WBG Director, Market and Counterparty Risk

World Bank Group

1d•Onsite

About The Position

Do you want to build a career that is truly worthwhile? 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 120 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. For more information, visit www.worldbank.org. VPU Context: The WBG Chief Risk Officer (CRO) Vice Presidency 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. Unit Context: In the context of One WBG Treasury, the newly unified WBG Market and Counterparty Risk Department (CROMC), housed within the WBG Chief Risk Officer (WBG CRO), provides independent second line of defense oversight, assessment, and management of treasury risk across all WBG and is a valued member of ALCO. This second line of defense function strengthens the Group’s financial risk governance by ensuring that market and counterparty risks are identified, measured, monitored, and managed consistently and effectively across all WBG entities, thereby, ensuring that risk-taking activities are consistent with the WBG’s risk appetite, capital adequacy framework, and long-term financial sustainability The WBG Market & Counterparty Risk Department is responsible for risk oversight in the following key areas: • Market Risk: which includes the development and implementation of market risk frameworks, limits, and policies approved by the Board or Management of each institution, with a focus on; (i) ongoing oversight of risks arising from movements in market interest rates, exchange rates, funding and asset spreads, as well as the cost and availability of liquidity and long-term funding; (ii) and regular reporting to senior management and the Board on the evolution of market risks and their impact on capital adequacy and financial sustainability. In addition, the market risk function (i) ensures that market risk policies, procedures, and analytical tools remain sound, fit-for-purpose, and aligned with each entity’s risk appetite, (ii) and provides regular analysis to senior management and the Board on market risk trends and implications for capital adequacy and financial sustainability. • Counterparty Credit Risk: which includes maintaining and implementing counterparty credit eligibility criteria and limits approved by the Board or Management of each institution in accordance with their respective risk appetite; continuous oversight of counterparty credit risk arising from deterioration in the creditworthiness of commercial counterparties; and the development and reporting of counterparty credit exposures and mitigation measures, including collateral management, netting arrangements, and Credit Support Annexes (CSAs). In addition, the Counterparty Credit function provides ongoing monitoring and independent assessments to ensure counterparty exposures remain within the WBG’s risk tolerance and contribute to overall balance sheet resilience. • Model Risk Governance: which includes maintaining a model inventory, and implementing a model risk governance framework, standards, and controls applicable to the inventory, validation, and use of risk and valuation models covering all asset classes. • Risk Technology and Data Infrastructure, which provides strategic oversight and implementation of risk technology platforms, data architecture, and analytical tools supporting market, counterparty, and model risk management across WBG entities. The function ensures that systems are integrated, reliable, and scalable—enabling consistent measurement, aggregation, and reporting of risks, and supporting timely, data-driven decision-making by Management and the Board. By maintaining rigorous oversight and consistent methodologies, the Department provides assurance to senior management, the Board, and external stakeholders that the WBG’s market and counterparty risks are prudently managed and that financial strength and integrity continue to underpin the Group’s development mandate. The Chief Risk Officer Vice Presidency is in search of a WBG Director to lead the Market & Counterparty Credit Risk Department. The position is based in Washington, DC. It reports to the Vice President and WBG Chief Risk Officer with dotted reporting to IFC and MIGA CROs; and the selected candidate will be part of the WB, IFC and MIGA CROs Management Team. Duties and Accountabilities The WBG Director for Market & Counterparty Credit Risk will lead a multidisciplinary team across the WB, IFC, and MIGA; and will be accountable for modeling WBG leadership values and managerial behavior and ensuring that the department delivers on its commitments. Accountability means being answerable for making strategic choices, managing quality, risks, results, institutional initiatives, external and internal resources, and compliance with WBG policies and procedures. Market Risk The Director ensures robust oversight of risks arising from market movements, funding conditions, and liquidity. Key Responsibilities include: • Lead the establishment and review of market risk frameworks, models, limits, and policies aligned with each entity’s risk appetite and evolving market conditions. o Measuring and monitoring interest rate risk on bonds, loans/commitments, and guarantees relative to risk limits. o Measuring and monitoring currency risks relative to risk limits. o Measuring and monitoring liquidity risks relative to risk limits. o Overseeing derivatives valuation models. • Provide leadership to treasury risk management functions through continuously updated policies, guidelines, and market analyses that inform decision-making on liquidity and funding strategies. • Oversee the measurement, monitoring, and reporting of market, funding and liquidity risks, ensuring that exposures remain within approved limits and that management actions are timely and effective. • Oversee the sizing and management of liquidity portfolios to ensure capital adequacy and financial sustainability, while maximizing the financial development mission. • Deliver regular reporting to senior management and the Board(s) on the evolution of market risks, their implications for financial sustainability, and performance against limits. • Ensure that analytical tools, models, and methodologies remain fit-for-purpose and reflect best practice. • Participate in WB, IFC and MIGA committees, working groups and Task Forces on ALM, liquidity, capital management, and financial risk strategy. Counterparty credit risk The Director ensures independent oversight and proactive management of counterparty risks to protect the institutions’ financial positions and reputations. Key Responsibilities include: • Lead the implementation of counterparty credit risk frameworks, ensuring adherence to each institution risk appetite and policy standards. • Measuring and monitoring counterparty risks limits in the derivatives portfolio relative to risk limits. • Oversee daily and periodic measurement, monitoring, and reporting of exposures to commercial