Senior Financial Sector Specialist Job Details
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|Employer:|| The World Bank Group ||Job Ref No:||132799||Job Title:||Senior Financial Sector Specialist||Sector:||Other||Sub Sector:||Other||Risk Type:||Other||Expertise:||Risk Manager|| |
• If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a renewable term appointment of which the duration may vary.
• This is an international appointment in HQ Satellite Office and the Satellite Office package will apply to this appointment. Regional Context The Europe and Central Asia (ECA) region comprises of 30 extremely diverse countries, with a population of nearly 500 million people. Four of our clients are IDA only and another 5 are IDA blend countries. The remaining 21 are IBRD eligible. Although 10 of our clients have joined the EU and 7 of these have graduated, most continue to remain active recipients of knowledge and/or lending services. Country Partnership Strategies (CPSs) reflect this strong diversity with substantial variation in lending prospects, but strong demand for Bank technical services is present across the board. For the most part, countries in the ECA region have recovered to the GDP levels prevailing prior to the 2008/09 crisis, yet growth is slower than before the crisis. GDP growth in the region is estimated to have fallen to 3 percent in 2012, from 5.5 percent in 2011, and is projected to rebound only slightly to 3.6 percent in 2013. The crisis left ECA countries with historically high levels of unemployment, which are still worsening, particularly in the Balkans. Furthermore, the ongoing sovereign debt problems in Western Europe are posing challenges to the sustainability of the tepid recovery. The World Bank is helping its ECA clients by implementing a regional strategy that is focused on addressing three critical challenges to growth and development---improving competitiveness, reforming the social sectors to achieve inclusive growth, and making growth more sustainable through climate action. Governance and gender issues cut across these three strategic pillars. The financial and economic crisis led to a substantial increase in Bank lending and knowledge activities in all ECA countries, including in several EU members states (e.g., Latvia, Romania, and Poland). The crisis helped serve as a powerful reminder of the relevance of the Bank both as an attractive source of funding and a reliable provider of timely and quality advice. ECA Financial and Private Sector Development Context The immediate response to the global financial crisis emphasized short term stability and liquidity issues, giving specific institutions/forums such as the International Monetary Fund (IMF) and the Financial Stability Board (FSB) the mandate to bring these issues to the forefront of the global policy response. While the World Bank (WB) effectively contributed to this response, the WB's role becomes even more crucial as we move beyond these short term efforts, and help countries navigate the ensuing complex financial sector development landscape going forward. In particular, ECA countries face the challenge of developing their own regulatory framework, and converging to global and European standards and best practices. In addition, ECA countries will seek assistance in the post crisis era on a range of topics including: how to benefit from global financial integration while protecting themselves from the excessive capital inflows and its risky allocation; defining how and what parts of the macro-prudential agenda is relevant for ECA countries in the view of their current and possible future systemic risks, and what type of financial services supervisory structure is best suitable for them given the size and structure of their financial systems. The WB brings a set of unique comparative advantages, embedded in its mandate, culture, and structure, that can help clients address these longer-term challenges in the post-crisis era. Further, the WB focuses on longer-term development challenges in a broad and inclusive manner, with a careful eye on both growth and stability. Vienna Financial Sector Advisory Center (FinSAC) In order to further reinforce the WB ECA region's focus on financial sector work, the Financial Sector Advisory Centre (FinSAC) has been established as a dedicated Vienna-based technical unit of the World Bank's ECA Region Private and Financial Sectors Development Department (ECSPF) to deliver technical advice and implementation assistance services to client countries in the ECA region, with financial help from Austria's Federal Ministry of Finance, along the following four strategic pillars:
• Pillar I--Financial Stability, Crisis Prevention and Macro-prudential Frameworks: Promote development of institutional capacity to monitor and manage systemic risk, leading to systemic risk assessments, stress tests, and macro-prudential supervision response, among others.
• Pillar II--Micro-prudential Regulatory and Supervisory Frameworks: Upgrade banking sector legislation, regulatory standards and supervisory frameworks and practices, implement Basel III and CRD IV/CRR, putting in place more robust micro-prudential measures including effective home-host supervision, nonperforming loans (NPLs) workout, regulatory capital requirements, institutional structures, etc.
• Pillar III--Bank Recovery and Resolution: Strengthen crisis management frameworks, bank recovery and resolution frameworks, including enforcement, corrective action plans, Recovery and Resolution Plans (RRPs) for systemically important financial institutions (SIFIs), incorporating modern tools to deal with struggling institutions (bridge bank, purchase and assumption agreements, "bad bank", etc.), enhance deposit insurance schemes, emergency liquidity assistance/lender of last resort frameworks, etc.
