Do you want to build a career that is truly
worthwhile? The Multilateral Investment Guarantee Agency (MIGA or Agency) 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 share prosperity. We do that through the provision of political risk
insurance and credit enhancement to investors and lenders against losses caused
by noncommercial risks. For more information, visit www.miga.org.
MIGA is searching for a Director, Corporate Risk (“Director”). This position has oversight over (i)
Financial Reporting and Control; (ii) Risk Management and Reinsurance; (iii)
Resource Management; (iv) Information Technology and (v) records management. The
position is based in Washington, D.C. and will report directly to Ethiopis
Tafara, Vice President, Chief Risk, Legal and Sustainability Officer of MIGA.
The Director will be responsible for assessing, mitigating, monitoring and
reporting on all risks in MIGA’s portfolio, as well as financial, market,
operational, and strategic risks. She or
he will lead the Finance and Risk Management Group (MIGFR) at MIGA and oversees
MIGA’s financial integrity, income sustainability, and balance sheet strength.
Under the direction and supervision of the MIGA VP, Chief Risk,
Legal and Sustainability Officer, the Director will be:
- Overseeing the Agency’s income sustainability, managing its portfolio risk and providing analytical support for the decision-making by the MIGA management team, including providing relevant pricing information and benchmarks for pricing for guarantee and credit enhancement projects, quarterly provisioning, portfolio exposure management, economic capital management, stress testing and capital adequacy, income projection, investment and liquidity portfolio strategy, and formulation of financial guideline;
- Developing the Agency’s investment portfolio strategy and monitoring its execution; Managing relationships with and inquiries to/from rating agencies;
- Formulating and preparing the Agency’s annual budget;
- Overseeing and managing the Agency’s reinsurance and syndications program and relationships with private and public (re)insurance companies and brokers to mitigate the concentration risk in the portfolio and maintain adequate underwriting capacity for new guarantee projects and portfolio risks;
- Overseeing the Agency’s internal control environment, developing, implementing and sustaining MIGA’s integrated risk management framework, and monitoring and reporting on MIGA’s risk profile to the VP, Chief Risk Officer of MIGA, the Agency’s Management Team, and the Audit Committee;
- Managing the Agency’s accounting and financial reporting function by ensuring the overall integrity of all financial information and satisfying the Agency’s internal and external financial reporting requirements in accordance with the applicable accounting standards;
- Managing the financial resources available to the Agency, including preparing monthly monitoring and reporting of administrative expenses, overseeing administrative matters for the Agency such as procurement, travel and space management, and managing all cost-sharing agreements with other World Bank Group entities;
- Overseeing the Agency’s record management program in compliance with the institutional guidelines;
- Overseeing the Agency’s information technology strategy, plans and systems, consistent with WBG IT strategies and initiatives;
In representation of the VP, Chief Risk, Legal and Sustainability Officer of MIGA, coordinating and collaborating with the Offices of the Managing Director and WBG Chief Financial Officer (MD & WBG CFO), the Vice President and WBG Chief Risk Officer, the Vice President and WBG Controller and others on the development of policies, procedures as they relate to financial matters, knowledge sharing activities, implementation of the WBG Strategy and initiatives;
- Assisting the VP, Chief Risk, Legal and Sustainability Officer and his other Directors with stronger integration of risk management across the finance, legal, economics and sustainability functions;
- Coordinating and collaborating with MIGA’s operational, legal and economics and sustainability groups on Agency initiatives, product development and risk management and in carrying out the Agency’s mandate; and
- Supporting MIGA corporate strategy, human resource matters, corporate policy, reputational risk management, partnerships and other issues.
The Director is a member of the Agency’s Management Team, the Portfolio
Management Committee (PMC), the Information Technology Governance Committee
(ITGC), the Project Review Committee (PRC), the Early Screening Committee
(ESC), and the Claims Committee (CC). The Director serves as the Chair of the
PMC and ITGC.
The Director supports the VP, Chief Risk, Legal and Sustainability
Officer of MIGA in his interface with the MD & WBG CFO, the VP & WBG
Chief Risk Officer, the VP & WBG Controller, as well as the Audit Committee
and the Budget Committee of the Board on a full range of finance, control and
risk matters. She or he may represent the
VP, Chief Risk, Legal and Sustainability Officer of MIGA on World Bank Group
Risk Councils, the Group FINEXCO, the World Bank Group Security and Business
Continuity Council, the Financial Development Council, the Corporate Line of
Business Committee of IMT and the Corporate Web Governance Committee.
She or he may act for the VP, Chief Risk, Legal and Sustainability
Officer of MIGA and the EVP &CEO pursuant to appropriate delegations.
- Provide thought leadership and direction to the team to ensure attainment of the department goals and objectives.
- Take accountability for recruitment, coaching, performance evaluations and career development of staff.
- Promote a culture of effective teamwork and collaborative synergy.
- Intervenes and resolves any issues arising from cross departments interactions.
- Model integrity, equity and inclusion.
- Lead or maintains and further strengthens the relationship with key stakeholders and partners within and outside the World Bank Group.
- Lead complex cross-cutting engagements to further the Agency’s agenda.
A more detailed job description will be shared upon hired.