Senior Risk Specialist

Senior Risk Specialist

Job #: req36990 Organization: World Bank Sector: Climate Change Grade: GG Term Duration: 2 years 0 months Recruitment Type: International Recruitment Location: Washington, DC,United States Required Language(s): English Preferred Language(s): Closing Date: 6/18/2026 (MM/DD/YYYY) at 11:59pm UTC

Description

Background: At COP27 and CMA4, the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) and the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA) established funding arrangements to assist developing countries particularly vulnerable to climate change. This decision established the Fund for Responding to Loss and Damage (FRLD) to help developing countries address the economic and non-economic impacts of climate change, including extreme weather events and slow-onset processes.

At COP28 and CMA5, the COP/CMA formally approved the Fund's Governing Instrument, designating it as part of the UNFCCC's financial mechanism and placing it under the joint guidance of COP and CMA. The decision authorized the Fund's Board to secure a hosting arrangement with the World Bank as interim trustee for four years, including hosting the Fund's Secretariat. The World Bank has agreed to act as trustee and administer the Trust Fund in accordance with the COP/CMA's stipulations.

The Secretariat, hosted by the World Bank in Washington, D.C. and led by the Executive Director (ED), coordinates the Fund's strategic activities across its governing bodies, including the Board and the World Bank as interim Trustee and Secretariat host, manages institutional relations with the Fund's stakeholders, and drives thought leadership to deliver the Board's vision and policies.

As the FRLD scales up its operations and mobilizes resources from public, private, and innovative sources, it is essential that a comprehensive, fit-for-purpose Risk Management Framework (RMF) be established. The RMF will underpin the Fund's credibility, ensure prudent stewardship of resources, and provide governing bodies and stakeholders with confidence in the Fund's operational resilience.

Role Overview: The Senior Risk Specialist (GG) is a high-impact, mid-career professional role that sits at the center of the FRLD's institutional architecture. The post holder will serve as the Secretariat's primary authority on risk management, leading the end-to-end design, implementation, and continuous improvement of the FRLD's Risk Management Framework. The role demands sophisticated judgment, a proven track record in multilateral or international development finance settings, and the ability to translate complex risk considerations into clear, actionable policy guidance.

The Senior Risk Specialist will report to the Program Manager for Board Affairs and Governance and will collaborate closely with other Program Managers and the wider Secretariat team to ensure full alignment with the FRLD's mandate and institutional processes.

Duties and Responsibilities

1. Risk Management Framework

• Draft, socialize, and finalize the FRLD’s risk related policies and frameworks such as the Risk Management Framework Policy, Risk Appetite Statement, and associated standards, including risk taxonomy, scoring methodology, reporting dashboards, issue management, and incident response protocols.

• Ensure the Framework is fit-for-purpose for a multilateral climate fund, drawing on international best practices while accounting for FRLD's unique mandate and stakeholder environment.

2. Governance Support

• Support the Board and its relevant committees in fulfilling their risk oversight responsibilities.

• Coordinate risk reviews and prepare Board-facing materials on risk thresholds, exceptions, and escalation decisions.

• Maintain a risk register and lead risk control self-assessments (RCSAs) across the Secretariat.

3. Risk Identification and Assessment

• Identify and assess a broad spectrum of risks, including strategic, operational, financial, fiduciary, procurement, safeguard/ESG, reputational, programmatic, and climate-related risks.

• Evaluate counterparty risk and residual risk exposure against agreed thresholds.

• Provide timely risk intelligence to senior management and the Board.

4. Mitigation and Risk Solutions

• Design and oversee risk mitigation and action plans, covering avoidance, reduction, sharing/transfer (e.g., insurance, guarantees, contingency instruments), and acceptance strategies that are compatible with FRLD's objectives.

• Advise on the adequacy and sequencing of mitigation measures.

5. Integration in Programming

• Working with the Programming and Country Engagement team, embed risk reviews and approval gates into the project cycle.

• Advise the Secretariat on risk-informed design and ensure that risk mitigation measures are assessed, sequenced, and monitored.

• Contribute substantive risk inputs to results frameworks and monitoring and evaluation plans.

6. Monitoring and Reporting

• Develop risk metrics and dashboards; produce periodic risk reports for management and the Board.

• Establish and operate early warning and escalation criteria; track risk breaches and corrective actions through to resolution.

7. Stakeholder Engagement and Capacity Building

• Engage with the World Bank, governments, accredited entities, and observer constituencies to maintain situational awareness of the evolving risk landscape.

• Deliver training and guidance to Secretariat staff; convene and facilitate relevant communities of practice.

Selection Criteria

The ideal candidate will bring a strong combination of technical expertise, institutional experience, and leadership capability appropriate to the GG level. Specifically:

• Education: An advanced degree (Master's or equivalent) in risk management, finance, public policy, international development, law, or a closely related field.

• Experience: A minimum of 8 years of relevant professional experience, with a demonstrated track record in developing or implementing risk management frameworks for multilateral organizations, development finance institutions, or international climate funds.

• Technical expertise: Deep knowledge of risk management methodologies, standards, and best practices applicable to multilateral financial mechanisms; familiarity with Financial Intermediary Fund (FIF) governance and operational modalities.

• Climate finance background: Experience with climate finance, loss and damage policy, or UNFCCC processes is a strong advantage.

• Communication and analytical skills: Excellent analytical, writing, and communication skills in English, with a demonstrated ability to translate complex technical content into accessible policy documents for non-specialist audiences, including Board members and senior management.

• Stakeholder engagement: Strong interpersonal and facilitation skills, with a proven ability to build consensus across diverse institutional actors, including government representatives, civil society, and international organizations.

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 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.

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