Risk Officer (Finance) – P3  

Organizational Setting

The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating rural poverty and hunger. It does so by investing in rural people. IFAD finances programmes and projects that increase agricultural productivity and raise rural incomes, and advocates at the local, national and international level for policies that contribute to rural transformation. 

The Office of the President and Vice-President of IFAD (OPV) oversees the Corporate Services Support Group (CSSG) and supervises the Protocol Unit. The CSSG comprises the: (a) Office of the General Counsel (LEG) ; and (b) Office of Audit and Oversight (AUO), reporting to the President; (c) Office of Strategic Budgeting (OSB); (d) Quality Assurance Group (QAG); (e) Change, Delivery and Innovation Unit (CDI); and (f) Office of Enterprise Risk Management (RMO), reporting to the Vice-President; and (g) Ethics Office (ETH), a stand-alone unit reporting administratively to the Vice-President. 
The Office of Enterprise Risk Management (RMO) is a dynamic, strategic and responsive service provider, leading IFAD’s second line of defense by fully supporting the management of all risks across the organization. The RMO implements, monitors, and maintains an efficient and effective Enterprise Risk Management programme, supporting IFAD’s strategic vision and mandate. The RMO aims to enable better informed risk taking by using consistent risk management best practices across the organization to achieve the Fund’s objectives in the long-term and deliver on its development commitments. The Office is responsible for oversight and monitoring of risk exposures and enabling clear reporting of IFAD’s risk profile.

The Risk Officer reports to the Lead Financial Risk Officer and works under the overall strategic guidance of the Director & Chief Risk Officer of RMO. 

Job Role

Risk Officers at this level are seasoned professionals reflecting an in-depth, broad understanding of applicable regulations, standards and methods as well as IFAD’s financial regulations, rules and transactional procedures in one or more financial risk occupations including but not limited to asset liability management and capital adequacy.

Position specifics: The Risk Officer (Finance) is supporting the mission of IFAD by providing sound advice, on financial risk policy and management practices, that supports effective, risk based decision making. The incumbent assists the Director & Chief Risk Officer and the Lead Financial Risk Officer in making effective risk based decisions to achieve the strategic goals of the Fund.

Key Functions and Results

1. RISK BUSINESS PARTNER: The Risk Officer is a credible, trusted partner to the client offices served and the Department/Division/Unit where assigned. The incumbent supports the Fund’s risk strategy and plans, as well as models a commitment to financial integrity by acting as a responsive and constructive service provider with a focus on results. The Risk Officer provides seasoned verbal and written advice and guidance to supervisors and staff on financial regulations, rules and procedures, facilitating a mutual understanding of roles and fiduciary accountabilities in direct support of integrity in the recommendations and timelines for corrective actions with responsible officers, drafts audit reports for the entire assignment or portion of the assignment, monitors the implementation status of agreed recommendations, prepares working papers for review by the lead auditor or reviews working papers prepared by junior staff or external experts auditors. The Risk Officer (Finance)  accountabilities are: (a) Assess, monitor and report on IFAD’s capital adequacy policy based on an Assess, monitor and report on IFAD’s capital adequacy policy based on an internal capital adequacy model and rating agency Risk Adjusted Capital Methodology (b) Design forward-looking simulation and stress testing models of IFAD’s capital structure to ensure capital adequacy understanding the intricacies of the institution’s risk exposures, including the exposure of IFAD to climate risk (c)  Monitor and update the Fund’s strategic capital adequacy limit setting and monitoring, leverage ratio policies, credit quality of the portfolio, funding and counterparty concentration, in a comprehensive capital adequacy and exposure management framework in line with the organization’s risk appetite (d) Conduct asset liability management related analysis and make recommendations on the asset and liability structure, interest rate, duration, currency, liquidity and other potential mismatch positions (e) Coordinate and partner proactively with IFAD’s divisions involved in the design of asset and liability management planning and monitor the actual results and implemented strategies to drive IFAD towards its financial and operational targets (f) Support the implementation of system enhancements to improve data accuracy and analysis capabilities related to the risk function and asset liability related projects (g) Proficient knowledge of financial concepts and quantitative tools pertaining to fixed income valuation, risk and performance measurement (h) Identify, measure and monitor the Fund’s financial positions, risk exposures and performance for the funding, investment and hedging activities carried out by Treasury, including the preparation of related reports to Senior Management and relevant committees as needed (including Audit Committee, Executive Management Committee, Executive Board, Enterprise Risk Management Committee, etc.). (i) Lead the preparation of data and analysis for the rating review exercise with credit rating agencies (k) Participate in technical working groups on financial projections, pricing, funding and liquidity supporting the Lead Financial Risk Officer with technical leadership/capacity development initiatives and awareness campaigns.

2. FINANCIAL MANAGEMENT: The Risk Officers are seasoned professionals with the capacity to interpret and apply a broad range of industry best practices, international and IFAD financial policies, rules and regulations as well as standards and techniques. Activities performed by Risk Officer at this level may include (a) maintaining the financial procedures relating to the assigned operation; (b) preparing information for internal financial and risk reporting, and for IFAD’s Annual Financial Statements, as applicable; and (c) preparing timely, substantive replies to internal and external audit observations concerning the assigned financial operation. 

