Back Senior Risk Specialist, Risk Policy and Analytics

Grade: IS-5
Deadline: 05 January 2025 (11:59 PM KST)
Job Category: International
Salary: USD 145,000 (plus attractive benefits, that include the following allowances (as applicable)): Relocation, dependency, housing, education assistance and home country travel.

Introduction
The Green Climate Fund is the world’s largest dedicated multilateral climate fund and invests in impactful, innovative, catalytic programs and projects in developing countries across the globe. The GCF has a portfolio of 286 projects across 133 countries, with a total commitment of USD 15.9 billion to date.

In 2023, an additional USD 12.8 billion was pledged, to support our new strategic and programming cycle from 2024-2027; our ambition is to grow to become at least a USD 50 billion fund by 2030. Rooted in the core objectives of impact and efficiency, access and a focus on the most vulnerable, and mobilizing a much higher scale of public and private sector financial flows for climate action we have an unparalleled scale of resources, which, together with our risk appetite and flexibility allows us to bring together different partners and stakeholders in innovative partnerships for profound impact.

GCF is seeking a top-tier individual with a demonstrable track record of harnessing experience, energy and networks to tackle complex global climate change challenges. You will be committed to making a positive, measurable difference through a mission-driven role, and thrive in a fast-paced, diverse environment.

You will be able to quickly scan and analyze complex, competing issues and lead significant sized teams to find solutions in evolving contexts, across multiple geographic locations.

You will be a nurturer of people: recognizing and growing the talent around you, exemplifying values of transparency, respect and innovation.

You will be committed to learning, knowledge-sharing, convening and communicating with partners to work together to ideate, develop and implement climate action initiatives that make a profound difference to people and planet.

You will join a team of talented, committed individuals representing almost 80 nationalities contributing skills and experience from academic, scientific, private, government and nonprofit backgrounds.

Together, we work with governments, communities and civil society, technical agencies, and the private sector across the world.

Interested in more information?
Learn about working for GCF: https://www.greenclimate.fund/about/careers
View current vacancies: https://jobs.greenclimate.fund/

About the Green Climate Fund (GCF)
Set up in 2010 by the 194 countries who are Parties to the United Nations Framework Convention on Climate Change (UNFCCC), GCF takes its responsibility as the world’s largest dedicated multilateral climate fund to heart. GCF funds transformative climate projects across the developing world, supporting countries in their responses and actions to tackle climate change while fostering sustainable development within their communities.

Our country-driven approach ensures that our actions are tailored to the unique circumstances and national aspirations of each nation we support. Besides channeling public and private sector investment through a broad range of financing instruments, GCF builds the capacity of developing countries to take climate action through an extensive Readiness Programme ensuring countries are increasingly well-equipped and financed to manage their climate futures.

Headquartered in the Republic of Korea, GCF operates with a diverse and talented workforce of over 300 people.

Position Objective
The Department of Risk Management and Compliance (DRMC) is organized into two separate workstreams: Risk & Compliance. The Risk workstream plays an important role in ensuring that the Fund possess and employs a sound and comprehensive risk management framework that caters to the financial instruments presently employed [e.g. loans, guarantees, (quasi) equity, grants]. As the second line of defense, the Risk workstream is also responsible for reviewing funding proposals and post approval amendments and restructuring requests to provide an objective and independent risk assessment and solution-oriented advice to management and programing teams and to ensure that all initiatives are aligned with the Fund’s risk tolerances, risk policies and thus can ultimately yield an optimal risk-reward for the Fund.

The DRMC is seeking an experienced Risk Specialist to join the Risk Team responsible for: (a) developing and implementing credit risk management methodology at the portfolio level, with a focus on advanced risk analytics, and adherence to IFRS 9 standard, (b) enhancing existing or developing new credit and investment risk policies, guidelines, methodologies, tools or models; (c) defining the most convenient and cost effective risk analytics -tailored to the Fund’s role as a 2nd level due diligence blended financier- and integrating these into the Fund’s due diligence process for approval/management of projects and programmes.

Under the guidance of the Lead Risk Specialist, the Senior Risk Specialist will collaborate with other risk colleagues and with stakeholders across the Fund including in Finance, programing, and technology to enhance the institution’s credit risk frameworks and reporting capabilities. The successful candidate will also coordinate the preparation of knowledge management products through the development of case studies, documentation of best practices and/or lessons learnt.