counterparties, including potential future exposure (PFE) and concentration analysis. • Supervise the evaluation and approval of new counterparties, ensuring appropriate due diligence, documentation, and mitigation arrangements. • Promote strong collateral management, netting agreements, and the effective use of Credit Support Annexes (CSAs) to reduce exposure. • Provide timely and independent assessments of counterparty credit risks arising from new products, instruments, or market developments. • Report regularly to senior management and the Board on counterparty credit exposures, risk trends, and mitigation strategies. Model Risk Governance The Director provides strategic direction for data architecture and risk technology initiatives that enable real-time analysis and transparent decision-making in the functions under responsibility. Key Responsibilities include: • Oversee the governance, validation, and monitoring of risk and valuation models covering all asset classes. • Maintain the enterprise-wide model inventory and classification processes, ensuring alignment with the governance framework. • Strengthen consistency and quality in model governance across entities, while promoting innovation and continuous improvement. • Provide independent reporting to senior management and the Board on model risk exposures, findings, and remediation progress. • Champion strong model governance, validation discipline, and independent oversight, ensuring risk models are robust, well-documented, and appropriately challenged. • Stay abreast of emerging model risk management practices and ensure ongoing alignment with global standards. Risk Technology and Data Infrastructure The Director provides strategic direction for data architecture and risk technology initiatives that enable real-time analysis and transparent decision-making in the functions under responsibility. • Lead the design and implementation of a unified risk data and technology strategy supporting market, counterparty, and model risk management. • Ensure that systems and data architecture enable consistent measurement, aggregation, and reporting of risks across all entities. • Oversee the development of tools for real-time counterparty credit exposure measurement, counterparty credit limit management, daily risk and performance metrics, and economic capital reporting. • Promote data quality, integrity, and governance to support accurate and timely risk reporting. • Drive innovation through the application of advanced analytics, automation, and digital tools to enhance efficiency and insight generation. • Provide transparent and timely reporting to management and the Board on technology initiatives, data capabilities, and infrastructure risks. Governance and Oversight • Represent the second line function in risk governance committees related to market, counterparty and model risk, ensuring effective coordination, documentation, and timely follow-up of key risk decisions and actions. • Oversee preparation and delivery of market, counterparty, and model risk reports to senior management and the Boards of IBRD, IDA, IFC, and MIGA—highlighting key exposures, limit utilizations, emerging vulnerabilities, and mitigation progress. • Maintain and periodically review the governance framework for market, counterparty credit, model, and liquidity risk, ensuring clear accountabilities, escalation protocols, and decision-making structures across the WBG entities. • Ensure that policies, frameworks, and guidelines remain up to date, coherent across entities, and aligned with WBG’s financial and risk appetite statements. Leadership and Management • Provide strategic direction, coaching, and feedback to maintain a high-performing, multidisciplinary team of market, counterparty credit risk, model risk, and technology risk professionals. • Foster a culture of analytical rigor, collaboration, and continuous improvement, leveraging technology and data analytics to strengthen oversight and efficiency. • Develop and oversee the Department’s strategic objectives, work program, staffing plan, and budget alignment with the priorities of the CROVP, CRFVP, and MIGCS. • Promote teamwork and knowledge sharing within the department and across WBG Treasury, Finance Partners, and Operations partners to ensure efficient and effective delivery of market and counterparty risk oversight responsibilities. • Lead the continuous enhancement of the risk framework, methodologies, and reporting infrastructure to ensure timely, accurate, and actionable information for decision-making. External Engagement and Thought Leadership • Represent the Market & Counterparty Risk Department and CROMC in WBG-wide task forces, management committees, and cross-institutional working groups, as well as in engagements with other multilateral development banks, regulators, and peer institutions. • Maintain strong relationships with rating agencies, ensuring a clear understanding of their analytical frameworks, risk models, and implications for WBG credit ratings. • Provide thought leadership on market, liquidity, counterparty, and model risk management, as well as on broader financial risk strategy, capital planning, and balance sheet resilience. • Monitor and interpret global market, regulatory, and industry developments, ensuring WBG risk management practices remain at the frontier of best practice. • Contribute to innovation by providing early risk input and guidance on new financial instruments, structures, and initiatives. People and Talent Management • Model exemplary WBG leadership values and managerial behaviors, reinforcing these qualities across the management team and staff. • Build and sustain a diverse, inclusive, and high-performing workforce by attracting, developing, and retaining top talent with deep technical expertise. • Drive technical excellence by fostering a learning environment that encourages innovation, collaboration, and professional growth. • Support the management team in developing and implementing global staffing, deployment, and talent development strategies, ensuring effective succession planning and career progression. • Promote a culture of accountability, teamwork, and respect, aligned with WBG’s core values and mission. Resource and Risk Management • Manage the Department’s budget and resources to support the effective execution of the Directorate’s strategy and work program. • Ensure accountability for delivering agreed objectives through the cost-effective use of financial and human resources, consistent with internal controls and fiduciary standards. • Oversee the implementation of robust internal controls and compliance with WBG policies, ensuring transparency and sound stewardship of institutional resources. • Ensure that an appropriate risk management framework is in place to meet the department’s objectives—supporting the timely identification, measurement, and mitigation of market, counterparty, model, and infrastructure risks.

