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Market Risk Officer

Barbados

  • Organization: CDB - Caribbean Development Bank
  • Location: Barbados
  • Grade: Level not specified - Level not specified
  • Occupational Groups:
    • Banking and Finance
    • Impact investing, Social venture capital
  • Closing Date: Closed

INTRODUCTION

The Caribbean Development Bank (CDB or the Bank) is seeking to recruit a national from its member countries to fill the position of Market Risk Officer (MRO) in the Office of Risk Management. The successful candidate will be based at CDB’s headquarters in St. Michael, Barbados.

THE DEPARTMENT

The Office of Risk Management (ORM) is an independent - but integral part of the Bank’s activities – a dynamic, strategic and responsive office leading CDB’s second-line function, fully supporting the President, the Senior Management Team and the Board of Directors in the management of all core, non-core and emerging risks across the organization. The ORM, headed by a Chief Risk Officer (CRO), implements, monitors, and maintains an efficient and effective Enterprise Risk Management Framework, supporting CDB’s strategic vision and mandate and protecting the Banks’ external rating.

ORM is responsible for risk oversight and monitoring of risk exposures and enabling clear reporting of CDB’s risk profile. It must ensure balance and attainment of three key goals simultaneously:

  1. Enabling better-informed risk-taking by using consistent MDBs risk management best practices across the organization to achieve the Bank’s strategic objectives in the long term, protect its AA+ credit rating and deliver on its development commitments.
  2. Ensuring that first-line risk owners deliver their ‘core’ responsibilities, which include - risk identification, measurement, monitoring and reporting; while providing support in developing and implementing policies/guidelines, methodology, limit/controls setting and monitoring tools in an efficient, accurate, timely and cost-effective manner.
  3. Delivering ‘value-adding’ support, including technical and strategic, advisory, report and data analysis and interpretation, actively sought and used by the first-line operations units and senior management.

THE ROLE

Reporting to the CRO, the Market Risk Officer will lead the reforms of the market and liquidity risks management policy and guidelines as core financial risk within the enterprise risk management framework. The MRO will ensure that first-line Treasury/Finance functions consistently and comprehensively identify, measure, monitor, mitigate, and report on market and liquidity risks. The Market Risk Officer will provide support to the CRO, in strategic and cross-cutting risk matters, as well as supporting the reforms and implementation of CDB’s policies, guidelines, processes, tools/systems and culture/awareness on treasury risk management.

KEY RESPONSIBILITIES

The Market Risk Officer will be required to:

  1. Formulate risk policies, risk appetite, tolerance statement and framework for market and liquidity risks at CDB. This includes defining guidelines and processes for reviewing, monitoring, and reporting these risks.
  1. Review the compliance with risk policies, risk appetite, and tolerance statement and framework for market and liquidity risks at CDB.
  1. Upgrade market risk methodologies for risk assessment, mitigation (e.g. hedging, balance sheet optimisations), stress testing; and appropriate MDBs best practice market risk management tools and reporting.
  1. Upgrade the liquidity risk management policies and methodologies, including stress testing; and appropriate MDBs best practice liquidity risk management tools and reporting.
  1. Review the compliance with market risks and liquidity risk methodologies.
  1. Formulate and monitor Financial Key Risk Indicators (KRIs), establishing market and liquidity risks monitoring requirements and reporting; report frequently and comprehensively on the level 2 and level 3 risks facing CDB with proposed effective mitigation controls.
  1. Design and implement models (e.g. VaR, Expected Shortfall etc.) supported by digital systems and embark on extensive risk exercises to guide the organisation’s strategic planning operationalization and future policy initiatives.
  1. Conduct rigorous stress testing and scenario analysis on an ongoing basis to better understand gaps and CDB’s preparedness to mitigate anticipated and unanticipated market and liquidity and related emerging risks.
  1. Assess, monitor, review, and communicate the impact on the risk profile of future initiatives, including new balance sheet optimisations and other hedging instruments assessments, changes to strategies, targeted risk reviews, and major financial architecture changes.
  1. Develop a sound working relationship with other departments (e.g. Treasury, Finance, Strategy, Economics) to safeguard “buy-in”, participation, ownership and implementation by all areas of the organization with a special focus on ALM, liquidity and funding strategies and operations.
  1. Select, implement and maintain analytical enterprise-wide digital systems to enhance the timeliness, completeness, and accuracy of risks information, provided to end-users via risk dashboards, report automation, query access to data, and/or intranet reporting solutions.
  1. Maintain technical competency, professionalism and high ethical standards within the ORM team and contribute to enhancing the CDB-wide risk culture.
  1. Assist the CRO in developing quarterly, semi-annual and/or annual risk reports to the stakeholders and develop capacity-building programs for different stakeholders.

