Director of Market and Counterparty Risk (CFR)
The Corporate Finance & Risk Management (CFR) vice presidency is the core unit responsible for providing leadership in setting risk management policy and oversight in order to ensure the Bank’s continuing financial integrity. The vice presidency is also responsible for the ongoing development of sound and effective financial policies and Risk Management for IBRD, including those related to management of capital and income. At last, CFR also manages the strategic planning and resource management function.
The Corporate Finance and Risk Management Vice Presidency (CFRVP) was created in June 2009 when three finance departments - Corporate Finance (CFRCF), Credit Risk (CFRCR), and Corporate Planning and Analysis (CFRPA) were re-established as a single Vice-Presidency in order to strengthen oversight of risk management and the supervision of finance activities.
Currently, CFR features three main operational units, including (i) the Credit Risk department (CFRCR), responsible for monitoring and managing credit risk of the member countries borrowing from IBRD; (ii) the Corporate Finance Department (CFRCF), which has two principal areas of responsibility, respectively (a) the market and commercial risk oversight, and (b) the management of the IBRD's capital and earnings in line with the institution's financial policies and development objectives; and (iii) the Corporate Planning and Analysis Department (CFRPA), responsible for aligning Bank resources with strategy and for supporting corporate performance management through expenditure analysis, monitoring, and reporting. A new Risk Directorate CFRMC is formed to optimize risk/reward in the institution’s objectives setting, strategy formulation, planning, performance assessment and execution.
The Market and Counterparty Risk Department, with approximately 12-15 staff, is primarily focused on oversight of risk management in two areas:
1- Market Risk, which includes risks to IBRD resulting from changes in market interest and exchange rates, funding and asset spreads, and the availability/cost of or access to ready liquidity and long-term funding, and
2- Commercial (i.e. not sovereign lending) Credit Risk, which includes risks to IBRD resulting from changes in creditworthiness of IBRD’s commercial counterparties.
Responsibilities for both areas focus on three sub-functions:
1- Risk Control Guidelines: Establishing and maintaining robust risk control guidelines (including setting limits) governing IBRD’s investment management, borrowings and derivatives, consistent with the institution’s financial policies and risk tolerances;
2- Risk Monitoring and Compliance: Identifying and measuring IBRD’s market and counterparty risks; Assessing risk associated with new strategies, initiatives and transactions; Ensuring compliance with financial policies and risk control guidelines; Managing the process of resolving exceptions where required
3- Reporting: Providing executive management and the Board with independent perspective on the adequacy of the management and measurement of risks. Providing the enterprise’s thought leadership on risk issues and relevant industry, regulatory and legal developments.
Director of Market and Counterparty Risk (CFR)
The Corporate Finance and Risk Management Vice Presidency (CFRVP) was created in June 2009 when three finance departments - Corporate Finance (CFRCF), Credit Risk (CFRCR), and Corporate Planning and Analysis (CFRPA) were re-established as a single Vice-Presidency in order to strengthen oversight of risk management and the supervision of finance activities.
Currently, CFR features three main operational units, including (i) the Credit Risk department (CFRCR), responsible for monitoring and managing credit risk of the member countries borrowing from IBRD; (ii) the Corporate Finance Department (CFRCF), which has two principal areas of responsibility, respectively (a) the market and commercial risk oversight, and (b) the management of the IBRD's capital and earnings in line with the institution's financial policies and development objectives; and (iii) the Corporate Planning and Analysis Department (CFRPA), responsible for aligning Bank resources with strategy and for supporting corporate performance management through expenditure analysis, monitoring, and reporting. A new Risk Directorate CFRMC is formed to optimize risk/reward in the institution’s objectives setting, strategy formulation, planning, performance assessment and execution.
The Market and Counterparty Risk Department, with approximately 12-15 staff, is primarily focused on oversight of risk management in two areas:
1- Market Risk, which includes risks to IBRD resulting from changes in market interest and exchange rates, funding and asset spreads, and the availability/cost of or access to ready liquidity and long-term funding, and
2- Commercial (i.e. not sovereign lending) Credit Risk, which includes risks to IBRD resulting from changes in creditworthiness of IBRD’s commercial counterparties.
Responsibilities for both areas focus on three sub-functions:
1- Risk Control Guidelines: Establishing and maintaining robust risk control guidelines (including setting limits) governing IBRD’s investment management, borrowings and derivatives, consistent with the institution’s financial policies and risk tolerances;
2- Risk Monitoring and Compliance: Identifying and measuring IBRD’s market and counterparty risks; Assessing risk associated with new strategies, initiatives and transactions; Ensuring compliance with financial policies and risk control guidelines; Managing the process of resolving exceptions where required
3- Reporting: Providing executive management and the Board with independent perspective on the adequacy of the management and measurement of risks. Providing the enterprise’s thought leadership on risk issues and relevant industry, regulatory and legal developments.
Director of Market and Counterparty Risk (CFR)
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