The Director, Equity Risk Management manages the Equity Risk Management Team (ERM) of the EBRD. ERM provides independent risk and reward assessment for each new equity and quasi-equity investment and independent monitoring of the equity and equity funds portfolios (including value creation plans, fair value process, actions on exits, market risk mitigation). Director, ERM owns the Design and maintenance of the process that delivers equity risk management policy, standards, valuation methodologies, monitoring framework and bottom-up stress-testing. ERM Team works with Banking at each stage of equity investment appraisal with a particular focus on due diligence, entry pricing, exit strategy and integrity to maximise returns from the Bank’s equity portfolio. The Director, ERM has a leading role in improving the Bank’s equity risk culture, influence investment selection and portfolio positioning and provide input into capital resources review, annual budget and equity risk strategy.
Accountabilities and Responsibilities
- The Director provides leadership and vision to the Team and is responsible for all aspects of managing, supporting and developing the Team to deliver the Team’s approach and objectives. This includes line management of Team members and a continuous expansion of capability and skills within the Team. The Director manages the allocation of work across the Team ensuring Team’s ability to cope with uneven and at times, very heavy workflow.
- Lead, coach and manage a team of experienced and junior Risk Officers with independent approval authority and responsibility for transactions from inception to exit to ensure quality, timeliness and consistency of independent recommendations and advice to Banking, the Operations Committee and SBIC, the Managing Director, Risk Management, VP Risk/CRO and VP Finance/CFO.
- Supervise the application of internal valuation to achieve consistency, validate entry price, value creation, fair value process and exit plans. Supervise the use of Risk Management’s independent delegated authority regarding equity and equity funds portfolio actions (including waivers and amendments) and investment recommendations, reaching agreement with peers and seniors in Banking and or escalate recommendations to Senior Management and either the Operations Committee (new transactions) or the Equity Committee (portfolio actions/exits) on matters requiring higher-level approval or Equity
- As alternate member of the Equity Committee, participate in the discussion of investment strategy and exit decisions. Attend the Operations Committee and the Small Business Committee, including decisions on “B-listed” projects on the matters related to equity investments. Develop and foster equity risk skills across the Bank and provide key input into promotion decisions and other performance evaluations.
- Being part of the Senior Management team of the Bank, the Director ERM contributes effectively in shaping the Bank’s Equity Risk Management strategy and engages or leads in wider Bank initiatives representing the Risk Management Department. The Director educates and aligns individuals in the Team with the Bank’s work, decisions and objectives.
- Ensure that ERM Team maintains a constructive dialogue with Banking and close co-operation with other Risk Management teams, particularly in regards to timely dissemination of information, feedback and lessons learned on individual investments. Promote a partnership approach to ensure effective co-operation and working relationships between Risk Management and other departments in the Bank.
- Provide effective leadership in the development of best equity risk management practices, in reviewing gaps and providing solutions. Maintain an effective policy suite for Equity Risk Management. Develop an external network of contacts to ensure good understanding of market developments, maintain contacts with functional counterparts at IFIs and wider private sector banking community. Represent the Bank in appropriate Equity Risk and Risk Management fora.
- Ensure the Equity Risk Management team understands, implements effectively and delivers their key contribution to stress testing activities.
- Directly accountable for the engagement and effective overall management of staff including recruitment, compensation (as agreed with the Head of Department, if applicable), Performance Management, coaching and development.
- Champion and role model the Bank’s Behavioural Competencies and Corporate Behaviours, ensuring adherence within the team(s) so that the highest standards of integrity and ethical conduct, are exhibited at all times.
Knowledge, Skills, Experience & Qualifications
- University degree or equivalent work experience.
- Demonstrated ability in managing a large team of experienced and junior credit professionals.
- Desirable to have a background in international private equity acquired at a major private equity firm or a bank with relevant equity and hybrids structuring experience.
- Understanding of key economic, political and equity market drivers in emerging markets.
- Knowledge of private equity operating procedures and systems would be an advantage.
- Understanding of most major business sector activities and investment risks, in particular in the context of the EBRD countries of operations / emerging markets.
- Knowledge of equity valuations methodology, portfolio management measures, concepts and processes.
- Familiarity with the Bank’s mandate.
- Demonstrated ability to assimilate information, learn and grow to cover any gaps in the knowledge and experience listed above.
- Leadership skills, ability to motivate and provide guidance to staff. Experience of working in a multicultural environment, good at planning and fostering teamwork. Organisation awareness and ability to get things done.
- Excellent communication, persuasion and arbitration skills with strong written and oral fluency. Results orientation and ability to work with Banking without creating an adversarial relationship. Ability to find solutions for complex projects with suitable risk mitigation.
- Ability to analyse and size up challenges facing Equity, Risk Management and the Bank and make authoritative recommendations.
- Proven skills and track record in decision-making at a senior level in volatile and high risk environments.
- Commercial acumen and business judgement, ability to rapidly assess projects, draw clear and balanced conclusions in the context of large volumes and tight timescales and focus on the bottom line.
- Desirable to have equity structuring, pricing, legal documentation, exposure management, dealing with underperformance and exit.
Diversity is one of the Bank’s core values which are at the heart of everything it does. A diverse workforce with the right knowledge and skills enables connection with our clients, brings pioneering ideas, energy and innovation. The EBRD staff is characterised by its rich diversity of nationalities, cultures and opinions and we aim to sustain and build on this strength. As such, the EBRD seeks to ensure that everyone is treated with respect and given equal opportunities and works in an inclusive environment. The EBRD encourages all qualified candidates who are nationals of the EBRD member countries to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. As an inclusive employer, we promote flexible working.