Director, Corporate Risk

World Bank


Job #: req21744
Organization: MIGA
Sector: Other
Grade: GI
Term Duration: 4 years 0 months
Recruitment Type: International Recruitment
Location: Washington, DC,United States
Required Language(s): English
Preferred Language(s):
Closing Date: 4/7/2023 (MM/DD/YYYY) at 11:59pm UTC


Do you want to build a career that is truly worthwhile? The Multilateral Investment Guarantee Agency (MIGA 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

The Role

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.

Leadership/Talent Management

– 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.

Relationship Management

– 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.

Selection Criteria

– Must have a Master’s degree (e.g., in Finance or similar field) and at least 15 years of relevant experience or equivalent combination of education and experience.

– Demonstrated expertise in the financial, market, operational and strategic risk management.Must be collaborative, team player and be able to take and give strong direction to the team while emphasizing a strong risk and controls culture.

– Must be comfortable with and have an aptitude for collective leadership.

– Strong track record of providing intellectual leadership, strategic planning skills and management of large and diverse groups.

– Ability and demonstrated track record of team leadership, creating an enabling work environment, coaching/mentoring, delivering high quality work within deadlines and budget.

– Excellent written and oral communication skills, including the ability to convey ideas and positions clearly.

– Ability to demonstrate candor, clarity of thought and expression, openness, and thoughtfulness.

– Motivated and enthusiastic about the opportunities and challenges of working in the development field.

– Strong track record of managing complex cross-cutting engagements resulting in high strategic impact.

– Excellent partnering and stakeholder relationship management skills.The successful candidate needs to successfully navigate the organization, build strong relationships, manage conflicts, and work collaboratively with internal and external clients.

– Sensitivity to operate successfully in multi-cultural and highly diverse environments.

– Comprehensive technical knowledge of overall risk management, in the context of a leadership position at a sophisticated, multinational financial institution or other financing organization, preferably with knowledge of emerging markets and under-developed geographies;

– Experience developing or improving reporting systems and other control aspects of a company’s infrastructure to help understand and monitor an institution’s exposures more effectively;

– Experience with a broad array of financial instruments such as loans, equities, guarantees, insurance, and structured products, among others;

– Familiarity with the risk, accounting and financial reporting considerations associated with MIGA’s guarantee products is a plus;

– Outstanding intellect and analytical abilities;

– Ability to drive change and to bring together groups;

– Unquestionable personal and professional integrity

Please refer to the WBG Core Managerial Competencies for more details.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.

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