and Treasury Investment Portfolio. Assist in the definition of hedging strategies proposed by the Treasury Division.
- Contribute to/Support the implementation of system enhancements to improve data accuracy and analysis capabilities related to the risk function and asset and liability management projects.
- Review daily Treasury reports and any other activity reports.
- Periodic reviews of key risk metrics used by rating agencies.
- Review and implementation of new financial products within FOD, including needed enhancements to internal controls.
- Participate in discussions with credit rating agencies and external auditors.
At this level the Risk Officer is a seasoned professional with the capacity to 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 Risk Officers at this level may include (a) maintaining the financial procedures relating to the assigned operation; (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.
Risk Officers contribute to the development of financial and risk policies through simulations and enhancement of financial models; build simulations on a range of likely scenarios reflecting IFAD’s current and future resources and financial positions, analyse simulation results and identify key inputs for information on resource mobilization priorities/opportunities; analyse trends in financial data to assess relevance of existing models; recommend changes to underlying assumptions to promote alignment with current and future operating realities; maintain linkages between financial model development and projections of balance sheet and income statements; ensure integration with the structure of IFAD’s balance sheet and income statement; and enhance current financial models including integration with other excel-based information in collaboration with team colleagues.
AGENT OF CHANGE
The 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 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.
The Risk Officer is accountable for integrity, transparency, and equity in the personal use of assigned 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.
Impact of Key results / Key performance indicators
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 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 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 Risk Officers 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.
Representation / Work relationships
Risk Officers may represent the unit to which assigned on related matters at internal and external meetings and conferences as requested by the supervisor.
Internally, Risk Officers are 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 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.
- 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
- 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 draft 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
- Advanced univerisyt degree or equivalent 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.
- At least 5 years’ of progressively relevant professional experience in a similar positions in risk management in International Financial Institutions, Investment Banks, or rating agencies etc.
- Excellent written and verbal communication skills in English and the working knowledge of another official language (Arabic, French or Spanish) is desirable.