Grade: IS-5
Deadline: 02 July 2023 (11:59 PM KST)
Job Category: International
Salary: USD 138,750 net (plus attractive benefits), that include the following allowances (as applicable): Relocation, housing, dependency, education assistance and home country travel)
Introduction
The mission of the Green Climate Fund is to assist developing countries to respond to climate change while bringing prosperity to their people.
Established in 2010, the GCF invests in transformational climate projects in the developing world. The Fund makes an ambitious contribution to global climate action and channels significant financial resources into developing countries to help build low-emission and climate-resilient societies. It is country-driven and undertakes actions that reflect the circumstances of each country concerned and its national aspirations. The GCF is a key enabler of the 2015 Paris Agreement on Climate Change.
Since its establishment, the GCF has approved 216 projects in 129 countries and has committed USD 12.0 billion in climate finance. In addition, it has built up an extensive program to support developing countries to identify their needs, in particular, those who are most vulnerable to climate change impacts.
The GCFโs diverse workforce is advancing its mission from its headquarters in South Korea. Our talented staff makes unique contributions to the Fund, enriching the institution through their combined expertise and professional commitment.
Position Objective
The mission of the Office of Risk Management and Compliance (ORMC) led by the Chief Risk and Compliance Officer is to: develop, manage and update comprehensive risk and compliance frameworks, policies and processes; identify, prioritize, monitor and manage actual and potential risks affecting the Green Climate Fund (GCF); and review pipeline and portfolio investments and programs to ensure that they are within the Fundโs risk tolerances, comply with the Fundโs compliance and risk policies, and achieve optimal risk-reward for the Fund. The ORMC has two Units, the Risk Unit and the Compliance Unit.
The incumbent will be responsible for:
- Leading the development, implementation and maintenance of the Fundโs risk management framework, related policies, and processes;
- Utilizing an enterprise risk reporting approach to identify, track and monitor indicators relevant to GCFโs programmatic and institutional risks and to ensure adherence to the Fundโs Risk Management Framework;
- Providing the Board and senior management team with accurate and timely information needed to set and execute strategy;
- Leading a team of experienced risk professionals in the Risk Unit to ensure that due diligence and risk analysis is undertaken on GCF accredited entities and funded activities, appropriate structure mitigations are put in place, and that the Risk Unit is well coordinated in its work on pre- and post-approval processes.
The incumbent will also support the Chief Risk and Compliance Officer to effectively manage programme delivery, nurture collaboration within the ORMC, with other units of the Secretariat and with other stakeholders of the Fund, including the Risk Management Committee of the Board.
Duties and Responsibilities
Purpose
- Ensure that policies, guidelines, tools, processes related to the risk management framework, including risk register and enterprise risk dashboard(s), are developed and maintained to meet GCFโs needs;
- Working where necessary with the Compliance Manager , ensure that investment due diligence processes consistently comply with GCFโs Risk Management Framework and are within the risk appetite of the Fund;
- Support the Chief Risk and Compliance Officer to integrate the enterprise risk and investment risk workstreams into a cohesive ORMCโs work programme;
- Act as a trusted advisor to stakeholders that combines theoretical and practical perspectives in relation to risk identification and mitigation;
- Identify and analyze lessons learned from GCFโs portfolio and enable innovation, knowledge sharing and improvement of risk management practice;
- In coordination with the Compliance Manager, assist the Chief Risk and Compliance Officer to ensure that members of ORMC understand and apply relevant GCF policies and procedures and the strategic direction given by the Board and senior management team;
- Motivate the Risk Unit members to excel in their individual specializations while ensuring coherence and teamwork.
Engagement
- Promote a risk learning and sharing culture that includes the risk management framework, and nurture collaboration within the Fund and with the Fundโs partners;
- Showcase the value and assessments of the Unit to influence relevant decision-making bodies, including senior management team and governance committees (Risk Management Committee; Secretariat level Climate Investment Committee, Operations committee, Readiness Working Group, and Asset Liability Management Committee);
- Resolve conflicts and optimize the ability of the Risk team to perform quality and timely due diligence and assessment ;
- Support the Chief Risk and Compliance Officer to
- Manage the ORMCโs programme delivery,
- Advise the Board, committees and internal stakeholders, and
- Manage internal and external stakeholder engagements on risk matters .
Deliver
- Implement a systemic process to capture and disseminate knowledge, lessons learnt and good practices to strengthen GCFโs risk management processes with a focus on the due diligence, risk-reward financial structuring and monitoring of GCF investments;
- Plan and manage the resources of the Unit, resolve conflicts and optimize the ability of the Unit to perform timely and quality due diligence and assessment;
- Advise the Chief Risk and Compliance Officer on the strategic direction of the Unit and allocation of resources for the Unit to achieve goals in line with the Fundโs strategy;
- Identify and define new risk tolerances and assess risk accumulation and trade-offs against the GCFโs risk limits to ensure alignment with GCF strategy;
- Develop and implement a plan for refreshing the risk management framework policies, guidelines and tools;
- Collaborate with Operational Control Manager to define and implement an operational risk management framework control, which includes Risk and Control Self-Assessments;
- Develop the strategic direction of the Risk Unit, and develop the team membersโ capacities to deliver on their tasks in line with the overall strategy.
Requirements (Education, experience, technical competencies required of the job)
- Masterโs degree or equivalent is preferred.
- At least 11 years or more relevant experience in a similar work setting (international financial institution, ratings agency, international bank, development agencies or other similar institution), or a bachelorโs degree with 2 more years of experience
- Broad understanding of different aspects of risk management with the capability of innovating fit-for-purpose risk systems, policies and processes.
- Experience desirable with different sectors, financial instruments and products, identifying risk drivers in financial instruments and structures, and anticipating and addressing issues at the portfolio and transaction level.
- Good understanding of macroeconomic and geopolitical issues (economy, culture, etc.) .
- Demonstrated experience of working in international and fast-paced organizations.
- Excellent people management skills with ability to lead and manage performance of a team.
- Demonstrated ability to work in a multi-disciplinary and multi-cultural environment.
- Strong communication and presentation skills, including ability to synthesize and communicate complex ideas and concepts clearly.
- Fluency in English is essential and working knowledge of another UN language is an advantage.
- Knowledge of climate change and climate finance strategies of multilateral organizations and other international institutions is an advantage.
- Broader regional experience including experience in or exposure to developing countries is an advantage .
The closing date for application is 02 July 2023. Applications submitted after the deadline may not be considered.
*The person assessed by the Selection Panel as most suitable for the position will be proposed for appointment. Selection among short-listed candidates will also take into account performance at interview, appropriate testing, and references.
Applications from women and nationals of developing countries are strongly encouraged.