World Bank

Financial Sector Specialist

World Bank

Job Description

Financial Sector Specialist

Job #: req10643 Organization: World Bank Sector: Financial Sector Grade: GF Term Duration: 3 years Recruitment Type: International Recruitment Location: Washington, DC,United States Required Language(s): English Preferred Language(s): French Closing Date: 2/10/2021 (MM/DD/YYYY) at 11:59pm UTC Description

Background & General Description THE WORLD BANK GROUP (WBG). The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org. In fiscal year 2020, the WBG committed $75 billion in loans, grants, equity investments and guarantees to its members and private businesses. In response to the global outbreak of Covid-19, the WBG intends to deploy up to $160 billion in fiscal year 2021.

THE GLOBAL PRACTICE FOR FINANCE, COMPETITIVENESS AND INNOVATION (FCI) IN THE WBG. Finance, Competitiveness and Innovation (FCI) works toward creating an enabling environment in which financial stability, efficiency and firm-level solutions are provided in an integrated way to crowd in the private sector, support the creation of markets, and accelerate equitable growth. FCI professionals lead or participate in a wide variety of analytical and advisory work that add to the core expertise delivered to client countries. Knowledge and learning are a central part of the FCI agenda, with work focused on the following thematic areas: (a) Financial Stability and Integrity; (b) Long Term Finance; (c) Financial Inclusion and Infrastructure; (d) Industry Solutions; (e) Firm Capabilities and Innovation; and (f) Crisis & Disaster Risk Finance. FCI works closely with the Global Practice for Macroeconomics, Trade and Investment (MTI) on systematic country diagnostics, country strategies, policy lending and other private sector diagnostics, analytical and lending activities.

The Crisis & Disaster Risk Finance team houses the Disaster Risk Financing and Insurance Program (DRFIP). The DRFIP has developed a set of analytical and Advisory Services, financial services, and convening services to help countries increase their financial resilience and mainstream disaster risk finance as part of their broader Climate Risk management and financial risk management agendas. Among the programs managed by the DRFIP are: the Global Risk Financing Facility (GRiF), co-managed with the Global Facility for Disaster Reduction and Recovery; the Sovereign Disaster Risk Financing and Insurance Program for Middle Income Countries; the Disaster Protection Program; and regional programs such as the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).

Roles & Responsibilities The Crisis & Disaster Risk Finance team is seeking a Financial Sector Specialist with a background and experience in developing and implementing financial risk management instruments and policies against climate shocks, disasters and a wider range of crises. His/Her overall objectives will be to (i) produce state-of-the-art analytical work on crisis and disaster risk finance to inform policy dialogue and reforms on financial resilience; (ii) provide country clients with advisory services and technical assistance informed by strong analytical work; (ii) create global knowledge. This role also requires experience in working upstream with development partners. He/She will be assigned to work on countries and issues which span a full global portfolio.

The candidate will: Support the technical and analytical development of risk finance and insurance solutions against disasters, climate risks and other crises (e.g., insurance programs, financial risk management solutions) to help address client needs, including governments and public agencies, drawing on his/her own private sector experience and expertise;
  • Produce in-depth analytical work to help government understand, manage and communicate financial risks and to support the policy dialogue on financial resilience with governments;
  • Supervise a technical team, comprised of staff and consultants from a wide range of specialist backgrounds, to ensure on-time and high-quality delivery of analytical products and advisory services;
  • Support regional operational teams in the design and implementation of crisis and disaster risk finance and insurance solutions by contributing to overall operations and leading specific activities on analytical work and policy dialogue;
  • Support activities in collaboration with regional operational teams on strengthening the connection between crisis and disaster risk finance and other areas of development policy, including disaster risk management, social protection, public financial management, infrastructure, and development of institutional frameworks to support financial risk management policies and practices;
  • Translate technical solutions into knowledge management products (including policy notes, country case studies and lessons learned for clients) and contribute to learning events (workshops, Training Courses, and distance-learning events).
  • Contribute to the dialogue with development partners on crisis and disaster risk finance;
  • Contribute to high-level policy dialogue on climate and disaster risk finance and resilience (e.g., G20, APEC, ASEAN) through the provision of analytical and policy inputs, as well as Coordination with relevant partners.
Selection Criteria

Selection Criteria & Competencies Required Competencies:
  • Deliver Results for Clients - Proactively addresses clients stated and unstated needs
  • Collaborate Within Teams and Across Boundaries - Collaborates across boundaries, gives own perspective and willingly receives diverse perspectives
  • Lead and Innovate - Contributes to development of innovative solutions.
  • Create, Apply and Share Knowledge - Applies knowledge across WBG to strengthen solutions for internal and/or external clients.
  • Make Smart Decisions - Interprets a wide range of information and pushes to move forward.
  • Operational Project Management - Demonstrates broad knowledge of project management tools & methodologies; identifies key risks and mitigation measures; interprets background Analysis and proposed solutions.
Financial Economic Policy - Demonstrates knowledge of economic policy development; demonstrates strong analytical skills & writing ability to help identify and assess policy issues in support of policy dialogue.

Sector/Program Representation - Ability to constructively participate in strategic cross-sector dialogues within the network, across the country, among Bank colleagues and other development institutions, government, and other organizations.

Knowledge and experience in one or more of the following areas: Private sector experience in structuring and implementing financial risk management solutions, such as traditional or parametric reinsurance and catastrophe bonds, alternative risk transfer solutions, and hedging products
  • Experience in public financial management including work on strategy and policy frameworks; governance and institutional arrangements; risk management; Budget Execution; management of contingent liabilities; public policy linkages and implication; and public sector use of high-value financial transactions;
  • Experience in advising governments on financial risk management in developing countries;
  • Experience in working with development partners and multilateral institutions;
  • Knowledge in quantitative risk analytics, catastrophe risk modeling, applied probability and statistics, and/or actuarial techniques;
  • Knowledge of public and private disaster risk finance and insurance instruments (e.g., contingent financing, traditional reinsurance, parametric reinsurance, catastrophe bonds, insurance-linked securities) and catastrophe risk pools;
  • Knowledge of international policy framework and institutional architecture of Climate Change adaptation and disaster risk management;
  • Experience in World Bank lending operations, from identification to implementation, would be an added advantage.
Other Selection Criteria:
  • Master's degree [or equivalent professional qualification] plus at least 5 years of experience in financial economics, development economics, public finance, risk management, insurance, statistics/actuarial science, or related discipline.
  • Experience in managing projects and/or technical assistance programs (including specifying, budgeting, supervising and contracting technical work);
  • Proven ability to work in teams, as well as support the delivery of complex analytical and advisory services;
  • Proven ability to work under pressure and deliver high quality work on time;
  • Willingness to travel;
  • Excellent presentation skills demonstrating the ability to present the results of complex analytical output to a variety of audiences with different levels of technical knowledge and experience.
The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence.

Poverty has no borders, neither does excellence. We succeed because of our differences and we continuously search for qualified individuals with diverse backgrounds from around the globe.
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