Head of Market Risk Unit
The EIB, the European Union's Bank, is currently seeking to recruit for its Risk Management Directorate – Financial Risk Department – ALM & Market Risk Division – Market Risk Unit, at its headquarters in Luxembourg, a:
Head of Market Risk Unit
This is a full time position at grade 5/6
The EIB offers fixed-term contracts of up to a maximum of 6 years, according to business needs,
with a possibility to convert to a permanent contract, subject to organisational requirements and individual performance.
Panel interviews are foreseen in the first two weeks of September
The Head of Market Risk Unit leads a team in charge of contributing to the optimization of the liquidity, funding and lending functions of the Bank through the implementation of policies in a specific domain of Financial risk (e.g. interest rate risk, cross-currency basis risk, foreign exchange risk) as well as through the monitoring, management and reporting on related risks exposures in order to minimize risks and achieve set return targets for the Bank in the framework of the EIB objectives.
You will report to the Head of ALM & Market Risk Division and cooperate with the other Head of the ALM Unit. You will manage and supervise a team of professionals, consultants and support staff, working in close collaboration with other RM divisions, OPS, JU, FI and FC directorates, as well as IT support
Among your responsibilities will be to:
- Provide input into the elaboration of the Risk management directorate’s strategy (goals, objectives and priorities) and policies (set of plans that are used for making decisions and achieve rational outcomes) by suggesting goals and priorities in order to ensure that the overall policies reflect practical operational needs
- Contribute to the optimization of the liquidity, funding and lending functions of the Bank through the implementation of policies in a specific domain of Financial risk (e.g. interest rate risk, cross-currency basis risk, foreign exchange risk) as well as through the monitoring, management and reporting on related risks exposures in order to minimize risks and achieve set return targets for the Bank in the framework of the EIB objectives
- In relation to the Investment Facility (IF): build and maintain the IF Financial Risk policies, monitor the FX risk, project the activity including the liquidity needs, monitor the long term sustainability, contribute to the Cotonou Risk Report and to the Financial Risk disclosures reported in the IF Financial Statements, analysis of any questions raised about the IF Financial Risk and sustainability raised by the IF Committee
- Cooperate with front and back offices and Financial Control for the monitoring of the Bank’s activities and with ADM/IT support teams for the maintenance of the databases and of the downstream risk applications used by the division
- Ensure the day-to-day operational management of the unit for the execution of the key area processes connected to the MRU such as:
- Ensure that overall operational processes are on track
- Check the quality and the correctness of information/data in risk management databases
- Provide analytic, research or other professional support as required
- Ensure risk management reporting through the data control process of the division, ensuring clean, up-to-date and reliable data
- Maintain and update of the Financial Risk and ALM Policy Guidelines and related procedures and methodologies
- Handle financial risks related to the IF Participate to projects and/or working groups of horizontal nature, build and maintain relationships with internal clients in the Bank at all levels to ensure that appropriate internal cooperation and communication is maintained
- Plan, organize, and supervise the activities of the unit. Ensure an effective cooperation among team members and rest of Bank staff, as well as dissemination and cross-fertilization of information within the unit and in between the units of the division. Propose streamlining of unit procedures
- Lead, organise, motivate and coach the unit. Set the objectives, work plans and key operational processes for own unit in order to support the achievement of the division’s objectives
- In coordination with the Head of Division, lead the appraisal process for the team (objectives setting, mid-year and year-end appraisal)
- In coordination with the Head of Division lead the recruitment process for new staff for the Division
- University degree, preferably in Economics, Finance, Mathematics or another quantitative subject. Post-graduate studies in these areas and/or professional certification would be an advantage
- Minimum 8 years of relevant professional experience in finance and/or banking (ALM, Risk Management, Capital Markets, Treasury)
- Experience in managing and mentoring people ideally in multicultural environments or international organisations (e.g. contribution to: choosing team resources and skills; establishing objectives; assessing performance; delegating and supervising tasks; guiding, motivating, coaching and providing feedback) would be considered an advantage.
- Solid knowledge of the principles, methods and techniques applied to price and value financial instruments (e.g. fixed vs floating rate products, swaps, basic options)
- Practical experience and in-depth knowledge of ALM and Risk Management tools and processes
- Sound knowledge of quantitative and financial modelling methods (such as yield curve modelling, instruments pricing, and VaR methodology)
- Demonstrable track record in the formulation, development and implementation of risk management and ALM strategies and their related operational processes (Front & Back Office, Accounting, IT etc.)
- Proven experience in project management and business analysis
- Deep understanding of IFRS/IAS accounting principles as well as relevant banking regulation would be considered an asset
- Knowledge of internally-used IT systems like WSS (FK), Business Object and Algorithmics would be a plus
- Excellent knowledge of English or French* and a good command of the other language. Knowledge of other European Union languages will be an asset.
- Achievement Drive: continually keeps an eye on performance, focusing on improving it, showing drive and determination to meet short and long-term goals.
- Change Orientation: Adapts to differences and changes in the environment; takes a flexible approach to reach outcomes.
- Collaboration: Works cooperatively as part of a team; works collaboratively with peers across organisational boundaries based on a genuine interest in and an accurate understanding of others and their individual perspectives and concerns.
- Organisational Commitment: Is willing to commit to an organisation whose mission is to support Europe and is open to diversity, and to align her/his own behaviour with the organisation’s needs and intrinsic values, acting with integrity in ways that promote the organisation’s mission, policies and rules.
EIB Managerial Competencies
- Developing Others: Builds the long-term capability of others by guiding and developing them to make the most of their competence and potential, based on an accurate understanding of their true strengths and development needs.
- Strategic Thinking: Thinks about the long-term organisation strategy and how to align to and implement it; come up with useful new strategic insights.
- Team Leadership: Builds a high performing team, ensuring it is focused, motivated and inspired to achieve organisational objectives, encouraging performance excellence and addressing underperformance when required.
(*) There may be certain flexibility on this requirement, but limited to particularly suitable candidates who may not yet be proficient in French. If selected, such candidates will be hired on the condition that they build up rapidly knowledge of French and accept that their future career in the EIB may be subject to the attainment of sufficient proficiency in both of the Bank's working languages
We are an equal opportunity employer, who believes that diversity is good for our people and our business. As such, we promote the inclusion of suitably qualified and experienced staff without regard to their gender, age, racial or ethnic origin, religion or beliefs, sexual orientation/identity, or disability.
Deadline for applications: 16th July 2018
For more information on how to apply, please click the Apply button.