E T Consultant (Credit Risk)
Job #: req23128
Organization: World Bank
Term Duration: 1 year 0 months
Recruitment Type: Local Recruitment
Required Language(s): English
Preferred Language(s): Closing Date: 6/23/2023 (MM/DD/YYYY) at 11:59pm UTC
Do you want to build a career that is truly worthwhile? The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group (WBG), and our mission is to promote foreign direct investment into developing countries to help end extreme poverty and boost shared prosperity. We do that through the provision of political risk insurance (PRI) and credit enhancement to investors and lenders against losses caused by noncommercial risks. For more information, visit www.miga.org.
Finance and Risk Management (MIGFR)
The Finance and Risk Management Group (MIGFR) is responsible for MIGA’s financial integrity, income sustainability and balance sheet strength, accounting and related financial control functions, integrated risk management program, reinsurance for underwriting activity, analytical support for portfolio management, relationships management with counterparties and brokers, and monitoring their status as well as the management of resources available to MIGA and all information technology (IT) initiatives in MIGA.
MIGFR is seeking an Extended Term Consultant (ETC), who will be responsible for assessing the reinsurer counterparty credit risk. MIGA uses reinsurance to mobilize public and private sector participation, to prudently manage the risk profile of MIGA’s portfolio within established limits, and to leverage MIGA’s guarantee capacity. Sharing risks with other private and public insurers allows MIGA to obtain a better, more balanced portfolio risk profile. This is achieved by ceding risk in countries or sectors where MIGA has high exposure and by assuming risk in countries or sectors where it has limited or no exposure.
Roles and Responsibilities
The selected candidate will conduct financial analysis, assign an internal credit rating, and prepare internal credit report on (re)insurance companies. S/he will need to articulate the drivers of the credit risk of (re)insurance companies, including, inter alia, a full financial analysis with a focus on investment risk, underwriting profitability, capital adequacy, liquidity, and ultimate creditworthiness assessment.
In the above context, the E T Consultant is envisaged to:
- Conduct an annual or ad-hoc credit risk analysis for reinsurance counterparties and provide a written analysis of the credit rating assessment report;
- Participate in MIGA’s quarterly Reinsurer Counterparty Credit Risk (RCCR) committee to present a credit report and rating recommendation; and
- Conduct credit due diligence on such reinsurance companies.
- Must have a Master’s degree (e.g., MBA) and at least 5 years of relevant experience or an equivalent combination of education and experience.
- Must have at least 5 years of solid and relevant experience in analyzing (re)insurance companies and/or financial institutions, including reinsurance companies’ business and financial risk.
- Must demonstrate deep technical knowledge of credit risk analysis acquired in a financial institution and/or credit rating agency.
- Must be collaborative team player with the ability to stand up under scrutiny and pressure.
- Outstanding analytical abilities.
- Excellent partnering and interpersonal skills, and the ability to establish and develop relationships within the organization and with the reinsurance underwriting team.
- Sensitivity to operate successfully in multi-cultural and highly diverse environment.
- Excellent communication and presentation skills in English, both written and orally.
- Impeccable personal and integrity record.
- Motivated and enthusiastic about the opportunities and challenges of working for a development institution.
World Bank Group Core Competencies
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Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their second-year ET appointment are not eligible for future ET appointments.