• Pillar IV--Consumer Protection and Financial Literacy: Improve market conduct regimes for financial institutions, building a consumer protection and financial literacy framework, and strengthen corporate governance, truth in lending practices, transparency, accounting standards, payment systems, etc. FinSAC delivers its services through three distinct channels: (a) undertaking of client-specific technical assistance assignments; (b) organization of technical workshops, conferences and seminars, and (c) execution of regional research projects with corresponding outreach activities. Through these activities FinSAC aims to become a leading regional "knowledge center" over time. Through the combination of its strong integration and coordination with ECSPF's work and its decentralized physical location, FinSAC is emerging as a key strategic institutional initiative in the delivery mechanism of impact-oriented World Bank financial sector technical assistance to the region. In its first full year of operation (FY13), FinSAC has started eight client assignments in eight South-East European countries and delivered two major regional conferences with its initial staff of only five. Recent Developments On December 6, 2013, the World Bank and Austria's Federal Ministry of Finance signed an agreement that extends funding of FinSAC activities through 2017. In the 2014-2017 period, it is envisaged that FinSAC will complete at least 32 new client assignments across the four thematic pillars and deliver at least 16 technical conferences/seminars and regional research projects. New FinSAC Staffing Requirements The delivery of FinSAC's 2014-2017 program opens up opportunities to hire new staff, at different levels of seniority, and with deep technical skills in at least one of the four strategic pillars of FinSAC's intervention. Ideally, FinSAC would like to hire between one and two specialists per strategic pillar in a combination of seniority levels, based on actual availability of suitable candidates. Candidates are therefore invited to submit an application indicating their preferred primary technical mapping with the four strategic pillars and, if appropriate, also a secondary technical mapping area. The selection criteria, further below, cover both general and pillar-specific professional characteristics. Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.
Duties and Accountabilities:
General Duties and Accountabilities The Senior Financial Sector Specialist (hereinafter "Financial Sector Specialist) is expected to perform the full range of duties related to the implementation of non-lending TA to be provided as financial sector advisory services to EU accession and other European countries. The Financial Sector Specialist is expected to perform with minimal supervision and work independently on complex programs. He/she will report operationally to the FinSAC Program Coordinator, who is responsible for the delivery of FinSAC's work program and staff management, under the supervision of a World Bank Manager. The incumbent will carry out a variety of tasks required to provide customized financial sector advisory services, e.g. perform various financial analyses, design non-lending technical assistance interventions. The incumbent will:
• Work with partners inside and outside the WBG to identify and prioritize key policy issues and implementation challenges relevant to clients;
• Play a key role in the design and implementation of advisory service proposals;
• Negotiate financial objectives and implementation arrangements with a client and make recommendation on financial targets;
• Handle complex financial, institutional and program implementation issues; lead the interface with client countries and agencies on non-lending TA and advisory services;
• Make recommendations on financial sector strategies and policy options for client countries;
• Supervise the work of consultants and technical specialists to ensure consistency and conformity with the program's objectives; evaluates studies and financial sector related reports.
• Prepare written notes, papers, reports, etc. that analyze policy issues and implementation challenges and disseminate such work via workshops, conferences, meetings, etc.;
• Contribute to a collaborative, open, team environment within FinSAC; and
• Professionally interact with and support staff within FinSAC and elsewhere in the WBG, senior government officials, counterparts in international organizations and other partner entities; the media and other external constituencies and expert groups; and WBG senior and executive management at headquarters and in the field. Pillar-Specific Duties and Accountabilities Micro-prudential: The successful candidate will have in-depth and practical experience in banking supervision and regulation and will be expected to contribute substantively to work related to this area. Specific duties and accountabilities include:
• Undertaking assessment of regulatory frameworks of client countries against the EU regulatory framework as well as the Basel Core Principles for Banking Supervision
• Recommending regulatory and supervisory policy responses aligned with international good practice while taking into account client specific environments and capacity constraints.
