Work for the IMF. Work for the World.
Job Summary
The International Monetary Fund is engaged in a significant enhancement of its Enterprise Risk Management (ERM) framework to bring the scope and operations in line with those in other major organizations and international bodies. The scope of the ERM framework covers all key activities of the Fund, including surveillance, lending, and capacity development (CD).
The Office of Risk Management (ORM) is at the center of these efforts and has the lead in developing and supporting implementation of a strengthened ERM framework at the Fund. This includes development of additional methodologies and tools to identify, assess, analyze, and monitor risk, including new risk methodologies and techniques, and their use by Area, Functional, and Support departments; and producing reports on the Fund’s risk profile at regular intervals. ORM is also tasked to highlight areas where additional risk analysis or mitigation efforts are needed and complements risk management policies and practices in operational departments. A key objective is enhanced risk-based decision support across the organization. To enable this, ORM is also responsible for developing Fund training in risk management, strengthening the governance around the risk management function and fostering a culture of risk acknowledgment in the organization. ORM will also provide an independent challenge of enterprise risk information and assessments of Departments.
To aid in the full implementation and ongoing operational execution of the framework the Fund is looking for a seasoned Senior Risk Specialist (Team Lead) with extensive knowledge and experience in risk management in a large institutional setting.
In addition to supporting the ongoing implementation of the ERM framework, the incumbent will help lead a team of Risk Specialists, primarily in the area of non-financial risk. This includes identifying, evaluating, mitigating, and monitoring the Fund’s operational, business, and strategic risks in a holistic manner that facilitates risk informed decision making by key stakeholders, including the Fund’s management and Executive Board.
Major Duties and Responsibilities:
Reporting to the Advisor or other ORM leadership, as required, the successful candidate will coordinate and help the Advisor to lead a team of risk specialists to deliver ORM’s work program on: (i) developing and modernizing all aspects of ERM methodologies and application, and (ii) analysis of non-financial risks to the IMF with engagement also on financial risk analysis. Key tasks include:
1. Supporting the Advisor within the Office of Risk Management with managing a diverse team of Risk Specialists to continue implementation of the Enterprise Risk Management Framework, including related policies and procedures to support effective risk management in the Fund.
2. Ensuring successful collaboration and coordination within the ORM team of risk specialist and oversight professionals, as overseen by the advisor and head of risk oversight, to effectively support the implementation of the ERM framework across the Fund, including Area functional and Support Departments. This will include efforts to promote the risk culture in the Fund as part of an ongoing change management process.
3. Coaching and mentoring members of the Specialists team and supporting the team of Analysts currently overseen by a risk specialist reporting to the Advisor.
4. Developing Enterprise Risk Management tools, and practices, to analyze and report enterprise risks, and to manage risks according to an enterprise risk management framework and policy.
5. Ongoing review of the organization's risk management policies and strategies to ensure they remain fit for purpose and in compliance with the Fund's strategic objectives.
6. Overseeing review process and regular updates of the key products, tools and templates developed by ORM to assist in implementation of the ERM framework, including but not limited to: the Fund’s risk taxonomy; risk rating scales; Risk Control and Self-Assessment and Document Risk Control Self-Assessment templates; and Risk Event Reporting methodology.
7. Guiding efforts to continuously improve data-driven analysis across the risk spectrum, and the oversight of information-related risks, including, analysis tools, reports, and dashboards to facilitate increasingly well informed and risk-based decision making at all levels in the institution.
8. Performing other job-related duties as assigned.
Minimum Qualifications
Master’s degree, or equivalent, in business, accounting, economics, finance, information technology, law, communications, organizational development or a related field, supplemented by a minimum of eight years of relevant progressively responsible work experience, is required. Alternatively, a bachelor’s degree or equivalent, supplemented by a minimum of 14 years of relevant risk management professional experience. The ideal candidate will also have:
Prior supervisory experience within the Enterprise Risk Management Field either in another International Financial Institutions (IFI) or a large corporate organization of similar setting.
Previous in-depth experience working with risk assessments, risk event data, metrics (KRIs, KCIs), scenario analysis, and issue and action management.
Affinity for innovation and professional risk taking. This includes to identify and pursue a vision for innovation opportunities that cross organizational borders or enlist external partners and to sponsor projects that drive innovation and new thinking inside the Fund.
Proven ability to influence and collaborate with others, initiate action plans, manage change, make impactful decisions, and complete challenging assignments with tact and diplomacy.
Strong background in applied mathematics, statistics and/or financial economics and external risk data.
Excellent learning agility and proven ability to quickly understand systems and policies/procedures. Possesses sound judgment and adaptability to handle pressures and culture within the Fund to facilitate risk identification and assessment of potential failures and how best to achieve business objectives.
Strong verbal and written communication skills to articulate complex technical ideas to non-technical stakeholders and colleagues.
A regular staff member who is selected to fill the vacancy will maintain their open-ended status. If the selected candidate is a contractual employee, they will be offered a Term staff appointment. Staff members already on a term appointment will continue their current term but may receive an extension provided that their current term appointment has not already been extended.
Department:ORM Office of Risk Management
Hiring For: A13, A14
The IMF is guided by the principle that the employment, classification, promotion, and assignment of staff shall be made without discrimination against any person. We welcome requests for reasonable accommodations for disabilities during the selection process. Information on how to request accommodations will be provided during the application process.