Requirements

Seasoned manager with typically at least 15 years of relevant experience leading a world class market risk function, including exposure to fixed income and derivatives markets, market and commercial counterparty credit risk, and treasury risk oversight with a strong quantitative and model-based dimension.
Master’s degree with 15 years of experience or equivalent combination of education and experience.
Proven track record of intellectual leadership and effective management of professional staff.
Demonstrated business judgment and deep understanding of the broad spectrum of financial risks relevant to Multilateral Development Bank (MDB) rating methodologies.
Proven ability to lead innovation and cultural change, with a track record of improving risk systems, processes, and operational frameworks.
Proven ability to lead cross-cutting institutional initiatives, work effectively across boundaries, build consensus, resolve complex problems, and foster teamwork.
Excellent communication skills, both written and oral, with the ability to convey complex issues clearly to diverse audiences. Capable of listening effectively, standing firm when appropriate, and delivering difficult messages with tact and professionalism at all levels, including with senior management and external counterparts.
Experience managing stakeholder engagement and interactions with senior leadership, demonstrating strong interpersonal effectiveness and sound judgment.

Responsibilities

Lead the establishment and review of market risk frameworks, models, limits, and policies aligned with each entity’s risk appetite and evolving market conditions.
Provide leadership to treasury risk management functions through continuously updated policies, guidelines, and market analyses that inform decision-making on liquidity and funding strategies.
Oversee the measurement, monitoring, and reporting of market, funding and liquidity risks, ensuring that exposures remain within approved limits and that management actions are timely and effective.
Oversee the sizing and management of liquidity portfolios to ensure capital adequacy and financial sustainability, while maximizing the financial development mission.
Deliver regular reporting to senior management and the Board(s) on the evolution of market risks, their implications for financial sustainability, and performance against limits.
Ensure that analytical tools, models, and methodologies remain fit-for-purpose and reflect best practice.
Participate in WB, IFC and MIGA committees, working groups and Task Forces on ALM, liquidity, capital management, and financial risk strategy.
Lead the implementation of counterparty credit risk frameworks, ensuring adherence to each institution risk appetite and policy standards.
Oversee daily and periodic measurement, monitoring, and reporting of exposures to commercial counterparties, including potential future exposure (PFE) and concentration analysis.
Supervise the evaluation and approval of new counterparties, ensuring appropriate due diligence, documentation, and mitigation arrangements.
Promote strong collateral management, netting agreements, and the effective use of Credit Support Annexes (CSAs) to reduce exposure.
Provide timely and independent assessments of counterparty credit risks arising from new products, instruments, or market developments.
Report regularly to senior management and the Board on counterparty credit exposures, risk trends, and mitigation strategies.
Oversee the governance, validation, and monitoring of risk and valuation models covering all asset classes.
Maintain the enterprise-wide model inventory and classification processes, ensuring alignment with the governance framework.
Strengthen consistency and quality in model governance across entities, while promoting innovation and continuous improvement.
Provide independent reporting to senior management and the Board on model risk exposures, findings, and remediation progress.
Champion strong model governance, validation discipline, and independent oversight, ensuring risk models are robust, well-documented, and appropriately challenged.
Stay abreast of emerging model risk management practices and ensure ongoing alignment with global standards.
Lead the design and implementation of a unified risk data and technology strategy supporting market, counterparty, and model risk management.
Ensure that systems and data architecture enable consistent measurement, aggregation, and reporting of risks across all entities.
