Principal Risk Management Specialist | Asian Development Bank

Principal Risk Management Specialist

IMPORTANT INFORMATION

1) Multiple positions at various levels may be filled from this vacancy notice.

2) Actual position title and level will be based on the candidate's qualifications, experience and job scope that will be assigned to the selected candidates.

Close relatives1 of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.

1 Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle

Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9)

In the event that the staff appointed to a new category (i.e. AS to NS or from NS to IS) is rated at 2 or lower in the first performance review after staff has completed at least one full year in the new level, they will return to the level occupied immediately prior to their appointment in the new position.

Overview

Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 67 members, 48 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.

ADB only hires nationals of its 67 members.

The position is assigned in the Credit Division 1 (RMCD1) within the Office of Risk Management (ORM). ORM ensures that ADB's goal of poverty alleviation is sustainable by safeguarding ADB's rating, advising Board and Management on risk issues and promoting strong risk cultures.

To view ADB Organizational Chart, please click here.

Job Purpose

The Principal Risk Management Specialist will lead a team tasked with conducting risk assessments and related due diligence work for ADB's non-sovereign transactions, including loans, guarantees, and equity investments, as well as monitoring and assessing the profile of existing transactions. The incumbent will also manage his/her own portfolio of transactions including portfolio monitoring. The position's responsibilities also include: (i) recommending appropriate risk mitigation measures and transaction structuring inputs including pricing, security arrangement, financial covenants, and other terms and conditions of the transaction; (ii) processing waiver and amendment requests, evaluate changes in scope proposals, opine on exit recommendations, etc. and (iii) providing support for the formulation of ADB policies, guidelines and practices on risk management and portfolio monitoring.

The incumbent may also be asked to provide support to the corporate recovery team in remedial and nonperforming debt management and guarantee transactions and impaired equity investments, from reception to final resolution in the most time and cost effective way, using industry best practice. The incumbent will report to Director, RMCD1 and will supervise international, national, and administrative staff.

Responsibilities

a. Risk Assessment

  • Independently reviews, assesses, writes credit opinion, and provides recommendations for key transaction risks, covering, inter alia, sponsor, commercial, industry, reputation and structure risks in proposed financing transactions;
  • For equity investments, works closely with ORM equity team to present findings on valuation methodologies and exit strategies for equity investment proposals;
  • Provides advice and recommendations to deal with origination teams on appropriate risk mitigation measures, deal structuring, risk adjusted pricing, security and other commercial terms, and financial covenants throughout the risk appraisal process;
  • Provides credit notes for all types of non-sovereign transactions with focus on one or more sector/s, i.e. utilities and energy (power, water, waste management, oil and gas, transport, telecommunications); financial institutions; agriculture, healthcare, education, and others in both the concept review and final approval stages; develops and updates best practice/lessons learnt for investments/exposure in a structured manner for sharing with/training of origination teams; and assesses industry-sector risk, and stay up to date with developments in the sectors and transactions.

b. Transaction Monitoring

  • Independently reviews monitoring reports of non-sovereign debt, guarantee, and equity transactions, and determines the appropriate frequency of the monitoring report based on the specific risk profile of the transaction and recommending appropriate ratings;
  • For equity investments, alongside with ORM equity team, reviews proposed valuations in terms of appropriateness of methodology and accuracy, and comments on the feasibility of proposed hold and/or exit recommendations in the monitoring reports;
  • Evaluates and recommends approval for waivers, amendments, and consents related to various proposed changes to loan covenants and terms and conditions in legal documents, restructuring proposals for performing assets, and all changes to the security package for previously approved transactions;
  • Recommends risk mitigation measures including those relevant to covenant structures, security arrangements, risk defeasance arrangements as applicable to reduce the risk profile of transactions, placing transactions on the Watch List based on increased risks or adverse trends, and recommending transfer of impaired transaction to ORM's Corporate Recovery team.

c. Corporate Recovery

  • Facilitates the transfer of assets deemed nonperforming or impaired or in risk of becoming nonperforming or impaired, from operational departments in a structured and documented fashion.
  • Analyzes nonperforming and impaired or potentially nonperforming and impaired transactions and devises plans for remedial management, including financial and legal due diligence and analysis; interaction with accountants, legal and financial consultants; contacts with senior management of obligor/investee; construction of financial and valuation models as required; as well as other essential tasks.
  • Determines, documents, and presents the best course of action in terms of exit strategy (e.g. sale, restructuring, liquidation, or any combination thereof) in the form of a Problem Account Memorandum to the respective approval authority within ADB.
  • Assists in executing the approved workout strategy. Initiates and contributes to all phases of the corporate recovery process in conjunction with all stakeholders involved; and negotiates with the obligor and other creditors as required.
  • Monitors classified transactions.
  • Assists in preparing corporate recovery plans to include recommendations on when to realize losses, release any rights/security interests, and make material changes in transactions.
  • Presents updated Problem Account Memoranda for each nonperforming or impaired transaction to ADB's Investment Committee on a monthly basis.
  • Assists in calculating loan loss provisions and equity impairment estimates for each nonperforming or impaired transaction.

d. Others

  • Assists ORM Management with guidance on inquiries related to the relevant sector;
  • Participates in selected due diligence missions;
  • Provides support for Investment Committee meetings;
  • Assumes ad hoc project duties and other forms of assignments, as required;
  • Provides support to other divisions and units in ORM as and when needed for special projects and tasks.

Qualifications

Relevant Experience & Requirements

  • Master's degree or equivalent in Agriculture, Engineering, Finance, Economics, Accounting or other related fields; university degree combined with specialized experience in similar organization/s may be considered in lieu of a Master's degree.
  • At least 12 years of relevant experience in an international bank preferably as Chief Financial Officer, or similar position in a major corporation, rating agency, equity fund or multilateral/bilateral development organization, in risk management, deal origination or investment appraisal.
  • Substantial exposure to multiple sectors and with an extensive industry network preferably in Asia and the Pacific region
  • Ability to evaluate individual loans, guarantees, and direct and indirect equity transactions under a corporate recovery perspective; and familiarity with industry best practice in corporate recovery and corporate restructuring, with legal frameworks and bankruptcy laws would be an advantage.
  • Excellent written and verbal communication skills in English.
  • International experience working in multiple markets, preferably in developing countries
  • Please refer to the link for ADB Competency Framework for International Staff Level 6.

General Considerations

The selected candidate is appointed for an initial term of 3 years.

ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB's standards and computation, taking into account the selected individual's qualifications and experience.

ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.

Please note that the actual level and salary will be based on qualifications and experience of the selected candidate.