Senior Financial Sector Specialist

Senior Financial Sector Specialist

Job #:
req18653

Organization:
World Bank

Sector:
Financial Sector

Grade:
GG

Term Duration:
4 years 0 months

Recruitment Type:
International Recruitment

Location:
Washington, DC,United States

Required Language(s):
English

Preferred Language(s):

Closing Date:
8/25/2022 (MM/DD/YYYY) at 11:59pm UTC

Description

Working atthe World Bank Group provides a unique opportunity to help our clients solvetheir greatest development challenges. The World Bank Group is one of thelargest sources of funding and knowledge for developing countries; a uniqueglobal partnership of five institutions dedicated to ending extreme poverty,increasing shared prosperity and promoting sustainable development. With 189member countries and more than 120 offices worldwide, we work with public andprivate sector partners, investing in groundbreaking projects and using data,research, and technology to develop solutions to the most urgent globalchallenges. For more information, visit www.worldbank.org.

The FCI Global Practice:

The World Bank Group's Finance, Competitiveness & Innovation GlobalPractice (FCI) combines expertise in the financial sector with expertise inprivate sector development to foster private-sector led growth and help createmarkets in client countries. Through this work, FCI strengthens the World BankGroup's evolving approach to development finance: to maximize finance fordevelopment and to leverage private sector investments for sustainable andinclusive growth.
Globally,FCI leads the institution's dialogue on financial sector policies and privatesector development, as well as engagement with various standard-setting bodies,such as the G20, Financial Stability Board, the UN, etc.

Long Term Finance Unit Overview:

The World Bank Group's Long-Term Finance (ENFLT) Global Solutions Team helpscountries design and implement: i) targeted policy and regulatory interventionsto create an environment conducive for long term investments, and ii) tailored,country-specific, innovative financial instruments and capital markets solutionsto close their financing gaps. The LTF team also plays a key role ininternational regulatory discussions through the G20 and the FinancialStability Board, and through standard setting bodies such as the InternationalOrganization of Securities Commissions, and the International Association ofInsurance Supervisors. We work on the linkages between strategic sectors of thereal economy - infrastructure, housing and agriculture - and the financialsector, specifically through developing capital markets and increasing thesupply of institutional investors' assets (primarily pensions & insurance)to safely fund long-term investments.

The Long-Term Finance team is looking for a Senior Financial Sector Specialist(GG level) to strengthen and support implementation of the Unit's work program,with a focus on development of insurance markets and insuranceregulatory/supervisory approaches. The position is based in Washington,DC, and involves frequent travel.

Duties & Responsibilities:

• The Senior Financial Sector Specialist will undertake the following duties andresponsibilities: Play aleading role in the work of the insurance regulatory/supervisory and marketpractice, including supporting/leading country level engagements via relevant financingoperations and advisory/knowledge work
• Curate anddisseminate knowledge on insurance market development reflectingbottlenecks/challenges, global trends including integrating insurance intoclimate change risk management and insurance technology, case studies andfinancial innovations relevant to client countries. This would include, amongothers, co-authoring policy and research notes, and internal guidance notes,developing policy and industry toolkits, and organizing seminars and workshops
• Take partin Financial Sector Assessment programs (FSAP) and deliver Insurance CorePrinciple (ICP) reviews, technical notes, and other policy notes as required
• Workclosely with international organizations in the insurance industry, including theInternational Association of Insurance Supervisors (IAIS), SustainableInsurance Forum (SIF) and EIOPA (European Insurance and Occupational PensionsAuthority)
• Workclosely with lead specialists and other colleagues in the unit on variousprojects as needed - including capital market development and mobilizingfinance from the insurance sector as leading international investors, insuranceproducts role in disaster risk financing strategies via policy research andpublications and organization of relevant workshops and events
• Support thePractice Manager on improving financial sector development and integrityefforts, including deepening capital markets, and improving institutionalinvestor (insurance, and pension fund) capacity.
• Other dutiesand tasks as might be specified by the EFNLT manager

Selection Criteria

• Master's degree in economics, finance or equivalent
• Minimum 10 years insurance regulatory/supervisory and market knowledge and experience - either in industry capacity and /or regulation/ supervision position
• Knowledge and experience of insurance system reform, development and /or oversight
• Experience with asset-liability management (ALM)/ capital market development, including regulation/supervision of insurance and /or product development would be an advantage
• Policy level engagement with governments/ industry bodies/ regulators, preferably with experience within insurance supervisory authorities; Knowledge of climate risk and investment opportunities relating to insurance sector would be an advantage
• Experience of working in developing insurance and financial markets
• Experience of working with international organizations (such as IAIS, EIOPA and OECD) an advantage. Knowledge and understanding of the World Bank Group operational policies and procedures, portfolio management, operational project management, including risks and mitigation measures would be an added advantage.
• Experience with results frameworks and monitoring and evaluation of projects/programs. Data collection and management proficiency using the World Bank Group information systems and analytical tools.
• Good understanding of the broader development and institutional context within which the Bank's external funds (trust funds and other partnership instruments) are established and implemented.
• Experience with World Bank Group trust fund policies, procedures and administrative systems would be a plus.
• Proven capacity to work simultaneously and effectively on a variety of tasks, independently adjusting priorities and achieving agreed results.
• Excellent written and oral communication skills, with the ability to present complex issues in a straightforward manner; and to produce reports or studies.
• Strong interpersonal skills and demonstrated ability to work in teams and lead small teams to achieve results and foster cooperation across organizational boundaries.
• Ability to apply a practical approach to problem solving, develop and interpret background analysis, produce high quality work outputs.
• Demonstrated ability to work across organizational boundaries and to function effectively both as a member of a team and individually as required.
• Should be a self-starter, with a demonstrated high level of initiative.
• Commitment to maintain the highest ethical standards.
• Fluency in written and oral communication in English. Additional language skills in either Spanish or French would be an advantage.

World Bank Group Core 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.