Oversee the development of tools for real-time counterparty credit exposure measurement, counterparty credit limit management, daily risk and performance metrics, and economic capital reporting.
Promote data quality, integrity, and governance to support accurate and timely risk reporting.
Drive innovation through the application of advanced analytics, automation, and digital tools to enhance efficiency and insight generation.
Provide transparent and timely reporting to management and the Board on technology initiatives, data capabilities, and infrastructure risks.
Represent the second line function in risk governance committees related to market, counterparty and model risk, ensuring effective coordination, documentation, and timely follow-up of key risk decisions and actions.
Oversee preparation and delivery of market, counterparty, and model risk reports to senior management and the Boards of IBRD, IDA, IFC, and MIGA—highlighting key exposures, limit utilizations, emerging vulnerabilities, and mitigation progress.
Maintain and periodically review the governance framework for market, counterparty credit, model, and liquidity risk, ensuring clear accountabilities, escalation protocols, and decision-making structures across the WBG entities.
Ensure that policies, frameworks, and guidelines remain up to date, coherent across entities, and aligned with WBG’s financial and risk appetite statements.
Provide strategic direction, coaching, and feedback to maintain a high-performing, multidisciplinary team of market, counterparty credit risk, model risk, and technology risk professionals.
Foster a culture of analytical rigor, collaboration, and continuous improvement, leveraging technology and data analytics to strengthen oversight and efficiency.
Develop and oversee the Department’s strategic objectives, work program, staffing plan, and budget alignment with the priorities of the CROVP, CRFVP, and MIGCS.
Promote teamwork and knowledge sharing within the department and across WBG Treasury, Finance Partners, and Operations partners to ensure efficient and effective delivery of market and counterparty risk oversight responsibilities.
Lead the continuous enhancement of the risk framework, methodologies, and reporting infrastructure to ensure timely, accurate, and actionable information for decision-making.
Represent the Market & Counterparty Risk Department and CROMC in WBG-wide task forces, management committees, and cross-institutional working groups, as well as in engagements with other multilateral development banks, regulators, and peer institutions.
Maintain strong relationships with rating agencies, ensuring a clear understanding of their analytical frameworks, risk models, and implications for WBG credit ratings.
Provide thought leadership on market, liquidity, counterparty, and model risk management, as well as on broader financial risk strategy, capital planning, and balance sheet resilience.
Monitor and interpret global market, regulatory, and industry developments, ensuring WBG risk management practices remain at the frontier of best practice.
Contribute to innovation by providing early risk input and guidance on new financial instruments, structures, and initiatives.
Model exemplary WBG leadership values and managerial behaviors, reinforcing these qualities across the management team and staff.
Build and sustain a diverse, inclusive, and high-performing workforce by attracting, developing, and retaining top talent with deep technical expertise.
Drive technical excellence by fostering a learning environment that encourages innovation, collaboration, and professional growth.
Support the management team in developing and implementing global staffing, deployment, and talent development strategies, ensuring effective succession planning and career progression.
Promote a culture of accountability, teamwork, and respect, aligned with WBG’s core values and mission.
Manage the Department’s budget and resources to support the effective execution of the Directorate’s strategy and work program.
Ensure accountability for delivering agreed objectives through the cost-effective use of financial and human resources, consistent with internal controls and fiduciary standards.
Oversee the implementation of robust internal controls and compliance with WBG policies, ensuring transparency and sound stewardship of institutional resources.
Ensure that an appropriate risk management framework is in place to meet the department’s objectives—supporting the timely identification, measurement, and mitigation of market, counterparty, model, and infrastructure risks.