• Providing technical assistance to client countries in the areas of banking supervision, banking regulation and crisis preparedness
• Developing knowledge products and analytical output on emerging issues in the area of banking supervision and regulation
• Proposing the design and overseeing the delivery of projects to support financial sector strengthening and reforms in WB FinSAC client countries relating to bank supervision and regulation NPL Reduction interventions: The successful candidate will have demonstrated a comprehensive professional track-record, spanning public policy and private sector structured finance experience, which will allow her/him to advise authorities on practical solutions to create suitable incentives for banks to execute time-bound NPL reduction strategies. Specific duties and accountabilities are:
• Assessing prudential supervisory stance as far as NPL management is concerned and identify policy measures to strengthen private sector incentives
• Analyzing financial incentives and disincentives arising from capital market pressures, new regulatory and accounting trends that have a bearing on NPL reduction efforts by banks
• Undertaking in-depth asset quality-based quantitative assessments of recovery potential of impaired assets of banks
• Identifying organizational obstacles and capacity gaps that prevent banks from resolving their NPL stock
• Shaping, and extracting practical policy implications from, assessments of legal and judiciary framework as it affects creditor enforcement rights
• Identifying the need and designing practical solutions to strengthen the institutional delivery platform for NPL reduction. Bank Recovery and Resolution: The successful candidate will have in-depth practical experience in Bank Recovery and Resolution (BRR) and be expected to contribute substantively to work related to bank failure resolution regimes including emergency liquidity assistance and deposit insurance arrangements. Specific duties and accountabilities include:
• Evaluating and making recommendations on bank recovery and resolution frameworks and crisis management arrangements including deposit insurance and emergency liquidity / lender of last resort frameworks in WB FinSAC client countries
• Analyzing international practices and emerging literature including good working knowledge of the requirements of the draft EU BRR Directive and adapting internationally agreed legal, policy and procedural standards to the varying circumstances of WB FinSAC countries
• Promoting the adoption and implementation of international best practice in the client base
• Proposing the design and overseeing the delivery of projects to support financial sector strengthening and reforms in WB FinSAC client countries relating to bank resolution regimes and crisis management arrangements
• Providing policy advice to WB FinSAC client countries that are experiencing systemic distress in the area of bank recovery and resolution, emergency liquidity assistance and deposit insurance. Financial Consumer Protection and Financial Literacy: The successful candidate will have in-depth practical experience in Financial Consumer Protection and Financial Literacy (CPFL) and be expected to contribute substantively to work related to this area. Specific duties and accountabilities include:
• Analyzing international practices and emerging literature and adapting internationally agreed legal, policy and procedural standards to the varying circumstances of WB FinSAC countries
• Promoting the adoption and implementation of international best practice in the client base
• Evaluating and making recommendations on the legal and regulatory framework for CPFL in a WB FinSAC client country
• Analysing and making recommendations on the institutional arrangements for CPFL ensuring a clear and effective operational structure
• Identifying key measures to strengthen CPFL through mechanisms such as information disclosure tools, complaints handling systems etc. to help build consumer trust in the financial sector and expand the confidence of households to use financial services
• Advising on the design of business practices that ensure fair and non-coercive practices in the sales and advertisement of financial products and services
• Designing and assisting with the implementation of national financial capability and financial inclusion strategies in collaboration with the authorities of WB FinSAC countries and their stakeholders empowering consumers to learn, take sound financial decisions, to choose and use financial services with confidence
• Knowledge, Learning and Communication - Leads in the sharing of best practice, trends, knowledge and lessons learned across units and with clients and partners, articulating ideas verbally and in writing in a clear and compelling way across audiences of varied levels.
• Business Judgment and Analytical Decision Making - Gathers inputs, assesses risk, considers impact and articulates benefits of decisions for internal and external stakeholders over the long term.
• Operational Project Management - Demonstrates in depth knowledge and understanding of project management tools & methodologies, as well as of Bank instruments and processes related to project preparation & implementation, resource management, and stakeholder communications.
• Client Orientation - Maintains client relationships in the face of conflicting demands or directions and provides evidence-based advice and solutions based on sound diagnosis and knowledge.
• Drive for Results - Identifies the needed resources to accomplish results involving multiple stakeholders and finds solutions to obstacles affecting key deliverables.
• Teamwork (Collaboration) and Inclusion - Shows leadership in ensuring the team stays organized and focused, and actively seeks and considers diverse ideas and approaches. Other Selection Criteria
• Minimum education and Experience: MA/MSc (in economics, finance or accounting MBA/CPA/CA) or LLM. Minimum 8 years of relevant, including at least 3 years as either: (i) financial sector supervisor/regulator, (ii) economist or lawyer in a financial institution or supervisor/regulator or private practice, (iii) financial sector expert in a resolution authority, deposit insurance fund or private practice.
• State-of-the-art knowledge in financial matters and ability to identify and address complex issues broader than own specialty at sector/country level.
• Proven ability to conceptualize, design and implement financial sector programs.
• Ability to promote client/beneficiary participation and commitment to ensuring implementation and longer-term sustainability of projects/programs.
• Ability to lead a team of multi-functional professionals in the execution of projects.
• Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues.
• Effective verbal and written communication skills.
• Language preference: English [Essential]; another ECA regional language desirable The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are encouraged to apply. All applications will be treated in the strictest confidence.
|Region/Country:||Europe, Other, Austria||City:||Vienna||Address:||Post Date:||01/30/2014|