Risk Officer

World Bank Group•Washington, DC

8d•Onsite

About The Position

The World Bank Group is a unique global partnership of five institutions driven by a bold vision to create a world free of poverty on a livable planet. As one of the largest sources of funding and knowledge for developing countries, we help solve the world’s greatest development challenges. When you join the World Bank Group, you become part of a dynamic, diverse organization with 189 member countries and more than 130 offices worldwide. We work with public and private sector partners, invest in groundbreaking projects, and use data, research, and technology to bring tangible and transformative changes around the globe. The WBG Chief Risk Officer Vice Presidency (CROVP) is the core unit responsible for Group-wide institutional risk oversight, including establishment and monitoring adherence to risk policies and guidelines and risk assessment and reporting to the Board and executive management. Its mission is to enable and support the WBG to achieve its goals in a financially sustainable manner. The VPU assists management with identifying and managing Group-wide cross-cutting risks, enhancing risk response decisions, reducing financial and operational surprises and losses, seizing opportunities and improving deployment of capital. The WBG CRO Vice Presidency includes the IBRD/IDA, IFC, and MIGA risk teams and covers a wide range of financial and non-financial risks. CROMR is looking to recruit a Risk Officer under the Model Risk function in CROVP, based in Washington, DC.

Requirements

Advanced degree (PhD or Master's) in Finance, Economics, Mathematics, Physics, or a related quantitative discipline.
A minimum of five years of professional experience in model validation, financial modelling, or risk management, preferably within an international or major financial services organization.
Demonstrated experience of building and delivering production-grade quantitative models, including economic capital, financial statement forecasting, credit, market, or insurance risk models, that meet high standards of accuracy, transparency, and documentation.
Ability to analyze complex financial models and translate theoretical concepts into practical applications relevant to WBG’s work.
Strong knowledge of economic capital, credit risk, market risk, or insurance risk models, as well as broader industry practices and trends in risk modelling.
Good understanding of corporate finance principles, and the business models of multilateral development banks, including balance sheets, income statements, and cash flow statements, and their implications for risk measurement and capital adequacy assessment.
Strong understanding of market developments, geopolitical factors, and the associated risks relevant to financial modelling and risk management.
Advanced programming skills in one or more languages such as Python, C++, or MATLAB, with the ability to write, interpret, and apply code in support of rigorous model analysis.
Excellent written and oral communication skills, with a demonstrated ability to convey complex technical and quantitative concepts clearly to non-specialist audiences, including senior management.
Demonstrated ability to work collaboratively and maintain strong team spirit within the immediate team and work collaboratively with colleagues, clients, and stakeholders across other units and disciplines.
Able to advise senior management on technical risk and control issues such as development of key risk and control indicators, risk tolerances.

Nice To Haves

Familiarity with artificial intelligence and machine learning models; experience validating or auditing AI/ML models would be an advantage.

Responsibilities

Conduct independent validation of models within the CROMR model inventory, ensuring consistency, rigor, and adherence to the model risk governance framework, identifying model risks and engaging with stakeholders on appropriate remediation actions and follow-up plans.
Independently build, maintain, and enhance independent benchmark quantitative models using Python programming language, across areas such as economic capital, financial statement forecasting, credit risk, market risk and non-financial risk, supported by robust analytical data infrastructure, automated quality controls, and structured data storage to enable efficient, reproducible, and well-governed model development and validation.
Ensure the CROMR model analytics library remains robust, well tested, well documented, and current, with benchmark models maintained for on-demand execution and effective support of independent model validation and challenge.
Build and maintain good working relationships with model development/owners’ teams to support the establishment, communication, and consistent application of model validation & governance standards.
Support model governance activities for models within the inventory, including assigning independent model risk ratings, monitoring validation status, assessing compliance with the framework requirements.
Contribute to strengthening awareness and understanding of the model governance environment across the World Bank Group through collaboration, communication, and engagement with relevant stakeholders.
Build and maintain external professional relationships and industry contacts to stay abreast of emerging practices and developments in model risk management and quantitative modelling.