Purpose

• Lead the review of existing and development and launch of new credit and investment risk management policies, procedures, and guidelines, incorporating best practices.
• Lead the development of credit and investment risk methodologies or models -as required- for an adequate utilization of different financial instruments [e.g. loans, guarantees, (quasi) equity] being employed by the Fund.
• Lead the development and implementation of advanced analytics and models to assess portfolio performance, including stress-testing and scenario analysis.
• Lead the design -in conjunction with others within/out of the Fund- of effective risk analytics to measure, quantify and predict investment and credit risks, identifying emerging risks and trends. This includes mining any existing big data in the Fund that may be readily available and defining additional data points that warrant collection.
• Lead initiatives to improve data analytical capabilities, leveraging technology to enhance portfolio monitoring and risk assessment.
• Support digital transformation initiatives to streamline risk data collection, processing, and reporting.

  Engagement

  • Build, strengthen and manage relationships with peers in the Fund to contribute to the adaptation of credit and investment risk management frameworks and promote credit risk management culture in the Fund.
  • Cultivate credit and investment policy best practice through fostering relationships with peer organizations to draw on the latest knowledge and approaches.
  • Lead, as relevant to the position, the gathering and/or review of data or inputs from internal stakeholders for the development and implementation of the relevant risk management approaches and methodologies to ensure a cohesive approach to portfolio risk management.
  • Support internal and external audits related to portfolio credit risk and IFRS 9 compliance.

    Delivery

    • Enhance existing and develop new policies, guidelines, procedures, methodologies, tools or models for an adequate utilization of different financial instruments [e.g. loans, guarantees, (quasi) equity].
    • Prepare regular risk reports for senior management and board committees, providing insights on portfolio performance, concentration risks, and mitigants.
    • For the loan portfolio, specifically assume the coordination of the implementation of the Fund’s credit risk management framework, including any actions related to credit risk rating, limits, provisioning and/or write-offs, and for estimating expected credit losses (ECL) and the computation of adequate credit provisions under IFRS 9.
    • Ensure accurate and timely reporting of ECL results to stakeholders, including finance and risk management teams.
    • [For the equity portfolio, specifically define any necessary tools or methodologies for assessing and mitigating valuation risks and other risks associated with this instrument.]
    • Develop and implement stress testing methodology and periodic portfolio monitoring reports to senior management considering results from risk analytics.
    • Prepare knowledge management products through the development of case studies, documentation of best practices and/or lessons learnt, including capacity building within ORMC and across the Fund.
    • Perform other tasks assigned by the Head of DRMC or Lead Risk Specialist.

      Requirements (Education, experience, technical competencies required of the job)

      • Advanced university degree in finance, economics, engineering, business administration or other relevant field; or a bachelor’s degree with additional 2 years relevant experience.
      • Eleven (11) years of relevant experience with an international financial institution or multilateral development bank, with a focus on portfolio risk, analytics, and IFRS 9 compliance
      • Proven track record in successfully developing and implementing credit and investment risk policies, methodologies and analytical tools, including advanced knowledge and expertise in developing and managing ECL models, provisioning methodologies, stress-testing frameworks and portfolio analytics is required.
      • Experience of covering various financial instruments, loan, guarantee and equity, is preferred.
      • CFA or FRM certification or any other equivalent certified qualification is preferred.
      • Experience with developing countries or with multilateral development banks (including their risk frameworks and/or risk policies) is an added advantage.
      • Exposure to climate change financing and knowledge of Fund’s working modalities is an added advantage.
      • Excellent analytical, problem-solving and negotiation skills, as well as an ability to work under pressure and tight deadlines.
      • Proven relationship management & interpersonal skills complemented by an ability to work in a multicultural environment and excellent ability to articulate & present ideas well both in writing & orally to a diverse audience of stakeholders at technical & strategic levels.
      • Unquestionable integrity and adherence to the highest ethical standards.
      • Excellent written and oral communication skills in English are essential for this position; knowledge of another UN language would be an advantage.
        

        The closing date for application is 05 January 2025. Applications submitted after the deadline may not be considered.

        *The person assessed by the Selection Panel as most suitable for the position will be proposed for appointment. Selection among short-listed candidates will also take into account performance at interview, appropriate testing, and references.

        Applications from women and nationals of developing countries are strongly encouraged to apply.