Thinking of a Career in Emergency Management?
- BY Nicole Pelette
Do you want to build a career that is truly worthwhile? Working at the World Bank Group (WBG) provides a unique opportunity for you to help our clients solve their greatest development challenges. The WBG 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.
The Chief Risk Officer (CRO) Vice Presidency of the World Bank is the core unit responsible for 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 institution 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 CRO Vice Presidency comprises three Departments: 1) Credit Risk (CROCR); 2) Market & Counterparty Risk (CROMC), and 3) Operational Risk (CROOR).
CROOR which operates under the Group CRO has key responsibilities that cover (i) Operational Risk Management, including Oversight, Challenge and Direction for Operational Risks; (ii) Corporate Insurance Management and; (iii) Business Continuity.
Operational Risk Management:
Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events (Basel, 2011) and is distinct from the Bank’s risk in operations. The Operational risk unit within CROOR is part of the ‘three lines of defense’ model the Bank has established to manage operational risks - business units are the first line of defense responsible for managing the day-to-day operational risk within their business functions; the operational risk unit is the second line and auditors (internal and external) are the third line of defense and are responsible for providing assurance on the Bank’s operational risk management program. As the second line of defense, the operational risk unit is responsible for providing oversight and guidance to business units to manage operational risks and report to management and the board on the overall operational risk profile of the Bank and the status of risk management efforts.
Corporate Insurance Management:
With regards to Corporate Insurance, key functions include: Design, Review, Validation and Implementation of the World Bank Group Corporate Insurance Portfolio. These includes, the identification of insurable risks*, working in partnership with risk owners and risk oversight units, conducting risk assessments and benchmarking to determine appropriate levels of coverage, supporting governance, including hosting the Insurance Working Group, conducting due diligence to underwrite new risks, procuring and renewing insurance policies and managing claims.
Insurable is defined as the possibility of loss or no loss, and for which there is a market available for it to be transferred.
Roles & Responsibility:
The risk officer will support the Operational Risk Department in operational risk and insurance related activities.
Operational Risk Management
WBG CORE COMPETENCIES:
The Risk Officer position will be based out of WBG Chennai office and will be reporting to the Senior Risk Officer, CROOR. The working hours will be from 12:00 PM IST to 08:30 PM IST.
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.