3. PARTNERSHIP BUILDING: Risk Officers contribute to the development of financial and risk policies through simulations and enhancement of financial models; build simulations on a range of likely scenarios reflecting IFAD’s current and future resources and financial positions, analyse simulation results and identify key inputs for information on resource mobilization priorities/opportunities; analyse trends in financial data to assess relevance of existing models; recommend changes to underlying assumptions to promote alignment with current and future operating realities; maintain linkages between financial model development and projections of balance sheet and income statements; ensure integration with the structure of IFAD’s balance sheet and income statement; and enhance current financial models including integration with other excel-based information in collaboration with team colleagues.

4. AGENT OF CHANGE: The Risk Officer understands and contributes in applying the principles of change management and proactively serves as a role model for transformation and positive change. The incumbent has a general knowledge of results based management, enterprise resource planning (ERP) and information technology. At this level the Risk Officer contributes to change, working with the manager in consulting inter-organizational and internal risk management colleagues, IFAD senior management and outreaching client offices to build understanding of risk management practices, and to ensure open and regular communications pertaining to current and planned changes in the Fund’s risk management standards, regulations and rules. The incumbent might supervise the work of junior unit’s staff to ensure the achievement of divisional objectives.

5. MANAGERIAL FUNCTIONS:The Risk Officer is accountable for integrity, transparency, and equity in the personal use of assigned IFAD resources, including equipment, supplies and, as applicable, staff supervised. This includes People Management through supporting the Lead Risk Officer with technical leadership/capacity development initiatives and awareness campaigns. UN and IFI documentation & processes, Knowledge of the relevant policies, rules, regulations and guidelines on document processing and distribution within the UN and other IFIs.

Key Performance Indicators

Risk Officers work in an independent and rigorous risk management function and are accountable, under the Lead Officer supervision, for producing various reports to stakeholders and others interested in the activities of the Fund. The incumbent contributes to achieve RMO work plan goals and objectives also through the preparation of new and/or modified versions of existing policies, practices and techniques. Based on a thorough knowledge of finance and risk principles, concepts and systems, the Risk Officer independently performs the full range of tasks assigned. The supervisor may be consulted in the analysis of complex and/or precedent setting cases to ensure consistency in the interpretation and application of regulations and rules and to document such decisions. The work typically requires the identification of the need for changes to risk policies, as well as the authoritative interpretation and application of risk policies, rules and regulations to a broad range of complex casework. The Officer’s responsibilities also include supporting the supervisor in key decision-making initiatives. The key performance indicators for Risk Officers at this level include both technical and behavioural results. Accurate performance of assigned finance/risk operations, technical quality in terms of both substantive depth and adaptive relevance to client needs and customer service approach to problem resolution.

Position specific: The Risk Officer (Finance) holds an independent and rigorous risk management function and are accountable for in-depth analysis of a variety of financial and risk reports that reflect transactions where many different consecutive stages of operations are involved; problems involve interrelationships and interactions within the financial structure and the Risk Officer’s role is to ensure that the Organization’s financial business conforms to regulations. Based on a thorough knowledge of finance and risk principles, concepts and systems, the Risk Officer independently performs the full range of work for a complete, homogenous financial operation or components of financial operations. The work typically requires the identification of the need for changes to finance and risk policies, as well as the authoritative interpretation and application of finance and risk policies, rules and regulations to a broad range of complex casework. The officer’s responsibilities also include supporting the supervisor in key decision-making initiatives e.g. strategic planning, capital and liquidity planning, etc. 

Working Relationships

Internally, Operational Risk Officers are the Fund’s technical experts. Contacts extend throughout the organization and include Country Office staff, internal audit officers and evaluation officers. Risk Officers are required to explain, clarify and implement financial plans and decisions taken or procedural changes planned to ensure accuracy, completeness and integrity of financial data and reporting.  The incumbent may need to be performed in collaboration and coordination with other organizational units to ensure the effective implementation of risk management rules and procedures.External work relationships, if and when required by the Lead Officer, Supporting the Lead Officer, the Risk Officer may need to be in direct contact with external auditors and counterparts in other IFI and UN organizations, which normally requires a potential exchange of information with externa. They are also delegated authority to make commitments on routine aspects of the assignment.

Position specific:  The Risk Officer (Finance) may represent the unit to which assigned on related matters at internal and external meetings and conferences as requested by the supervisor.  Internally, Risk Officer (Finance) is required to explain, clarify and implement financial plans and decisions taken or procedural changes planned to ensure accuracy, completeness and integrity of financial data and reporting. Contacts are with finance, budget, loans and grants, treasury, audit and programme management staff in country offices and Headquarters. External work require a potential exchange of information with a range of outside sources in the investment community including, Borrowers and Cooperating institutions, dealer counterparties, external investment managers / other professionals operating in financial markets and vendors/suppliers. They are also delegated authority to make commitments on routine aspects of the assignment.

Job Profile Requirements

Organizational Competencies:

Level 1:

• Building relationships and partnerships – Builds and maintains effective working relationships

• Communicating and negotiating – Communicates effectively; creates understanding between self and others

• Demonstrating leadership – Personal leadership and attitude to change

• Focusing on clients – Focuses on clients

• Learning, sharing knowledge and innovating – Continuously seeks to learn, shares knowledge & innovates

• Managing performance and developing staff –

• Managing time, resources and information – Manages own time, information and resources effectively

• Problem-solving and decision-making – Demonstrates so

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