SELECTION CRITERIA

The ideal candidate for this role should have:

  • A master’s degree in a numerate discipline.
  • At least 5 (five) years of sound financial (market, liquidity, ALM) risk management experience.
  • Sound experience applying risk quantitative assessment and risk management techniques.
  • Multilateral Development Bank and/or financial institutions experience is required.
  • Professional qualification in Risk Management and/or Internal Audit is desirable.

Function-Specific Competencies

Candidates should have strong proficiency in:

  • Understanding and applying market and liquidity risk management principles, processes, methodologies, tools, and governance principles in a multilateral or financial services environment.
  • ALM, market, and liquidity risk data aggregation; trending; management; and analysis.
  • Scoping and developing risk monitoring, reporting, limits definition/management, and key risk indicators.
  • Project/program management, utilizing international best practices.
  • Conducting research, data analysis, and analytical modelling.
  • Applying quantitative, mathematical, modelling, and statistical skills to risk management.
  • Understanding regional and international financial regulatory developments.
  • Using Excel, including creating macros, pivot tables, etc.
  • Interacting effectively at all organizational levels and working successfully in a multicultural environment.
  • Demonstrating English written and verbal communication skills, with a proven ability to communicate with senior managers.

BEHAVIOURAL COMPETENCIES

             Competency

Definition

Acting as a Champion for Change

Actively identifies problems and opportunities for change and implements solutions where appropriate. Maintains effectiveness when experiencing major changes in work tasks or the work environment; and supports people in their efforts to try new things.

Acting Decisively

Moves quickly to make decisions and commits to a clear course of action; comfortable making decisions based on partial information; willing to take risks in order to maintain momentum; shows a strong bias toward action.

Acting Strategically

Aligns day-to-day activities around broader organisational goals and objectives; prioritises resources based on the strategic objectives of the organisation; recognises and rewards people based on how their actions support the broader needs of the organisation.

Championing Customer Needs

Calls attention to issues that impact customer satisfaction; views situations from the perspective of customers; encourages people to think about customers when making decisions and develops and sustains productive customer relationships.

Communicating Effectively

Consistently communicates with clarity and thoroughness to optimise audience understanding. Communicates information in a clear, concise, and timely manner. Demonstrates effective speaking and presentation skills.

Delivering High Quality Work

Critically reviews work processes to ensure quality; addresses problems that could impact quality; makes sure project deliverables and services meet all requirements and expectations; does not make the same mistakes twice.

Displaying Technical Expertise

Keeps his/her technical skills current; effectively applies specialised knowledge and skills to perform work tasks; understands and masters the technical skills, knowledge, and tasks associated with his/her job; shares technical expertise with others.

Driving for Results

Bottom-line oriented and pushes self and others to achieve results. Keeps current on project status; makes sure people are aware of project status and what they need to do to keep things moving; redirects project resources and activities to overcome setbacks; elevates project concerns to senior levels of leadership when appropriate.

TERMS OF APPOINTMENT

This is a full-time position with the successful candidate being contracted on a two-year basis in the first instance, with the possibility of renewal.  The salary is competitive and commensurate with qualifications and experience.  A pension plan, life and medical insurances are included in the benefits package.

Before you proceed to apply, please consider the following requirements: 

  • You must be a national of one of CDB’s member countries.

  • You will be required to produce evidence of any educational and professional qualifications to support your application if you are selected for an interview.

  • All appointments are subject to satisfactory background checks and references.

CDB fully respects the need for confidentiality of the information supplied and assures you that we will not discuss your background and interest with anyone, including references, without your prior consent.

The deadline for submission of applications is July 14, 2024 at 11:59 pm AST. 

The Caribbean Development Bank is an equal opportunity employer and values diversity. We encourage all qualified candidates to apply regardless of their racial, ethnic, religious, cultural background, gender, sexual orientation, or disabilities. Women are strongly encouraged to apply.

The Bank provides reasonable accommodation to individuals with disabilities participating in the job application or interview process. Please contact us to request such accommodation.

This vacancy is now closed.
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