Manager, Sovereign Risk

Manager, Sovereign RiskJob #:req38492Organization: World Bank Group

Required Language(s):English Preferred Language(s):Closing Date:10/13/2026 (MM/DD/YYYY) at 11:59pm UTCDescriptionAt the World Bank Group (WBG), you'll join a diverse, global community working across cultures, disciplines, and borders to address the world's most pressing development challenges. With 1.2 billion young people reaching working age in the decade ahead, the challenge of job creation has never been greater. Through partnerships across 145 countries and more than 182 offices worldwide, we work with governments, private sector, development partners and other stakeholders to invest in people, strengthen markets, and deliver scalable, data-driven solutions that generate more and better jobs and improve lives. For more information, visit www.worldbank.org VPUContext: The WBG Chief Risk Officer (CRO) Vice Presidency is the core unit responsible for Group-wide 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 WBG 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 WBG CRO Vice Presidency includes the IBRD/IDA, IFC, and MIGA risk teams and covers a wide range of financial and non-financial risks. The Credit Risk Department (CROCR) of the CRO VPU provides country risk ratings for the entire WBG (IBRD, IDA, IFC and MIGA), as well as banking sector country risk ratings and corporate sector country risk ratings for IFC. It is responsible for ensuring that the World Bank's credit risk exposure is commensurate with the risk appetite of stakeholders, consistent with IBRD and IDA's triple-A credit rating requirements and strikes the appropriate balance between development and financial sustainability objectives. The department manages the country credit risks inherent in IBRD and IDA's loan and guarantee portfolios, which are the most predominant risks on IBRD and IDA's balance sheets given the World Bank's development mission. The department is responsible for IBRD and IDA's Capital Adequacy Frameworks, as well as prudential country credit risk management policies that seek to ensure consistency of country lending plans with risk policies and capital adequacy through the country Exposure Management Framework. The department also develops and manages risk-transfer mechanisms including new innovative instruments to enable an increase in the Bank's financing headroom (such as shareholder and MDB guarantees, Enhanced Callable Capital, MDB Exposure Exchange Agreements, etc.).The Department consists of two teams – the Sovereign Risk Team that assesses and monitors individual country risks and overall global and regional development trends that affect WBG countries, and the Portfolio Risk Team that is responsible for assessing and managing IIBRD and IDA portfolio and balance sheet risks, including stress testing, loan loss provisioning, and capital adequacy, as well as risk-mitigating instruments. Duties and Accountabilities This Manager will be responsible for overseeing the Sovereign Risk Team and its work program and report to the Director of the Credit Risk Department. The Manager will supervise a team of professional staff with the following main responsibilities: Lead the department's country risk rating work and ensure high-quality delivery: o Assessing country credit risks and assign internal credit ratings used by all WBG entities (including ratings that reflect Preferred Creditor Status and those that do not), as well as Banking Sector country risk ratings and Corporate Sector country risk ratings for IFC.o Ensuring rating methodologies are robust, clear and up to date, and meet all WBG entities' requirements.o Overseeing the country rating processes, ensuring high-quality robust analysis and consistent application of the rating methodologies by all country rating staff. Managing the rating group discussions of individual countries and derivation of final rating recommendations. o Engaging with external auditors to respond to any queries related to country risk ratings.o Actively pursuing measures to improve the efficiency and effectiveness of the country risk rating process. Monitoring overall global and regional development trends that have implications for country risks, including conducting stress tests (e.g. macroeconomic, climate, natural disasters, etc) and assessing implications for country risk ratings. Monitoring countries that are vulnerable to crises, including payment arrears to the World Bank; Serve as Secretariat to the monthly meetings of the Short-Term Risk Monitoring Group and oversee the preparation of the report. Participate in the Paris Club meetings and brief the Paris Club members on the economic situations in countries of interest based on input received from relevant country teams, in collaboration with other World Bank representatives and the IMF.Oversee country creditworthiness assessments and ensure robust methodologies and process. Contributes to the IBRD Country Exposure Management processes including assessing country limits reallocation requests, in close collaboration with the Portfolio Risk team and OPCS. Supporting country teams in managing country exposures in line with the IBRD Exposure Management Framework. Prepare high-quality briefings to Senior Management. Develop effective dashboard, reports and tools. Contributing to other department, VPU, corporate initiatives and goals. People/Talent Management: Model exemplary WBG leadership values and managerial behavior and reinforces these qualities in the staff. Contribute to and implement and monitor compliance with talent management, diversity, and inclusion plans. Drive and encourage technical excellence within the team by creating an environment of learning and innovation that attracts and develops the best talent reflective of the diversity of our clients. Coordinate and support the management in developing and implementing appropriate strategies for global staffing, deployment, staff learning and development as well as career progression and talent and performance management. Selection Criteria Master's or PhD degree in Economics, Finance/Risk, or another relevant field, with a minimum of 12 years of directly relevant professional experience. A seasoned professional with broad and deep experience with developing country economics and credit risk analysis, including country risks for private sector operations. Deep understanding of the various factors that affect World Bank client countries' country credit risks, including IBRD and IDA's Preferred Creditor Status. Ability to guide staff on macroeconomic modeling work, including on stress testing. A conceptual and strategic thinker who also fully grasps technical details and nuances. Ability to develop sound and practical methodologies and policy frameworks. Excellent manager and leader, with strong ability to effectively plan and organize the team to deliver high-quality work programs under time pressure. Skilled in managing people and building high-performing teams, including change management. Excellent communication skills. Ability to write and speak clearly, succinctly and convincingly, for various audiences, including Senior Management and the Board. Strong interpersonal and diplomacy skills. Ability to build effective partnership with a wide range of internal and external stakeholders, including resolving conflicting views and forging consensus. Familiar with the World Bank's country engagement model and financial instruments. Previous experience working in the World Bank or another MDB's country operations is a plus. Knowledge of sovereign debt issues, including debt restructuring, is desirable. Excellent work ethic and results focus, with a "can do" attitude. Commitment to innovations and process improvement, including utilizing the latest new technologies. As the World Bank Group continues to evolve, we value candidates who: Demonstrate the ability to collaborate effectively across teams, disciplines, cultures, and institutional boundaries. Responsibly leverage digital and AI-enabled tools to enhance productivity, learning, and decision-making. Bring experience working in fragile, conflict-affected, and violent (FCV) contexts and are encouraged to highlight relevant experience in their application materials, where applicable. WBG Culture Attributes:1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact. 3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results. World Bank Group Core CompetenciesWBG Five Managerial Competencies The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities. We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability. Learn more about working at the World Bank and IFC including our values and inspiring stories.