Senior Financial Sector Specialist Job #: req32680 Organization: World Bank Sector: Financial Sector Grade: GG Term Duration: 3 years 0 months Recruitment Type: Local Recruitment Location: Vienna,Austria Required Language(s): English Preferred Language(s): Russian Closing Date: 4/30/2025 (MM/DD/YYYY) at 11:59pm UTC
Description
The World Bank Group (WBG) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, WBG works with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.
As unprecedented shocks and uncertainty have hit the Europe and Central Asia region (ECA) in recent years, the WBG is focusing on a strategy to deliver on its objectives through boosting human capital, facilitating green transitions, enabling markets, and building and strengthening institution. In this context, the Finance, Competitiveness, and Investment Global Practice (FCI), part of the WBG Prosperity Vertical, plays a key role in achieving this strategy. By providing financial stability, efficiency, and firm-level solutions in an integrated way, FCI supports client countries develop the essential enabling environment to crowd in the private sector, support the creation of markets, and accelerate equitable growth.
Organized within the ECA FCI units, the World Bank Financial Sector Advisory Center (FinSAC) is a dedicated technical unit funded by the Austrian Federal Ministry of Finance. Established in 2011 as a follow-up to the Vienna Initiative to assist ECA countries in dealing with legacy issues of the Global Financial Crisis, it delivers tailored reform advice and implementation assistance on financial stability topics. Bilateral technical assistance projects and knowledge sharing events provide the main avenues for the flow of FinSAC support to client countries, in alignment towards European standards and international best practices. Details of FinSAC operations and client countries could be found at its website at https://www.worldbank.org/en/programs/financial-sector-advisory-center.
FinSAC works with client countries in Europe and Central Asia in support of their efforts to enhance and improve financial stability. Targeted client-specific technical assistance is the cornerstone of FinSAC’s activities, which is primarily aimed at the alignment of national frameworks with international best practices, and as relevant, with the European Union regulatory framework. This is supported by FinSAC’s other workstreams organizing technical workshops, conferences, and seminars, and undertaking relevant regional research projects with corresponding outreach activities. The main beneficiaries of FinSAC assistance are central banks, banking regulators, deposit insurance agencies, ministries of finance, and other state authorities that have a role in preserving financial stability in their respective jurisdictions.FinSAC activities are organized within three pillars of financial stability: 1) Financial Stability, Macroprudential, Frameworks and Crisis Preparedness; 2) Microprudential Oversight and Non-Performing Loan Resolution; and 3) Bank Recovery and Resolution. Climate related financial risks is cross-cutting theme where FinSAC supports the client countries across all engagement pillars
Roles and responsibilities:
The successful candidate is expected to contribute to FinSAC’s work program through the provision of tailored technical assistance to FinSAC client countries, as well as a preparation and organization of knowledge products and events.Thematically, the focus of the position will be on the Pillar 2 of FinSAC’s activities on Micro prudential Regulation and Supervision, with special focus to: (a) risk-based supervision, SREP Pillar 2 requirements and Pillar 2 risks (such as interest rate risk in the banking book and operational risk),(b) the measurement and supervision of financial risks stemming from climate change, and (c) the regulatory framework on Digital Operational Resilience for financial institutions. Knowledge and experience in the fields of micro prudential stress testing, financial stability, bank recovery and resolution, and deposit insurance is a plus.More specifically, the successful candidate is expected to:• Assess client countries’ prudential needs, and translate the assessment into a practical, actionable and politically feasible package of TA support measures;• Provide high-quality TA to FinSAC client countries’ central banks, prudential regulators and/or banking resolution authorities and deposit insurance agencies. The selected candidate is expected to articulate practical and implementable solutions for FinSAC countries’ challenges related to strengthening micro prudential regulation and supervision, and bringing those frameworks in line with international standards and good practices, with special focus on alignment to EU Aquis, if relevant;• Lead the dialogue with FinSAC client country central banks and financial regulatory agencies on existing and prospective demand for new projects;• Develop, deliver and oversee the successful completion of TA projects;• Analyze and contribute to the international and European Union practices and emerging literature regarding micro prudential regulation and supervision and/or banking resolution;• Provide practical policy advice to FinSAC client countries that are experiencing systemic distress;• Collaborate with regional teams, country units, and global practices on strengthening financial stability;• Prepare written notes, papers, reports, and studies that analyze policy issues and implementation challenges, and advocate and support recommendations and good practices for micro prudential supervision;• Participate in other forms of dissemination of policy analysis and recommendations in the area of micro prudential supervision and regulation;• Contribute to FinSAC’s corporate mandate, including through the production of FinSAC’s Quarterly and Annual Reviews, results measurement, notes, presentations, etc.• Contribute to TA and knowledge projects covering other Pillars of FinSAC activities, including macroprudential supervision, crisis preparedness and management, financial stability and safety net, bank resolution and deposit insurance.
Selection Criteria
• Master’s degree or equivalent with at least eight years of work experience in financial sector regulatory and supervisory agencies or similar agencies and bodies, with hands-on experience in banking regulation and supervision;• Excellent knowledge of relevant international (incl. Basel standards, FSB Key Attributes, etc.) and European Union standards (CRD/CRR framework, SREP framework, BRRD, etc.);• Excellent knowledge of regulatory and supervisory approaches to ESG risks (including, ECB and EBA regulations and guidelines) and regulatory approaches to digital operational resilience for financial institutions (including, EU DORA directive, other EU directives/regulations on cyber security and data protection, regulatory approaches to ICT risks stemming from tired-party providers, etc.)• Ability to strategically prioritize policy advise to jurisdictions that are facing multiple high priority stability challenges and capacity weaknesses;• Capable of drafting or interpreting financial sector laws and regulations;• Capacity to interpret and scrutinize quantitative indicators of financial performance and viability of banks, and ability to formulate advice to address identified weaknesses and/or resolution;• Solid understanding of macro-financial linkages and ability to link micro-and macro-financial aspects;• Proven ability to deliver high quality deliverables on time under time pressure;• Access to a network of outside professionals relevant to field of expertise to inform and enhance the work program and outputs;• Ability to foster effective working relationships with clients, colleagues and development partners;• Demonstrated intellectual leadership in banking regulation and supervision;• Strong organizational, analytical and prioritization skills, with ability to follow assigned tasks/projects from conception to completion;• Excellent written and oral communication skills (incl. ability to write reports for senior policy makers);• Capable of advocating positions and defend orally and in writing difficult issues and positions to government officials, WB management and others;• Demonstrated capacity to apply and share knowledge, and design effective training;• Ability to work in international, multi-cultural contexts;• Ability to learn and adjust thinking to diverse environments;• Willingness to undertake frequent mission travel.
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.
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