MIGA is seeking to recruit the Head of Credit for State-Owned Enterprises. The Agency is looking for a professional with deep technical and practical experience in credit risk analysis of public sector and/or private sector corporations in developing countries. Direct experience in country risk management - sovereign and sub-sovereign - is a plus. The position will be based in Washington, D.C. and will report directly to the Director, Finance and Risk.
The role requires the full comprehension and clear articulation of both the sovereign and the corporate drivers of the credit risk of State-Owned enterprises, including, inter alia, ownership, corporate structure and organization, relationship to the sovereign, governance, management, business line(s), regulatory framework, competitive dynamics, management and a full financial analysis – including financial projections - with a focus on debt sustainability and ultimate creditworthiness assessment.
Credit analyses and recommendations will be submitted for consideration to a MIGA Credit Committee for State-Owned Enterprises, to be established during fiscal year 2016. Where appropriate, analyses will be conducted in close cooperation and coordination with other WBG entities in order to maximize knowledge sharing and efficiency. The results of the analysis will also be expressed in the form of a credit rating, in line with MIGA’s existing rating scales.
Key responsibilities:
• Performing the credit analysis of SOEs. Identifying and assessing credit risks and contributing, as necessary, to the structuring of transactions by recommending credit risk mitigants and credit enhancements.
• Leading and supporting submissions and presentations to MIGA’s [to-be-established] Credit Committee for State-Owned Enterprises.
• Developing the analytical framework, policy and operating guidelines for the analysis and rating of the creditworthiness of State-Owned Enterprises where MIGA considers providing - or may consider providing - credit enhancement under its Non-Honoring of Financial Obligations by State-Owned Enterprises product.
• Developing the reporting and monitoring frameworks, policies and operating guidelines for the credit risks assumed under the SOE non-honoring product.
• Participating in and contributing to the Concept Review Committee and the Project Review Committee where the Non-Honoring of Financial Obligations by State-Owned Enterprises product is considered.
• Prioritizing the credit analysis pipeline, in close coordination with MIGA’s Operations Department and in close coordination with MIGA’s Economics and Sustainability Group in order to ensure the necessary consistency and efficiency of the sovereign and sub- sovereign risk analysis that informs SOE credit risk.
• Managing inquiries from reinsurers and rating agencies, as applicable to the Non-Honoring of Financial Obligations by State-Owned Enterprises product and in coordination with the Reinsurance and Economics and Sustainability groups.
• As a key member of MIGA’s Finance and Risk Department (MIGFR), work closely with the Director and other MIGFR group Heads in the day-to-day management of MIGFR.
• Lead the recruitment, training and management of personnel for the SOE Credit team, as the business develops, under the supervision of MIGFR’s Director of Finance and Risk.
Desired Skills and Experience
Qualifications & Knowledge:
• Advanced degree (Master's or PhD) and/or;
• Sustained record of achieving high-quality substantive results over an extended period (typically at least 15 years);
• Sustained record of achieving high-quality substantive results on the ground in more than one world region (including both pre-Bank experience and Bank experience);
The candidate will be an expert in the credit risk management space in developing markets, preferably with familiarity in all aspects of SOE financing. The candidate will have a highly collaborative personality, be a strong team player and be able to establish and lead a team of credit professionals. Importantly, the candidate must have a “strong backbone” – that is, the ability to stand up under scrutiny, challenge and pressure – and must have an impeccable professional and integrity record.
S/he must have strong judgment, attention to detail and drive with the ability to influence while having an execution oriented leadership style. Critically, the candidate must be highly articulate and an effective communicator, both in verbal and written forms, in small and large group settings and before senior audiences.
Experience:
• Comprehensive technical knowledge of SOE credit risk and overall credit risk management acquired in leadership positions at large multinational or multilateral financial institutions with strong presence in emerging markets for at least 15 years.
• Thorough understanding and practical knowledge of emerging markets macroeconomics and finance, including an understanding of the use of state-owned enterprises for economic development, as well as investment insurance, corporate credit risk and privatization of SOEs; experience in emerging market financial crises and sovereign and/or corporate work-outs is a plus.
• Experience with a broad array of financial instruments including – but not limited to – cross-border lending, equities, guarantees, investment insurance, derivatives, complex transaction structures and structured financial products.
• Familiarity with the risk, accounting and financial reporting considerations associated with MIGA’s guarantee products is a plus.
Personal Characteristics :
• Outstanding intellect and analytical abilities.
• Excellent partnering skills.
• Ability to hire, train and develop staff; proven track record in building and managing teams and creating an enabling work environment.
• Excellent interpersonal skills, with the ability to develop and establish relationships within the organization and with the business line.
• Sensitivity to operate successfully in multi-cultural and highly diverse environments.
• Excellent communication and presentation skills in English, both written and oral, including the ability to convey ideas and positions clearly.
• Motivated and enthusiastic about the opportunities and challenges of working in the development field.
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